Revenues for the full year 2019 were $8.48 billion, operating loss was $6.28 billion, and net loss was $6.10 billion, or $15.96 per share. Adjusted EBITDA for the full year was $885 million, or 10.4 percent of sales.
"Our team executed well in a challenging market during 2019, successfully driving cost savings and efficiencies in working capital throughout our organization," commented Clay Williams, Chairman, President, and CEO. "Thanks to their efforts we were able to significantly improve cash flow and strengthen our balance sheet, despite the financial charges that were necessary through the year."
"The fourth quarter saw continued improvements in international and offshore markets, partially offset by another sequential decline in spending by our customers in North America. While this mix shift affects each of our segments differently, all three of our operating segments were able to deliver sequential improvements in adjusted EBITDA."
"NOV remains focused on creating value for our shareholders by supporting our customers across all phases of oil and gas operations with products and services that enhance their returns, improve safety, and extend the life of equipment. Our technology, global footprint, portfolio of products and services, and large installed base make NOV a partner of choice across the global oilfield."
NOV had several significant achievements this quarter:
- NOV sold the first PowerBlade™ Hybrid system to a key drilling contractor on the Norwegian Continental Shelf.
- NOV deployed the first high pressure frac hoses in a pilot launch with leading North American completion service providers
- NOV's Vector™ rotary steerable technologies achieved a significant milestone when a customer deployed a VectorEXAKT tool to drill a precise vertical section in southern Africa, representing the first use of the Vector platform in Sub-Saharan Africa.
- NOV's industry-leading M/D Totco eVolve™ Optimization Services saw rapid growth during the fourth quarter and completed a record high for wired drill pipe optimization jobs in the North Sea.
- NOV successfully delivered a package of Figure 2002, 20,000-psi high-pressure flowline equipment to an operator in northwestern China, where there has been a rapid increase in the amount of hydraulic fracturing activities.
- NOV secured an order for a monoethylene glycol (MEG) for use in an LNG development in Mozambique.
- NOV delivered the first order for actuated chokes out of its recently-opened factory in Dammam, Saudi Arabia.
- NOV launched its Fuego series of Tektonic™ drill bits in Colombia.