1021860--2/27/2007--NATIONAL_OILWELL_VARCO

related topics

{cost, regulation, environmental}

{operation, international, foreign}

{tax, income, asset}

{stock, price, operating}

{acquisition, growth, future}

{gas, price, oil}

{loss, insurance, financial}

We have aggressively expanded our businesses and intend to maintain an aggressive growth strategy. Our operating results have fluctuated during recent years and these fluctuations may continue. There are risks associated with our presence in international markets, including political or economic instability and currency restrictions. The results of our operations are subject to market risk from changes in foreign currency exchange rates. An impairment of goodwill could reduce our earnings. We could be adversely affected if we fail to comply with any of the numerous federal, state and local laws, regulations and policies that govern environmental protection, zoning and other matters applicable to our businesses. Our businesses expose us to potential environmental liability. We may not have adequate insurance for potential environmental liabilities. There are risks associated with certain contracts for our drilling equipment.

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1021860--2/27/2007--NATIONAL_OILWELL_VARCO_INC