Surging oil and natural gas prices drove higher global demand for NOV Inc.’s oilfield services in the third quarter as orders eclipsed shipments, but “pandemic-related supply chain issues” pressured some projects, CEO Clay Williams said Wednesday.

Williams and his management team discussed the Houston-based operator’s third quarter performance and the outlook ahead during a conference call.  

Covid-19 issues “challenged certain projects” during the quarter but “we nevertheless saw sequential improvement in many of our oilfield businesses, along with our strong order levels,” Williams said. “Rising economic activity and higher backlogs continue to underpin our improving outlook for 2022.”

NOV continues to invest in technologies to improve its oil and gas...