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Houston-based National Oilwell Varco on Wednesday posted a $1.52 billion net loss for the final three months of the year amid the ongoing oil crash.

The oilfield equipment and services giant saw its revenues drop 60 percent in the quarter, but NOV also recorded $1.63 billion in pre-tax impairment charges. NOV saw its stock value fall by more than 10 percent Wednesday morning after the earnings report was released.

For the full year, NOV took a $767 million net loss, down from a $2.5 billion profit in 2014. NOV's 2015 revenues dropped 33 percent from the year prior.

NOV Chairman, President and CEO Clay Williams said the deteriorating market conditions†proved worse than anticipated in the fourth quarter as oil prices continued to crater, including sharp volume decline and the renewed pricing pressure we've seen.â€

NOV remains well positioned for the eventual recovery, whenever it comes and wherever it shows up first,†Williams said. We have a tough road ahead, but we are laying the groundwork for our future successâ€

Several energy companies have waited to post large impairment charges in the fourth quarter to address the shrinking values of their assets and more.

Schlumberger posted a $1 billion fourth-quarter loss, while Halliburton recorded a smaller $28 million net loss.

In an analyst note, Tudor, Pickering, Holt & Co. called NOV's earnings much worse than we envisioned,†adding that the most challenging quarter in some time reflects the harsh reality†of exploration and production companies slamming the brakes on spending.

On a per-share basis, NOV's earnings were 40 cents a share after being adjusted for one-time costs. That's down from $1.84 a share a year prior.

Williams said the lower-for-longer†period of low oil prices will eventually push demand to grow and provide the foundation for an eventual recovery. But he emphasized that NOV is not expecting much recovery in 2016, including...