Nov Inc. · NYSE:NOV

Nov — 47th Annual Raymond James Institutional Investors Conference (March 2026)

37 slides from Nov's conference presentation, Mar 2, 2026

Slide 1: NOV Inc.
NOV Inc. (NYSE: NOV) Jose Bayardo, Chairman, President, and CEO March 2, 2026
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 5: Customers and end markets served by OEMs
Airline Construction Medical Locomotive Oil and Gas End User Passengers Developers Patients Passengers E&P Companies Service Company Airlines Construction Cos. Hospitals/Practices Railroads Service Cos. OEM Airbus Caterpillar Boston Scientific Alstom Boeing John Deere GE HealthCare Siemens Komatsu S
Slide 6: Critical equipment, installed base, technology and financial highlights
We design and manufacture Critical We support a We drive Capital Equipment Large Installed Base Technology & Efficiency Offshore Production Systems Aftermarket Parts Performance Drilling & Drilling Equipment & Recertifications & Inspections Completion Technology Control Systems Upgrades Automation &
Slide 7: 160+ years of pioneering; market leading technologies
160+ Years of pioneering better >70% Of revenue from market ways to produce energy leading technologies Market leadership defined as top 3 largest market share in a market segment. © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 7
Slide 8: Unmatched Advantage
Unmatched Advantage Market Leading Positions Diverse Portfolio Scale economies Manufacturing flexibility Lowest risk choice for customers Development of cross-discipline products Large installed base for Digitalization of the well-lifecycle aftermarket opportunities © 2026 NOV Inc. All rights reserv
Slide 9: Strategic Exposure Across Markets, Geographies, and the Energy Value Chain
Strategic Exposure Across Markets, Geographies, and the Energy Value Chain Offshore vs. Land Well Lifecycle International vs. North America Offshore Offshore (Non-Rig) Land Drilling optimization Production and completion International North America Drilling equipment Industrial Based on Full Year 20
Slide 10: Market Leadership, Unmatched Advantage, Critical Technologies
Market Leadership Unmatched Advantage Critical Technologies Purposeful Innovation Strong Free Cash Flow & Capital Discipline © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 10
Slide 12: Oil & Gas Will Account for ~50% of Future Global Energy Supply
Growing Population Will Drive Increased Energy Demand Energy, EJ Population, Millions 1,000 Forecast 10,000 900 Oil & Gas Will 800 700 8,000 Other Account for ~50% 600 6,000 Nuclear 500 of Future Global Coal 400 4,000 Natural Gas Energy Supply 300 200 2,000 Oil / Liquid Fuels 100 - - 1960 1970 1980
Slide 13: U.S. Shale Production Growth Dominated The Last Decade
U.S. Shale Production Growth Dominated The Last Decade Total World 96 mmb/d Petroleum Supply 88 mmb/d U.S. Shale >80% of global supply growth Production from 2011 to 2021 is attributable to U.S. shale 2011 2021 Source: EIA © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 13
Slide 14: U.S. Shale is Maturing: The Next Decade of Supply Growth Will Look Different
U.S. Shale is Maturing The Next Decade of Supply Growth Will Look Different
Slide 15: Shale Maturation and Incremental Supply Growth
Shale Maturation Incremental Supply Growth Longer laterals required to sustain economics Incremental barrels to come from deepwater and international markets Tier 1 inventory is shrinking Equipment and infrastructure content expands Basin productivity gains are moderating Technical complexity suppor
Slide 18: Offshore Investment is Strong
Offshore Investment is Strong <$40 per bbl Offshore development breakeven ~30% Increase expected in offshore greenfield commitments in 2027-2028 versus 2025-2026 Exploration budgets expanding Source: Rystad Energy UCube © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 18
Slide 19: FPSO FIDs and revenue opportunity per FPSO
Expect demand to remain strong with an average of 8 FPSO FIDS annually through 2030 $100MM -$700MM Revenue opportunity per FPSO Source: Rystad Energy UCube © 2026 NOV Inc. All rights reserved. 19
Slide 20: $2.0B in offshore bookings, 104% book-to-bill
$2.0B in offshore bookings 104% offshore book-to-bill
Slide 21: Offshore Contract Whitespace is Shrinking
Offshore Contract Whitespace is Shrinking 80% More floater contracts awarded from Sept. 2025 – Jan. 2026 compared to the same period last year ~30% More minimum rig days reflected in public open tenders as of year-end 2025 relative to year-end 2024 95% Of the marketed ultra deepwater fleet under con
Slide 22: Capital Intensity of Recertifications Increase as Drillships Age
Capital Intensity of Recertifications Increase as Drillships Age Drillship SPS Due Dates by Year 2026F 2027F 2028F 5-Year 10-Year 15-Year 20-Year “SPS” is a Special Purpose Survey or a comprehensive inspection conducted approximately every 5-years for vessels to verify structural integrity, machiner
Slide 23: Investment in Drillship Fleet Required to Increase Competitiveness
Investment in Drillship Fleet Required to Increase Competitiveness Upgrade opportunities for increasing capacity and capabilities of floaters Automation Robotics Pressure Control Operating system that drives efficiencies Field-hardened robotic technology that Upgrades that maximize uptime, and pulls
Slide 25: What drives unconventional development economics?
What drives unconventional Enabling Technologies NOV’s development economics? Unconventional Position Longer Laterals High-Spec Rig Equipment #1 Fixed Cutter Bits #1 Friction Reduction Tools #1 Drilling Motors #2 High-Torque Premium Drill Pipe Connections #1 Drill Pipe Coatings #1 Efficient Frac Job
Slide 26: Technology and Reliability Drive U.S. Shale Industrialization
Technology and Reliability Drive U.S. Shale Industrialization NOV’s technology penetration and market share gains offset activity declines in North America NOV Energy Products & Services Segment (EPS) Gaining Market Share in North America Revenue Indexed to FY2023 100% EPS Peer 1 94% Peer 2 Peer 3 P
Slide 27: Scaling Global Unconventional Development
Scaling Global Unconventional Development Replicating North American efficiency requires infrastructure, technology, and capital Mature Basins High Growth Basins Emerging Basins © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 27
Slide 29: Earnings Resiliency
Earnings Resiliency Despite significant activity headwinds and tariff impacts to 2025 results 2023 2024 2025 NAM Land Rig Count WTI Price Floaters Rev. Adj. Rev. Adj. FCF Rev. Adj. FCF EBITDA FCF EBITDA EBITDA Free Cash Flow (FCF) and Adjusted EBITDA are non-GAAP financial measures. See appendix for
Slide 30: Disciplined Capital Allocation Priorities
Strong Balance Sheet investment grade rating critical to business model Maintenance Capex maintaining asset base critical to operations Growth Capex Disciplined growth capex yields highest average return of capital Capital Allocation M&A enhance strategic growth initiatives + Priorities proven track
Slide 31: Capital Return Framework
Capital Return Framework NOV Expects to Return at Least 50% of Excess Free Cash Flow1 to Shareholders Return of Capital Plan Sustainable Base Dividends Increasing base dividend by 20% in Maintain March 2026 Leverage Targets Gross Debt =<2:1 Cash Flow Net Debt =< 1:1 High return Excess Free Opportuni
Slide 32: Delivering On Our Capital Return Framework
Expect to return at least 50% $1.8B Delivering On Our Capital Return Framework of Excess FCF1 FCF generated 2024 – 2025 Converting strong free cash flow into sustainable shareholder returns to shareholders annually 85%+ Conversion of Adjusted EBITDA to FCF 2024 – 2025 Total Shareholder Returns Annua
Slide 33: Market Leadership, Unmatched Advantage, Critical Technologies
Market Leadership Unmatched Advantage Critical Technologies Purposeful Innovation Strong Free Cash Flow & Capital Discipline © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026 33
Slide 36: Appendix: Annual non-GAAP financial measures
Appendix: Annual non-GAAP financial measures in $millions Years ended December 31, 2023 2024 2025 Reconciliation of Adjusted EBITDA: GAAP net income (loss) attributable to Company $993 $635 $145 Noncontrolling interests (8) - 6 Provision (benefit) for income taxes (373) 196 224 Interest expense
Slide 37: Appendix: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow
Appendix: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited) in $millions Years Ended December 31, 2023 2024 2025 Total cash flows provided by operating activities $ 143 $ 1,304 $ 1,251 Capital expenditures (283) (351) (375) Free Cash Flow $ (140) $ 953 $ 876 Busine

