Houston-based oil field services company National Oilwell Varco (NOV) had a second-quarter net income of $619 million or $1.44 per share, the company said Tuesday.

Second-quarter profits were up from $531 million, or $1.24, a share last year, a 14 percent increase.

EBITDA for the quarter, excluding non-recurring items, was $1.14 billion, up 12 percent from the prior quarter.

Revenues for the second quarter were $5.26 billion, an increase of seven percent from the first quarter of 2014 and of 12 percent from the second quarter of 2013.

Operating profit for the quarter, excluding non-recurring items, was $945 million.

Ending backlog for the second quarter was $15.39 billion for the company’s rig systems segment and $2.14 billion for its completion and production solutions segment.

The company also secured $3.4 billion in new capital equipment orders during the second quarter, NOV said.

“As we move through the second half of 2014, we look forward to continued demand for our drilling, completion and production equipment, and continued strong results from our four new segments,” NOV Chairman, President and CEO Clay Williams said.


Leave a Reply