NOV Inc. (NOV): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how the energy industry's backbone is built? NOV Inc., formerly National Oilwell Varco, stands as a key player in providing equipment and technologies for oil and gas drilling and production. But how exactly does this multinational corporation operate, and what's the story behind its success? Keep reading to discover the history, ownership structure, mission, and revenue streams that define NOV, a company with $8.87 billion in revenue for the full year 2024 and operating in over 500 locations across six continents.

NOV Inc. (NOV) History

NOV Inc.'s Founding Timeline

Year established

The company was effectively established in 1995 through the merger of National Supply Company and Reed Tool Company.

Original location

The company is headquartered in Houston, Texas.

Founding team members

While the company was created through a merger, key figures at the time included leaders from both National Supply Company and Reed Tool Company. Information on specific founding team members is limited in the provided context.

Initial capital/funding

Details on the initial capital or funding specifically for the merged entity in 1995 are not available in the provided context. However, both National Supply Company and Reed Tool Company had established financial histories prior to the merger.

NOV Inc.'s Evolution Milestones

NOV Inc.'s Transformative Moments

• Strategic Acquisitions: The company has grown significantly through acquisitions, such as the 1999 acquisition of Dreco, Inc., which expanded its rig equipment offerings.
• Name Change to NOV Inc.: In 2014, National Oilwell Varco changed its name to NOV Inc. This rebranding signified a shift towards becoming a more unified and technologically advanced company.
• Response to Market Downturns: The company has demonstrated resilience in the face of market challenges, such as the oil price crash in 2020, by implementing cost-saving measures and restructuring efforts.
• Focus on Technology and Innovation: NOV Inc. has increasingly focused on developing digital solutions and automation technologies for the energy sector, aligning with the industry's need for greater efficiency and sustainability.

For more in-depth information about NOV Inc. and its investors, check out this link: Exploring NOV Inc. (NOV) Investor Profile: Who’s Buying and Why?

NOV Inc. (NOV) Ownership Structure

As a publicly traded company, ownership is distributed among various institutional and individual investors.

NOV's Current Status

NOV Inc. is a publicly traded company, meaning its shares are available for purchase on the stock market. It is listed on the New York Stock Exchange (NYSE) under the ticker symbol NOV.

NOV's Ownership Breakdown

The ownership of NOV Inc. is distributed among a mix of institutional investors, mutual funds, and individual shareholders. The largest shareholders are typically institutional investors, who manage large portfolios on behalf of their clients. As of the fiscal year 2024, the ownership breakdown is as follows:

NOV's Leadership

NOV Inc. is guided by a team of experienced leaders who oversee the company's strategic direction and operations. As of April 2025, key members of the leadership team include:

• Clay Williams: Chairman, President and Chief Executive Officer
• Jose Bayardo: Senior Vice President and Chief Financial Officer
• Scott Duff: Senior Vice President, General Counsel and Secretary

To gain more insight into the company's goals and values, explore Mission Statement, Vision, & Core Values of NOV Inc. (NOV).

NOV Inc. (NOV) Mission and Values

NOV Inc. aims to empower the global energy industry with advanced technologies and expertise, while adhering to strong core values that prioritize safety, integrity, and innovation.

NOV's Core Purpose

Official mission statement

NOV's mission statement is: 'To improve the cost and efficiency of every oilfield, every time.'

Vision statement

While a specific, distinct 'vision statement' is not explicitly provided in the search results, NOV's overarching goals and strategic priorities reflect its vision. These include:

• Driving customer success through innovation and technology.
• Expanding its technological leadership and market position.
• Delivering long-term value to its shareholders.

Company slogan/tagline

While NOV does not have a singular, consistently used slogan or tagline, some phrases and themes recur in their communications, reflecting their focus:

• 'Technology-driven solutions' – emphasizing their commitment to innovation.
• 'Improving oilfield economics' – highlighting their focus on efficiency and cost reduction for clients.

To gain more insights into NOV's investors, check this out: Exploring NOV Inc. (NOV) Investor Profile: Who’s Buying and Why?

NOV Inc. (NOV) How It Works

NOV Inc. operates by providing equipment and technologies to the energy industry, enabling oil and gas drilling and production, as well as offering solutions for alternative energy sources.

