Operator
Good day, ladies and gentlemen, and welcome to the NOV Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now like to introduce your host for today s conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations. Sir, you may begin.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
Welcome everyone to NOV s fourth quarter 2020 earnings conference call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.
Before we begin, I would like to remind you that some of today s comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our busine
NOV CEO Calls Renewables Options ‘Greatest Economic Opportunity of This Century’
The oil and gas industry is tethered until Covid-19 is a bitter memory, but the time is now to pursue more renewable opportunities in the oilfield services sector, NOV Inc. CEO Clay Williams said Friday.
Like its peers and exploration and production (E&P) customers, the downturn will continue in the energy industry “until the world gets past the wreckage of Covid,” Williams said during a conference call to discuss fourth quarter results.
The CEO, who often shares a blunt assessment each quarter with investors, did not shy away from laying out the positives and the negatives. There were many negatives on the earnings front in the fourth quarter, “particularly disappointing in view of the massive cost cut efforts the company enacted last year and throughout the last six years,” he said.
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NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft
Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market.
On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million.
“While rising North American activity levels drove higher revenues in the U.S. for our shorter-cycle businesses, international markets and demand for capital equipment remained soft through year-end, which led to fourth quarter results that were below our expectations for our three segments,” said CEO Clay Williams.