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{{short description|U.S. energy company}}
{{Use American English|date=March 2022}}
{{Use mdy dates|date=March 2022}}
{{Infobox company
{{Infobox company
| name = National Oilwell Varco, Inc.
| name = NOV Inc.
⚫
| logo = National-Oilwell-Varco-Logo.svg
⚫
| logo_size = 200px
| former_name = National Oilwell Varco, Inc. (2005–2021)
| predecessors = {{ubl|National Oilwell|Varco}}
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NYSE|NOV}}|[[List of S&P 400 companies|S&P 400]] component}}
| traded_as = {{ubl|{{NYSE|NOV}}|[[S&P 500]] component|[[Fortune 500]]<ref name="Fortune 500 - National Oilwell Varco">{{cite web| url=http://fortune.com/fortune500/national-oilwell-varco/| title=Fortune 500 - National Oilwell Varco| accessdate=2018-08-09}}</ref>|[[Forbes Global 2000]]<ref name="Forbes Global 2000 - National Oilwell Varco">{{cite web| url=https://www.forbes.com/companies/national-oilwell-varco/| title=Forbes Global 2000 - National Oilwell Varco| accessdate=2018-08-09}}</ref>}}
| founded = 1841
| founded = {{Start date and age|1862}}
| location = [[Houston, Texas]], U.S.
| hq_location_city = [[Houston, Texas]]
| hq_location_country = United States
| area_served = Worldwide
| area_served = Worldwide
| key_people = [[Clay C. Williams]] (CEO)
| key_people = Chief Executive Officer: [[ ]]<ref name="NOV - Management">{{cite web| url=http://investors.nov.com/phoenix.zhtml?c=97690&p=irol-govmanage| title=NOV - Management| accessdate=2018-08-08}}</ref>
| industry = [[Oilfield]] services and equipment
| industry = [[Oilfield]] services and equipment
| num_employees = 35,479 (2019)
| divisions = {{Flatlist|
* Energy Equipment
| divisions = Rig Technologies, Wellbore Technologies, Completion & Production Solutions
* Energy Products and Services
| revenue = {{increase}} {{USD|7.3 billion|link=yes}} (2017)<ref name="NOV 2017 Form 10-K">{{cite web|title=NOV 2017 Form 10-K|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njk0MzQ3fENoaWxkSUQ9NDA1NjUxfFR5cGU9MQ==&t=1}}</ref>
| operating_income = {{increase}} {{USD|-277 million}} (2017)<ref name="NOV 2017 Form 10-K">{{cite web|title=NOV 2017 Form 10-K|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njk0MzQ3fENoaWxkSUQ9NDA1NjUxfFR5cGU9MQ==&t=1}}</ref>
| net_income = {{increase}} {{USD|-236 million}} (2017)<ref name="NOV 2017 Form 10-K">{{cite web|title=NOV 2017 Form 10-K|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njk0MzQ3fENoaWxkSUQ9NDA1NjUxfFR5cGU9MQ==&t=1}}</ref>
⚫
| assets = {{increase}} {{USD|20.21 billion}} (2017)
⚫
| equity = {{increase}} {{USD|14.16 billion}} (2017)
⚫
| website = {{url|nov.com}}
⚫
| logo = National-Oilwell-Varco-Logo.svg
⚫
| logo_size = 200px
}}
}}
| revenue = {{nowrap|{{decrease}} {{USD|5.524&nbsp;billion|link=yes}}}}
⚫
[[File:NOVHQHoustonTX2.jpg|thumb|National Oilwell Varco headquarters in [[Greater Sharpstown]], [[Houston]]]]
| revenue_year = 2021
| operating_income = {{nowrap|{{increase}} {{USD|{{color|red|−134}}&nbsp;million}}}}
| income_year = 2021
| net_income = {{nowrap|{{increase}} {{USD|{{color|red|−245}}&nbsp;million}}}}
| net_income_year = 2021
⚫
| assets = {{nowrap|{{decrease}} {{USD|9,550&nbsp;million}}}}
| assets_year = 2021
⚫
| equity = {{nowrap|{{decrease}} {{USD|5,064&nbsp;million}}}}
| equity_year = 2021
| num_employees = 27,043
| num_employees_year = 2021
| locations = 552
| num_locations_year = 2021
| subsid = {{Ubl|[[Grant Prideco]]|[[IntelliServ]]|[[Robbins & Myers]]|[[Shaffer (company)|Shaffer]]}}
⚫
| website = {{URL|nov.com}}
| footnotes = Financial, employee, and location figures are for fiscal year 2021<ref name="NOV 2021 Form 10-K">{{Cite web |date=February 11, 2022 |title=NOV Inc. Form 10-K 2021 |url=https://investors.nov.com/static-files/4a6ebe0e-8143-485f-8d7c-f8ac1a513eda |access-date=March 25, 2022 |website=NOV}}</ref>
}}

