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Here are 1-3 brief analogies to describe DNOW:

• Grainger for the energy sector.

• Sysco for industrial parts and equipment in the energy industry.

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• Pipes, Valves, and Fittings (PVF): DNOW distributes essential components like pipes, valves, and fittings used for fluid and gas handling in various energy and industrial applications.
• Production Equipment: The company provides specialized equipment such as pumps, tanks, artificial lift systems, and other machinery critical for oil and gas production.
• Mill, Safety, and MRO Products: DNOW offers a comprehensive range of industrial supplies, personal protective equipment (PPE), and maintenance, repair, and operating (MRO) consumables.
• Supply Chain Services: These services include integrated supply solutions, materials management, kitting, and digital tools designed to optimize customers' procurement and logistics.

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DNOW (symbol: DNOW) primarily sells products and services to other companies (B2B model) within the energy and industrial sectors globally. As a broad-line distributor, no single customer accounts for 10% or more of its total consolidated revenues, and as such, specific named major customer companies are not publicly disclosed.

Instead, DNOW serves a diverse customer base that can be categorized as follows:

• Upstream Oil and Gas Companies: This category includes major, national, and independent oil and natural gas producers (E&P companies) and drilling contractors. DNOW supplies them with equipment, pipes, valves, fittings, and other supplies necessary for exploration, drilling, completion, and production operations.
• Midstream Oil and Gas Operators: These customers are involved in the transportation, storage, and processing of oil and natural gas. This includes pipeline operators, natural gas gathering and processing facilities, and storage terminal operators, who utilize DNOW's products for infrastructure development and maintenance.
• Downstream Oil and Gas and Industrial Companies: This broad category encompasses petrochemical companies, refineries, chemical plants, industrial manufacturers, and engineering, procurement, and construction (EPC) contractors. DNOW provides essential maintenance, repair, and operations (MRO) products and services, as well as project-specific materials for these facilities. This also extends to customers in emerging energy sectors like solar and hydrogen.

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David Cherechinsky, President and Chief Executive Officer

Mr. Cherechinsky has served as President and Chief Executive Officer of DNOW since June 2020. Prior to this, he was the company's Senior Vice President and Chief Financial Officer from February 2018 to June 2020, and Vice President, Corporate Controller and Chief Accounting Officer from February 2014 to February 2018. He began his career at National Oilwell Varco (NOV) in 1989, holding various corporate roles including internal auditor, credit management, and business analyst. He also served as Vice President—Finance for NOV's distribution business group from 2003, and as Vice President—Finance for NOV's Distribution & Transmission business segment from 2011, until DNOW's spin-off in May 2014. Mr. Cherechinsky is a CPA.

Mark Johnson, Senior Vice President and Chief Financial Officer

Mr. Johnson has served as Senior Vice President and Chief Financial Officer for DNOW since 2020. His previous roles at DNOW include Vice President, Corporate Controller and Chief Accounting Officer from February 2018 to May 2020, and Vice President - Finance and Assistant Corporate Controller from May 2014 to February 2018. Before joining DNOW, he served as Vice President - Finance for National Oilwell Varco (NOV) Distribution Services business unit from 2012 until its spin-off in May 2014. Mr. Johnson joined NOV in 2008 as a Worldwide Controller after working in public accounting and is a CPA.

Kelly Munson, Chief Administrative and Information Officer

Ms. Munson serves as Chief Administrative and Information Officer, with oversight of Human Resources, Organizational Development, and Information Technology functions.

Raymond Chang, Vice President and General Counsel

Mr. Chang serves as Vice President and General Counsel with responsibility for legal, regulatory, compliance, and HSE matters. He previously worked for National Oilwell Varco, holding various positions within its Legal Department starting in 2001, including Vice President, Assistant General Counsel and Assistant Secretary from 2009 through 2014. Prior to joining National Oilwell Varco, Mr. Chang was an associate at the law firm of Baker & McKenzie.

Clent Rawlinson, Senior Vice President North America Sales and Operations

Mr. Rawlinson serves as Senior Vice President North America Sales and Operations for DNOW, with responsibility for the Energy Centers and Process Solutions businesses primarily focused on the upstream and midstream sectors. He previously held the position of Senior Vice President, Process Solutions. Over 29 years, Mr. Rawlinson has held numerous roles in sales and operations, including Vice President of Corporate Sales and Vice President of Sales and Operations International Energy Centers, and spent nine years living internationally while managing various areas of the international business. He began his career 30 years ago with an E&P company and then Wilson Supply, before joining NOV Distribution in Corpus Christi, Texas in 1996.

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The key risks to DNOW's business are primarily linked to its deep ties to the energy sector and the inherent volatility within that industry.

