https://finance.yahoo.com/news/national-oilwell-varco-reports-second-222200831.html
"The oil & gas industry is bearing the full brunt of the economic damage wrought by the COVID-19 pandemic that has driven drilling activity to record lows," commented Clay Williams, Chairman, President, and CEO.
"We are determined to RE-SIZE the organization to fit lower levels of demand and continue to make good progress executing the numerous initiatives required to meet our objective."
Upper management should be giving each other congratulation BJ’s for running NOV into the ground.
NOV should have been done last year (even before the pandemic). COVID-19 is just a cover to drag the dead weight for a bit longer. It's over. If NOV customers have been filing for bankruptcy, the are just as dead. This is B2B.
Dead weight that should go: CMO/CTO (loves his double title but seems more interested in pushing his kids careers), The VOICE (brings absolutely nothing to the table), The Investor team assistants (Ohio do nothing’s), HR Dudds (@ the tower), & certainly can’t forget MALLS (nuff said SMH).
Obviously the complete leadership but they ain’t going no where.
Division Presidents are making a lot more than $300,000/ year
Time to cut those $300k Division Presidents. If you are going to continue with Segment leaders, have them run the show. After all, they have not done much these past few years so they may as well do something now.
NOV is a company with NO leadership, NO direction and NO chance for climbing out of the hole they have gotten into. There is no reason to continue so many high salary positions while letting go of the workers who actually are trained to do the work that makes the money. Maybe its time to get rid for some of the cooperate dead weight, which is nothing more then a drain on limited funds.
At least management are all safe. They are celebrating the Apocalypse with no signs of Revelation of this sinking company.
Stock is tanking man, down another 12%. Layoff another 10K to boost that share price back up.
He used the word "sequentially" sixteen times. 16????
sceduled delivery time if not stock items are close to desaster level and pricing skyrocketing even if made in China...
“To the extent oil and gas companies and oilfield service companies continue to work, we find them gravitating to NV as their supplier of choice. They know they can depend on us for superior quality, technology, value, and to be there to support their efforts for the long-term...." LOL LOL LOL
This is just a blatant lie and misleading. Companies know they can't depend on these mrns and have given the competition a huge boost. They prefer not to deal with ridiculous prices and even more pathetic deliveries. These people need to resign. They are fooling no one.
Rut-row, SLB just announced additional cut of 25%. Looks like the NOV will follow suit. Good luck all, looks like we are going to need it.