[[File:NOV Tower Sunset.jpg|thumb|NOV Tower in the [[Westchase, Houston|Westchase]] district of Houston]]
[[File:NOV Tower Sunset.jpg|thumb|NOV Tower in the [[Westchase, Houston|Westchase]] district of Houston]]
'''National Oilwell Varco''' ('''NOV''') is an American [[multinational corporation]] based in [[Houston, Texas]].<ref>"[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njk0MzQ3fENoaWxkSUQ9NDA1NjUxfFR5cGU9MQ==&t=1 NOV 2017 Form 10-K]" National Oilwell Varco. Retrieved on August 8, 2018. "NOV 2017 Form 10-K, Address of Principle Offices: 7909 Parkwood Circle Drive, Houston, Texas 77036"</ref> It is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, [[oilfield]] services, and supply chain integration services to the [[Upstream (petroleum industry)|upstream]] [[oil and gas industry]]. The company conducts operations in more than 600 locations across six continents,<ref>{{Cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njk0MzQ3fENoaWxkSUQ9NDA1NjUxfFR5cGU9MQ==&t=1|title=NOV 2017 Form 10-K|last=|first=|date=|website=www.nov.com|archive-url=|archive-date=|access-date=}}</ref> operating through three reporting segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions.<ref name="National Oilwell Varco Announces New Reporting Segment Changes">"[https://www.nov.com/about About NOV]" National Oilwell Varco. Retrieved on August 8, 2018. "About NOV."</ref>


'''NOV Inc.''', formerly '''National Oilwell Varco''', is an American [[multinational corporation]] based in [[Houston, Texas]]. It is a worldwide provider of equipment and components used in [[Oil well|oil and gas drilling]] and [[Oil production|production operations]], [[oilfield]] services, and [[supply chain]] integration services to the [[Upstream (petroleum industry)|upstream]] [[oil and gas industry]]. The company conducts operations in more than 500 locations across six [[continent]]s,<ref name="NOV 2021 Form 10-K" /> operating through two reporting segments: Energy Equipment and Energy Products and Services.<ref name="NOV Announces Retirements and Appointments of Officers and Consolidation of Operational Segment Structures">[https://investors.nov.com/news-releases/news-release-details/nov-announces-retirements-and-appointments-officers-and]" NOV. Retrieved on September 17,2024. "New Releases."</ref>
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==Corporate affairs==
⚫
The headquarters are in [[Southwest Management District]] (formerly Greater Sharpstown), Houston.<ref>{{cite web|url=https://www.nov.com/-/media/nov/files/products/rig/aftermarket-operations/drilling-rig-upgrades-and-field-engineering/marine-and-construction-fleet-care-brochure.pdf|title=Marine and Construction Fleet Care|publisher=National Oilwell Varco|accessdate=2020-03-14|quote=Corporate Headquarters 7909 Parkwood Circle DriveHouston, Texas 77036}}</ref><ref>{{Cite web|url=https://southwestmanagementdistrict.org/the-district/more-information/district-maps/|title=District Maps|publisher=[[Southwest Management District]]|accessdate=2020-03-14}}</ref>


