National Oilwell Varco posted better than expected third quarter results, recording earnings of $155million, compared to $289million in the previous three-month period, whilst stating it expected to take advantage of investment opportunities in the continued downturn.
Revenues for the third quarter of 2015 were $3.31 billion, a decrease of 15% from the second quarter of 2015 and a decrease of 41% from the third quarter of 2014. Analysts had predicted lower revenue and earnings ahead of today’s results.
Chief executive Clay Williams, said: “The sharp decline in oil prices and activity since late last year has impacted each of our segments, and will drive activity lower in the fourth quarter.
We believe our strong financial resources will enable National Oilwell Varco to invest in the extraordinary opportunities that will arise from this downturn, and we expect to emerge with greater capability and efficiency.
“In the meantime, with limited visibility into the timing of a recovery, we remain focused on managing costs and improving performance, while continuing to develop technologies that help our customers to improve their returns in a lower commodity price world.”