National Oilwell Varco cut some 1,500 jobs in the first half of the year as the Houston energy services company narrowed its losses.
The technology and services company, which specializes in rig manufacturing, said Thursday that its revenues increased slightly in the second quarter and its net loss shrunk to $75 million from a loss of $217 million from the second quarter of 2016.
NOV’s quarterly revenues of $1.76 billion increased 2 percent from last year. NOV’s income from rigs is falling, but it’s growing its onshore technologies and services businesses as the Texas shale plays boom.
NOV’s headcount has now fallen from more than 60,000 workers during the height of the recent oil boom on 2014 to about 35,000 people now. The Houston employee tally fell from more than 12,000 workers to about 8,000 or so.
NOV Chairman and CEO Clay Williams said efficiency gains and rising demand have returned the company to “acceptable levels of financial performance,” noting that second quarter reflected “steady progress.”
“Scarcity is returning to the oilfield, and, around the world, customers are steadily exhausting excess stocks of the critical products, equipment and technologies we supply, laying the groundwork for future demand,” Williams added. “The strong recovery we’ve seen thus far in North America, combined with many international markets stabilizing and offshore markets nearing bottom, makes us optimistic in our outlook.”
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.
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