Houston Chronicle Houston oilfield service company National Oilwell Varco finished up a year of losses $6.1 billion in the red. In a statement released on Thursday evening, the company reported closing 2019 with a $6.1 billion loss, a dramatic drop from the $31 million end-of-year loss in 2018. The company’s annual revenue remained flat at $8.5 billion. Most of the
Source: Houston Chronicle Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses. In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of
Houston Chronicle Losses continue to mount for Houston oil field service company National Oilwell Varco, which posted a nearly quarter billion dollar loss during the third quarter. In a statement released after close of market on Monday, NOV reported a $244 million loss on $2.1 billion of revenue during the third quarter. The figures were down from the $1 million
From The Houston Chronicle After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019. The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and the aggregate debt from 2019 bankruptcy filings of almost $20 billion has already surpassed the roughly $17 billion from a
From The Houston Chronicle Houston oilfield service company National Oilwell Varco reported a multibillion loss during the second quarter amid what executives are calling a “generational oilfield downturn.” NOV reported a nearly $5.39 billion loss on $2.13 billion of revenue during the second quarter. The figures translated into a $14.11 loss per share. The second quarter earnings were mixed compared
From The Houston Chronicle Job cuts are expected at Houston oilfield service company National Oilwell Varco following the implementation of a company restructuring plan created in response to an ongoing industry slump in the U.S. shale basins. The drilling and oil well completion service company has started trimming its workforce by offering voluntary early retirement to eligible employees, the news
Saudi Aramco and National Oilwell Varco, Inc. (NYSE: NOV) have signed a shareholder agreement to form a joint venture partnership. The JV is to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair, Saudi Arabia. NOV will own a 70% interest in the joint venture, while Saudi Aramco will own 30%. Deals such as
As oil and gas companies dive into the Q4 earnings season in the coming days and weeks, more and more chief executives at E&Ps and oilfield service companies will share their insight as to their recent operations, thoughts about where the industry is headed, technological advancements and plans for 2018. Catching up with some of the earnings calls from the
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