NOV: Rig Technology President Leaves After 33 Years of Service

National Oilwell Varco, Inc.  announced today that Mark A. Reese resigned on April 29, 2013 as President – Rig Technology to pursue other business opportunities.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, “In his 33 years with NOV, Mark has literally worked his way up from the field to become the President of our largest business segment. Along the way, Mark has performed every task we have asked of him in a selfless and exemplary manner. We will all miss Mark and his contributions to NOV’s success; everyone here wishes him all the best in his future endeavors.”

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

Drop in 1Q Results 

The company on Friday announced that for its first quarter ended March 31, 2013 it earned net income of $502 million, or $1.17 per fully diluted share, compared to fourth quarter ended December 31, 2012 net income of $668 million, or $1.56 per fully diluted share. The first quarter 2013 results included transaction costs primarily related to the Robbins & Myers acquisition and Venezuela currency devaluation charges, which combined for a total of $73 million in pre-tax costs and charges. Excluding these costs and charges, earnings were $553 million, or $1.29 per fully diluted share.

Revenues for the first quarter of 2013 were $5.31 billion, a decrease of seven percent from the fourth quarter of 2012 and an increase of 23 percent from the first quarter of 2012.