Sunday, March 29, 2020

National Oilwell Varco Says Cut 6,000 Jobs in Q1

Posted by April 28, 2016

National Oilwell Varco Inc, the largest U.S. provider of oil drilling equipment, said on Thursday it slashed 6,000 jobs in the first quarter as weak oil prices forced its customers to cut production and exploration.

The company received no new rig orders for the second quarter in a row in the three months ended March 31, Chief Financial Officer Jose Bayardo said on a call with analysts.
Houston-based National Oilwell had 50,197 employees as of Dec. 31. Based on this number, the company cut about 12 percent of its workforce in the first quarter.
The company reported a net loss of $119 million, or 32 cents per share, for the period, compared with a profit of $310 million, or 76 cents per share, a year earlier.
National Oilwell's shares were down marginally at $31.54 in late morning trading. Up to Wednesday's close, the stock had fallen 42 percent in the last 12 months. The S&P 500 Oil & Gas Equipment and Services sub-index fell 16.6 percent.

(Reporting by Derek Francis in Bengaluru; Editing by Ted Kerr)

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