NOV Inc. - NOV STOCK NEWS

NOV Inc. (NYSE: NOV) has appointed Robert Welborn to its Board of Directors, effective October 20, 2021. Welborn currently heads Programs Data Science at Facebook, Inc., overseeing solutions used by over 140 million businesses globally. His previous roles include Global Chief Data and Analytics Officer at General Motors and Chief Data Scientist at USAA. With this addition, NOV's board now consists of ten directors, with nine being independent. The company focuses on delivering technology-driven solutions to the global energy industry, enhancing oilfield operations and advancing sustainability.

NOV Inc. (NYSE: NOV) announced the retirement of Scott K. Duff as Vice President, Corporate Controller and Chief Accounting Officer, effective November 1, 2021, with his advisory role ending on February 28, 2022. Christy H. Novak, current Vice President of Accounting Systems, will succeed him. Duff's 18-year tenure is praised for developing a talented accounting team and fostering excellence. Novak, with 16 years at NOV and extensive experience, is expected to drive improvements in accounting processes.

NOV Inc. (NYSE: NOV) has signed a contract with COSCO SHIPPING Heavy Industry and Cadeler to provide designs for two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessels, the Cadeler X-Class. With 5,600 m² deck space and a carrying capacity of over 17,600 tons, these vessels are the largest in the industry, capable of handling multiple turbine sets. The first vessel is contracted for the 1.4 GW Sofia wind park, to be delivered in Q3 2024. NOV will also supply jacking systems that promise fuel savings and reduced emissions.

NOV Inc. (NYSE: NOV) will conduct a conference call on October 27, 2021, at 10 a.m. CT to discuss its Q3 2021 results. A press release detailing these results will be released after market close on October 26, 2021. The call will be accessible via a live webcast on NOV's investor relations website. With over 150 years of history, NOV focuses on technology-driven solutions for the global energy industry, emphasizing safety, environmental stewardship, and innovation in oilfield operations.

NOV reported second quarter 2021 revenues of $1.42 billion, a 13% increase from Q1 2021 but a 5% decrease year-over-year. The company experienced a net loss of $26 million, or 1.8% of sales, with significant pre-tax net charges. Adjusted EBITDA rose to $104 million, or 7.3% of sales. Strong demand in oilfield and offshore wind markets pushed orders above 100%. The company faced challenges from ongoing supply chain disruptions but is optimistic about future growth driven by technology advancements in conventional and clean energy sectors. Cash flow from operations was $177 million.

NOV Inc. (NYSE: NOV) is set to hold a conference call on July 28, 2021, at 10 a.m. CT, to discuss its second quarter 2021 results. A press release detailing the company's financial performance will be issued after trading closes on July 27, 2021. The conference call will be available via live webcast on the company's investor relations website. With over 150 years of experience, NOV continues to innovate within the global energy sector, focusing on technology-driven solutions that enhance oilfield operations and support environmental sustainability.

NOV reported first quarter 2021 revenues of $1.25 billion, down 6% sequentially and 34% year-over-year. The company faced a net loss of $115 million, or 9.2% of sales, with a notable decrease in adjusted EBITDA to $0. Factors affecting performance included severe weather, COVID lockdowns, and supply chain issues. On a positive note, rising rig activity in North America and improvements in product pricing signal potential recovery. The company continues to undertake significant cost reduction measures while investing in future product innovations.

NexTier Oilfield Solutions (NYSE: NEX) and NOV, Inc. (NYSE: NOV) have successfully completed the initial phase of field testing for NOV's Ideal™ eFrac pump. The pump, designed to enhance hydraulic fracturing while minimizing emissions, operated over 300 hours and facilitated 172 stimulation stages. The system is versatile, functioning on various electrical sources. Both companies plan further trials to advance low-carbon operational goals in the oil and gas sector.

NOV Inc. (NYSE: NOV) expects first quarter 2021 operating results to fall short of prior guidance, anticipating revenues of $1.20 to $1.25 billion and an adjusted EBITDA loss of $15 to $25 million. The company attributes this downturn to extreme winter weather in Texas and Oklahoma, ongoing COVID-19 impacts, and reduced spending from oilfield customers. Despite these challenges, NOV's leadership anticipates improved prospects in the latter half of the year due to rising oil prices and recovery in drilling activity.