National Oilwell Varco, Inc.

National Oilwell Varco, Inc. belongs to the hard machinery side of oil and gas, where the real customers are drilling and production operators. By our assessment, its strength is in equipment, systems and services for rigs and related industrial work, which makes it useful when a project needs heavy kit rather than a consumer product. The obvious limit is that this business rises and falls with drilling cycles and capital spending, so it can feel very cyclical and tied to commodity conditions. In practice it is an engineering-and-service company, with an emphasis on parts, systems and field support more than on something a person could hold in one hand. It sits in the oilfield equipment world, not in the broader energy market, and that narrower role is exactly what gives it relevance. National Oilwell Varco, Inc. fits buyers who need industrial drilling gear and support, not anyone looking for an easy or everyday name.