National Oilwell Varco (NOV) reduced its losses in the second quarter of the year to $75 million, versus the $217 million that it booked in the same period last year and noted what it said was an improving outlook for its business.
"Scarcity is returning to the oilfield, and, around the world, customers are steadily exhausting excess stocks of the critical products, equipment and technologies we supply, laying the groundwork for future demand,” NOV chief executive Clay Williams commented after the results.
