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Here are a few analogies to describe NOV:

• Caterpillar for the oil & gas industry.

• A Siemens or Honeywell for oilfield technology and systems.

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• Drilling Rig Components & Systems: Designs and manufactures substructures, derricks, masts, cranes, jacking systems, mud pumps, and pressure control equipment for drilling rigs.
• Drilling Tools & Tubulars: Provides drill and wired pipes, drill bits, downhole and fishing tools, and steerable technologies essential for drilling operations.
• Wellbore Technologies & Services: Offers solids control and waste management equipment and services, along with tubular inspection, repair, and coating services.
• Completion & Hydraulic Fracturing Equipment: Supplies equipment and technologies for hydraulic fracture stimulation, including downhole tools, pressure pumping trucks, blenders, and manifolds.
• Production Systems (Onshore & Offshore): Develops and provides onshore production solutions like composite pipe, pumps, and artificial lift systems, as well as offshore floating and subsea production technologies.
• Coiled Tubing & Wireline Units: Manufactures coiled tubing units and wireline units and tools for well intervention and completion activities.
• Industrial Pumps & Mixers: Produces a range of industrial pumps and mixers for various applications.
• Rig Instrumentation, Control & Automation: Delivers rig instrumentation and control systems, drives, generators, and drilling optimization and automation services.
• Power Generation Products: Offers portable power generation products for diverse energy needs.
• Offshore Wind & Pipelay Systems: Provides specialized equipment components for offshore wind construction vessels and pipelay and construction systems.
• Aftermarket & Support Services: Offers spare parts, repair, equipment rentals, comprehensive remote equipment monitoring, technical support, field service, and customer training.

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NOV Inc. (symbol: NOV) primarily sells its products and services to other companies (business-to-business or B2B) rather than to individuals. While NOV does not typically disclose the names of its specific major customers in its general company description, its diverse range of equipment, systems, and services indicates that its customer base comprises companies operating within the oil and gas drilling and production, and renewable energy sectors. Therefore, its major customers fall into the following categories:

• Oil and Gas Exploration & Production (E&P) Companies: These companies are involved in searching for, extracting, and producing crude oil and natural gas. NOV supplies them with a wide array of drilling equipment, production systems, and related services.

  Examples of public companies in this category include:

  • Exxon Mobil Corporation (XOM)
  • Chevron Corporation (CVX)
  • Shell plc (SHEL)
  • BP p.l.c. (BP)
  • ConocoPhillips (COP)

• Oil and Gas Drilling Contractors: These companies own and operate drilling rigs and provide drilling services to E&P companies. NOV supplies them with substructures, derricks, masts, pipe handling systems, mud pumps, pressure control equipment, and rig instrumentation.

  Examples of public companies in this category include:

  • Helmerich & Payne, Inc. (HP)
  • Nabors Industries Ltd. (NBR)
  • Valaris Limited (VAL)
  • Transocean Ltd. (RIG)

• Oilfield Service Companies: These companies provide specialized services for various stages of oil and gas well development and production, including well completion, intervention, and stimulation. NOV provides equipment for hydraulic fracture stimulation, coiled tubing units, and wireline units.

  Examples of public companies in this category include:

  • Schlumberger Limited (SLB)
  • Halliburton Company (HAL)
  • Baker Hughes Company (BKR)

• Offshore Wind Farm Developers and Construction Contractors: With its offerings for the renewable energy sector, including equipment components for offshore wind construction vessels and pipelay/construction systems, NOV serves companies involved in the development and installation of offshore wind farms.

  Examples of public companies involved in offshore wind development include:

  • Ørsted A/S (ORSTED.CO - listed on Nasdaq Copenhagen)
  • Equinor ASA (EQNR)

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Jose Bayardo, Chairman, President, and CEO
Jose Bayardo became Chairman, President, and CEO of NOV Inc. effective January 1, 2026. He previously served as NOV's President and Chief Operating Officer, a role he was appointed to in March 2025. Prior to that, he was the Senior Vice President and Chief Financial Officer of NOV, a position he held since joining the company in 2015. Before joining NOV, Mr. Bayardo was Senior Vice President, Resource and Business Development at Continental Resources, Inc. He also spent nine years in various roles at Complete Production Services, Inc., an oilfield service provider, including Senior Vice President, Chief Financial Officer, and Treasurer. Complete Production Services, Inc. was acquired by Superior Energy Services Inc. in 2012. Earlier in his career, he worked as an investment banker with J.P. Morgan. He holds a Bachelor of Science in Chemical Engineering from the University of Texas at Austin, a Master of Engineering Management from Northwestern University's McCormick School of Engineering, and a Master of Business Administration from Northwestern University's Kellogg Graduate School of Management.

