National Oilwell Reports First Quarter Earnings

National-Oilwell, Inc. reported first quarter net income of $21.2 million ($0.26 per diluted share) compared to $21.5 million ($0.26 per diluted share) in the first quarter of 2001. Revenues for the quarter were $389.0 million, compared to $360.3 in the first quarter of 2001.

Backlog of capital equipment orders totaled $300 million at March 31, 2002, compared to $382 million at March 31, 2001 and $385 million at December 31, 2001.

Pete Miller, President and CEO of National Oilwell, stated "Our capital equipment backlog declined $85 million from the prior quarter, as shipments from backlog totaled $115 million and we received $30 million in new orders. Though the pace of new orders slowed in the first quarter, our drilling contractor customers continue to enhance their fleet, preparing for an anticipated recovery in activity in the second half of this year. In fact, we already have received more new orders for capital equipment in April than we did in the entire first quarter.

"Our Distribution Services Group continues to perform well in this market, with revenues slightly higher than first quarter 2001, while the North American rig count was 27% lower for that same period. This is evidence of the success of our direct integration efforts and of the expansion of our business internationally."