NOV Business Summary

NOV Inc. (NOV) operates as a global provider of technology-driven solutions for the energy industry, generating revenue through the design, manufacture, and sale of specialized equipment, aftermarket services, and technology licensing. The company’s operations are structured into two primary reporting segments: Energy Products and Services, which provides shorter-cycle consumables and tools like drill bits and wellbore technologies, and Energy Equipment, which focuses on long-cycle capital equipment such as offshore rig systems and subsea production gear. As of early 2026, NOV maintains a dominant position as a leading Original Equipment Manufacturer (OEM) for drilling rigs, holding an estimated 14.7% market share in the drilling equipment sector. It competes directly with diversified oilfield service giants such as Schlumberger (SLB), Baker Hughes (BKR), and Halliburton (HAL), distinguishing itself by serving as the essential equipment backbone and technology provider for both traditional oil and gas and emerging low-carbon energy markets. Tracing its roots back over 160 years through the legacy of National Oilwell Varco, the company is currently led by Chairman, President, and CEO Jose Bayardo, who assumed the role on January 1, 2026, following a decade-long tenure as CFO and COO and a prior career in investment banking at J.P. Morgan. The executive team includes Senior Vice President and CFO Rodney Reed, an accounting veteran from Ernst & Young, and Chief Technology Officer David Reid, a pioneer in drilling automation who has been with the firm since 1992. The company’s governance is supported by a high-pedigree board, including Lead Director William R. Thomas (former CEO of EOG Resources) and Robert S. Welborn (former Head of Decision Science at Meta). With institutional ownership exceeding 93%, NOV remains a highly capitalized player focused on digital transformation and operational efficiency within the global energy value chain.