==Divisions==
==History==
===Background===
⚫
Rig Technologies engineers and manufactures drilling rigs, advanced drilling equipment packages, and the related capital equipment (including [[top drive]]s, [[iron roughnecks]], [[drawworks]], [[blowout preventer]]s, [[mud pump]]s, risers, pipe handling, power and control systems) necessary to drill oil and gas wells, as well as marine construction equipment such as heavy-lift cranes, mooring machinery, jacking systems, pipelay and cablelay systems, and [[marine riser tensioner]]s. In addition, the segment provides aftermarket equipment and services such as spare parts, repair, and equipment rentals as well as remote equipment monitoring, technical support, field service, and customer training.
⚫
NOV's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, [[United States Steel]] acquired Oilwell Supply. In 1958, [[Armco Steel]] merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell".


⚫
Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: '''V'''uilleumiere, '''A'''begg and '''R'''einhold '''Co'''mpany after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp. (founded as a merger of '''I'''ngersoll '''R'''and Oilfield Products Co. and '''I'''DECO Inc. ('''I'''nternational '''D'''errick and '''E'''quipment '''Co'''mpany)),<ref>{{Cite web| title=Iri International Corp – ‘10-K/A’ for 12/31/97 |url=https://www.secinfo.com/dsvr4.746p.htm |access-date=12 May 2015 |publisher=Sec.com}}</ref> founded and managed by [[Hushang Ansary]], which manufactures and sells drilling rigs and specialty steel products.<ref name="BloombergIRI">{{Cite web |last=Staff |title=Bloomberg: IRI International |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=369990 |access-date=12 May 2015 |publisher=Bloomberg.com}}</ref>
⚫
Wellbore Technologies develops the equipment, technologies, and services necessary to maximize the efficiency and economics of oil and gas wells. The segment provides the oil and gas industry with [[Drill bit (well)|drill bits]], borehole enlargement services, and [[directional drilling]] tools and optimization/automation software and services; downhole tools for drilling and intervention; premium [[drill pipe]] and drill stem accessories; solids control and waste management equipment and services; drilling and completion [[Drilling fluid|fluids]]; data acquisition and analytics technologies; managed-pressure-drilling systems; coating and inspection services and [[Radio-frequency identification|RFID]] technology for drill pipe lifecycle management; and [[IntelliServ]] wired drill pipe.


In 2005, National Oilwell and Varco merged to become '''National Oilwell Varco'''.<ref name="EJ 2007">{{Cite news |date=December 18, 2007 |title=National Oilwell buys Grant Prideco for $7.4B |page=F2 |work=Edmonton Journal |agency=Bloomberg |url=https://www.newspapers.com/clip/98242577/edmonton-journal/ |access-date=March 25, 2022 |via=Newspapers.com}}</ref>
⚫
Completion & Production Solutions provides the equipment and technologies necessary to optimize the well completion process and production phase of a well's lifecycle. The segment produces a wide variety of intervention and stimulation equipment for pressure pumping, [[Coiled tubing drilling|coiled tubing]], and [[Wireline (cabling)|wireline]] operations; composite piping systems, pressure vessels, and structures; integrated processing, production, and pumping equipment (including [[artificial lift]]) for [[Upstream (petroleum industry)|upstream]], [[midstream]], and industrial operations; hydrate inhibition and gas processing technologies; subsea and floating production systems, including flexible pipe and subsea water injection technologies; integral and weld-on connectors for conductor strings, surface casing, and liners; and completion tools—including those involved in multistage [[hydraulic fracturing]]—liner hanger systems, and [[Downhole safety valve|subsurface safety valves]].


