The Black Box

[Fletch]

National Oilwell Varco (NOV) manufactures a variety of drilling equipment and systems, from complete land rigs to small drilling motors. The firm's distribution segment includes spare parts and maintenance services. National Oilwell Varco operates in 200 countries, but earns most of its revenue in the United States. The company has expanded greatly in recent years via dozens of acquisitions, including the recently completed Varco merger, which doubled the firm's size.