NOV Inc. announced changes to its senior management team as part of its long-term succession plan. Jose Bayardo, previously Senior Vice President & Chief Financial Officer, has been promoted to President & Chief Operating Officer. Rodney Reed, previously President of NOV Process Flow Technologies, has been promoted to Senior Vice President & Chief Financial Officer.

Bayardo joined NOV in 2015 and has held various senior roles in resource and business development. He holds a BS in Chemical Engineering from the University of Texas at Austin, a Master of Engineering Management from Northwestern University’s McCormick School of Engineering, and an MBA from the Kellogg Graduate School of Management.

Reed joined NOV in 2014 and has served in several leadership roles, including President of two business units, Vice President of Corporate Development, and Vice President of Internal Audit. He earned both his bachelor’s and master’s degrees in Accounting from Louisiana State University, where he was recognized as a two-time First-Team Academic All-American.

Clay Williams, NOV Chairman & CEO, stated that both executives bring extensive industry knowledge and are well-prepared to help drive the company’s continued success.

For more information, visit NOV’s website at www.nov.com.

NOV Inc. reported its fourth-quarter and full-year 2024 financial results with key highlights:

Fourth Quarter 2024:
- Net income was $160 million, or $0.41 per diluted share.
- Adjusted EBITDA was $302 million.
- Cash flows from operations were $591 million, with Free Cash Flow of $473 million.
- Capital equipment orders totaled $757 million, reflecting a book-to-bill of 121%.
- The company returned $141 million to shareholders during the quarter.

**Full-Year 2024:**
- Net income for the year was $635 million, or $1.60 per diluted share.
- Adjusted EBITDA was $1.11 billion.
- Cash flows from operations reached $1.30 billion, and Free Cash Flow was $953 million.
- Capital equipment orders totaled $2.75 billion, resulting in a book-to-bill of 122%.
- Shareholder returns for the year amounted to $337 million.

The company saw positive growth in its backlog and revenue, and substantial cash flow generation, while navigating a more challenging macro environment and geopolitical uncertainties. NOV anticipates a flat-to-lower global industry activity in 2025 but expects continued profitability improvements and healthy cash flow generation, driven by its growing backlog and adoption of new technologies.

For further details, the company has also noted that it intends to return at least 50% of its Excess Free Cash Flow annually, with plans for a supplemental dividend in the first half of 2025.