National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for 2015 of $14.8 billion, a 31.2 percent decrease from the previous year. The company reported a loss of $769 million, down from a profit of $2.5 billion in 2014.
"Tumbling oil prices brought capital austerity and sharply lower oilfield activity, which is intensifying as we enter 2016," said Clay C. Williams, president and CEO.
The company reported sales for the fourth quarter of $2.7 billion, a decrease of 52.3 percent compared to the same period a year ago. The company reported a loss of $1.5 billion, down from a profit of $595 million in 2014.
Fourth-quarter sales for the rig systems segment were $1 billion, a decrease of 60 percent from the fourth quarter of 2014. Fourth-quarter sales for the rig aftermarket segment were $569 million, a decrease of 33 percent from the fourth quarter of 2014.
Sales for the fourth quarter of the wellbore technologies segment were $757 million, a decrease of 50 percent from fourth-quarter 2014. And the completion & production solutions segment generated revenues of $746 million, a decrease of 44 percent from fourth-quarter 2014.