===Recent history===
In late 2019 NOV bought Ershigs, a fabricator of custom pipes and tanks in Bellingham, WA, USA.
The company acquired major [[drill pipe]] and [[Drill bit (well)|drill bit]] manufacturer [[Grant Prideco]] in 2008<ref>{{Cite magazine |date=April 28, 2008 |title=NOV completes Grant Prideco acquisition |url=https://www.offshore-mag.com/business-briefs/company-news/article/16780065/nov-completes-grant-prideco-acquisition |magazine=Offshore |access-date=March 23, 2022}}</ref> for $7.37 billion.<ref>{{Cite news |date=January 3, 2008 |title=Two oilfield suppliers joining |page=8 |work=Albuquerque Journal |url=https://www.newspapers.com/clip/98242250/albuquerque-journal/ |access-date=March 23, 2022 |via=Newspapers.com}}</ref> At the time, Grant Prideco held 60% of the global drill pipe market and operated 25 manufacturing sites worldwide. The acquisition included Grant Prideco's subsidiaries [[IntelliServ]], a producer of drill pipe with built-in equipment to transmit data from a wellhead to surface operators, ReedHycalog, a drill bit producer, and XL Systems, a producer of oil and gas connectors.<ref name="EJ 2007" /> Grant Prideco, IntelliServ, and ReedHycalog became part of NOV's Wellbore Technologies reporting segment and XL Systems joined the Completion & Production Solutions segment.<ref name="NOV 2021 Form 10-K" />


In February 2012 NOV acquired Russian coring company Interval Ltd. and purchased Dutch oil rig design company GustoMSC in 2018. GustoMSC, originally the engineering office of [[Gusto Shipyard]], became part of NOV's Rig Technologies segment.<ref name="Luhavalja 2018">{{Cite news |last=Luhavalja |first=Amanda |date=July 4, 2018 |title=National Oilwell Varco buys Dutch firm GustoMSC |language=en-us |work=S&P Global |url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/insight-weekly-march-22-2022 |access-date=March 25, 2022}}</ref> In late 2019, NOV bought [[Bellingham, Washington]]-based Ershigs, a fabricator of custom pipes and tanks.
⚫
== Awards and Accolades ==
In 2007, the ''[[Houston Chronicle]]'' ranked NOV the fifteenth best company to work for in Houston. In 2008, the newspaper ranked NOV as the best company in the city.<ref>Cook, Lynn. "[http://www.chron.com/disp/story.mpl/side2/5774745.html CHRONICLE 100 No. 1: National Oilwell Varco: builder of rigs, maker of deals]." ''Houston Chronicle''. May 16, 2008. Retrieved on July 10, 2011.</ref> In the same year, NOV was listed as one of the world's most admired companies by ''[[Forbes]]'' and one of the 100 fastest growing companies by [[Fortune (magazine)|''Fortune'']].<ref>{{Cite web|url=http://archive.fortune.com/magazines/fortune/fortunefastestgrowing/2009/snapshots/47.html|title=100 Fastest-Growing Companies 2009: National Oilwell Varco - NOV - from FORTUNE|website=archive.fortune.com|access-date=2018-12-20}}</ref> In 2009, NOV was again listed as one of the 100 fastest growing companies by ''Fortune'' and one of America's top companies by ''Forbes.'' In 2015, NOV was listed by the ''Houston Chronicle'' as one of Houston's 100 leading companies.<ref>{{Cite news|url=https://www.houstonchronicle.com/business/chron-100/article/Oil-price-drop-shakes-up-company-rankings-6336679.php?t=e7c400b1529da7c70d&cmpid=twitter-premium&WT.mc_id=7832227bae56ed32f4a45c1f7f7a2cd0|title=Oil price drop shakes up company rankings|date=2015-06-21|work=HoustonChronicle.com|access-date=2018-08-09|language=en-US}}</ref>


National Oilwell Varco changed its name to '''NOV Inc.''' on January 1, 2021.<ref>{{Cite news |last=Tomic |first=Bortolomej |date=December 22, 2020 |title=National Oilwell Varco to Change Name |language=en |work=Offshore Engineer |url=https://www.oedigital.com/news/484089-national-oilwell-varco-to-change-name |access-date=March 25, 2022}}</ref><ref>{{Cite news |last=Davis |first=Carolyn |date=January 21, 2021 |title=NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft |language=en-US |work=Natural Gas Intelligence |url=https://www.naturalgasintel.com/nov-sees-north-american-oil-gas-activity-rising-but-overseas-demand-soft/ |access-date=March 25, 2022}}</ref>
==History==
⚫
National Oilwell's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, [[United States Steel]] acquired Oilwell Supply. In 1958, [[Armco Steel]] merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell".


