National Oilwell Varco Provides Operational Update for the First Quarter 2018

HOUSTON–(BUSINESS WIRE)–National Oilwell Varco, Inc. (NYSE: NOV) today announced it expects to
report first quarter 2018 revenues of $1.80 billion, which is below
prior expectations. The revenue shortfall is primarily due to:

• Reduced progress on new offshore rig construction and customer-delayed
  deliveries of drilling, well servicing, and stimulation equipment,
  causing revenue to slip into later periods, and;
• Lower sequential shipments of subsea production equipment at
  quarter-end.

“Following an unusually protracted 2018 budgeting cycle, we’ve seen
certain customers defer deliveries for existing capital equipment orders
into the second quarter and delay making new order commitments until
late into the first quarter,” commented Clay Williams, Chairman,
President, and CEO. “Unfortunately, all three segments will report
sequentially lower revenues and, on a consolidated basis, we expect to
report a GAAP operating loss of approximately $1 million and Adjusted
EBITDA of approximately $160 million.”

“Nevertheless, industry fundamentals continue to improve, and we remain
optimistic regarding the second quarter and the remainder of the year.
With oil prices continuing to trend upward, and the U.S. rig count
topping one thousand, we expect demand for NOV’s critical products and
services to resume growth as the year progresses.”

The Company is finalizing its financial close process for the first
quarter 2018 and will provide complete results in a press release issued
after the market closes on Thursday, April 26. NOV will hold its first
quarter 2018 conference call on Friday, April 27 at 10 a.m. (Central
Time). The call will be webcast live on www.nov.com/investors.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of technology,
equipment, and services to the global oil and gas industry that supports
customers’ full-field drilling, completion, and production needs. Since
1862, NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas operations.
NOV powers the industry that powers the world. Visit www.nov.com
for more information.

Adjusted EBITDA is operating loss of approximately $1 million, plus
depreciation and amortization of $173 million, minus other credits of
$12 million. The Company discloses Adjusted EBITDA in its periodic
earnings press releases and other public disclosures to provide
investors additional information about the results of ongoing operations
and uses it internally to evaluate and manage the business. Adjusted
EBITDA is not intended to replace GAAP financial measures.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions
of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature
are intended to be “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from the
actual future events or results. Readers are referred to documents filed
by National Oilwell Varco with the Securities and Exchange Commission,
including the Annual Report on Form 10-K, which identify significant
risk factors which could cause actual results to differ from those
contained in the forward-looking statements.

Contacts

National Oilwell Varco, Inc.
Loren Singletary, 713-346-7807