The following is a summary of the NOV Inc. (NOV) Q4 2023 Earnings Call Transcript:

Financial Performance:

• NOV reported consolidated Q4 2023 revenues of $2.34 billion while the full year revenues totalled $8.58 billion, a 19% increase from the previous year.

• The company saw EBITDA rise by 47% to reach $1 billion, representing 11.7% of sales for the year.

• Operating cash flow was $377 million in Q4, mitigated by $42 million in cash severance charges.

• Net income was reported at $598 million or $1.51 per diluted share for the quarter and $993 million for the year.

• Capital expenditures for Q4 were $76 million, contributing to a free cash flow of $301 million.

• It is projected that by the end of 2024, the working capital to revenue ratio will improve by 100 to 200 basis points.

Business Progress:

• NOV acquired Extract, a provider of artificial lift technologies and services, and plans to divest one or two businesses in 2024.

• The company restructured its segments into Energy Products and Services and Energy Equipment to improve efficiency and retain excess capital dedication.

• The company has successfully launched and is experiencing growth in AI-optimization software, robotics, drilling tools, and other advanced technologies.

• NOV aims to enhance capital returns in 2024.

• The business is penetrating the increasingly significant geothermal market.

• The company plans to continue its commitment in the renewable sector with the successful implementation of the Max Edge platform.

• New products introduced by the company like NOVOS operating system and ATOM RTX rig automation package are finding good foothold.

• NOV Inc. is optimistic about two new build programs focusing on land rigs and offshore operations.

More details: NOV Inc IR

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