National Oilwell Varco Inc. (NYSE: NOV) said on April 28 it slashed 6,000 jobs in the first quarter as weak oil prices forced its customers to cut production and exploration.
The Houston-based company received no new rig orders for the second quarter in a row in the three months ended March 31, CFO Jose Bayardo said on a call with analysts.
National Oilwell had 50,197 employees as of Dec. 31. Based on this number, the company cut about 12% of its workforce in the first quarter.
The company, which is the largest U.S. provider of oil drilling equipment, reported a net loss of $119 million, or 32 cents per share, for the period. This is compared with a profit of $310 million, or 76 cents per share, a year earlier.
National Oilwell's shares were down marginally at $31.54 in late morning trading. Up to close on April 27, the stock had fallen 42% in the last 12 months. The S&P 500 Oil & Gas Equipment and Services sub-index fell 16.6%.
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