MRC Global in the News

Read All News

Press Releases

  • MRC Global Inc. Announces $363 Million of 6.50% Series A Convertible Perpetual Preferred Stock Investment from Cornell Capital

    - Proceeds to be used to pay down existing debt
    - Investment strengthens the balance sheet and provides additional financial flexibility to pursue attractive growth opportunities, including acquisitions
    - Company reiterates fiscal 2015 cash from operations guidance


    HOUSTON, May 19, 2015 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC), the largest global distributor, based on sales, of pipe, valves and fittings (PVF) and related products and services to the energy industry, announced today that it has entered into an agreement to issue $363 million of 6.50% Series A Convertible Perpetual Preferred Stock to an affiliate of Cornell Capital LLC. The Company expects to use the proceeds to pay down its term loan and asset based lending facility.


    "This transaction strengthens our capital structure and enhances our financial flexibility to execute on our growth strategy. We are excited about the opportunities this creates, as we now have greater ability to pursue additional means to create shareholder value, both from further investment in our existing business and strategic acquisitions," said Andrew Lane, MRC Global's Chairman, President and Chief Executive Officer.

    read full press release
  • MRC Global Announces First Quarter 2015 Results

    Sales of $1.292 billion
    Net income of $29 million
    Diluted EPS of $0.28 per share
    Adjusted EBITDA of $87 million


    Houston, TX – April 30, 2015 – MRC Global Inc. (NYSE: MRC), the largest global distributor, based on sales, of pipe, valves and fittings (PVF) and related products and services to the energy industry, today announced first quarter 2015 results.


    The company’s sales were $1.292 billion for the first quarter of 2015, which were 1% lower than the first quarter of 2014 and 14.5% lower than the fourth quarter of 2014. As compared to the first quarter of 2014, sales were negatively impacted by $46.1 million in the first quarter of 2015 due to weaker foreign currencies relative to the U.S. dollar. Net income for the first quarter of 2015 was $29.1 million, or $0.28 per diluted share, compared to a first quarter 2014 net income of $23.5 million, or $0.23 per diluted share.
    read full press release

  • MRC Global Elects Barbara Duganier to the Board of Directors

    HOUSTON, April 29, 2015 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC) announced today that Barbara J. Duganier has joined MRC Global's Board of Directors.


    Ms. Duganier spent nearly a decade helping numerous large, global organizations in the energy, chemicals, mining and utilities industries become high performance businesses while serving in various leadership positions at Accenture, a management consulting, technology services and outsourcing company. While at Accenture, Ms. Duganier served as global chief strategy officer and as global growth and offering development lead for the outsourcing business.


  • McJunkin Red Man Corporation Signs Supply Contract Extension with Marathon Oil

    HOUSTON, Feb. 26, 2015 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC) announced today that McJunkin Red Man Corporation, MRC Global's U.S. operating company, has executed a five-year extension to its current supply agreement with Marathon Oil Company. The agreement, which has been in place since 2009, provides for the supply of maintenance, repair and operations (MRO) materials, line pipe, OCTG and MRO/project services in the Eagle Ford and Bakken Shales, the Rocky Mountain region and the Gulf of Mexico. This agreement extension continues a long-standing relationship between the two companies that dates back more than 25 years. Marathon Oil is a leading Houston-based global exploration and production company with operations in North America, Europe and Africa.
    read full press release

  • MRC Global Announces Fourth Quarter And Annual 2014 Results

    Fourth quarter sales of $1.512 billion; Annual sales of $5.933 billion
    Fourth quarter diluted EPS of $0.30; Annual diluted EPS of $1.40
    Fourth quarter adjusted diluted EPS of $0.33; Annual adjusted diluted EPS of $1.57
    Fourth quarter adjusted EBITDA of $101.5 million; Annual adjusted EBITDA of $424.0 million


    HOUSTON, Feb. 19, 2015 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC), the largest global distributor, based on sales, of pipe, valves and fittings (PVF) and related products and services to the energy industry, today announced fourth quarter and annual 2014 results.


    The company's sales were $1.512 billion for the fourth quarter of 2014, which were 12.5% higher than the fourth quarter of 2013. Net income for the fourth quarter of 2014 was $31.2 million, or $0.30 per diluted share, compared to fourth quarter 2013 net income of $23.3 million, or $0.23 per diluted share.

    Adjusted diluted earnings per share (EPS) were $0.33 per diluted share for the fourth quarter of 2014 as compared to adjusted diluted EPS for the fourth quarter of 2013 of $0.32 per diluted share. Please refer to the reconciliation of adjusted net income (a non-GAAP measure) to net income (a GAAP measure) included in this release.
    read full press release

Read All News