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National Oilwell Varco Shares Slide on Lowered Guidance

Cherella Cox

cut its revenue guidance for the first quarter to $1.94 billion from between $2.08 billion and $2.1 billion and the stock tumbled more than 6% on Friday. "The severity of the decline in demand for oilfield equipment resulting from the sharp fall in oil prices during late 2018, further compounded by capital austerity that has taken hold in upstream oil and gas markets, was greater than we expected," said Clay Williams, chairman, president and CEO. Market weakness was "particularly acute among our oilfield service company customers resulting in a disproportionate impact to our Completion & Production Solutions segment," Williams said.