National Oilwell Varco Inc (NOV) Q4 2019 Earnings Call Transcript

National Oilwell Varco Inc (NOV) Q4 2019 Earnings Call Transcript

I would now like to introduce your host for today's conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations.. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.. Revenues for the full year 2019 were $8.48 billion, a 0.3% improvement from the prior year.. Our customers frequently rely on external capital to buy the equipment that we provide them.. The industry as a whole, particularly the US, finally seem to be resigning itself to the fact that commodity price spike is not going to save the day and the old way of doing business is not going to cut it.. We've adopted a more efficient shared services model in many regions and through the hard work of our team through this past year we've established a clear and tangible path to at least $230 million in annual cost savings as compared to the first quarter of 2019.. Every product line no matter how well established has fallen under the microscope of an in-depth returns analysis.. Commercially NOV won much of this race during the period from 2006 to 2014 when we won a significant portion of