(NOV)CFO Williams said the company, which he believes is unique in viewing mergers and acquisitions as a full-time endeavor, will have done about $600 million in M&A in 2009 by year-end. The company has made half a dozen as-yet-unsuccessful proposals on the order of "plus or minus $1 billion," he added.

National Oilwell increased its cash on hand by more than $900 million during the quarter to about $3.2 billion.