National Oilwell Reports Second Quarter Earnings

02.08.2004

National Oilwell, Inc. announced results for the second quarter of 2004, reporting net income of $21.4 million, or $0.25 per diluted share, compared to first quarter 2004 net income of $11.0 million, or $0.13 per diluted share. Revenues were $534 million for the period compared to first quarter revenues of $496 million.

Backlog of capital equipment orders increased to $441 million at June 30, 2004, compared to $412 million at March 31, 2004. Revenues from backlog for the second quarter were $156 million, with order additions for the period of $185 million.

Products and Technology Group

Revenues of $348 million in the second quarter were up $43 million sequentially, primarily due to a $28 million increase in capital equipment revenues and increasing market demand for our non capital products. Operating income increased by $11 million on the higher revenues.

Distribution Services Group

Revenues of $218 million were flat sequentially, as seasonal declines in Canada were offset by increased domestic activity. Operating income of $6.7 million continued to improve, up $1.2 million over the first quarter, as price increases implemented on April 1 began to have effect and from our ongoing cost reduction program.

Pete Miller, Chairman, President, and CEO, stated "Our backlog of capital equipment orders continued to grow during the second quarter, to $441 million. The quarter-end backlog does not include the recently announced Kazakhstan Drilling Facility valued at approximately $150 million which we expect to add in the third quarter. We believe international land and offshore projects will continue to be awarded over the near future, and believe our revenues from the capital component of our business will be up 30-50% in 2005 over 2004.

National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.

Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by National Oilwell with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Source: NOV, Inc.

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