Energy equipment maker National Oilwell Varco Inc. NOV overcame a sharp drop in oil prices and reported narrower-than-expected first-quarter 2016 loss, buoyed by cost reduction efforts and efficiency gains.Loss per share (excluding one-time items) came in at 6 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents.However, the bottom line compared unfavorably with the year-ago adjusted profit of $1.14 amid deteriorating market conditions. National Oilwell Varco Inc. (NOV) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany First quarter revenues of $2,189 million decreased from $4,820 million a year ago but managed to surpass the Zacks Consensus Estimate of $2,184.1 million. Segmental PerformanceRig Systems: Revenues came in at $926 million, down 63% from the year-ago quarter. Moreover, the unit’s operating profit decreased 77% year over year to $119 million. Lower backlog shipments – leading to sliding delivery schedules – and limited new order intake during the quarter dampened the results.Rig Aftermarket: The segment generated revenues of $391 million, down 46% from the year-ago period, while operating profit plunged 64% from the first quarter of 2015 to $77 million as clients curtailed spending and rig utilization fell.Wellbore Technologies: The segment’s revenues fell 46% year over year to $631 million. Worse, the unit swung to an operating loss of $53 million from a profit of $140 million a year ago amid pricing pressures and low volumes – particularly in North America, where operators stacked major drilling programs. Completion & Production Solutions: Revenues for the segment were recorded at $558 million, down 41% from $948 million in the year-ago quarter. The unit incurred operating loss of $4 million, as against income of $117 million in the corresponding period last year. The underperformance mainly stemmed from the negative impact of the onshore business with customers deferring finished order receipts. BacklogCapital equipment orders’ backlog for Rig Systems (after deducting SETE Brazil backlogs) was $3,310 million as of Mar 31, 2016.Moreover, Completion & Production Solutions segment reported a backlog of $994 million in capital equipment order as at the end of the first quarter. The figure decreased 32% from the year-ago quarter.Balance SheetAt the end of the first quarter, the company had cash and cash equivalents of $1,759 million and long-term debt of $3,372 million. The debt-to-capitalization ratio stood at approximately 17.0%.Zacks RankNational Oilwell Varco currently carries a Zacks Rank #3 (Hold). Meanwhile, one can look at better-ranked players like Bill Barrett Corp. BBG, Matador Resources Co. MTDR and EXCO Resources Inc. XCO. All carry Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NATL OILWELL VR (NOV): Free Stock Analysis Report BILL BARRETT CP (BBG): Free Stock Analysis Report EXCO RESOURCES (XCO): Free Stock Analysis Report MATADOR RESOURC (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research