NOI Natl Oilwell

Shares in National Oilwell Varco jumped more than 10% in Friday afternoon trading, to $46.88. On Thursday, the petroleum-industry supplier reported sales for the second quarter increased 20% from the year earlier, to $2.1 billion, beating expectations of $1.99 billion from analysts polled by FactSet. The company earned an adjusted profit of 6 cents, compared to a loss of 14 cents last year. That result beat expectations of 2 cents a share. During a conference call earlier Friday, executives said National Oilwell closed a joint venture with Saudi Arabian Oil, which calls for National Oilwell to provide 50 land rigs for Aramco. Deliveries will start in 2021, with an average cost of $36 million a rig, executives said. (micah.maidenberg@wsj.com)

(END) Dow Jones Newswires

July 27, 2018 15:57 ET (19:57 GMT)

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