Revenue during the quarter plunged 37.84 percent to $1,692 million from $2,722 million in the previous year period. Gross margin for the quarter stood at negative 27.13 percent as compared to a positive 14.25 percent for the previous year period. Operating margin for the quarter stood at negative 45.27 percent as compared to a negative 59.96 percent for the previous year period.

Operating loss for the quarter was $766 million, compared with an operating loss of $1,632 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $102 million compared with $324 million in the prior year period. At the same time, adjusted EBITDA margin contracted 587 basis points in the quarter to 6.03 percent from 11.90 percent in the last year period.

"We are very encouraged by our results, as our fourth quarter consolidated revenues increased for the first time since the downturn began in late 2014," commented Clay Williams, chairman, president and chief executive offcier. "Three of our four reporting segments generated higher sequential revenues in the fourth quarter, and overall Adjusted EBITDA margins increased 190 basis points on strong incremental leverage. Our efforts to reduce costs and improve efficiencies through the past two years of this difficult downturn are driving improving performance, and I am grateful for the continued hard work and dedication of our employees."

Debt comes down
National Oilwell Varco, Inc. has recorded a decline in total debt over the last one year. It stood at $3,214 million as on Dec. 31, 2016, down 17.78 percent or $695 million from $3,909 million on Dec. 31, 2015. Total debt was 15.20 percent of total assets as on Dec. 31, 2016, compared with 14.63 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.23 as on Dec. 31, 2016, when compared with the last year.