National oilwell varco expects q3 revenues to decline slightly, sees potential for more pronounced decline in q4

National oilwell varco inc - average u.s. land rig count fell 50% sequentially in q2, and decline in u.s. completion activity was even more severe- co exec, conf call.national oilwell varco inc - in q2 faced rapid deceleration of business in many areas as customers halted all but the most necessary purchases.national oilwell varco inc - q2 well completions were down more than 70% quarter-on-quarter.national oilwell varco inc - the flood of oilfield assets into the market at distressed pricing is leading to start up companies-co exec, conf call.national oilwell varco inc - our fiberglass and composite pipe business saw a similar sharp decline in north american demand as oil and gas orders simply stopped.national oilwell varco inc - while international demand fared better, covid-19 shutdowns prevented us from securing vessels to ship pipe overseas.national oilwell varco inc - no doubt that fids will decline materially in 2020; but many customers are communicating plans to move forward in 2021 or 2022.national oilwell varco inc - does not anticipate any near-term improvements large enough to address current supply demand imbalance for oilfield service, tools and equipment.national oilwell varco inc - we are thoughtfully streamlining our operations, exiting product lines in geographical markets that don't meet our return thresholds.
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