NOV to Discuss Restructuring in 2Q Earnings Call



NOV to Discuss Restructuring in 2Q Earnings Call
NOV didn't confirm recent reports of layoffs, but said it would provide updates surrounding cost-cutting in its second quarter earnings call next week.

Houston-based oilfield services company National Oilwell Varco (NOV) has plans to lay off staff, news firm Reuters reported Wednesday afternoon.

When contacted by Rigzone, while NOV spokesperson Loren Singletary didn’t confirm whether or not this was true, he instead said that the company “talked about restructuring during its first quarter earnings call” in April.

Singletary added that the company would provide updates surrounding possible cost-cutting during its second quarter earnings call, scheduled for July 30, 2019.

“While we expect modestly improving activity in international and offshore markets, along with growing market penetration for NOV’s proprietary technologies and services, capital austerity in the North American land market leaves our near-term outlook uncertain,” NOV CEO Clay Williams said in a first quarter company release dated April 25, 2019. “Consequently, we are renewing our focus on controlling what we can, namely our cost structure, as we streamline our operations to improve our organization’s profitability, regardless of the market environment.”



WHAT DO YOU THINK?


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Jim R  |  July 26, 2019
Oil seems to suffer the axiom of military leaders, “....they are always fighting the last war...”. For an industry that is state of the art when you consider “how” they do “what” they do, as a general rule they are only as forward thinking as the next lease (exception being hedging). The “herd” concept prevails; buy high, sell low. Spitefully, many become rich. Many more, well bankruptcy is available every 7 years...... This may sound as a downer on oilmen, aue contraire, they are the most exciting, energetic (need I say optimistic) industry group on the planet! “Eat or be eaten” could be their slogan. Working 24/7 has been a time honored monitor. If military medals could be awarded, easily Tim Dunn and Tim Leach earn the Navy Cross.
Brenda  |  July 25, 2019
European ways of operting a company in the US does not work. It seems NOV is top heavy in manageral ways so it seems logical to start cutting back there and return to old ways of attending to rig customer needs.
JG  |  July 25, 2019
Billions in profits and the guys making them rich lose everything. Those at the top never lose they make millions regardless. Will we ever learn? This world needs an enema.