The sluggish international crude oil market has produced a series of chain reactions, which have impacted sales of Tenaris and Vallourec. In 2019, Tenaris sold 2.6 million tons of seamless steel pipes, a decrease of 3% year-on-year; and sold 671,000 tons of welded pipes, a year-on-year decrease of 24%. The total sales volume was 3.271 million tons, a year-on-year decrease of 8%. In 2019, Vallourec sold 2.291 million tons of seamless steel pipes, a decrease of 3% year-on-year.

EnaTenaris's operating income in 2019 was US $ 7,294 million, a decrease of 5% from 2018; EBITDA (EBITDA) was US $ 1,372 million, a decrease of 11% from 2018. Tenaris attributed the decline in revenue to sluggish drilling activities in the US and Canada, and sluggish markets in the Middle East and Africa. Without considering the favorable conditions brought about by the merger of Saudi Steel Pipe Company (SSP) and winning the bid for the Indian offshore gas project, the Tenaris Middle East and Africa market in 2019 will be greatly affected by Saudi Aramco's destocking.

AllVallourec's operating income in 2019 was 4.173 billion euros, an increase of 6% over 2018; EBITDA was 347 million euros, an increase of 131.3% over 2018. Philippe Crouzet, who recently stepped down as chairman of Vallourec, said that the downturn in U.S. onshore drilling activities largely offset the growth of oil and gas markets in other regions of the world. Of iron ore sales also achieved volume increases in 2019.

As of December 31, 2019, Tenaris' asset-liability ratio was 17.9%, an increase of about 1.2 percentage points year-on-year; the current ratio was 3.18, which was flat year-on-year; the quick ratio was 1.91, an increase of 0.20 year-on-year. Tenaris has always been known for its stable operation and has maintained a very low asset-liability ratio and strong liquidity for a long time. In 2019, Tenaris' net profit was US $ 731 million, a decrease of US $ 143 million compared to 2018, but it significantly reduced inventory and accounts receivable; the working capital occupation was released, and cash flow from operating activities reached US $ 1.528 billion. Therefore, even after deducting US $ 350 million in capital investment, US $ 133 million in acquisition of Saudi Steel Pipe Company, and US $ 484 million in annual dividends, Tenaris still had US $ 1.554 billion in cash and equivalents at the end of the year.

During the same period, Vallourec's asset-liability ratio was 72.9%, an increase of about 7.8 percentage points year-on-year; the current ratio was 1.16, a decrease of 0.14 year-on-year; the quick ratio was 0.85, an increase of 0.10 year-on-year. Vallourec implemented two programs including increasing capital and expanding bank credit lines. Through equity investment by partners, Vallourec will achieve a capital increase of 800 million euros, thereby optimizing the asset-liability structure, and is expected to reduce financial expenses by about 50 million euros per year. Vallourec increased its loans by € 800 million by expanding the bank's line of credit. Vallourec's cash and equivalents at the end of 2019 reached 1.794 billion euros, more than double the amount at the end of 2018.

Although the situation of the global oil and gas market in 2019 is not satisfactory, as the two giants in the global steel pipe industry, Tenaris and Vallourec still perform well. Tenaris still has an EBITDA ratio of 18.8%, a net profit of US $ 731 million, a net interest rate of 10%, and profitability and profitability are still leading in the global industry. Vallourec increased profits against the trend, and the EBITDA rate increased by 4.5 percentage points year-on-year. The two companies also have in common that the cash and equivalents held at the end of the year have reached a very high level.