⚫
==Corporate affairs==
⚫
Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: '''V'''uilleumiere, '''A'''begg and '''R'''einhold '''Co'''mpany after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp., founded and managed by [[Hushang Ansary]], which manufactures and sells drilling rigs and specialty steel products.<ref name=BloombergIRI>{{cite web|last1=Staff|title=Bloomberg: IRI International|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=369990|publisher=Bloomberg.com|accessdate=12 May 2015|quote=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=369990}}</ref>
⚫
[[File:NOVHQHoustonTX2.jpg|thumb|National Oilwell Varco headquarters in [[Greater Sharpstown]], Houston]]

⚫
The company's headquarters are in [[Southwest Management District]] (formerly Greater Sharpstown), Houston.<ref>{{Cite web |title=Marine and Construction Fleet Care |url=https://www.nov.com/-/media/nov/files/products/rig/aftermarket-operations/drilling-rig-upgrades-and-field-engineering/marine-and-construction-fleet-care-brochure.pdf |access-date=2020-03-14 |publisher=National Oilwell Varco |quote=Corporate Headquarters 7909 Parkwood Circle DriveHouston, Texas 77036}}</ref><ref>{{Cite web |title=District Maps |url=https://southwestmanagementdistrict.org/the-district/more-information/district-maps/ |access-date=2020-03-14 |publisher=[[Southwest Management District]]}}</ref> {{As of|2021}}, it employed over 27,000 people and operated over 550 facilities worldwide.<ref name="NOV 2021 Form 10-K" />

In 2014, Clay Williams took over as CEO of National Oilwell Varco,<ref name="NOV – Management">{{Cite web |title=NOV – Management |url=http://investors.nov.com/phoenix.zhtml?c=97690&p=irol-govmanage |access-date=2018-08-08}}</ref> succeeding former CEO [[Merrill A. Miller, Jr.|Pete Miller]], who served as NOV's CEO for nearly 13 years.<ref name="National Oilwell Varco Moves Forward With CEO Transition">{{Cite web |title=National Oilwell Varco Moves Forward With CEO Transition |url=http://www.bizjournals.com/houston/news/2014/02/27/national-oilwell-varco-moves-forward-with-ceo.html?page=all |access-date=2014-03-19}}</ref> After overseeing NOV’s spinoff of its distribution business, Pete Miller became the Executive Chairman and Chairman of the Board of DNOW (NYSE:DNOW), formerly known as DistributionNOW and NOW Inc.<ref>{{Cite web |date=January 9, 2024 |title=NOW Inc. Announces Plan to Adopt New Corporate Legal Name 'DNOW Inc.' |url=https://ir.dnow.com/news-releases/news-release-details/now-inc-announces-plan-adopt-new-corporate-legal-name-dnow-inc |access-date=January 9, 2024 |website=DNOW Investor Relations}}</ref> He held these roles until his retirement on October 1, 2017<ref>{{Cite web |date=August 24, 2017 |title=NOW Inc. Announces Retirement of Executive Chairman Pete Miller |url=https://ir.dnow.com/news-releases/news-release-details/now-inc-announces-retirement-executive-chairman-pete-miller |access-date=August 24, 2017 |website=DNOW Investor Relations}}</ref>

==Divisions ==
===Rig Technologies===
⚫
Rig Technologies engineers and manufactures drilling rigs, drilling equipment packages, and related capital equipment (including [[top drive]]s, [[iron roughnecks]], [[drawworks]], [[blowout preventer]]s, [[mud pump]]s, risers, pipe handling, power and control systems) necessary to drill oil and gas wells, as well as marine construction equipment such as heavy-lift cranes, mooring machinery, jacking systems, pipelay and cablelay systems, and [[marine riser tensioner]]s. In addition, the segment provides aftermarket equipment and services such as spare parts, repair, and equipment rentals as well as remote equipment monitoring, technical support, field service, and customer training.

