NOV Inc. Files Q3 2024 10-Q

TL;DR

NOV Inc. Q3 10-Q filed. Financials and ops update for oil & gas equipment giant.

AI Summary

NOV Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and segment information are presented, reflecting the company's activities in the oil and gas machinery and equipment sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational insights for NOV Inc., crucial for understanding the company's performance in the oil and gas equipment sector.

Risk Assessment

Risk Level: medium — The company operates in the cyclical oil and gas industry, which is subject to significant price volatility and regulatory changes.

Key Numbers

• P3M — Period-over-Period Comparison (Indicates a comparison of financial metrics over three months.)
• P1Y — Year-over-Year Comparison (Indicates a comparison of financial metrics over one year.)

Key Players & Entities

• NOV Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-25 (date) — Filing date
• OIL & GAS FILED MACHINERY & EQUIPMENT [3533] (industry) — Company's Standard Industrial Classification
• HOUSTON (location) — Company's business and mailing address city

FAQ

Key Financial Figures

• $0.01 — 4,160 shares of common stock, par value $0.01 per share, outstanding. PART I - FINA

Filing Documents

• nov-20240930.htm (10-Q) — 2505KB
• 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
• img80468766_0.jpg (GRAPHIC) — 46KB
• img80468766_1.jpg (GRAPHIC) — 341KB
• 0000950170-24-117316.txt ( ) — 10637KB
• nov-20240930.xsd (EX-101.SCH) — 1052KB
• nov-20240930_htm.xml (XML) — 2092KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NOV INC. CONSOLIDATED BALANCE SHEETS (In millions, except share data) September 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 985 $ 816 Receivables, net 1,896 1,905 Inventories, net 2,123 2,151 Contract assets 684 739 Prepaid and other current assets 230 229 Total current assets 5,918 5,840 Property, plant and equipment, net 1,908 1,865 Lease right-of-use assets, operating 375 372 Lease right-of-use assets, financing 175 172 Deferred income taxes 407 488 Goodwill 1,612 1,562 Intangibles, net 493 450 Investment in unconsolidated affiliates 170 211 Other assets 364 334 Total assets $ 11,422 $ 11,294 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 835 $ 904 Accrued liabilities 819 870 Contract liabilities 495 532 Current portion of lease liabilities 101 94 Current portion of long-term debt 28 13 Accrued income taxes 22 22 Total current liabilities 2,300 2,435 Long-term debt 1,721 1,712 Lease liabilities 551 558 Deferred income taxes 44 70 Other liabilities 290 277 Total liabilities 4,906 5,052 Commitments and contingencies Stockholders' equity: Common stock - par value $ .01 ; 1 billion shares authorized; 389,084,160 and 393,945,659 shares issued and outstanding at September 30, 2024 and December 31, 2023 4 4 Additional paid-in capital 8,721 8,812 Accumulated other comprehensive loss ( 1,502 ) ( 1,493 ) Retained deficit ( 759 ) ( 1,155 ) Total Company stockholders' equity 6,464 6,168 Noncontrolling interests 52 74 Total stockholders' equity 6,516 6,242 Total liabilities and stockholders' equity $ 11,422 $ 11,294 See notes to unaudited consolidated financial statements. 2 NOV INC. CONSOLIDATED STATEMENTS

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 and nine months ended September 30, 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): September 30, December 31, 2024 2023 Raw materials and s

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View this 10-Q filing on SEC EDGAR