|Exchange:||New York Stock Exchange|
|Stock:||National Oilwell Varco, Inc.|
|Industry:||Oil & Gas Equipment & Services|
|National Oilwell Varco, Inc., a Delaware corporation incorporated in 1995, is a 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 over 900 locations across 6 continents. The Company has a long tradition of pioneering innovations which improve the cost- effectiveness, efficiency, safety & environmental impact of oil and gas operations. It operates through 3 business segments, Rig Technology, Petroleum Services & Supplies and Distribution & Transmission Services. The Company's Rig Technology segment designs, manufactures, sells and services complete systems for the drilling, completion, and servicing of oil and gas wells. The segment offers a comprehensive line of highly- engineered equipment that automates complex well construction and management operations, such as offshore and onshore drilling rigs, derricks, pipe lifting, racking, rotating and assembly systems, coiled tubing equipment and pressure pumping units, well workover rigs, wireline winches and cranes. Demand for Rig Technology products is mainly dependent on capital spending plans by drilling contractors, oilfield service companies, and oil and gas companies, and secondarily on the overall level of oilfield drilling activity, which drives demand for spare parts for the segment's large installed base of equipment. The Company's Petroleum Services & Supplies segment provides a variety of consumable goods and services used to drill, complete, and remediate & workover oil and gas wells and service pipelines, flowlines and other oilfield tubular goods. The segment manufactures rents and sells a variety of products and equipment used to perform drilling operations, including transfer pumps, solids control systems, drilling motors and other downhole tools, rig instrumentation systems, and mud pump consumables. Demand for these services and supplies is determined principally by the level of oilfield drilling and workover activity by drilling contractors, major and independent oil and gas companies, and national oil companies. Oilfield tubular services include the provision of inspection and internal coating services &equipment for drillpipe, linepipe, tubing, casing and pipelines, and the design, manufacture and sale of coiled tubing pipe and advanced composite pipe for application in highly corrosive environments. The segment sells its tubular goods and services to oil and gas companies; drilling contractors; pipe distributors, processors and manufacturers; and pipeline operators. The Company's Distribution & Transmission Services segment provides maintenance, repair and operating supplies and spare parts to drill site and production locations worldwide. In addition to its comprehensive network of field locations supporting land drilling operations throughout North America, the segment supports major offshore drilling contractors through locations in the Middle East, Europe, Southeast Asia and South America. Demand for the segment's services are determined mainly by the level of drilling and servicing activity, and oil and gas production activities. All of the Rig Technology's capital equipment and spare parts sales, and a large portion of the smaller pumps and parts sales, are made through the Company's direct sales force and distribution service centers. The manufacturing processes for the Company's products generally consist of machining, welding and fabrication, heat treating, assembly of manufactured and purchased components and testing. The oilfield products and services industry is highly competitive. The Company competes with national, regional and foreign competitors in each of its current major product lines. The Company is subject to numerous federal, state and local laws, regulations and policies.|
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