National Oilwell Varco
S&P 500 Component
|Industry||Oilfield Services & Equipment|
|Headquarters||Houston, Texas, U.S.|
|Chief Executive Officer: Clay C. Williams|
|Products||Oilfield Products & Services|
|Revenue||US$22.9 Billion (FY 2013)|
|US$3.4 Billion (FY 2013)|
|US$2.3 Billion (FY 2013)|
|Total assets||US$31.484 Billion (FY 2012)|
|Total equity||US$20.239 Billion (FY 2012)|
Number of employees
National Oilwell Varco (NOV) is an American multinational corporation based in Greater Sharpstown, Houston, Texas. It is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 1,200 locations across six continents.
The Company's common stock is traded on the New York Stock Exchange under the symbol "NOV". The company operates through four reporting segments that were reorganized in 2014: Rig Systems, Rig Aftermarket, Completion and Production Solutions, and Wellbore Technologies.
Products include all the heavy hardware for oil well drilling as well as drilling instrumentation and controls and drilling power generation and control. A partial list of heavy hardware includes topdrives, rotarys, drawworks, derricks, BOPs (blowout preventers), mud pumps, riser equipment, and complete drilling rigs. Products also include instruments and controls required on the rig floor for the drilling operation. This includes sophisticated electronics for precise control, such as the control system Cyberbase. NOV also produces control electronics for power generation and control of drilling motors and motor control centers for AC motor control.
NOV is the Houston area's largest energy employer, with more than 14,500 workers in the region, according to Houston Business Journal research.
National Oilwell's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell". In 2000, National Oilwell merged with IRI International Corp., founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products.
Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973.
In 2005, National Oilwell and Varco merged to become National Oilwell Varco. In 2014, Clay Williams took over as CEO, succeeding former CEO Pete Miller, who served as NOV's CEO for nearly 13 years. Miller will become Executive Chairman of the National Oilwell Varco spinoff company, DistributionNow. The company employs nearly 64,000 people and has over 1,200 facilities across six continents worldwide. In February 2012 NOV acquired a Russian coring company Interval Ltd.
Brands and products
- List of National Oilwell Varco's brands
- "National Oilwell Varco Moves Forward With CEO Transition". Retrieved 2014-03-19.
- "NOV 2013 Annual Report".
- "Contact Us." National Oilwell Varco. Retrieved on February 5, 2010. "7909 Parkwood Circle Dr. Houston, TX 77036"
- "Districts." Greater Sharpstown Management District. Retrieved on August 15, 2009.
- "National Oilwell Varco (NOV) in Russia". Retrieved 2013-12-26.
- "." National Oilwell Varco. Retrieved on February 5, 2010. "7909 Parkwood Circle Dr. Houston, TX 77036"
- Cook, Lynn. "CHRONICLE 100 No. 1: National Oilwell Varco: builder of rigs, maker of deals." Houston Chronicle. May 16, 2008. Retrieved on July 10, 2011.
- Staff. "Bloomberg: IRI International". Bloomberg.com. Retrieved 12 May 2015.