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Exhibit 99.1
 
  Hydril Announces First Quarter 2007 Earnings
    Merger Update
  Premium Connection Segment
  Pressure Control Segment




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Share Repurchase Program
  Market Indicators
   Forward-Looking Statements




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HYDRIL COMPANY
  CONSOLIDATED STATEMENTS OF OPERATIONS
 (In Thousands, Except Per Share Amounts)
 Three Months Ended(unaudited)March 31,
    
    
    December 31,
    
    
    March 31,2007
    
    
    2006
    
    
    2006RevenuePremium Connection
    
    $
    69,688
    
    
    $
    70,226
    
    
    $
    73,549Pressure ControlCapital Equipment
    
    
    43,402
    
    
    
    35,201
    
    
    
    19,722Aftermarket
    
    
    21,927
    
    
    
    24,135
    
    
    
    20,789Subtotal Pressure Control
    
    
    65,329
    
    
    
    59,336
    
    
    
    40,511Total Revenue
    
    
    135,017
    
    
    
    129,562
    
    
    
    114,060Total Gross Profit
    
    
    58,704
    
    
    
    53,094
    
    
    
    49,879Gross Margin
    
    
    43
    %
    
    
    41
    %
    
    
    44
    %Selling, General, and Admin. Expenses
    
    
    23,458
    
    
    
    17,728
    
    
    
    17,028Operating Income (Loss)Premium Connection
    
    
    25,897
    
    
    
    25,252
    
    
    
    27,526Pressure Control
    
    
    17,240
    
    
    
    16,098
    
    
    
    10,373Corporate
    
    
    (7,891
    )
    
    
    (5,984
    )
    
    
    (5,048
    )Total Operating Income
    
    
    35,246
    
    
    
    35,366
    
    
    
    32,851Operating Margin
    
    
    26
    %
    
    
    27
    %
    
    
    29
    %Income (loss) from Unconsolidated Entities
    
    
    (39
    )
    
    
    176
    
    
    
    (45
    )Interest Income
    
    
    1,290
    
    
    
    2,184
    
    
    
    1,470Other Income/(Expense)
    
    
    213
    
    
    
    9
    
    
    
    (99
    )Income Before Income Taxes
    
    
    36,710
    
    
    
    37,735
    
    
    
    34,177Provision for Income Taxes
    
    
    13,395
    
    
    
    13,793
    
    
    
    11,508Net Income
    
    $
    23,315
    
    
    $
    23,942
    
    
    $
    22,669Net Income Per Share:Basic
    
    $
    1.11
    
    
    $
    1.08
    
    
    $
    0.96Diluted
    
    $
    1.09
    
    
    $
    1.07
    
    
    $
    0.94Weighted Average Shares Outstanding:Basic
    
    
    21,069
    
    
    
    22,081
    
    
    
    23,697Diluted
    
    
    21,426
    
    
    
    22,406
    
    
    
    24,121DepreciationPremium Connection
    
    $
    2,498
    
    
    $
    2,437
    
    
    $
    2,257Pressure Control
    
    
    978
    
    
    
    935
    
    
    
    810Corporate
    
    
    403
    
    
    
    414
    
    
    
    506Total Depreciation
    
    
    3,879
    
    
    
    3,786
    
    
    
    3,573Capital Expenditures
    
    
    5,255
    
    
    
    10,042
    
    
    
    5,005Pressure Control BacklogCapital Equipment
    
    $
    488,515
    
    
    $
    508,418
    
    
    $
    232,614




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HYDRIL COMPANY
 CONSOLIDATED BALANCE SHEETS
 (In Thousands)
 March 31,
    
    
    December 31,2007
    
    
    2006(unaudited)CURRENT ASSETS:Cash and cash equivalents
    
    $
    121,063
    
    
    $
    105,473Investments
    
    
    4,674
    
    
    
    8,209Total receivables
    
    
    110,544
    
    
    
    128,295Total inventories
    
    
    124,757
    
    
    
    96,786Deferred tax asset
    
    
    9,833
    
    
    
    9,715Other current assets
    
    
    5,964
    
    
    
    22,559Total current assets
    
    
    376,835
    
    
    
    371,037LONG-TERM ASSETS:Property, net
    
    
    124,840
    
    
    
    123,235Other long-term assets
    
    
    18,396
    
    
    
    15,759Total long-term assets
    
    
    143,236
    
    
    
    138,994TOTAL
    
    $
    520,071
    
    
    $
    510,031CURRENT LIABILITIES:Accounts payable
    
    $
    55,488
    
    
    $
    40,695Accrued liabilities and other current liabilities
    
    
    154,358
    
    
    
    146,860Total current liabilities
    
    
    209,846
    
    
    
    187,555LONG-TERM LIABILITIES:Deferred tax liability and other tax obligations
    
    
    16,651
    
    
    
    15,797Post retirement, pension benefits and other
    
    
    17,476
    
    
    
    16,071Total long-term liabilities
    
    
    34,127
    
    
    
    31,868STOCKHOLDERS EQUITY:Total stockholders equity
    
    
    276,098
    
    
    
    290,608TOTAL
    
    $
    520,071
    
    
    $
    510,031