MRC Global (NYSE: MRC) reported Q2 EPS of $0.22, $0.05 better than the analyst estimate of $0.17. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.19 billion.

Andrew R. Lane, MRC Global's chairman, president and chief executive officer, stated, "The second quarter results reflect the impact of the unfavorable commodity environment and related decline in our customers' activity. We have taken actions to reduce our costs, lower our working capital levels and pay down our debt, the impact of which is reflected in our results. We have generated $277 million in cash from operations this year, and used these funds plus the proceeds from our recent preferred stock issuance to repay $606 million of debt; bringing our net debt balance down to $815 million. For the full year, we now expect cash from operations to be $400 million to $475 million and total debt reduction to be $700 million to $775 million. These steps have strengthened our business, and we are well positioned to continue our global expansion."

"Despite the volatile commodity environment, MRC Global is successfully executing on its core strategy of building long-term relationships with companies in the energy industry. We are gaining market share and solidifying our position as the global leader in PVF distribution. Our recent contract wins, with customers such as SABIC and California Resources, underscore MRC Global's leading position. We continue to focus on identifying opportunities for strategic expansion to further strengthen our offering and footprint."

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