National Oilwell Posts 2001 Record Revenues and Net Income

National-Oilwell, Inc. reported 2001 revenues and net income of $1747.5 million and $104.1 million ($1.27 per diluted share), up from $1149.9 million and $13.1 million ($0.16 per diluted share) in the prior year. Fourth quarter revenues and net income of $465.7 million and $28.3 million ($0.35 per diluted share) compared to $329.4 million and $6.2 million ($.08 per diluted share) in the fourth quarter of 2000. Operating results for the full year and fourth quarter 2000 included special charges associated with certain acquisitions.

Backlog of capital equipment orders totaled $385 million at Dec. 31, 2001, compared to $282 million at year-end 2000 and $453 million at Sept. 30, 2001. Revenues from backlog for the full year and fourth quarter were $454 million and $148 million, with order additions to the backlog for those same periods of $557 million and $80 million.

Pete Miller, president and CEO of National Oilwell, stated "During 2001, revenues from the sale of capital equipment by our Products and Technology Group more than doubled to $454 million. This group also achieved significant growth in non-backlog revenues, up 38% from the prior year to $667 million. Similar revenue growth was recorded in our Distribution Services Group, which was up 36% in 2001 to $708 million.

"A significant part of our strategy over the last five years has been the consolidation of our industry through acquisitions that impact our performance across the market cycle -- producing record results in strong markets and providing cost efficiencies that enhance our performance as we move throughout the cycle. With our strong balance sheet, we are able to continue this strategy and devote resources to the development of new technologies that will enhance our customers' capabilities."

National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.

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