COMPANY PROFILE -NOV Inc.
Business Sector :Energy & Power
Operating Geography :United States, North America, Global
About NOV Inc. :
NOV Inc., originally known as National Oilwell Varco, is an international company with its headquarters in Houston, Texas. It provides equipment and supplies for drilling and production operations, oilfield services, and supply chain integration to the upstream oil and gas industry. The two primary predecessors of NOV, Oilwell Supply, and National Supply, were established in 1862 and 1893, respectively. National Oilwell and Varco merged in 2005 to establish National Oilwell Varco. Through its three reporting segments—Rig Technologies, Wellbore Technologies, and Completion & Production Solutions—the company conducts business in more than 500 locations on six continents. The company's Wellbore Technologies segment develops, produces, rents, and sells a range of tools and technologies used in drilling operations as well as services that improve their efficiency. Its Completion & Production Solutions segment designs manufacture and provides maintenance for the machinery and technology required for hydraulic fracture stimulation, including pressure pumping trucks, downhole multistage fracturing tools, and others. The company's Rig Technologies business builds and provides support for the integrated systems and capital equipment required to drill oil and gas wells both onshore and offshore, as well as for other marine-based markets, such as offshore wind vessels. As of 2023, the company employed over 32,000 people.
NOV's USP is that for more than 150 years, it has been a leading global supplier of upstream oil and gas industry inventions, oilfield services, and equipment and components utilized in oil and gas drilling and production operations. The mission statement of NOV inc., reads, "Through business innovation, product creation, and service delivery, we have driven to power the industry that powers the world better".
NOV Inc. Revenue :
$ 7237 million - FY ending 31st December 2022
$ 5524 million - FY ending 31st December 2021
Competitive Analysis of NOV Inc.
The SWOT analysis for NOV Inc. is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
1. Years of product configuration expertise is captured in an automated platform.
2. Diverse portfolio of 110 reputed brands that provide solutions to its oilfield clients worldwide.
3. Decreases the possibility of costly configuration errors and works to prevent margins.
4. Proven track record of launching new innovative products.
5. Capital-light business model with the ability to quickly scale operations | 1. Impairment costs and hefty long-term debt obligations diminishing NOV’s asset base |
| Opportunities | Threats |
1. Increased contribution from NOV's aftermarket business could help the company.
2. Its strong cash flow empowers it to keep investing in its operations.
3. Creating an innovative portfolio of renewable energy solutions
4. Capitalize on and drive end-market fragmentation
| 1. Existing product categories may be threatened by new environmental rules enacted as part of the Paris Agreement (2016).
2. Stronger growth revenue of competitors like Halliburton and Schlumberger
3. Highly volatile demand for its products and services that fluctuates with oil and gas prices
4. Inflation is affecting labor, raw materials, and components purchased from subcontractors.
|
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Detailed SWOT Analysis of NOV Inc.
Strength
1. Years of product configuration expertise is captured in an automated platform: The company features a diverse and technically advanced product line. A shaky economy has pushed cost-cutting to the top of the priority list. To assist its clients in overcoming these obstacles, it has begun creating automated, analytics-driven rig solutions to help them reduce drilling costs. Because it deals with orders worth millions of dollars, precisely setting them is critical for controlling costs and protecting margins. Many of its product line experts have over 20 years of experience in their fields, and their knowledge of their goods helps them develop precise configurations for their clients. It needed a new approach to streamline onboarding of new recruits and automate as much of the product setup process as possible to ensure a seamless continuity of service as a new generation of employees joined the company.
The remaining section under "Strength" is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for NOV Inc. is presented below in a matrix followed by the detailed analysis report:
| Political | Economic |
1. Change in government leads to change in governance priorities for the energy sector
2. Russia's invasion of Ukraine could disrupt its European supply network. | 1. The exponential rise inflation in USA and other countries
2. The United States' economic growth projection is solid. |
| Social | Technological |
| NA | 1. Increasing demand for comprehensive data management solutions |
| Legal | Environmental |
1. Subject to compliance with data protection laws
2. Occupational health and safety standards in US | 1. Climate change and extreme weather disrupts the supply chain
2. Reducing emissions and environmental impact of the oil and gas industry |
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Detailed Pestle Analysis of NOV Inc.
Political
1. Change in government leads to change in governance priorities for the energy sector: Government action is critical to assisting the development and commercialization of new technologies while also actively building markets that value the traits, we want to see in a modern energy system: zero carbon footprints, energy stability, and robustness. For innovative technology, government financing for research and development is essential. The government's incentives and support are crucial in the advancement of innovative technology. This, paired with political will, will undoubtedly give the entire process of developing sustainable and renewable energy alternatives the much-needed propulsion. Political instability or frequent power transitions could stymie this process, which would be bad news for the sector. This might push out the carbon-neutrality deadline by years, if not decades. As a result, having a stable and competent administration at the head is critical for projecting such long-term progress.
The remaining section under "Political" is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Halliburton
- TechnipFMC
- Dover
- Baker Hughes
- Forum Energy Technologies
- Ingersoll Rand
- Borets
- Nabors
NOV Inc. SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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| NOV Inc. Segmentation, Targeting and Positioning (STP) Analysis |
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Check Out Analysis of Other Relevant Companies
References used in NOV Inc. SWOT & PESTLE Analysis Report
1. Company website - https://www.nov.com/products-and-services
2. National Oilwell Varco Earnings Improve as Cost-Cutting Pays Dividends - https://www.fool.com/investing/2019/10/29/national-oilwell-varco-earnings-improve-as-cost-cu.aspx
3. President Biden Announces Release from the Strategic Petroleum Reserve As Part of Ongoing Efforts to Lower Prices and Address Lack of Supply Around the World - https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/23/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world/
4. US: January wholesale inflation surged 9.7% from a year ago - https://economictimes.indiatimes.com/news/international/business/us-january-wholesale-inflation-surged-9-7-from-a-year-ago/articleshow/89598085.cms
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