NOV Inc: J.P. Morgan Natural Resources Conference Takeaways

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NOV Inc: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

NOV Inc Neutral

NOV, NOV US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$18.75

Oil & Gas Exploration & Production

We hosted NOV Chairman, President, and CEO Jose Bayardo for a fireside chat Arun Jayaram AC

today at our J.P. Morgan Natural Resources Conference. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Net takeaway: Slightly Positive. Jason Kim

• Confidence in a sustained cycle, with “all 8 cylinders” yet to fire. NOV (1-212)jason.b.kim@jpmchase.com622-1408

reiterated confidence in a sustained energy cycle, supported by international

and offshore growth offsetting near-term Middle East logistics disruptions and Sowmya Vemulapalli

(1-212) 270-4660

a softer but recovering NAM market. CEO Bayardo emphasized that NOV has sowmya.vemulapalli@jpmchase.com

never had “all 8 cylinders firing” over the past four years, despite delivering J.P. Morgan Securities LLC

~$8.5bn-9.0bn in revenue and ~$1bn of EBITDA annually. He framed a back-

of-the-envelope scenario in which stacking peak performance from

seasonality could translate to a $1.5bn EBITDA run-rate on an annualized basis

in a healthier, stable mid-cycle environment. Self-help initiatives in savings via

manufacturing, supply chain, and platform optimization against the backdrop

of stabilizing tariffs present additional cost saving opportunities. We sensed

genuine optimism around what he characterized as an “abnormal cycle” in

which the Energy Equipment (EE) segment is outperforming early in the cycle,

contrary to NOV’s historically later-cycle reputation as a capital-equipment

provider.

• Middle East disruptions easing, but logistics friction persists. Following