Thread regarding National Oilwell Varco Inc. layoffs

REALLY?!?

To those who are just in awe (heart emoji) of our CEO's quarterly recap comments....."I want to make one thing clear. This virus is not going to keep the global economy down forever. And when the world wakes up from this, we're going to need oil and gas again, and we are going to need it for decades to come blah blah blah...…"

I know we need inspiration but give me a break. These are DUHHHH's and NO-$h*t's not some philosophical discussions that will save the industry and us. Besides these comments being no-brainers, he has to say that to his shareholders. The problem is bigger than the price war and virus...its them! What are you doing today to help this company not what will inevitably happen on its own.

by Nostradamus
| 1984 views | | 4 replies (last May 3, 2020) | Reply
Post ID: @OP+14LkfHGj
Comment! It's anonymous!

4 replies (most recent on top)

NOV laid me off...it sucks but I will survive. I started there almost 10 years ago and it was the worst career move I ever made. Oil and Gas is over. At least the hey day that once was. I'm glad I'm out but rode that gravy train as long as I could.

by Over it
| | Reply
Post ID: @1pvh+14LkfHGj

Oil companies and suppliers are diversifying NOV think oil is the the holy grail. This company will fail unless diversification into alternative energy sources. The company has the resources and expertise, sadly can’t see past oil. I’m just a simple machine operator. Why does the CEO not see this.

by Anonymous
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Post ID: @sxv+14LkfHGj

I’m pretty sure if you listen to the call closely, you can hear him breaking his arm, patting himself on the back!

by Anonymous
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Post ID: @zde+14LkfHGj

Oil demand and price will recover, but our market share has proven to be less resilient. Once our backlogs deplete, we will be in a knife fight for the next dollar of cash flow with competitors who have simply developed better relationships and value propositions than us. Our installed base will be decimated after a slew of rig retirements and asset write-offs, so even our captive aftermarket base will go down. And our fearless leader’s solution is to go into renewables???? Strap in folks

by Freefallin’
| | Reply
Post ID: @hou+14LkfHGj

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