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Geneseo Student Managed Investment Fund Feb-29

Geneseo Student Managed Investment Fund Feb-29. Company Overview.

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Geneseo Student Managed Investment Fund Feb-29

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  1. Geneseo Student Managed Investment Fund Feb-29
  2. Company Overview National Oilwell Varco, designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, as well as provides oilfield services and supplies, and supply chain integration services to the upstream oil and gas industry worldwide.  Source: Finviz.com
  3. Business Segments Rig Technology Offers offshore and onshore drilling components and services used in the construction of oil and gas rigs. Petroleum Services & Supplies Markets consumables used in the extraction process of oil and gas Distribution & Transmission Provides pipe maintenance, spare parts, and repair & operating supplies. Source: NOV 10K- FYE 2012
  4. Business Segments Source: NOV 10K- FYE 2012
  5. Oil & Gas Industry 2004-2008 $30 per barrel at the beginning of 2004 to more than $130 by mid 2008 Attracted investment in oil and gas exploration and development Increased utilization, 70% to over 90% 2008 Collapse of spot price of oil from $140 to under $50 Diminished utilization to a meager 40% Perpetuated by a stalling economy, nearly halted exploration and rig construction 2009-present Recovery in oil prices, approaching $100 per barrel Growing Utilization rates, approaching 90%
  6. Source: NOV Rig Census 2011
  7. Utilization Source: Rigzone.com
  8. Source: NOV Rig Census 2011
  9. Period of High Utilization Source: NOV Rig Census 2011
  10. Backlog – National Oilwell Varco Source: NOV Rig Census 2011
  11. Porters Five Forces Threat of New Entrants Minimal, only few minor niche players show any potential to compete Industry Rivalry Heavy price competition, especially in National Oilwell Varco’s PS&S segment Bargaining Power of Buyers “[National Oilwell Varco] equipment is on 90% of the world's rigs, and a rig cannot be built in the Western world without using some components from National Oilwell Varco.” – Stephen Ellis, Morningstar Bargaining Power of Suppliers Threat of Substitute Products or Services NOV’s services are easily replaced by in-house teams, especially in large multinational customers.
  12. Financial Overview National Oilwell Varco’s financial condition is strong and stable: Debt/Equity - .21 (after adjustment for Robbins & Myers acquisition) Highly capitalized despite aggressive acquisition and growth strategy Regularly generating over $2B USD per year Stable bottom line growth
  13. Source: TD Ameritrade
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