Nov Inc - NOV STOCK NEWS

NexTier Oilfield Solutions (NYSE: NEX) and NOV, Inc. (NYSE: NOV) have successfully completed the initial phase of field testing for NOV's Ideal™ eFrac pump. The pump, designed to enhance hydraulic fracturing while minimizing emissions, operated over 300 hours and facilitated 172 stimulation stages. The system is versatile, functioning on various electrical sources. Both companies plan further trials to advance low-carbon operational goals in the oil and gas sector.

NOV Inc. (NYSE: NOV) expects first quarter 2021 operating results to fall short of prior guidance, anticipating revenues of $1.20 to $1.25 billion and an adjusted EBITDA loss of $15 to $25 million. The company attributes this downturn to extreme winter weather in Texas and Oklahoma, ongoing COVID-19 impacts, and reduced spending from oilfield customers. Despite these challenges, NOV's leadership anticipates improved prospects in the latter half of the year due to rising oil prices and recovery in drilling activity.

NOV Inc. (NYSE: NOV) has announced its intention to redeem all outstanding 2.60% senior notes worth $182.7 million, due December 2022. The redemption will take place on April 9, 2021, at par plus a make-whole premium and accrued interest. The company plans to fund this redemption using available cash. Registered holders of the notes will receive a notice of redemption from Wells Fargo Bank, the trustee for the notes. The announcement serves as an informational release and not a purchase or solicitation offer.

NOV Inc. (NYSE: NOV) is set to hold a conference call on April 28, 2021, at 10 a.m. CT to discuss its first quarter 2021 results. The press release detailing these results will be issued after market close on April 27, 2021. NOV specializes in technology-driven solutions for the global energy sector and has been a key player in advancing energy production sustainably for over 150 years.

NOV reported fourth quarter 2020 revenues of $1.33 billion, down 4% sequentially and 42% year-over-year. The company incurred a net loss of $347 million, or -26.1% of sales, influenced by non-cash charges of $236 million. Full-year revenues stood at $6.09 billion with a net loss of $2.54 billion, or $6.62 per share. Despite challenges, NOV generated $700 million in free cash flow and significantly reduced costs. Looking ahead, the company anticipates improvements in the second half of 2021, driven by rising commodity prices and increased drilling activity.

NOV Inc. (NYSE: NOV) anticipates fourth quarter 2020 revenue and earnings below prior expectations, forecasting revenues of $1.33 billion and a GAAP operating loss of $327 million. The CEO noted that increased North American activity boosted U.S. revenues while international demand weakened. Orders rose 27% in the Completion & Production segment and 105% in Rig Technologies, despite COVID-19-related order deferrals. While Q1 2021 might remain weak, the company is optimistic about improving profitability due to rising commodity prices and ongoing strategic actions.

National Oilwell Varco (NYSE: NOV) announced its corporate name change to 'NOV Inc.' effective January 1, 2021, while retaining its ticker symbol 'NOV'. This rebranding reflects the company's commitment to evolving within the energy sector, emphasizing innovation and technology to support lower-carbon energy solutions. Chairman Clay Williams highlighted their focus on enhancing drilling and production operations and continuing to drive economic efficiency and safety in energy transition efforts.

NexTier Oilfield Solutions and National Oilwell Varco have announced a collaborative agreement to field test NOV's electric fracturing system, the Ideal eFrac fleet. This partnership aims to enhance hydraulic fracturing efficiency while reducing emissions and operational complexity. Under the agreement, NexTier may eventually purchase the first Ideal eFrac fleet after the testing phase. Both companies emphasize their commitment to reducing the environmental footprint of oil and gas operations through advanced technologies.

National Oilwell Varco (NYSE: NOV) announced a conference call scheduled for February 5, 2021, to discuss its fourth quarter and full year 2020 results. A press release detailing these results will be issued after the market closes on February 4, 2021. The call can be accessed via webcast on NOV's investor relations page. With a legacy dating back to 1862, NOV continues to lead in providing technology and services that enhance the efficiency and safety of the oil and gas industry.