Does the Rig Count Impact NOV’s International Revenues?
International rig count
By October 31, the international rig count fell 17% compared to the previous year. It was lower compared to the US rig count, which fell 26% in the past year until November 11. National Oilwell Varco (NOV) accounts for 0.21% of the iShares Russell Mid-Cap ETF (IWR). The energy sector makes up 6.2% of IWR.
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In 2015, National Oilwell Varco’s (NOV) revenue share generated outside the US rose 3%. Its revenue from international geographies rose to 75% of its total revenue in 2015—compared to 72% in 2014. In comparison, Halliburton’s (HAL) revenues from its international operations, by the end of 2015, rose to ~58% of its total revenue—compared to 46% a year ago.
Next, we’ll discuss National Oilwell Varco’s backlog.