The global oil and gas industry has recouped some losses incurred during the pandemic lockdowns, but there is still a way to go to ensure the profitability of the sector overall, according to NOV Inc. CEO Clay Williams.

nov book table

Williams led a conference call to discuss the Houston-based oilfield services giant’s second quarter results. As he does in every quarterly call, the CEO discussed how the emerging recovery is expected to play out. It’s a “constructive” scenario for the exploration and production (E&P) sector, and in turn, the oilfield services (OFS) operators, he told investors. 

“The world is facing a significant energy shortfall, and the oil and gas industry needs to increase activity in order to provide greater energy security to the global economy,” Williams...