National Oilwell Varco's CEO Discusses Q1 2012 Results - Earnings Call Transcript

National Oilwell Varco (NOV)

Q1 2012 Earnings Call

April 25, 2012 9:00 am ET

Executives

Loren Singletary - Vice President of Investor & Industry Relations

Merrill A. Miller - Chairman, Chief Executive Officer and President

Clay C. Williams - Chief Financial Officer and Executive Vice President

Analysts

James D. Crandell - Dahlman Rose & Company, LLC, Research Division

Robin E. Shoemaker - Citigroup Inc, Research Division

Scott Gruber - Sanford C. Bernstein & Co., LLC., Research Division

Brian Uhlmer - Global Hunter Securities, LLC, Research Division

J. Marshall Adkins - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Welcome to the National Oilwell Varco 2012 First Quarter Earnings call. My name is Dawn, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Mr. Loren Singletary, Vice President of Investor and Industry Relations. Mr. Singletary, you may begin.

Loren Singletary

Thank you, Dawn, and welcome, everyone to the National Oilwell Varco first quarter 2012 Earnings Conference Call. With me today is Pete Miller, Chairman, CEO and President of National Oilwell Varco; and Clay Williams, Chief Financial Officer.

Before we begin this discussion of National Oilwell Varco's financial results for its first quarter first quarter ended March 31, 2012, please note that some of the statements we make during this call may contain forecasts, projections and estimates, including but not limited to comments about our outlook for the company's business. These are forward-looking statements within the meaning of the federal securities laws based on limited information as of today, which is subject to change. They are subject to risks, uncertainties and actual results may differ materially. No one should assume that these forward-looking statements remain valid later in the quarter or later in the year. I refer you to the latest Forms 10-K and 10-Q National Oilwell Varco has on file with the Securities and Exchange Commission for a more detailed discussion of the major risk factors affecting our business. Further information regarding these, as well as supplemental financial and operating information, may be found within our press release, on our website at www.nov.com or in our filings with the SEC. [Operator Instructions]

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