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NOV Reports 'Tough' 4Q; Closes 75 Facilities, Cuts Workforce 21%
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National Oilwell Varco, Inc. reported fourth quarter 2015 results.
Highlights: NOV closed 75 facilities since mid-2014 21% workforce reductionClay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, “Our team executed well in 2015 in a very tough market. Tumbling oil prices brought capital austerity and sharply lower oilfield activity, which is intensifying as we enter 2016. Nevertheless, our consolidated revenue outperformed the decline in global rig count, and our cost reductions and operational efficiencies enabled solid cash generation. Together with our strong balance sheet, this allowed us to invest in our business for future growth, as well as return significant capital to our shareholders. We are well positioned to take advantage of the opportunities we…
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