National Oilwell Varco Hemorrhages Red in Q2
While oil prices have improved in recent years, that has yet to drive a meaningful rebound in the oilfield service and equipment market. That's because crude remains quite volatile. Those conditions are forcing oil companies to keep a tight lid on spending, which is holding down industry activity levels. With market conditions not bouncing back as much as expected, National Oilwell Varco (NYSE: NOV) had to record a substantial writedown during the second quarter, which muddied its results.
Metric
Q2 19
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