NOV Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NOV Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational segments.</b>

AI Summary

NOV Inc. (NOV) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. NOV Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. NOV Inc. is listed under SIC code 3533 for Oil & Gas Filed Machinery & Equipment. The company was formerly known as National Oilwell Varco Inc. The filing includes data related to various segments such as Energy Equipment and Energy Products & Services.

Why It Matters

For investors and stakeholders tracking NOV Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational data for NOV Inc. for the first quarter of 2024, enabling informed investment decisions. Understanding the segment performance (e.g., Energy Equipment, Energy Products & Services) and geographical breakdowns (e.g., North America, International) within this filing is crucial for assessing the company's market position and future growth prospects.

Risk Assessment

Risk Level: — NOV Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting. However, the oil and gas industry is subject to inherent volatility, which could pose medium risks.

Analyst Insight

Review the detailed segment revenues and growth rates in the 10-Q to identify key drivers of performance and potential areas of concern.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-26 — Filing Date (Filed as of date)
• Q1 — Reporting Quarter (Indicates the first quarter of the fiscal year)
• 12317 — SEC File Number (SEC file number for NOV Inc.)

Key Players & Entities

• NOV Inc. (company) — Filer
• NATIONAL OILWELL VARCO INC (company) — Former company name
• NATIONAL OILWELL INC (company) — Former company name
• DE (company) — State of incorporation
• HOUSTON (company) — Business address city
• 2024-03-31 (date) — Conformed period of report
• 2024-04-26 (date) — Filed as of date
• 3533 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — 5,931 shares of common stock, par value $0.01 per share, outstanding. PART I - FINA

Filing Documents

• nov-20240331.htm (10-Q) — 1718KB
• nov-ex10_1.htm (EX-10.1) — 15KB
• nov-ex10_2.htm (EX-10.2) — 55KB
• nov-ex10_3.htm (EX-10.3) — 83KB
• nov-ex10_4.htm (EX-10.4) — 52KB
• nov-ex31_1.htm (EX-31.1) — 11KB
• nov-ex31_2.htm (EX-31.2) — 11KB
• nov-ex32_1.htm (EX-32.1) — 7KB
• nov-ex32_2.htm (EX-32.2) — 7KB
• nov-ex95.htm (EX-95) — 78KB
• img80463001_0.jpg (GRAPHIC) — 3KB
• img80463001_1.jpg (GRAPHIC) — 411KB
• 0000950170-24-048859.txt (&nbsp;) — 8721KB
• nov-20240331.xsd (EX-101.SCH) — 979KB
• nov-20240331_htm.xml (XML) — 1462KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NOV INC. CONSOLIDATED BALANCE SHEETS (In millions, except share data) March 31, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 468 $ 816 Receivables, net 1,867 1,905 Inventories, net 2,278 2,151 Contract assets 814 739 Prepaid and other current assets 261 229 Total current assets 5,688 5,840 Property, plant and equipment, net 1,878 1,865 Lease right-of-use assets, operating 381 372 Lease right-of-use assets, financing 176 172 Deferred income taxes 484 488 Goodwill 1,602 1,562 Intangibles, net 508 450 Investment in unconsolidated affiliates 247 211 Other assets 341 334 Total assets $ 11,305 $ 11,294 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 823 $ 904 Accrued liabilities 767 870 Contract liabilities 533 532 Current portion of lease liabilities 99 94 Current portion of long-term debt 44 13 Accrued income taxes 6 22 Total current liabilities 2,272 2,435 Long-term debt 1,764 1,712 Lease liabilities 564 558 Deferred income taxes 92 70 Other liabilities 292 277 Total liabilities 4,984 5,052 Commitments and contingencies Stockholders' equity: Common stock - par value $ .01 ; 1 billion shares authorized; 395,503,573 and 393,945,659 shares issued and outstanding at March 31, 2024 and December 31, 2023 4 4 Additional paid-in capital 8,818 8,812 Accumulated other comprehensive loss ( 1,520 ) ( 1,493 ) Retained deficit ( 1,056 ) ( 1,155 ) Total Company stockholders' equity 6,246 6,168 Noncontrolling interests 75 74 Total stockholders' equity 6,321 6,242 Total liabilities and stockholders' equity $ 11,305 $ 11,294 See notes to unaudited consolidated financial statements. 2 NOV INC. CONSOLIDATED STATEMENTS OF INCOM

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation The accompanying unaudited consolidated financial statements of NOV Inc. ("NOV" or the "Company") present information in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company's 2023 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 9, and the fair values of derivative financial instruments are provided in Note 12. 2. Inventories, net Inventories consist of (in millions): March 31, December 31, 2024 2023 Raw materials and supplies $ 469

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View this 10-Q filing on SEC EDGAR