The company's sales were $862 million for the first quarter of 2017, which were 10 percent higher than the first quarter of 2016 and 20 percent higher than the fourth quarter of 2016. As compared to last year, increased customer activity primarily in the midstream sector drove the improvement.

Andrew R. Lane, MRC Global's president and chief executive officer stated, "We are confident the recovery in the oil and gas market is underway with first quarter 2017 revenue higher than any quarter in 2016. This quarter, we saw a 20 percent sequential increase in sales. This performance was driven by growth across all sectors with very strong performance in our midstream transmission and gathering sector as well as each of our Canadian and U.S. upstream businesses. Also this quarter, we completed the additional authorization of our stock repurchase program buying $18 million in stock for a total of $125 million since the program was implemented."

MRC Global's first quarter 2017 gross profit was $140 million, an increase from first quarter 2016 gross profit of $133 million.

Financial Highlights

• Sales to midstream customers drove growth during the quarter, rising 33 percent year over year to $371 million. Sales to transmission and gathering customers led the way, up 48 percent year over year.
• Upstream revenue was also up vs. the year-ago quarter, increasing 6 percent to $245 million. Driving the rebound was improvement in sales to customers in North America, mainly due to the rebound in shale drilling.
• Downstream sales fell 10 percent to $246 million, primarily due to the conclusion of a large petrochemical project. Sequentially, however, revenue increased 8% percent thanks to higher turnaround activities in the refining sector.
• U.S. sales were $666 million, up $60 million, or 10 percent, from the same quarter in 2016.