National Oilwell Varco, Inc. (NOV) reported that for its second quarter ended June 30, 2015, it earned net income of $289 million, or $0.74 per fully diluted share, compared to first quarter ended March 31, 2015 net income of $310 million, or $0.76 per fully diluted share.

Ending backlog for the second quarter of 2015 was $9.03 billion for the company’s Rig Systems segment and $1.19 billion for the company’s Completion & Production Solutions segment.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, “NOV achieved solid results this quarter in the face of the cyclical downturn which has impacted our business.”

Rig Systems

The Rig Systems segment generated revenues of $1.93 billion in the second quarter of 2015, a decrease of 24% from the first quarter of 2015 and a decrease of 19% from the second quarter of 2014. Operating profit for this segment was $395 million, or 20.5% of sales. EBITDA for this segment was $419 million, or 21.7% of sales. Revenue out of backlog for the segment was $1.70 billion.

Backlog for capital equipment orders for the company’s Rig Systems segment at June 30, 2015 was $9.03 billion, down 13% from the first quarter of 2015, and down 41% from the end of the second quarter of 2014. New orders during the quarter were $313 million.

Rig Aftermarket

The Rig Aftermarket segment generated revenues of $657 million in the second quarter of 2015, a decrease of 9% from the first quarter of 2015 and a decrease of 16% from the second quarter of 2014. Operating profit for this segment was $145 million, or 22.1% of sales. EBITDA for this segment was $152 million, or 23.1% of sales.

Wellbore Technologies

The Wellbore Technologies segment generated revenues of $956 million in the second quarter of 2015, a decrease of 18% from the first quarter of 2015 and a decrease of 34% from the second quarter of 2014. Operating profit for this segment was $47 million, or 4.9% of sales. EBITDA for this segment was $146 million, or 15.3% of sales.

Completion & Production Solutions

The Completion & Production Solutions segment generated revenues of $873 million in the second quarter of 2015, a decrease of 8% from the first quarter of 2015 and a decrease of 23% from the second quarter of 2014. Revenues out of backlog were $538 million. Operating profit for this segment was $81 million, or 9.3% of sales. EBITDA for this segment was $141 million, or 16.2% of sales.

Source: www.worldoil.com

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