166578/164070 Almost every NOV location has been hit hard with layoffs since early this morning and they are still laying off more people and will continue this week and beyond! Apparently you have no clue WTF you're talking about. I've seen hundreds of people at my location escorted out the door today with their belongings. That's not even counting any other NOV locations who've also laid off their personnel. Again, your percentages are way off! Try again.
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164817, you have no clue what you are talking about. Lower oil prices means less demand for drilling rigs because the cost to use those rigs to get oil makes the profit . .well unprofitable. So the market balances by stacking rigs, awaiting a higher demand which raises the prices. Fewer rigs working means fewer opportunities for failure, which means less demand for parts, service or new equipment. It also means the better crews are running rigs, which also means fewer opportunities for failure. With a slash in costs Contractors will be using up inventory and even stealing parts or equipment from stacked rigs, again no need to buy parts, service or equipment. Isn't NOV in the parts, service and equipment business? The entire O&G Industry is tied to the price of oil.
oil price declines around 55% in a year and Nov stock declines around 55% in same year.seems to me the oil price does affect nov
I agree with 164817 and 164514. Oil prices will continue to get lower. That affects oil service companies like NOV who services mostly oil companies. Factor in Fall and winter, slowest time of the year. Your percentages are way off. Not very well thought through on your part. Everyone said earlier this year it's only going to get worse and it has and will continue.
Oil prices do affect NOV. If prices are low nobody buys our products.
You do realize Nov only supply drill equipment and oil price have nothing to do with Nov cause we don't own any of the oil.
We all know oil is not picking back up! Duh!! And your percentages are way to low!