There has been the free fall of NOV for almost 10 yrs now.
This company is way past the point of no return.
The only thing I can think of is that they, “corporate folks”, are just bleeding what they can take for the next boat payment or next alaskan bear hunt.
Regardless, I cant think for the life of me why?
Why the shareholders have not voted out this corrupt leadership.
Were all toast.
I dont care which continent you live on. Were all toast.
Bottom line! Its about lining pockets and its about all those at the top. Its called Greed!
14 replies (most recent on top)
It’s not about to close shop any time soon, that said any business that can’t turn a profit year on year is not in a good place, reserves will dry up as it’s the reserves paying the bills, no profit no pumping cash into the reserve p-t sooner or later something will crack
@ Montrose monger
Yes, as long as a company is cash flow positive, that means the company can basically survive indefinitely. Operating profit includes non-cash things like depreciation, amortization, balance sheet charge-offs, etc. that aren’t real cash costs. It’s not a good position to be profit flat or negative to be sure, but it doesn’t mean the company is at risk operationally.
The former CEO P started this whole demise! He left this management team in charge prior to him leaving. He turned his back on the people that worked hard for him and he put these Varco guys in charge. Then he became a competitor. All while leaving the NOI people to be gutted. What a hero! Luckily I’m a short timer! About 12 months to go. Now then this leadership team should have been replaced a long time ago.
Dawg I almost spat my false teeth out at some of the comments on here, cash flow positive, the company hasn’t made a profit in ten years, you think that’s a sustainable business model, sure it’s got reserves and cash to play with at the moment but no profit equals no business sooner or later or you guys gonna keep dreaming all is well
Oh my, aren't you a snippy one. I do know that National Oilwell has been in business for a very long time, but i wasn't working for them back then. You see, i was working for Tuboscope long before we partnered with Varco and then eventually becoming NOV. That's why i said 50+ years.
By the way, you do know what that little plus sign means, right?
Well if you look at one of the first pages on NOV dot com you will see it has been going for 150 years so who is the id--t ?
Anonymous’s post from earlier
“Hahaha, I really think someone has been smoking a funny cigarette if he thinks this company will be shut down by Jan.1
By the way OP, we are not toast, the company will keep on going just like it has for the last 50+ years......ups and downs, the price of doing business.”
With all these stu pid comments, no wonder NOV isn't doing well. Look at the id iots they hire.
Thanks Shiny, no pies, NOV really cutting back on the benefits, forget those big bonuses paid to the leadership team in Greengate but no pies, that will cause more unrest amongst the workforce
The Greengate pies were a freeby while I was looking for a potential new caterer. We used someone else in the end. Sorry no more pies.
More pies shinny
Stop your moaning and eat your PIE!
Hahaha, I really think someone has been smoking a funny cigarette if he thinks this company will be shut down by Jan.1
By the way OP, we are not toast, the company will keep on going just like it has for the last 50+ years......ups and downs, the price of doing business.
Really? The company remains cash flow positive, and has been for years. What would cause it to shut down in six weeks? Absolutely nothing. We’re you seriously thinking this a probability?
I remember an email that said we would be getting our 401k back with a little money put in.
I do not think we will ever see that.
This company will be shut down new yrs day.
Its just a ploy that they have no intention of investing in.