NOV
#(Laughter) Not much of which I can answer, or will answer very quantitatively.
We maximize returns by trying to minimize capital going into these opportunities.
We are a veteran of many, many, many transactions.
We've done this many times before and built up global-leading franchises around the world, across pretty much all that we do.
We're number one in just about everything that we do.
And that's very central to our strategy.
And so in terms of what comes available, not just out of the big red/blue merger we've all been talking about, but more broadly, what's out there, what's possible.
We're always looking at opportunities.
But the cornerstone of that effort really resides in market leadership.
We've been very clear.
We think market leadership carries demonstrable competitive all advantage in this space.
We think we reduce risk for our customers by being market leader.
We think scale gets us up learning curves faster.
It support broader global networks to deliver products and services and equipment.
Let's us leverage R&D efforts and introduce new products more quickly.
For lots of reasons market leadership carries lower risk and higher returns.
And so that's pretty central to what we do when we evaluate opportunities to deploy capital, <UNK>.
Yes, that's the key thing, what you said last.
We need sellers to reset expectations.
And so we're helping them do that.
[All right], <UNK>.
Good morning
I'm going to be a little cryptic around that because I don't really want to tell my competitors my playbook.
But what I would say is again, we're focused on big picture trends in the industry, market leadership and competitive advantage.
And looking to deploy capital into those areas more broadly.
I will tell you specifically where we've been deploying capital the last couple of years has really enhanced our aftermarket in particular around rig.
The rising installed base of NOV equipment and technology out there is pretty transparent to you and everybody.
And so what we see are a lot more NOV rigs running and a lot more customers in need of close OEM support.
And what we find is that these great little businesses that we can acquire.
In fact, two weeks ago I was touring one that we bought in West Africa, for instance, South Africa.
It's been a great addition and great reputation, and what we've been able to bring to that business is kind of the NOV global reach and scale.
And so that's been a great help for our customers in that region.
But around the world, all of our customers want us to be closer to the coal face, closer to their rigs for aftermarket support.
So that's an interesting area.
And that's part of the reason at our Analyst Day we said, growth prospects for rig aftermarket long term are terrific, and we're putting capital behind that.
In other businesses, again we have opportunities to grow those, expand their footprint and so kind of a similar pattern.
We're always kind of reevaluating our business model, and does it make sense.
And frankly, there's already some level of competition within that business.
And that's very common across oilfield services.
It's not uncommon for competitors to sell to each other in one product line and compete on another.
And so ---+ but we think about that very closely.
We don't want to unnecessarily end up in a competitive conflict situation that really takes a toll on our P&L.
So I'll leave it there.
Thanks, <UNK>.
Thanks, Brandon.
I appreciate everyone's patience this morning and apologies for the technical difficulties that we started off with.
I really also want to thank our terrific employees for the hard work that they all put in here every day.
And although we have a pretty challenging road ahead, we're adapting quickly.
We have lots of opportunities emerging to launch new products and to acquire some pretty interesting businesses, and really position ourselves for the upturn.
So we're doing what we got to do in the short term, looking through that for opportunities in the long term.
And I know we will emerge better and stronger.
And again, thank you all for joining us.
We look forward to updating you in July.