Rodney Reed, Senior Vice President and Chief Financial Officer
Rodney Reed was promoted to Senior Vice President and Chief Financial Officer of NOV Inc. in March 2025. He joined NOV in 2014 and has held several leadership roles within the company, including President of NOV Process Flow Technologies, President of NOV Completion Tools, Vice President of Corporate Development, and Vice President of Internal Audit. Before his tenure at NOV, Mr. Reed was a Senior Manager for Ernst & Young. He earned both his bachelor's and master's degrees in Accounting from Louisiana State University.

Joe Rovig, President, Energy Equipment
Joe Rovig serves as the President of the Energy Equipment segment of NOV. He joined NOV in 2002 and has held various positions, including Group Vice President of Global Operations, Vice President of the Eastern Hemisphere, Director of Service and Repair, and Senior Vice President of the Offshore Drilling Equipment group within NOV's Rig Solutions division. Prior to joining NOV, he worked for two drilling contractors in various domestic and international capacities, accumulating twenty years of international experience across multiple locations in Asia and Europe.

Scott Livingston, President, Energy Products and Services
Scott Livingston serves as the President of the Energy Products and Services segment of NOV, a role he was appointed to effective January 1, 2024. He joined NOV in 2001 and has since garnered increasing levels of management responsibilities for global projects and operations, initially focusing on the offshore energy market.

Craig L. Weinstock, Senior Vice President, Secretary and General Counsel
Craig L. Weinstock holds the position of Senior Vice President, Secretary, and General Counsel at NOV Inc.

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The key risks to NOV Inc.'s business are primarily driven by the inherent volatility of the energy sector, the global shift towards renewable energy, and persistent pressures on profitability.

1. Cyclicality of Upstream Spending and Oil and Gas Price Volatility: NOV Inc.'s revenue and profitability are closely tied to capital expenditures in the oil and gas industry, which are highly sensitive to fluctuating commodity prices. Declines in oil and gas prices or tightened customer budgets can lead to reduced drilling activity, lower order intake, and decreased demand for NOV's equipment, components, and services, significantly impacting its financial performance.

2. Energy Transition Risks: The global movement towards renewable energy and lower-carbon technologies poses a long-term risk to NOV Inc.'s core markets. While the company also serves industrial and renewable energy sectors, a sustained or accelerated shift away from fossil fuels could diminish demand for traditional oilfield equipment, putting pressure on its primary business segments.

3. Margin Pressures and Rising Costs: NOV Inc. faces significant challenges from intense competition, raw material inflation, tariff-related expenses, and broader supply chain disruptions. These factors contribute to increased operating costs and pressure on profit margins, making it difficult for the company to maintain or improve profitability.

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For NOV Inc., the addressable markets for its main products and services are sized as follows:

