NOV (NOV) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

National Oilwell Varco, Inc.
Pro forma Selected Financial Data
(in millions)

	2004															2005
	1			2			3			4			Total			1
Revenues
Rig Technology		343.2			382.2			475.8			526.4			1,727.6			543.3
Petroleum Services & Supplies		319.5			342.0			370.4			399.6			1,431.5			402.0
Distribution Services		218.1			218.4			233.3			235.3			905.1			235.9
Eliminations		(42.2	)		(40.1	)		(46.4	)		(49.3	)		(178.0	)		(58.4	)
Total	$	838.6		$	902.5		$	1,033.1		$	1,112.0		$	3,886.2		$	1,122.8
Operating Income
Rig Technology		18.1			36.2			53.3			65.7			173.3			61.3
Petroleum Services & Supplies		45.9			47.9			58.3			66.4			218.5			63.6
Distribution Services		5.5			6.7			8.4			9.0			29.6			7.6
Unallocated expenses and eliminations		(11.5	)		(12.7	)		(14.6	)		(18.9	)		(57.7	)		(22.0	)
Total	$	58.0		$	78.1		$	105.4		$	122.2		$	363.7		$	110.5
Operating Margins
Rig Technology		5.3	%		9.5	%		11.2	%		12.5	%		10.0	%		11.3	%
Petroleum Services & Supplies		14.4	%		14.0	%		15.7	%		16.6	%		15.3	%		15.8	%
Distribution Services		2.5	%		3.1	%		3.6	%		3.8	%		3.3	%		3.2	%
Unallocated expenses and eliminations		—			—			—			—			—			—
Total		6.9	%		8.7	%		10.2	%		11.0	%		9.4	%		9.8	%
Capital Equipment:
Ending Backlog										$	782.9					$	851.6
Revenue																	305.0
Order Additions, net																	373.7

Note: Effect of preliminary estimate of Varco balance sheet step-up is included in all periods. Excludes results from discontinued operations; restructuring charges of $1.8 million in the first quarter 2004, $1.1 million in the second quarter 2004, $1.1 million in the third quarter 2004, and $1.7 million in the fourth quarter 2004; a $3.8 million net litigation gain in the second quarter 2004; and NOI/VRC related merger costs of $5.0 million in the fourth quarter 2004 and $10.9 million in the first quarter 2005.