===Wellbore Technologies===
⚫
Wellbore Technologies develops equipment, technologies, and services for oil and gas well operation. The segment provides drill bits, borehole enlargement services, and [[directional drilling]] tools; optimization/automation software and services; downhole tools for drilling and intervention; premium drill pipe and drill stem accessories; solids control and waste management equipment and services; drilling and completion [[Drilling fluid|fluids]]; data acquisition and analytics technologies; managed-pressure-drilling systems; coating and inspection services and [[Radio-frequency identification|RFID]] technology for drill pipe lifecycle management; and [[IntelliServ]] wired drill pipe.

===Completion & Production Solutions===
⚫
Completion & Production Solutions provides equipment and technologies for the well completion process and production phase of a well's lifecycle. The segment produces intervention and stimulation equipment for pressure pumping, [[Coiled tubing drilling|coiled tubing]], and [[Wireline (cabling)|wireline]] operations; composite piping systems, pressure vessels, and structures; integrated processing, production, and pumping equipment (including [[artificial lift]]) for [[Upstream (petroleum industry)|upstream]], [[midstream]], and industrial operations; hydrate inhibition and gas processing technologies; subsea and floating production systems, including flexible pipe and subsea water injection technologies; integral and weld-on connectors for conductor strings, surface casing, and liners; and completion tools—including those involved in multistage [[hydraulic fracturing]]—liner hanger systems, and [[Downhole safety valve|subsurface safety valves]].


⚫
==Awards and accolades==
In 2005, National Oilwell and Varco merged to become '''National Oilwell Varco'''. In 2014, Clay Williams took over as CEO, succeeding former CEO [[Merrill A. Miller, Jr.|Pete Miller]], who served as NOV's CEO for nearly 13 years.<ref name="National Oilwell Varco Moves Forward With CEO Transition">{{cite web| url=http://www.bizjournals.com/houston/news/2014/02/27/national-oilwell-varco-moves-forward-with-ceo.html?page=all| title=National Oilwell Varco Moves Forward With CEO Transition| accessdate=2014-03-19}}</ref> Miller will become Executive Chairman of the National Oilwell Varco spinoff company, DistributionNow. The company employs nearly 64,000 people and has over 1,200 facilities across six continents worldwide.<ref name="NOV Annual Report 2013">{{cite web|title=NOV 2013 Annual Report|url=http://biz.yahoo.com/e/140214/nov10-k.html}}</ref> In February 2012 NOV acquired a Russian coring company Interval Ltd.
In 2008, NOV was listed as one of the world's most admired companies by ''[[Forbes]]''. It was also listed as one of the 100 fastest growing companies by [[Fortune (magazine)|''Fortune'']] in both 2008<ref>{{Cite web |title=100 Fastest-Growing Companies 2009: National Oilwell Varco – NOV – from FORTUNE |url=https://money.cnn.com/magazines/fortune/fortunefastestgrowing/2009/snapshots/47.html |access-date=2018-12-20 |website=archive.fortune.com}}</ref> and 2009 and one of America's top companies by ''Forbes'' in 2009.<ref>{{Cite news |date=2015-06-21 |title=Oil price drop shakes up company rankings |language=en-US |work=HoustonChronicle.com |url=https://www.houstonchronicle.com/business/chron-100/article/Oil-price-drop-shakes-up-company-rankings-6336679.php?t=e7c400b1529da7c70d&WT.mc_id=7832227bae56ed32f4a45c1f7f7a2cd0 |access-date=2018-08-09}}</ref>


==See also==
==See also==
{{Portal|Texas|Companies|Energy}}
{{Portal|Texas|Companies|Energy}}
* [[List of oilfield service companies]]
* [[List of oilfield service companies]]
* [[Shaffer (company)]]


