National Oilwell Varco makes changes to its board

  • Business & Finance

National Oilwell Varco, Inc. has made an appointment to its board of directors, as one director has resigned. Separately, the company has reported a drop in net income and revenue for the third quarter 2015. 

As for the Board changes, the company announced Tuesday that Robert E. Beauchamp has resigned from, and William R. Thomas has been appointed to the board of directors, both effective November 2, 2015.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, Inc. said: “It has been a pleasure working with Bob over the past ten years. On behalf of the entire board, I would like to sincerely thank Bob for his dedication and contributions to NOV. His business acumen and insights have been extremely valuable to our board. We wish Bob the very best in his future endeavors.”

As for Thomas’ appointment, Williams said: “I am very pleased to welcome Bill Thomas to our board of directors. He brings immense knowledge to NOV as a director and leader in the oil and gas industry, and we look forward to drawing on his extensive expertise of the North American energy market.”

Thomas has been serving as the Chairman and CEO of EOG Resources, Inc. since January 2014. Prior to that, he served as President and CEO from July 2013 through December 2013 and as President fromSeptember 2011 to July 2013.

With the appointment of Thomas, the company’s board of directors is now comprised of eight directors, seven of whom are external and independent.

Q3 net income halved, revenues 41% down from Q3 2014

Last Wednesday, the company reported net income of $155 million for the third quarter 2015, compared to $699 million in 3Q 2014.

Revenues for the third quarter of 2015 were $3.31 billion, a decrease of 41 percent from the third quarter of 2014, the company said.

Williams said: “The sharp decline in oil prices and activity since late last year has impacted each of our segments, and will drive activity lower in the fourth quarter. We believe our strong financial resources will enable National Oilwell Varco to invest in the extraordinary opportunities that will arise from this downturn, and we expect to emerge with greater capability and efficiency.

He said that in the meantime, with limited visibility into the timing of a recovery, NOV would remain focused on managing costs and improving performance.

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