SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: February 12, 2004 (Date of earliest event reported) NATIONAL-OILWELL, INC. (Exact name of registrant as specified in its charter) FILE NO. 1-12317 (Commission File Number) DELAWARE 76-0475815 (State of incorporation) (I.R.S. Employer Identification Number) 10000 RICHMOND AVENUE HOUSTON, TEXAS 77042-4200 (Address of principal (Zip Code) executive offices) Registrant's telephone, including area code: (713) 346-7500

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On February 12, 2004 National-Oilwell, Inc. issued a press release containing earnings information for the three months and full year ended December 31, 2003. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NATIONAL-OILWELL, INC. Date: February 12, 2004 /s/ Steven W. Krablin ------------------------------------------ Steven W. Krablin Vice President and Chief Financial Officer

EXHIBIT INDEX

EXHIBIT NO. DESCRIPTION - ----------- -------------------------------------- 99.1 Press Release dated February 12, 2004.

EXHIBIT 99.1 [NATIONAL OILWELL LOGO] NEWS CONTACT: STEVE KRABLIN (713) 346-7773 FOR IMMEDIATE RELEASE NATIONAL OILWELL REPORTS FOURTH QUARTER AND 2003 EARNINGS HOUSTON, TX, February 12, 2004--National-Oilwell, Inc. (NYSE: NOI) today reported fourth quarter revenues of $530 million and net income of $14.6 million, or $0.17 per diluted share, after fourth quarter charges described below which total $10.7 million ($0.13 per share). Full year revenues exceeded $2 billion, and net income after the charges was $76.8 million, or $0.90 per share. The Company recorded an after tax charge of $6.9 million ($0.08 per share) to correct an accumulated three-year clearing account problem within the Distribution segment's SAP purchasing system. SAP was installed in 1999, and a detail reconciliation problem began in the second quarter of 2000 and continued undetected until the third quarter of 2003. Process changes have been implemented to prevent any recurrence of this situation. Fourth quarter results also included after tax charges to catch up depreciation and amortization expense primarily related to finalization of purchase accounting of $1.6 million ($0.02 per share) within the Products and Technology Group and $0.5 million ($0.01 per share) within the Distribution Services Group. Products and Technology also recorded a $1.7 million ($0.02 per share) after tax charge resulting from an annual analysis of foreign pension accounting. An analysis of the provision for income tax for 2003 determined that the proper rate for the full year was 29%, and the fourth quarter contains a lower than normal tax provision to reflect this full year rate. Backlog of capital equipment orders totaled $339 million at December 31, 2003, essentially the same as at the end of the third quarter, as revenues from backlog of $151 million approximated new orders into backlog of $150 million. PRODUCTS AND TECHNOLOGY GROUP Revenues of $349 million in the fourth quarter are at a record pace, up 10% over the third quarter of 2003 even though revenues from capital equipment were essentially flat. Absent the charges discussed above, operating income also improved sequentially by a similar percent. -more-

PAGE 2 DISTRIBUTION SERVICES GROUP Revenues again exceeded $200 million and were up slightly from the third quarter of 2003. In addition to the charges discussed above, operating income declined from the third quarter due to a number of individually small year-end adjustments, including severance and inventory charges. Pete Miller, president and CEO of National Oilwell, stated "Each of our business groups, and each of the operations within a business group, achieved sequential top line growth over the third quarter of 2003. Except for the non-cash charge to Distribution and other normal year-end adjustments, consolidated operating results also improved. We continue to see good demand for our capital equipment from international markets, and we are optimistic about the prospects for 2004 and beyond. As an example of current market strength, we currently are quoting on ten offshore premium jackups that we believe will become firm projects in 2004." The Company has scheduled a conference call today at 10:00 a.m. Central Time to discuss fourth quarter results. The call will be broadcast through the Investor Relations link on National Oilwell's web site at www.natoil.com, and a replay will be available on the site for thirty days following the conference. Participants may also join the conference call by dialing 617-786-2962 (participant code: 78182453) five to ten minutes prior to the scheduled start time. National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry. 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 actual future events or results. Readers are referred to documents filed by National Oilwell with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. -more-

PAGE 3 The following table sets forth comparative data (in thousands, except per share data):

Quarter Ended Quarter Ended Full Year Ended September 30, December 31, December 31, ------------- --------------------------- ---------------------------- 2003 2003 2002 2003 2002 ------------- --------- --------- ---------- ---------- Revenues Products and Technology Group $ 318,707 $ 349,045 $ 238,088 $1,314,692 $ 917,250 Distribution Services Group 206,947 211,424 174,194 791,964 686,174 Eliminations (27,054) (30,123) (18,641) (101,736) (81,478) ------------- --------- --------- ---------- ---------- Total $ 498,600 $ 530,346 $ 393,641 $2,004,920 $1,521,946 Operating Income Products and Technology Group $ 42,390 $ 42,437 (1) $ 31,253 $ 165,078 (1) $ 127,011 Distribution Services Group 4,757 $ (8,475)(2) $ 4,293 $ 6,497 (2) $ 18,083 Corporate (3,306) $ (3,204) $ (3,078) $ (12,587) $ (10,771) ------------- --------- --------- ---------- --------- Total $ 43,841 $ 30,758 $ 32,468 $ 158,988 $ 134,323 Net Income $ 22,714 $ 14,581 $ 17,167 $ 76,821 $ 73,069 Average diluted shares outstanding 85,198 85,277 81,743 84,985 81,709 Net income per diluted share $ 0.27 $ 0.17 (1)(2) $ 0.21 $ 0.90 (1)(2) $ 0.89 Backlog for capital equipment at quarter end $ 340,000 $ 339,000 $ 364,000 $ 339,000 $ 364,000
(1) Includes $2,238 ($1,611, or $0.02 per share, after tax) charge for depreciation and amortization relative to purchase price accounting of acquisitions and $2,427 ($1,699, or $0.02 per share, after tax) to adjust foreign pension expense. (2) Includes $10,641 ($6,917, or $0.08 per share, after tax) charge to correct purchasing system clearing account and $742 ($482, or $0.01 per share, after tax) charge for depreciation adjustment. Condensed Balance Sheet Data:
Quarter Ended Quarter Ended September 30, December 31, ------------- ----------------------------- 2003 2003 2002 ------------- ------------ ------------ Cash and cash equivalents $ 74,295 $ 74,217 $ 118,338 Other current assets 1,136,893 1,166,510 996,730 ------------ ------------ ------------ Total current assets 1,211,188 1,240,727 1,115,068 Net property, plant and equipment 230,373 248,205 208,420 Other assets 713,448 731,125 645,174 ------------ ------------ ------------ Total assets $ 2,155,009 $ 2,220,057 $ 1,968,662 Current liabilities $ 409,932 $ 413,580 $ 346,216 Long-term debt 571,126 610,152 594,637 Other long-term liabilities 84,676 95,755 84,841 ------------ ------------ ------------ Total liabilities 1,065,734 1,119,487 1,025,694 Minority interest 13,643 15,748 9,604 Shareholders' equity 1,075,632 1,084,822 933,364 ------------ ------------ ------------ Total liabilities and equity $ 2,155,009 $ 2,220,057 $ 1,968,662
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