Sadly more layoffs are still coming. The YTD 17,000 layoff number reported by CNN included part of 2015. NOV probably has another 10,000 to 15,000 job cuts still pending for this year and into 2017.
NOV is going to be a much smaller company when the dust finally settles from this downturn. From a peak of $24 Billion (Excluding the spin-off of the Distribution business “DNOW”) to a future of maybe $5 -$6 Billion a year if they are lucky, could be even smaller. A big chunk of the remaining cuts are finally going to start hitting the Houston and global corporate side. SG&A is still too heavy. Too many VPs and Directors reporting to each other doing NO REAL work. This not sustainable for the reduced level of business and gross margin the future holds . Just a bunch of YES MEN/WOMEN kissing each other’s asses at corporate. Clay's family and friends won't be protected for much longer. Getting rid of Fadi Matta was just the beginning. Wait and see what happens next in Rig Technologies.