NOV Inc. designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. It also provides solids control and waste management equipment and services; portable power generation products; drill and wired pipes; drilling optimization and automation services; tubular inspection, repair, and coating services; instrumentation; measuring and monitoring services; downhole and fishing tools; steerable technologies; and drill bits. The company offers equipment and technologies for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration and injection units, flowline, and manifolds; coiled tubing units, and wireline units and tools; connections and liner hangers; onshore production consists of composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, such as floating production systems and subsea production technologies, as well as manufactures industrial pumps and mixers. It also provides substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; mud pumps; pressure control equipment; drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; equipment components for offshore wind construction vessels; and pipelay and construction systems. NOV Inc. offers spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training. The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021. NOV Inc. was founded in 1862 and is based in Houston, Texas.
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- Caterpillar for oil and gas drilling equipment
- A major B2B supplier to the oil and gas industry, similar to how Boeing supplies critical equipment to airlines
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Wellbore Technologies: Provides a wide range of drilling tools, systems, and services essential for the construction and maintenance of oil and gas wells.
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Completion & Production Solutions: Offers equipment and technologies designed for completing wells, enhancing hydrocarbon production, and performing well interventions.
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Rig Technologies: Designs, manufactures, and services capital equipment for drilling rigs, encompassing entire onshore and offshore drilling systems.
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NOV (NYSE: NOV) Major Customers
NOV (previously National Oilwell Varco) is a global provider of equipment, technology, and services to the oil and gas industry. As such, it sells primarily to other companies (B2B) rather than individuals.
NOV's customers typically include oil and gas exploration and production (E&P) companies, drilling contractors, and other oilfield service companies. While NOV's public filings do not usually name specific individual customers due to a diversified customer base that prevents any single client from representing a significant portion of its revenue, the company's products and services are integral to the operations of many of the world's leading energy companies.
Based on the nature of NOV's offerings and its position as a leading supplier in the industry, the following are highly probable major customers, representing various segments of the oil and gas industry that extensively utilize NOV's equipment and services:
- Helmerich & Payne, Inc. (NYSE: HP) – A major U.S. land drilling contractor that operates a fleet of highly advanced drilling rigs.
- Transocean Ltd. (NYSE: RIG) – One of the world's largest offshore drilling contractors, operating a fleet of mobile offshore drilling units.
- ExxonMobil Corporation (NYSE: XOM) – One of the world's largest publicly traded international oil and gas companies, with extensive global exploration, development, and production activities.
- Chevron Corporation (NYSE: CVX) – A leading integrated energy company with significant upstream (exploration and production) operations worldwide.
- Shell plc (NYSE: SHEL) – A global energy and petrochemical company with substantial upstream activities in deepwater, unconventionals, and conventional oil and gas.
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Clay C. Williams
Chairman, President & Chief Executive Officer
Mr. Clay C. Williams has been the Chairman, President, and Chief Executive Officer of NOV since 2014. Prior to this, he served as the company's President and Chief Operating Officer, and Executive Vice President and Chief Financial Officer. Before the merger with National Oilwell, Mr. Williams served as Varco's Chief Financial Officer. His earlier roles at Varco and Tuboscope included Vice President of Finance, Vice President of Corporate Development, and Vice President of Pipeline Services. Before Tuboscope, he worked for SCF Partners and Shell Oil Company. Mr. Williams currently serves as a director of Benchmark Electronics and is also President of Conner Steel Products, Inc., a subsidiary of NOV.
Rodney C. Reed
Senior Vice President; Chief Financial Officer
Mr. Rodney C. Reed has been the Senior Vice President and Chief Financial Officer of NOV since March 2025. He joined NOV in 2014 and has held several leadership roles within the company, including President of the Process Flow Technologies business unit, President of the Completion Tools business unit, Vice President of Corporate Development, and Vice President of Internal Audit. Prior to joining NOV, Mr. Reed was a Senior Manager for Ernst & Young.
Jose A. Bayardo
President; Chief Operating Officer
Mr. Jose A. Bayardo has served as President and Chief Operating Officer of NOV since 2025. He joined NOV in 2015 as Senior Vice President and Chief Financial Officer, a role he held until his promotion. Before joining NOV, Mr. Bayardo served as Senior Vice President, Resource and Business Development at Continental Resources, Inc. He spent nine years in various roles at Complete Production Services, Inc., including Senior Vice President, Chief Financial Officer, and Treasurer. Earlier in his career, Mr. Bayardo was an investment banker with J.P. Morgan. He also holds board positions at Valorem Energy LLC and Flywheel Energy LLC.
Christy H. Novak
Chief Accounting Officer; Corporate Controller; Vice President
Ms. Christy H. Novak has been the Chief Accounting Officer, Vice President, and Corporate Controller of NOV since November 2021. Her previous roles at NOV include Vice President of Accounting Systems and Vice President of Finance for the Company’s Rig Technologies operating segment. Before her tenure at NOV, Ms. Novak spent nearly 10 years in public accounting with Ernst & Young.
Alex Philips
Chief Information Officer
Mr. Alex Philips is the Chief Information Officer of NOV, responsible for overseeing all aspects of Information Technologies, Systems, Applications, and Security. He joined Phoenix Energy Services, which is now part of NOV, in 1997. During his 25-year career at NOV, he has held various positions such as IT Infrastructure Manager, ERP Director, and Chief Information Security Officer.