NOV's Product/Service Portfolio

NOV's Operational Framework

NOV's operational framework is structured around three main segments:

• Rig Technologies: This segment focuses on the design, manufacture, and support of drilling rigs and related equipment. It involves close collaboration with drilling contractors to provide customized solutions that enhance rig performance and safety. Key activities include engineering, procurement, manufacturing, and aftermarket services.
• Wellbore Technologies: This segment delivers technologies and services related to drilling optimization, downhole tools, and drilling fluids. The operational processes here emphasize innovation in drilling techniques and real-time data analytics to improve drilling efficiency and reduce non-productive time.
• Completion & Production Solutions: This segment centers on providing equipment and solutions for well completion, artificial lift, and subsea production. Operations include manufacturing, installation, and maintenance services, with a focus on enhancing production rates and extending the lifespan of oil and gas wells.

NOV's Strategic Advantages

NOV's strategic advantages stem from its:

• Comprehensive Product Portfolio: NOV offers a wide array of products and services, allowing it to serve as a one-stop-shop for energy companies. This breadth reduces customer reliance on multiple suppliers, streamlining operations.
• Technological Innovation: NOV invests heavily in research and development, leading to advanced technologies that improve drilling efficiency, enhance production, and reduce costs. This commitment to innovation provides a competitive edge.
• Global Presence: With operations and facilities strategically located around the world, NOV can efficiently serve customers in key energy markets. This global footprint ensures proximity to customers and responsive service.
• Aftermarket Services: NOV provides extensive aftermarket services, including maintenance, repairs, and upgrades, which support the long-term performance of its equipment. These services generate recurring revenue and strengthen customer relationships.

For more insights into the company's investors, explore: Exploring NOV Inc. (NOV) Investor Profile: Who’s Buying and Why?

NOV Inc. (NOV) How It Makes Money

NOV Inc. primarily makes money by designing, manufacturing, and selling equipment and components used in oil and gas drilling and production, as well as providing oilfield services.

NOV's Revenue Breakdown

Here is a breakdown of NOV's revenue streams:

NOV's Business Economics

NOV's business economics are influenced by several factors:

• Oil and Gas Prices: The demand for NOV's products and services is highly correlated with oil and gas prices. Higher prices generally lead to increased drilling and production activity, boosting NOV's revenue.
• Drilling Activity: The number of active drilling rigs directly impacts NOV's revenue from rig equipment and services.
• Technological Innovation: NOV invests heavily in research and development to create advanced technologies that improve drilling efficiency and reduce costs for its customers. This innovation can lead to higher margins and market share.
• Aftermarket Services: A significant portion of NOV's revenue comes from aftermarket services, including equipment maintenance, repair, and spare parts. This provides a stable revenue stream, even during periods of lower drilling activity.

NOV's Financial Performance

NOV's financial performance can be assessed through the following points:

• In 2024, NOV reported total revenue of $8.54 billion, up 18% compared to $7.24 billion in 2023.
• The company's net income for 2024 was $384 million, a significant improvement from the net loss of $177 million in 2023.
• NOV's Wellbore Technologies segment saw revenue increase to $2.67 billion in 2024.
• Completion & Production Solutions revenue increased to $3.08 billion in 2024.
• Rig Technologies revenue increased to $2.79 billion in 2024.
• NOV's capital expenditures totaled $159 million in 2024.
• The company's research and development expenses were $261 million in 2024.

To gain more insights into NOV's mission, vision, and core values, you can visit: Mission Statement, Vision, & Core Values of NOV Inc. (NOV).

NOV Inc. (NOV) Market Position & Future Outlook

NOV Inc. holds a significant position in the oilfield equipment sector, and its future outlook is shaped by both emerging opportunities and potential challenges within the evolving energy landscape. The company's ability to adapt to changing market dynamics and capitalize on technological advancements will be crucial for sustaining its competitive edge.

Competitive Landscape

Opportunities & Challenges

Industry Position

NOV Inc. maintains a strong standing in the oilfield equipment industry, characterized by:

• A diverse portfolio of products and services catering to various aspects of oil and gas exploration and production.
• A global presence with manufacturing and service facilities strategically located in key regions.
• A focus on innovation and technological advancements to improve efficiency and reduce costs for its customers.

For more insights into the company's investors and their motivations, check out: Exploring NOV Inc. (NOV) Investor Profile: Who’s Buying and Why?