Unstable oil markets have heavily affected corporate performance
Since NOV Inc. (NOV) derives its revenue via providing equipment and services to global energy producers, a strong level of activity in downstream oil and gas industries is fundamental to the company’s success. However, demand for oil and gas services and equipment has floundered in recent years on account of weak demand for hydrocarbons amid socioeconomic restrictions aimed at battling the COVID-19 pandemic. More recently, however, demand from this vital market has begun to rise as economic activity is rapidly being restored at the same time that strict economic sanctions are being place on Russia, a significant exporter of energy.
COVID|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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