1. Exposure to Cyclicality in Energy-Related Capital Spending and Volatile Commodity Prices: DNOW's business performance is heavily dependent on the levels of oil and natural gas drilling, servicing, production, refining, and petrochemical activities. Fluctuations and weakness in oil and natural gas prices can directly lead to decreased capital and other expenditures by its customers, significantly impacting demand for DNOW's products and services. The energy sector's inherent volatility, influenced by geopolitical events and fluctuating commodity prices, poses a constant threat to DNOW's operations.
2. Regulatory and Environmental Risks Associated with Energy Transition: Changes in regulations, particularly those concerning environmental protection and carbon emissions, could adversely affect DNOW's business model and cost structure. As the global economy shifts towards greener energy solutions, DNOW must navigate these evolving regulatory landscapes and align its offerings with new standards to avoid potential setbacks.
3. Integration Risks from Acquisitions: DNOW has recently completed the acquisition of Trojan Rentals and has a pending merger with MRC Global. These strategic moves, while aiming to expand market reach and offerings, introduce risks associated with combining operations, cultures, and systems. Failure to effectively integrate acquired businesses could have an adverse effect on the company.

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The clear emerging threat for DNOW is the accelerating global energy transition away from fossil fuels and towards renewable energy sources.

DNOW primarily serves the oil and gas industry, providing a wide range of products and solutions for upstream, midstream, and downstream operations. As governments, corporations, and investors increasingly commit to decarbonization and the adoption of renewable energy (such as solar, wind, and hydrogen), there is a long-term trend of declining investment and activity in traditional oil and gas exploration, production, and infrastructure development. This shift directly threatens DNOW's core customer base and the demand for its products and services, creating a systemic challenge to its business model in the long run.

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DNOW (symbol: DNOW) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Acquisition and Integration of MRC Global: The recently completed acquisition of MRC Global Inc. is a transformative milestone for DNOW, creating a premier solutions provider to the energy and industrial markets. This combination is expected to significantly increase DNOW's scale and scope across diverse industries and global markets, broaden its product portfolio, and diversify its customer base in the construction and maintenance of essential energy process, production, and transmission infrastructure. The merger is anticipated to generate substantial cost synergies within three years.
2. Capitalizing on Energy Transition and Decarbonization Investments: DNOW is strategically positioned to benefit from investments in energy transition and decarbonization. The company plans to expand its offerings to meet evolving customer needs related to aged infrastructure, methane emission reduction projects, Carbon Capture, Utilization, and Storage (CCUS), and new energy sources such as renewable fuels, wind, solar, and hydrogen production.
3. Growth within Core Energy Markets, particularly Midstream: The company continues to focus on growing revenue within its core energy markets. Notably, DNOW has identified significant strength and expansion opportunities in the midstream sector, driven by increasing demand for services and infrastructure upgrades. Acquisitions, such as Whitco, are bolstering supply chain capabilities in this area.
4. Expansion into Adjacent Industrial Markets: Beyond its traditional energy focus, DNOW is actively pursuing growth in adjacent industrial markets. This strategy involves serving a broader mix of customers in sectors such as chemical processing, municipal water, utilities, mining, and power generation, thereby diversifying its revenue streams.
5. Leveraging Digital Transformation and Strategic Acquisitions for Operational Efficiency: DNOW continues to invest in and leverage its DigitalNOW® platform to enhance customer operations, improve supply chain efficiency, and maximize asset returns. Furthermore, the company maintains a disciplined approach to inorganic growth, actively evaluating a pipeline of margin-accretive companies to expand its U.S. Process Solutions business and other areas, as evidenced by acquisitions like Trojan Rentals, LLC.

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Share Repurchases

• DNOW authorized a new $160 million share repurchase program on January 24, 2025, doubling the size of its previous $80 million program.
• As of September 30, 2025, DNOW had utilized $27 million of the $160 million share repurchase program year-to-date.
• In Q2 2025, $19 million of common stock was repurchased, contributing to the $27 million year-to-date total by June 30, 2025.

Share Issuance

• DNOW is acquiring MRC Global in an all-stock transaction valued at approximately $1.5 billion, where MRC Global shareholders will receive 0.9489 shares of DNOW common stock for each MRC share, with closing anticipated in Q4 2025.
• The issuance of DNOW common stock for the MRC Global merger was registered under the Securities Act of 1933, via a Form S-4 registration statement filed on July 24, 2025, and declared effective on August 5, 2025.
• The number of common shares outstanding was approximately 105.0 million as of October 29, 2025, 105.7 million as of February 7, 2025, and 106.2 million as of February 9, 2024 (excluding unvested restricted shares).

Inbound Investments

No information available.

Outbound Investments

• Over the past 12 months ending November 6, 2025, DNOW completed acquisitions totaling $122 million.
• On June 26, 2025, DNOW announced a definitive merger agreement to acquire MRC Global in an all-stock transaction valued at approximately $1.5 billion, expected to close in Q4 2025.
• In Q1 2025, DNOW acquired Natron International in Singapore, expanding its MacLean International brand's electrical supply capabilities in Asia Pacific.

Capital Expenditures

• DNOW invested $4 million in capital expenditures during Q3 2025, primarily focused on growth initiatives in process solutions and midstream areas.
• The company expects to utilize cash on hand, cash from operations, and credit facility availability to fund capital expenditures and meet short- and long-term objectives.
• DNOW projects full-year 2025 free cash flow to approach $150 million, indicating a capacity for ongoing capital investments.