Nov Inc - NOV STOCK NEWS

NOV reported second quarter 2021 revenues of $1.42 billion, a 13% increase from Q1 2021 but a 5% decrease year-over-year. The company experienced a net loss of $26 million, or 1.8% of sales, with significant pre-tax net charges. Adjusted EBITDA rose to $104 million, or 7.3% of sales. Strong demand in oilfield and offshore wind markets pushed orders above 100%. The company faced challenges from ongoing supply chain disruptions but is optimistic about future growth driven by technology advancements in conventional and clean energy sectors. Cash flow from operations was $177 million.

NOV Inc. (NYSE: NOV) is set to hold a conference call on July 28, 2021, at 10 a.m. CT, to discuss its second quarter 2021 results. A press release detailing the company's financial performance will be issued after trading closes on July 27, 2021. The conference call will be available via live webcast on the company's investor relations website. With over 150 years of experience, NOV continues to innovate within the global energy sector, focusing on technology-driven solutions that enhance oilfield operations and support environmental sustainability.

NOV reported first quarter 2021 revenues of $1.25 billion, down 6% sequentially and 34% year-over-year. The company faced a net loss of $115 million, or 9.2% of sales, with a notable decrease in adjusted EBITDA to $0. Factors affecting performance included severe weather, COVID lockdowns, and supply chain issues. On a positive note, rising rig activity in North America and improvements in product pricing signal potential recovery. The company continues to undertake significant cost reduction measures while investing in future product innovations.

NexTier Oilfield Solutions (NYSE: NEX) and NOV, Inc. (NYSE: NOV) have successfully completed the initial phase of field testing for NOV's Ideal™ eFrac pump. The pump, designed to enhance hydraulic fracturing while minimizing emissions, operated over 300 hours and facilitated 172 stimulation stages. The system is versatile, functioning on various electrical sources. Both companies plan further trials to advance low-carbon operational goals in the oil and gas sector.

NOV Inc. (NYSE: NOV) expects first quarter 2021 operating results to fall short of prior guidance, anticipating revenues of $1.20 to $1.25 billion and an adjusted EBITDA loss of $15 to $25 million. The company attributes this downturn to extreme winter weather in Texas and Oklahoma, ongoing COVID-19 impacts, and reduced spending from oilfield customers. Despite these challenges, NOV's leadership anticipates improved prospects in the latter half of the year due to rising oil prices and recovery in drilling activity.

NOV Inc. (NYSE: NOV) has announced its intention to redeem all outstanding 2.60% senior notes worth $182.7 million, due December 2022. The redemption will take place on April 9, 2021, at par plus a make-whole premium and accrued interest. The company plans to fund this redemption using available cash. Registered holders of the notes will receive a notice of redemption from Wells Fargo Bank, the trustee for the notes. The announcement serves as an informational release and not a purchase or solicitation offer.

NOV Inc. (NYSE: NOV) is set to hold a conference call on April 28, 2021, at 10 a.m. CT to discuss its first quarter 2021 results. The press release detailing these results will be issued after market close on April 27, 2021. NOV specializes in technology-driven solutions for the global energy sector and has been a key player in advancing energy production sustainably for over 150 years.

NOV reported fourth quarter 2020 revenues of $1.33 billion, down 4% sequentially and 42% year-over-year. The company incurred a net loss of $347 million, or -26.1% of sales, influenced by non-cash charges of $236 million. Full-year revenues stood at $6.09 billion with a net loss of $2.54 billion, or $6.62 per share. Despite challenges, NOV generated $700 million in free cash flow and significantly reduced costs. Looking ahead, the company anticipates improvements in the second half of 2021, driven by rising commodity prices and increased drilling activity.

NOV Inc. (NYSE: NOV) anticipates fourth quarter 2020 revenue and earnings below prior expectations, forecasting revenues of $1.33 billion and a GAAP operating loss of $327 million. The CEO noted that increased North American activity boosted U.S. revenues while international demand weakened. Orders rose 27% in the Completion & Production segment and 105% in Rig Technologies, despite COVID-19-related order deferrals. While Q1 2021 might remain weak, the company is optimistic about improving profitability due to rising commodity prices and ongoing strategic actions.