How is this even possible with Big Oil reporting profits in the billions? Dysfunctional business model?
10 replies (most recent on top)
The NOV bean counter responsible for reporting the figures has Dyscalculia.
Probably?
And we are still reporting losses. 8 years and counting.
Exxon & Chevron 2021 profits amounted to $40 BILLION.
Rigs isn’t so relevant these days. Wellbore made more than Rig and CAPS combined.
Bull5hit
This isn't a surprise because as noted NOV is an equipment manufacturer and Oil companies sell gas, plastic and more. They will lag, however losing that much money yet again is frightening.
Right…..they build them. That makes them a manufacturing company
Rigs?
NOV builds ‘em.
They dont rent ‘em.
NOV is a service company.
Service company? Tell that to Rigs
NOV is a service company.
They dont sell gas at the pump.
This is a company that lags behind everybody else. Just like when the oilfield started crashing and layoffs started with drilling companies, NOV still had a backlog. NOV layoffs started after Halliburton and shlumberger already laid off thousands in the frac sector