$130 a barrel ya’ll. why can Nov not make a profit ?
12 replies (most recent on top)
Because they try to charge $3k a day to push a button for “cutting edge technology” only for it to be an engineering failure.
We are losing money because we are a manufacturing company that can’t produce. Head of manufacturing is to blame.
The rise in price in oil has not related in enough rigs operating to need equipment. NOV is not a service company so they have to wait for equipment to fail before they can sell things and make money. Their services groups like Downhole don't make enough to feed that big behemoth. NOV needs Rig to be profitable and it won't be for a long time. NOV created too many competitors and through poor management taught the DC's of the world how to take care of themselves and not rely on NOV.
Well, the only thing you need to look at it is management. They have bought out and laid off all the knowledge. Taken great plants and shut them down, given the product lines to places and people who don't want them.
Because the Varco minions are running the company. The only thing they want is ti conserve not develop…especially the clown running rig
Nepotism
Because we are a manufacturing company that can’t produce. We have leadership that have ki---d our manufacturing standards. In downhole they’ve duplicated the problem closing Breen with high hourly costs and moving it to Canada with lower costs. As soon as the boarders opened and the Americans came in costs went up and our leadership all quit. We are stuck with no direction just fear. No one left who cares about NOV mission statement which included the people. They should have retained the people that left. Instead they ran them out.
Because the elf got rid of all the NOI people and kept only the V’s.
Either because it is costing more money to mfr products than the invoice cost.
Maybe products are being undersold?
I dunno?
If the western world is serious about replacing Russian oil/gas long-term, then a multi-year bo-m cycle has begun. NAM shale and Offshore will come back to provide the volumes that OPEC can’t fill. Strategic whiplash will ensue, focus on renewables will swing back to the core business, a rising tide will lift even this sinking ship and our execs will say it is all due to them!
Know its not much but NOV was up 15.67% today
Oil companies are earning billions in profits. NOV has been losing millions 8 straight years and counting.