==References==
==References==
<references/>
<references />


==External links==
==External links==
*{{official website|nov.com}}
*[http://www.nov.com/ Official National Oilwell Varco Home Page]
{{Finance links
{{Finance links
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| name = NOV Inc.
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[[Category:Energy companies of the United States]]
[[Category:Energy companies of the United States]]
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[[Category:Oilfield services companies]]
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[[Category:1862 establishments in the United States]]
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[[Category:Companies formed by merger]]
[[Category:Companies in the S&P 400]]

Revision as of 05:31, 27 December 2024

NOV Inc.
FormerlyNational Oilwell Varco, Inc. (2005–2021)
Company typePublic
IndustryOilfield services and equipment
Predecessors
  • National Oilwell
  • Varco
Founded1862; 163 years ago (1862)
Headquarters
Houston, Texas
,
United States
Number of locations
552 (2021)
Area served
Worldwide
Key people
Clay C. Williams (CEO)
RevenueDecrease US$5.524 billion (2021)
Increase US$−134 million (2021)
Increase US$−245 million (2021)
Total assetsDecrease US$9,550 million (2021)
Total equityDecrease US$5,064 million (2021)
Number of employees
27,043 (2021)
Divisions
  • Energy Equipment
  • Energy Products and Services
Subsidiaries
Websitenov.com
Footnotes / references
Financial, employee, and location figures are for fiscal year 2021[1]
NOV Tower in the Westchase district of Houston

NOV Inc., formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents,[1] operating through two reporting segments: Energy Equipment and Energy Products and Services.[2]

History

Background

NOV's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell".

Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp. (founded as a merger of Ingersoll Rand Oilfield Products Co. and IDECO Inc. (International Derrick and Equipment Company)),[3] founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products.[4]

In 2005, National Oilwell and Varco merged to become National Oilwell Varco.[5]

Recent history

The company acquired major drill pipe and drill bit manufacturer Grant Prideco in 2008[6] for $7.37 billion.[7] At the time, Grant Prideco held 60% of the global drill pipe market and operated 25 manufacturing sites worldwide. The acquisition included Grant Prideco's subsidiaries IntelliServ, a producer of drill pipe with built-in equipment to transmit data from a wellhead to surface operators, ReedHycalog, a drill bit producer, and XL Systems, a producer of oil and gas connectors.[5] Grant Prideco, IntelliServ, and ReedHycalog became part of NOV's Wellbore Technologies reporting segment and XL Systems joined the Completion & Production Solutions segment.[1]

In February 2012 NOV acquired Russian coring company Interval Ltd. and purchased Dutch oil rig design company GustoMSC in 2018. GustoMSC, originally the engineering office of Gusto Shipyard, became part of NOV's Rig Technologies segment.[8] In late 2019, NOV bought Bellingham, Washington-based Ershigs, a fabricator of custom pipes and tanks.

National Oilwell Varco changed its name to NOV Inc. on January 1, 2021.[9][10]

Corporate affairs

National Oilwell Varco headquarters in Greater Sharpstown, Houston

The company's headquarters are in Southwest Management District (formerly Greater Sharpstown), Houston.[11][12] As of 2021, it employed over 27,000 people and operated over 550 facilities worldwide.[1]

In 2014, Clay Williams took over as CEO of National Oilwell Varco,[13] succeeding former CEO Pete Miller, who served as NOV's CEO for nearly 13 years.[14] After overseeing NOV’s spinoff of its distribution business, Pete Miller became the Executive Chairman and Chairman of the Board of DNOW (NYSE:DNOW), formerly known as DistributionNOW and NOW Inc.[15] He held these roles until his retirement on October 1, 2017[16]

Divisions

Rig Technologies

Rig Technologies engineers and manufactures drilling rigs, drilling equipment packages, and related capital equipment (including top drives, iron roughnecks, drawworks, blowout preventers, mud pumps, risers, pipe handling, power and control systems) necessary to drill oil and gas wells, as well as marine construction equipment such as heavy-lift cranes, mooring machinery, jacking systems, pipelay and cablelay systems, and marine riser tensioners. In addition, the segment provides aftermarket equipment and services such as spare parts, repair, and equipment rentals as well as remote equipment monitoring, technical support, field service, and customer training.

