National Oilwell Shares Up 10% -- Market Mover
July 27 2018 - 3:12PM
Dow Jones News
Shares in National Oilwell Varco jumped more than 10% in Friday
afternoon trading, to $46.88. On Thursday, the petroleum-industry
supplier reported sales for the second quarter increased 20% from
the year earlier, to $2.1 billion, beating expectations of $1.99
billion from analysts polled by FactSet. The company earned an
adjusted profit of 6 cents, compared to a loss of 14 cents last
year. That result beat expectations of 2 cents a share. During a
conference call earlier Friday, executives said National Oilwell
closed a joint venture with Saudi Arabian Oil, which calls for
National Oilwell to provide 50 land rigs for Aramco. Deliveries
will start in 2021, with an average cost of $36 million a rig,
executives said. (micah.maidenberg@wsj.com)
(END) Dow Jones Newswires
July 27, 2018 15:57 ET (19:57 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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