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National Oilwell slashes dividend, expects weak revenue

National Oilwell slashes dividend, expects weak revenue

NEW YORK (AP) — National Oilwell Varco Inc. will slash its quarterly dividend and expects a revenue decline as persistently low oil prices cut into sales of drilling equipment and oil-field services. The Houston-based company’s board of directors approved slashing the dividend to 5 cents from 46 cents. The company also expects revenue of about $2.16 billion, marking a 20 ...

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National Oilwell Varco closing Louisiana facility

National Oilwell Varco headquarters in Greater Sharpstown, Houston. (Image: WhisperToMe via Wikimedia commons)

HOUMA, La. — National Oilwell Varco, a manufacturer and parts supplier to the oil and gas industry, is shutting down its facility in Houma, Louisiana, and that will put 80 employees out of work. The Louisiana Workforce Commission tells The Advocate the layoffs at the facility started Monday, and will continue in phases until NOV shuts down sometime between March ...

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UK’s oil capital Aberdeen reels from global price slump

ABERDEEN, Scotland – In the bars, boardrooms, hotels and high streets of the Scottish city of Aberdeen, there is one question on most people’s lips: how do you survive a global oil price slump? Oil firms are scaling back their operations in Britain’s oil capital as the tumbling value of the estimated 16.5 billion barrels of oil left in expensive-to-reach ...

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Two companies continue cuts in Texas energy industry

Two Houston-based oilfield companies have announced more job cuts on the horizon for Texas. National Oilwell Varco and Cal Dive International will cut a combined 276 jobs this month, according to state regulators on Monday. Fuel Fix reported that Cal Dive, which filed for Chapter 11 bankruptcy protection in March, told the Texas Workforce Commission it is closing two facilities ...

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Odessa Pumps under new ownership

A recently-announced transaction posed a win-win situation for DistributionNOW and its newly-acquired pump fabrication company Odessa Pumps, the Odessa American reports. DistributionNOW CEO Robert Workman said the acquisition will allow the company to expand its services further, while Odessa Pumps co-owners Toby and Sondra Oeff say will offer security and aid their business during the downturn. Although the exact terms ...

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