Wellbore Technologies

Wellbore Technologies develops equipment, technologies, and services for oil and gas well operation. The segment provides drill bits, borehole enlargement services, and directional drilling tools; optimization/automation software and services; downhole tools for drilling and intervention; premium drill pipe and drill stem accessories; solids control and waste management equipment and services; drilling and completion fluids; data acquisition and analytics technologies; managed-pressure-drilling systems; coating and inspection services and RFID technology for drill pipe lifecycle management; and IntelliServ wired drill pipe.

Completion & Production Solutions

Completion & Production Solutions provides equipment and technologies for the well completion process and production phase of a well's lifecycle. The segment produces intervention and stimulation equipment for pressure pumping, coiled tubing, and wireline operations; composite piping systems, pressure vessels, and structures; integrated processing, production, and pumping equipment (including artificial lift) for upstream, midstream, and industrial operations; hydrate inhibition and gas processing technologies; subsea and floating production systems, including flexible pipe and subsea water injection technologies; integral and weld-on connectors for conductor strings, surface casing, and liners; and completion tools—including those involved in multistage hydraulic fracturing—liner hanger systems, and subsurface safety valves.

Awards and accolades

In 2008, NOV was listed as one of the world's most admired companies by Forbes. It was also listed as one of the 100 fastest growing companies by Fortune in both 2008[17] and 2009 and one of America's top companies by Forbes in 2009.[18]

See also

References

  1. ^ a b c d "NOV Inc. Form 10-K 2021". NOV. February 11, 2022. Retrieved March 25, 2022.
  2. ^ [1]" NOV. Retrieved on September 17,2024. "New Releases."
  3. ^ "Iri International Corp – '10-K/A' for 12/31/97". Sec.com. Retrieved May 12, 2015.
  4. ^ Staff. "Bloomberg: IRI International". Bloomberg.com. Retrieved May 12, 2015.
  5. ^ a b "National Oilwell buys Grant Prideco for $7.4B". Edmonton Journal. Bloomberg. December 18, 2007. p. F2. Retrieved March 25, 2022 – via Newspapers.com.
  6. ^ "NOV completes Grant Prideco acquisition". Offshore. April 28, 2008. Retrieved March 23, 2022.
  7. ^ "Two oilfield suppliers joining". Albuquerque Journal. January 3, 2008. p. 8. Retrieved March 23, 2022 – via Newspapers.com.
  8. ^ Luhavalja, Amanda (July 4, 2018). "National Oilwell Varco buys Dutch firm GustoMSC". S&P Global. Retrieved March 25, 2022.
  9. ^ Tomic, Bortolomej (December 22, 2020). "National Oilwell Varco to Change Name". Offshore Engineer. Retrieved March 25, 2022.
  10. ^ Davis, Carolyn (January 21, 2021). "NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft". Natural Gas Intelligence. Retrieved March 25, 2022.
  11. ^ "Marine and Construction Fleet Care" (PDF). National Oilwell Varco. Retrieved March 14, 2020. Corporate Headquarters 7909 Parkwood Circle DriveHouston, Texas 77036
  12. ^ "District Maps". Southwest Management District. Retrieved March 14, 2020.
  13. ^ "NOV – Management". Retrieved August 8, 2018.
  14. ^ "National Oilwell Varco Moves Forward With CEO Transition". Retrieved March 19, 2014.
  15. ^ "NOW Inc. Announces Plan to Adopt New Corporate Legal Name 'DNOW Inc.'". DNOW Investor Relations. January 9, 2024. Retrieved January 9, 2024.
  16. ^ "NOW Inc. Announces Retirement of Executive Chairman Pete Miller". DNOW Investor Relations. August 24, 2017. Retrieved August 24, 2017.
  17. ^ "100 Fastest-Growing Companies 2009: National Oilwell Varco – NOV – from FORTUNE". archive.fortune.com. Retrieved December 20, 2018.
  18. ^ "Oil price drop shakes up company rankings". HoustonChronicle.com. June 21, 2015. Retrieved August 9, 2018.
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