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The accelerating global energy transition away from fossil fuels, which will likely lead to a long-term decline in demand for oil and gas drilling and production equipment and services.
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NOV Inc. (NYSE: NOV) provides a wide range of technologies, equipment, and services primarily to the oil and gas industry, with an expanding focus on renewable energy solutions. The addressable markets for its main products and services are outlined below:
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Oilfield Equipment Market (Global): This broad category encompasses many of NOV's offerings across its Rig Technologies, Wellbore Technologies, and Completion & Production Solutions segments. The global oilfield equipment market size was valued at USD 128.62 billion in 2024 and is projected to reach approximately USD 172.18 billion by 2034, growing at a CAGR of 2.96% from 2025 to 2034. North America held the largest revenue share of 43% in this market in 2024.
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Oil & Gas Drilling Equipment Market (Global): A key part of NOV's Rig Technologies and Wellbore Technologies, this market was valued at USD 69.2 billion in 2024 and is expected to reach USD 85 billion by 2035, with a CAGR of around 1.9% from 2025 to 2035. North America leads this market's growth due to shale gas exploration and production.
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Wellbore Cleaning Tool Market (Global): This falls under NOV's Wellbore Technologies. The global wellbore cleaning tool market size was valued at USD 3.36 billion in 2024 and is expected to reach USD 4.96 billion by 2032, at a CAGR of 5.00%. North America held the largest revenue share of 42.15% in this market in 2024.
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Well Completion Market (Global): Relevant to NOV's Completion & Production Solutions, the global well completion market was valued at USD 40.21 billion in 2023. Onshore activities dominate this market.
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Well Casing Market (Global): This is a component within NOV's offerings. The global well casing market size was USD 17.90 billion in 2024 and is expected to grow to USD 29.84 billion by 2032, exhibiting a CAGR of 6.34%. North America dominated this market with a valuation of USD 8.66 billion in 2024.
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Wellhead Equipment Market (Global): The global wellhead equipment market size was valued at USD 6.69 billion in 2023 and is projected to reach USD 9.36 billion by 2030, growing at a CAGR of 4.9%. North America accounted for over 41.19% of the global industry's revenue share in 2023.
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Subsea Production and Processing System Market (Global): NOV is a notable company in this market. The primary market driver for this global market is the increase in demand for oil and gas. No specific global market size in USD was found for this category in the provided search results.
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Process Equipment Market (Global): Relevant for production and processing solutions, the global process equipment market size was valued at USD 62,107.5 million in 2024 and is projected to reach USD 97,929.7 million by 2033, growing at a CAGR of 5.19% from 2025 to 2033. Another source indicates the market size is estimated at USD 99.75 billion in 2025, reaching USD 124.78 billion by 2030, at a CAGR of 4.58%. Oil and gas applications accounted for 28% of the demand in 2024. Asia-Pacific leads this market with over 35% share.
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Process Automation Market (Global): NOV offers digital solutions including automation. The global process automation market size is forecast to reach USD 101.69 billion by 2030, growing at a CAGR of 5.5% during 2024-2030.
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Renewable Energy Solutions (Global): NOV is expanding its focus on renewable energy solutions like wind, solar, geothermal, and hydrogen technologies. No specific market sizes for NOV's addressable portion of these markets were found in the provided search results.
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NOV (NYSE: NOV) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:
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Growing Demand in International and Offshore Markets: NOV expects continued strong demand from international and offshore markets, particularly for deepwater developments and production-related equipment. This segment has consistently shown double-digit growth year-over-year and is accumulating a significant backlog for capital equipment, with flexible pipe for deepwater projects exceeding $1 billion in backlog for the first time. This growth is expected to offset softer activity in North American land markets.
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Adoption of New and Differentiated Technologies: The company is focused on introducing new, higher-margin technologies and services that provide value to customers, leading to market share gains and improved profitability. Accelerated adoption of these differentiated technologies is a recurring theme in management commentary, driving growth across various segments.
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Expansion in the Middle East: The Middle East region, particularly Saudi Arabia, is identified as a key area for sustained revenue growth. This growth is driven by ongoing development drilling, expansion of existing offshore fields, and strategic gas production initiatives, which are expected to continue growing through 2025 and 2026, even amidst other market headwinds.
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Strategic Acquisitions and Portfolio Repositioning: NOV is actively repositioning its portfolio through strategic divestitures and acquisitions to diversify its earnings and unlock new revenue streams. Acquisitions, such as Keystone Tower Systems, are noted for their potential to contribute to new revenue sources.
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Share Repurchases
- NOV's Board of Directors authorized a share repurchase program for up to $1.00 billion of common stock over three years, approved in the first quarter of 2024.
- In 2024, the company repurchased 14.2 million shares of common stock for an aggregate amount of $229 million.
- NOV repurchased 5.4 million shares for $81 million in Q1 2025 and approximately 5.5 million shares for $69 million in Q2 2025.
Capital Expenditures
- Capital expenditures totaled $201 million in 2021 and $214 million in 2022.
- Capital expenditures for 2024 were approximately $347 million.
- The company prioritizes compelling organic investment opportunities, focusing on asset base maintenance and organic growth projects, particularly within its Energy Products & Services segment.
