UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12317 NATIONAL OILWELL VARCO, INC. (Exact name of registrant as specified in its charter) Delaware 76-0475815 (State or other jurisdiction of incorporation or organization)(IRS ...

Financial Data and Key Metrics Changes - For Q4 2018, National Oilwell Varco reported revenues of $2.4 billion, a sequential increase of 11% and a year-over-year increase of 22% [6][7] - The net income for Q4 was $12 million, or $0.03 per share, while the full year 2018 net loss was $31 million, or $0.08 per share [6][7] - Full year revenues for 2018 were $8.45 billion, representing a 16% improvement from the prior year, and EBITDA improved 49% year-over-year to $910 million [7][24] Business Line Data and Key Metrics Changes - The Wellbore Technologies segment generated $884 million in revenue for Q4 2018, a 4% sequential increase, with EBITDA of $155 million, or 17.5% of sales [28] - The Completion & Production Solutions segment reported revenues of $788 million, a 7% increase, with EBITDA of $112 million, or 14.2% of sales [36] - The Rig Technology segment generated $804 million in revenues, a 26% increase from the prior quarter, with EBITDA of $102 million, or 12.7% of sales [47][48] Market Data and Key Metrics Changes - North America accounted for 42% of consolidated revenue in Q4, with a 1% sequential growth [13] - The Middle East showed solid double-digit sequential growth, driven by demand for various products [17] - Latin America also posted double-digit revenue growth, aided by strong shipments of flexible subsea pipe into Brazil [18] Company Strategy and Development Direction - The company is pivoting towards unconventional shale technologies while maintaining optionality in offshore and international markets [7] - A new fiberglass pipe manufacturing facility is set to open in Dammam, Saudi Arabia, expanding capabilities in the Middle East [17] - The company aims to reduce costs and improve operational efficiency while focusing on innovative technologies to enhance customer returns [22][75] Management's Comments on Operating Environment and Future Outlook - The management expressed caution regarding the impact of declining oil prices on business, particularly in Q1 2019 [9][11] - There is optimism for a recovery in the second half of 2019 if oil prices stabilize above $50 per barrel [9][70] - The management noted that the outlook for 2019 is more opaque than in previous quarters, with expectations of lower activity levels in the U.S. [22][35] Other Important Information - Cash flow from operations totaled $221 million in Q4, with free cash flow of $150 million after capital expenditures [26] - The company exited 2018 with a revenue run rate that was 22% higher than at the end of 2017, with working capital as a percentage of revenue decreasing to 36.7% [27] Q&A Session Summary Question: Trends in U.S. vs International/Offshore - The management hopes for a more balanced growth between U.S. and international markets, indicating a robust recovery internationally [54][56] Question: Update on Middle East and Saudi Initiatives - A joint venture with Aramco to build land rigs is underway, with a cornerstone order of 50 land rigs valued at $1.8 billion [58][60] Question: Exposure to E&P Operators - Approximately 30% of revenue comes from oil and gas operators, with the remaining 70% from oilfield service companies [63][64] Question: Impact of Oil Prices on Future Orders - The management believes that stable oil prices could lead to increased project approvals and a recovery in international markets [70] Question: Returns on Capital - The company is focused on improving returns on capital through better equipment and efficient operations, with a historical emphasis on low capital intensity [72][75]