NOV is a global manufacturer and supplier of equipment and technology to the oil and gas industry. NOV does not drill wells or provide field services — it makes the tools, machinery, and systems that drilling contractors, oilfield service companies, and operators need to explore for and produce hydrocarbons. NOV's products span the upstream lifecycle: drilling rigs, top drives, drill bits, downhole tools, directional drilling systems, hydraulic fracturing and coiled tubing equipment, subsea flexible pipe, FPSO processing systems, turret mooring systems, artificial lift, and offshore cranes. NOV operates across ~500 locations in 57 countries. NOV operates two segments: Energy Equipment (~58% of EBITDA), which sells capital-intensive, longer-lead-time systems for offshore drilling and production and carries a ~$4.3B project backlog; and Energy Products and Services (~42% of EBITDA), which provides shorter-cycle drill bits, downhole tools, completion tools, and artificial lift more tied to current drilling activity. NOV makes money by selling capital equipment, providing aftermarket parts and services to its installed base, and renting tools on a per-well or daily-rate basis. As the OEM for most of its products, NOV argues it is the preferred supplier of spare parts and recertification services — particularly for offshore drilling contractors where third-party parts carry regulatory risk. NOV's forward priorities center on international unconventional development (applying North American shale techniques in Saudi Arabia, Argentina, and elsewhere) and deepwater/FPSO growth, while also commercializing its ATOM RTX robotic rig floor system and NOVOS drilling control platform.