NOV — 47th Annual Raymond James Institutional Investors Conference (March 2026) on 6ix

Nov — 47th Annual Raymond James Institutional Investors Conference (March 2026)

Slide 1: NOV Inc.

Slide 2: Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures

Slide 3: We power the industry that powers the world.

Slide 4: Leading Provider of Critical Energy Equipment and Technology

Slide 5: Customers and end markets served by OEMs

Slide 6: Critical equipment, installed base, technology and financial highlights

Slide 7: 160+ years of pioneering; market leading technologies

Slide 8: Unmatched Advantage

Slide 9: Strategic Exposure Across Markets, Geographies, and the Energy Value Chain

Slide 10: Market Leadership, Unmatched Advantage, Critical Technologies

Slide 11: The Industry is Evolving

Slide 12: Oil & Gas Will Account for ~50% of Future Global Energy Supply

Slide 13: U.S. Shale Production Growth Dominated The Last Decade

Slide 14: U.S. Shale is Maturing: The Next Decade of Supply Growth Will Look Different

Slide 15: Shale Maturation and Incremental Supply Growth

Slide 16: Positioned Where Capital Flows Next

Slide 17: Offshore

Slide 18: Offshore Investment is Strong

Slide 19: FPSO FIDs and revenue opportunity per FPSO

Slide 20: $2.0B in offshore bookings, 104% book-to-bill

Slide 21: Offshore Contract Whitespace is Shrinking

Slide 22: Capital Intensity of Recertifications Increase as Drillships Age

Slide 23: Investment in Drillship Fleet Required to Increase Competitiveness

Slide 24: International Unconventionals

Slide 25: What drives unconventional development economics?

Slide 26: Technology and Reliability Drive U.S. Shale Industrialization

Slide 27: Scaling Global Unconventional Development

Slide 28: Capital Flexibility

Slide 29: Earnings Resiliency

Slide 30: Disciplined Capital Allocation Priorities

Slide 31: Capital Return Framework

Slide 32: Delivering On Our Capital Return Framework

Slide 33: Market Leadership, Unmatched Advantage, Critical Technologies

Slide 34: © 2026 NOV Inc. All rights reserved. Raymond James – 3/2/2026

Slide 35: Appendix

Slide 36: Appendix: Annual non-GAAP financial measures

Slide 37: Appendix: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow