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OFS - NOV boosts savings target by $395MM amid ‘worst downturn’ - May 2020
National Oilwell Varco is addressing an expected two-year slump in demand by ratcheting up cost-cutting efforts. In 2Q19, the manufacturer launched an effort to save $230 million in annualized costs by YE20; now, the target is $625 million. “This will likely be the worst downturn that any of us in the oil and gas industry will experience in our lifetimes,” CEO Clay Williams said. “Many companies will not make it, but NOV will.” NOV......
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