Houston-based National Oilwell Varco on Wednesday posted a $1.52 billion net loss for the final three months of the year amid the ongoing oil crash.
The oilfield equipment and services giant saw its revenues drop 60 percent in the quarter, but NOV also recorded $1.63 billion in pre-tax impairment charges.
For the full year, NOV took a $767 million net loss, down from a $2.5 billion profit in 2014. NOV’s 2015 revenues dropped 33 percent from the year prior.
NOV Chairman, President and CEO Clay Williams said the company performed well given the “very tough market.”
“Tumbling oil prices brought capital austerity and sharply lower oilfield activity, which is intensifying as we enter 2016,” Williams said in a prepared statement, citing NOV’s solid cash generation and strong balance sheet. “We are well positioned to take advantage of the opportunities we expect to emerge during 2016.”