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NOV’s Global Oil, Gas Orders Surpass Shipments, but Covid ‘Disruptions’ Stymie Supply Chain

NOV’s Global Oil, Gas Orders Surpass Shipments, but Covid ‘Disruptions’ Stymie Supply Chain

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…

October 27, 2021
NOV’s Oilfield Technologies in Demand, but Labor Shortages and Inflationary Risks Lurk

NOV’s Oilfield Technologies in Demand, but Labor Shortages and Inflationary Risks Lurk

Customers are craving the conventional and alternative energy technologies proffered by Houston’s NOV Inc., with the backlog sharply higher in the second quarter. However, CEO Clay Williams told investors Wednesday that “continuing supply chain challenges” and rising costs are a concern. Williams discussed the latest results and what he sees ahead during a wide ranging…

July 28, 2021
NOV Forecasting Oilfield Business Rebound as E&P Customers Get Back to Work, Restock Equipment

NOV Forecasting Oilfield Business Rebound as E&P Customers Get Back to Work, Restock Equipment

Houston-based NOV Inc. faced challenging conditions for its rig equipment and technology in the first quarter, but as activity in North America and overseas improves, business should improve going forward, CEO Clay Williams said Wednesday. Williams, who held court to discuss the first quarter during an hour-long conference call, said the latest results reflected the…

April 28, 2021
NOV Reports ‘Softer’ E&P Orders, Hit to Operations from February Freeze

NOV Reports ‘Softer’ E&P Orders, Hit to Operations from February Freeze

Operational disruptions from freezing weather in February, as well as softer-than-expected customer orders are set to weigh on first quarter results, NOV Inc. said Tuesday. The Houston-based oilfield technology giant said severe weather during February knocked out operations in Oklahoma and Texas, two of its biggest operating regions. In addition, there has been an underwhelming…

March 17, 2021

NOV Delivers Solid Cash Flow, Adjusts to Sluggish North American Land Market

As the North American onshore continues to cool down, oilfield technology specialist National Oilwell Varco Inc. (NOV) is making adjustments, concentrating efforts to offshore and international drilling markets, where new orders grew during the third quarter.

October 29, 2019
NOV Facing Challenges in ‘Generational Oilfield Downturn,’ Says CEO

NOV Facing Challenges in ‘Generational Oilfield Downturn,’ Says CEO

Houston-based oilfield services operator National Oilwell Varco Inc. (NOV) reported growth in its international and offshore businesses during the second quarter, but the North American land market suffered as producers slashed spending.

July 30, 2019
‘Capital Austerity’ in Offshore, Onshore Creating Near-Term Uncertainty, Says NOV CEO

‘Capital Austerity’ in Offshore, Onshore Creating Near-Term Uncertainty, Says NOV CEO

Houston-based National Oilwell Varco Inc. (NOV), which provides oilfield technology for onshore and offshore customers, said customers spent less than expected during the first quarter, with orders for new equipment sparse.

April 30, 2019
NOV CEO Says Steel Tariffs Increasing Costs

NOV CEO Says Steel Tariffs Increasing Costs

Houston-based National Oilwell Varco Inc. (NOV) is beginning to see inklings of a recovery in the global oil and gas business, and while it’s not complete, the upturn “creeps a little closer every day,” CEO Clay Williams said.

July 30, 2018

NOV Warning 1Q Revenue Below Forecast on Delays in Customer Deliveries, Construction Issues

Houston-based National Oilwell Varco Inc. (NOV) is warning that first quarter revenue will be below expectations at $1.8 billion because of issues related to “reduced progress” on new offshore rig construction and customer-delayed deliveries of drilling, well servicing and stimulation equipment.

April 17, 2018
NOV Pivoting to More Onshore Technologies to Gain U.S. Unconventional Share

NOV Pivoting to More Onshore Technologies to Gain U.S. Unconventional Share

The oil and gas market finally is nearing an inflection point following the brutal downturn, setting the stage for a better 2018, National Oilwell Varco Corp. (NOV) CEO Clay Williams said Tuesday.

February 6, 2018
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