National Oilwell Varco Provides Operational Update for the First Quarter 2019
“The severity of the decline in demand for oilfield equipment resulting
from the sharp fall in oil prices during late 2018, further compounded
by capital austerity that has taken hold in upstream oil and gas
markets, was greater than we expected,” commented
“The price of oil has steadily improved since the beginning of 2019, slowly inspiring greater confidence among our North American customers, while international and offshore markets continue to exhibit steady signs of improvement. These dynamics translated into order intake that accelerated through the quarter and resulted in a sequential increase in bookings. Notwithstanding our expectations for market conditions and our financial results to improve as we progress through 2019, the outlook remains opaque. Therefore, we will be undertaking new initiatives throughout 2019 to align our cost structure with the current market environment.”
The Company is finalizing its financial close process for the first
quarter 2019 and will provide complete results in a press release issued
after the market closes on
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Adjusted EBITDA is operating loss of approximately
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature
are intended to be “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from the
actual future events or results. Readers are referred to documents filed
by
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Source:
Loren Singletary (713) 346-7807