I’m afraid the NOV is a lost cause and that there isn’t any CEO out there who could easily fix things here. That's just my opinion. I have no hope anymore, except to get out of here soon. Maybe someone thinks the new CEO could perform the needed miracle to get this company back on track?
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You should be selling your shares now at a loss so you can reinvest whats left into good companies. I did and its paying off.
1ays+1bHnb1Oc just gave the perfect response. That is the problem with NOV summed up perfectly and they are so entrenched they can't figure out how to get out of it. The same people who made decisions that put the dozens of smaller companies in business and took their land rig support work are in charge and don't know how to fix it. Needs a complete overhaul or sold parts off to a company that can do the right thing with the parts.
@1ays+1bHnb1Oc nailed it.
The management (as dictated by finance) is now scrambling to get into Renewables like a headless chicken They were too comacent and ignored the stake holders cry for the change for years. Even now, they don't have a solid strategy. It's okay to be proud of our accomplishments in O&G (mostly acquired). But to call ourselves leaders in Energy sector is downright arrogance and superficial.
Anything is better than this Chuckie looking Napoleon wanna be Chief Elfecutive. He has FAILED miserably and all he knows how to do is blame his incompetence on others and other things. EFF him…he needs to go.
From 2007 to about 2017 NOV was tightly coupled to the Offshore market and did very little on the land side with less than 10% of revenue attributed to the Land market. During these years offshore operators were charging a $600K day rate on their rigs at a cost to operate of about $200k per day. It was a freaking money machine. What that meant for equipment companies (which NOV is) is that operators were getting financing to build as many rigs as they could be approved for by the bank. These economics were a money printing machine that NOV benefited from.
Roll forward to the last 6 years, the Offshore market is dead!!! Day rates on rigs are close to $200K with costs running about the same. The money machine doesn't work anymore. NOV made feeble attempts to pivot to the Land market, but they used offshore engineers to design new land equipment. Someone forgot to tell the engineers that land operators care emphatically about costs and don't want to pay for bells and whistles that won't drive their costs down.
Now NOV is into renewables with the same team of engineers....think we know how that is going to go.
Bottom line is that NOV won't survive until they become a different company at it's core from 10 years ago. The problem is that middle and upper management including the CEO only know how to be a successful equipment vendor in the Offshore market. Offshore will continue to be non-existent for a least another 10 years and may just never come back with all the stacked equipment laying around waiting for the market to return.
The only option NOV has is to break apart the business and sell it at asset value of 10 cents on the dollar. The future of oil and gas in the next 10-20 years rests back in the hands of innovators at small companies who can design and develop new equipment and processes so much faster and more efficiently than NOV will ever be able to do.
But this is what happens when you let the accountants manage a company outside of the banking industry. This Board of Directors is a joke because guess what? They are also mostly Offshore market zombies that believe the rebound is right around the corner! Those days are done and already in the history books. It's time to gut the management of this company and the Board of Directors and bring in some Google Execs who will better understand the energy market of tomorrow better than these old cavemen.
Just my opinion!!!!
Has anyone thought about replacing the current CEO with a Chimpanzee?
Lump of Clay can share my soap on a rope any darn day of the week
No hope if successor is from within NOV… nothing but tired dinosaurs or n00bs promoted without merit. Purge C-Suite and BU Executives and replace with rising stars at well run companies.
Why haven’t shareholders not voted the CEO out
Lol not a chance, the company will be bought stripped and sold off, just look at the last 7 years performance and return on investment. I have written off my shareholding and will get a tax credit when I eventually sell them at a loss.