Slide 1: Fourth Quarter and Full Year 2024 Earnings Presentation
NOV Inc. Fourth Quarter and Full Year 2024 Earnings Presentation February 5, 2025
Slide 2: Safe Harbor / Forward-Looking Statements / Non-GAAP Financial Measures
Safe Harbor / Forward-Looking Statements / Non-GAAP Financial Measures Statements in this presentation, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. Statements of hopes, beliefs, expectations, and predi
Slide 3: NOV delivers technology-driven solutions to empower the global energy industry
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology
Slide 4: Full Year 2024 Highlights
Full Year 2024 Highlights $1.11B $953MM 122% Adjusted EBITDA1 Free Cash Flow1 Book-to-Bill 38% Incremental margin 86% of Adjusted EBITDA Orders of $2.75B 1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See appendix for a reconciliation to the nearest GAAP measures. © 2025 NOV I
Slide 5: Significant Achievements
Significant Achievements Awarded several orders for gas processing and water treatment equipment packages for FPSO vessels NOV secured multiple orders for advanced gas processing and water treatment equipment packages on three newbuild FPSO units destined for operations in Brazil and West Africa. NO
Slide 6: Offshore Production
Offshore Production Opportunity of $100MM - $700MM per FPSO depending on kit and operating environment Lifting and handling systems Composite pipe, structures, tanks Loading/offloading systems Turret, swivel and moorings, chain stoppers and tensioners Process solutions Flexible pipe systems and subs
Slide 7: Q4 2024 Consolidated Revenue
Q4 2024 Consolidated Revenue Sequential Year-on-Year Adjusted Revenue Revenue EBITDA % $1.06B Energy Products and Services 6% 1% 16.3% $1.29B 6% 1% 14.4% Energy Equipment $2.31B 5% 1% 13.1% NOV 54% 46% 35% 65% Land Offshore North America International Form 8-K containing earnings release for the fou
Slide 8: Energy Products and Services
Energy Products and Services Provides critical technologies consumed in the drilling and completion processes 4Q24 Revenue Streams in millions 4Q24 Sequential Year-Over-Year 19% Variance Variance Product Sales Revenue $1,060 +6% (1)% 32% Adjusted EBITDA 173 +1% (10)% Capital Equipment Adjusted EBITD
Slide 9: Energy Equipment
Energy Equipment Designs, delivers, and supports advanced drilling, completion, and production solutions 4Q24 Revenue Streams in millions 4Q24 Sequential Year-Over-Year Variance Variance Revenue $1,287 +6% (1)% 43% Adjusted EBITDA 185 +16% +26% Aftermarket Adjusted EBITDA % 14.4% +140 bps +310 bps E
Slide 10: Capital Allocation
Capital Allocation Balance Sheet Capex M&A Return Capital Investment grade rating Maintain our asset base and Enhance strategic growth Sustainable increases to the critical to business model invest in organic growth initiatives base dividend, opportunistic opportunities share repurchases, and annual
Slide 11: Q1 2025 Outlook
Outlook: Q1 2025 Outlook Year-Over-Year (Q1’24 vs Q1’25) Revenue Down one to three percent NOV Adj. EBITDA $235 million - $265 million Revenue Flat to down two percent EPS Adj. EBITDA $145 million - $165 million Revenue Down three to five percent EE Adj. EBITDA $135 million - $150 million Guidance i
Slide 12: We power the industry that powers the world
34K Employees1 $8.87B FY 2024 Revenue We power the industry that 551 $1.11B Locations FY 2024 powers the world. Adjusted EBITDA 59 Countries $953MM FY 2024 Free cash flow 1 Full time equivalent workers. © 2025 NOV Inc. All rights reserved. Fourth Quarter 2024 Earnings Presentation 12
Slide 13: Appendix
Appendix © 2025 NOV Inc. All rights reserved. Fourth Quarter 2024 Earnings Presentation 13
Slide 14: Reconciliation of Net Income to Adjusted EBITDA (Unaudited)
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) in millions Three Months Ended Year Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023 Revenue: Energy Products and Services $ 1,060 $ 1,073 $ 1,003 $ 4,130 $ 4,077 Energy Equipment 1,287 1,305 1,219 4,888 4,669 Eliminat
Slide 15: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited) in millions Three Months Ended Years Ended December 31, December 31, 2024 2024 2023 Total cash flows provided by operating activities $ 591 $ 1,304 $ 143 Capital expenditures (118) (351) (283) Free Cash Flow $ 473 $
Slide 16: © 2025 NOV Inc. All rights reserved. Fourth Quarter 2024 Earnings Presentation
© 2025 NOV Inc. All rights reserved. Fourth Quarter 2024 Earnings Presentation