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                                                                    EXHIBIT 99.1


[NATIONAL OILWELL LOGO]
NEWS

                                                         Contact: Steve Krablin
                                                                  (713) 960-5506

FOR IMMEDIATE RELEASE


                        NATIONAL-OILWELL, INC. COMPLETES
                    PHOENIX ENERGY PRODUCTS, INC. ACQUISITION

HOUSTON, TX, June 2, 1998 - National-Oilwell, Inc. (NOI/NYSE) today announced
the completion of the previously announced acquisition of Phoenix Energy
Products, Inc. for approximately $102 million in a short-term note, $14 million
in cash and the assumption of approximately $35 million in debt.

Through its Harrisburg/Woolley division, Houston-based Phoenix manufactures and
sells multiple product lines that are complementary to those of
National-Oilwell, including drilling and completion expendable products and
solids control equipment, as well as downhole equipment and a line of drill
bits.

Joel Staff, Chairman, President and CEO of National-Oilwell, stated "The
addition of Phoenix's valued-added product offering will aid us in further
enhancing customer economics and providing a comprehensive suite of products and
services."

National-Oilwell is a worldwide leader in the design, manufacture and sale of
machinery, equipment and downhole tools used in oil and gas drilling and
production, as well as in the distribution to the oil and gas industry of
maintenance, repair and operating products.

Statements made in this press release that are forward-looking in nature are
intended to be "forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934 and may involve risks and uncertainties.
These statements may differ materially from actual future events or results.
Readers are referred to documents filed by the Company with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for the year ended
December 31, 1997, which identify significant risk factors which could cause
actual results to differ from those contained in the forward-looking statements.