• Oilfield Services (including drilling, completion, production, workover, well intervention, and tubular services): The global oilfield services market was estimated at USD 133.1 billion in 2023 and is projected to reach USD 166.4 billion by 2030. North America held the largest share of this market, accounting for 31.95% of the revenue in 2023.
• Drilling Tools: The global drilling tools market was valued at USD 7.8 billion in 2023 and is estimated to grow to USD 10.5 billion by 2032. Another estimate indicates the global drilling tools market size was worth USD 9.11 billion in 2024 and is anticipated to reach USD 20.35 billion by 2033.
• Well Completion Equipment & Services: The global well completion equipment service market size was valued at USD 25.61 billion in 2025 and is projected to reach USD 40.19 billion by 2034. North America dominated this market with a 34.71% share in 2025.
• Hydraulic Fracturing: The global hydraulic fracturing market size was estimated at approximately USD 58.49 billion in 2025 and is projected to reach USD 95.92 billion by 2033. North America held the largest share of this market, at 83.1% in 2025.
• Coiled Tubing Services: The global coiled tubing services market size was valued at USD 7.88 billion in 2025 and is projected to grow to USD 12.39 billion by 2034. North America dominated the global market with a 53.32% share in 2025.
• Artificial Lift Systems: The global artificial lift systems market size was estimated at USD 22.7 billion in 2023 and is projected to reach USD 33.5 billion by 2030. North America held the largest market share, at 27.7% in 2023.
• Subsea Production and Processing Systems: The global subsea production and processing systems market size was valued at USD 23.72 billion in 2025 and is projected to reach USD 54.44 billion by 2034.
• Industrial Pumps: The global industrial pumps market size was valued at USD 47.41 billion in 2025 and is projected to reach USD 72.92 billion by 2033.
• Offshore Wind Construction Vessels: The global offshore wind construction vessel market was valued at USD 24.54 billion in 2025 and is estimated to grow to USD 56.23 billion by 2031.

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Expected Drivers of Future Revenue Growth for NOV Inc.

1. Expansion in International and Offshore Oil & Gas Markets: NOV anticipates growth from increased activity in critical global offshore markets, including deepwater exploration and production, and the expansion into international unconventional shale plays, particularly in Latin America and the Middle East. This includes heightened demand for subsea flexible pipes, production equipment, managed pressure drilling, flexible pipe, conductor pipe, and aftermarket spares for offshore rigs, as well as stronger shipments of drill pipe, composite pipe, stimulation equipment, and drilling equipment for regions like the Middle East.
2. Introduction and Adoption of New Technologies and Products: The company expects revenue growth to be driven by the adoption of innovative products and advanced technologies. This includes downhole technologies, such as drill bits and torsional vibration mitigation tools, which have shown significant year-over-year growth internationally. NOV is also investing in robotics and digital advancements, leveraging AI and digital solutions to enhance efficiency and create new revenue streams, such as its Downhole Broadband Solutions™ technology.
3. Growth in Renewable Energy and Energy Transition Solutions: NOV is strategically expanding its presence in the renewable energy sector. The company is leveraging its expertise and GustoMSC designs to secure orders for offshore wind installation and heavy-lift/jack-up vessels. Furthermore, NOV is involved in developing low-carbon solutions, including exploring opportunities in hydrogen production and deep-sea mineral extraction, with renewable-related revenue reaching $339 million in 2024.
4. Strong Backlog and Execution on High-Margin Projects: The company’s substantial and improving backlog, particularly for offshore capital equipment and high-margin projects, is expected to underpin near-term revenue visibility and growth. NOV has seen a 22% backlog growth over the past four years, and a 121% book-to-bill ratio for its Energy Equipment segment in Q4 2024, providing a foundation for future sales through disciplined execution.

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Share Repurchases

• NOV Inc. repurchased 22.8 million shares of common stock for $315 million in 2025.
• The company returned a total of $505 million to shareholders in 2025 through share repurchases and dividends, and $842 million over the two-year period of 2024 and 2025.
• NOV plans to return at least 50% of its Excess Free Cash Flow annually to shareholders via dividends and stock buybacks.

Share Issuance

• An additional 15,200,000 shares of common stock were registered in May 2025 for issuance under the NOV Inc. Long-Term Incentive Plan, following stockholder approval.

Inbound Investments

• First Eagle Investment acquired an additional 58,114 shares of NOV Inc. in February 2025, bringing their total holdings to 38,194,320 shares, which represented 10% of the company's total shares.
• Pzena Investment Management LLC is noted as the largest shareholder in NOV Inc.

Outbound Investments

• NOV Inc. is exploring additional acquisition opportunities, with future acquisitions expected to be funded primarily by cash flows from operations and borrowings.
• The company's most recent major acquisition was Essentra Pipe Protection Technology in January 2019 for $48.9 million.

Capital Expenditures

• NOV's capital expenditure guidance for 2026 is projected to be between $315 million and $345 million.
• Capital expenditures year-to-date for the third quarter of 2025 amounted to $274 million.
• The primary focus of capital expenditures includes strategic investments in technology and innovation, aiming to lower the marginal cost and environmental footprint of energy production and drive efficiencies.