Nov Inc - NOV STOCK NEWS

NOV Inc. (NYSE: NOV) has announced significant leadership changes as part of its long-term succession planning. Jose Bayardo, previously Senior Vice President & Chief Financial Officer, has been promoted to President & Chief Operating Officer. Rodney Reed, former President of NOV Process Flow Technologies, will take over as Senior Vice President & Chief Financial Officer.

Bayardo, who joined NOV in 2015, brings experience from Continental Resources, Complete Production Services, and J.P. Morgan. He holds degrees from the University of Texas at Austin and Northwestern University. Reed, with NOV since 2014, has served in various leadership roles including President of Process Flow Technologies and Completion Tools business units. He previously worked at Ernst & Young and holds accounting degrees from Louisiana State University.

NOV (NYSE: NOV) has scheduled its first quarter 2025 earnings conference call for Tuesday, April 29, 2025, at 10 a.m. Central Time. The company will release its Q1 2025 financial results after market close on Monday, April 28, 2025. Investors and interested parties can access the live webcast of the earnings call through the company's investor relations website at www.nov.com/investors.

NOV Inc. (NYSE: NOV) has announced that its Board of Directors has declared a regular quarterly cash dividend of $0.075 per share of common stock. The dividend will be payable on March 28, 2025 to stockholders of record as of March 14, 2025.

NOV Inc. reported its Q4 and full-year 2024 results, with Q4 net income of $160 million ($0.41 per diluted share) and full-year net income of $635 million ($1.60 per diluted share). Q4 revenues were $2.31 billion, down 1% year-over-year, while full-year revenues increased to $8.87 billion.

The company achieved Q4 Adjusted EBITDA of $302 million (13.1% of sales) and generated strong cash flows from operations of $591 million. Capital equipment orders reached $757 million in Q4, representing a book-to-bill ratio of 121%. The company returned $141 million to shareholders during Q4 and $337 million throughout 2024.

Energy Equipment segment showed resilience with $1.29 billion in Q4 revenue and a robust backlog of $4.43 billion. The Energy Products and Services segment generated $1.06 billion in Q4 revenue with operating profit of $112 million.

NOV Inc. (NYSE: NOV) has scheduled its fourth quarter and full year 2024 earnings conference call for Wednesday, February 5, 2025, at 10 a.m. (Central Time). The company will release its financial results after market close on Tuesday, February 4, 2025. Investors can access the live webcast of the conference call through the company's investor relations website at www.nov.com/investors.

NOV Inc. (NYSE: NOV) has appointed Chris Kendall to its Board of Directors, effective December 15, 2024. Kendall brings over 30 years of global oil and gas industry experience, including his recent role as President and CEO of Denbury Inc. before its acquisition by Exxon Mobil in November 2023. His background includes leadership positions at Noble Energy and Mobil , with expertise in international operations, carbon capture, and enhanced oil recovery.

Kendall will serve on NOV's Audit Committee. He currently serves as a director of California Resources and Carbon TerraVault. With his appointment, NOV's board now consists of eleven directors, with ten being independent members.

NOV announced that its Board of Directors has declared a regular quarterly cash dividend of $0.075 per share of common stock. The dividend will be payable on December 20, 2024, to stockholders of record as of December 6, 2024.

NOV and Venture Builder VC have launched the NOV Supernova Accelerator, a five-month program designed to drive digital transformation in upstream oil and gas. The program offers startups direct access to NOV's R&D teams and business units, focusing on key areas including Data Management & Analytics, Operational Efficiency, HSE Monitoring, Predictive Maintenance, and Digital Twins.

The accelerator features 13 selected startups offering innovative solutions, including AnyLog's edge data management platform, Equipt's AI-powered asset management system, and Spindletop AI's edge-based machine learning for well optimization. The program culminates in a Demo Day where founders present their solutions to NOV executives, industry leaders, and potential investors.

NOV Inc. reported strong Q3 2024 results with revenues of $2.19 billion, a slight increase from Q3 2023. Net income rose 14% to $130 million ($0.33 per share), while operating profit increased 6% to $194 million. Adjusted EBITDA grew 7% to $286 million. The company achieved a 111% book-to-bill ratio with bookings of $627 million. Free cash flow reached $277 million, enabling $109 million return to shareholders through share repurchases ($80 million) and dividends ($29 million). Energy Equipment segment showed growth while Energy Products and Services saw a slight decline.