Thread regarding National Oilwell Varco Inc. layoffs

NOV Sells Grant Prideco (Navasota,TX, USA) To GE Oil & Gas.

The Floor view by GE Will start Monday. 8/3/15

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This is unlikely and flies in the face of reason. The Oil & Gas segment continues to be a drag on the consolidated industrial revenue and earnings growth for GE. In Q2 2015, the Oil & Gas segment accounted for 15% and 13% of the total industrial segment's revenues and profit, respectively. This is down from 18% and 16%, respectively, reported in the same period last year. The declining percentage is mainly a result of the segment struggling operationally, as the Oil & Gas segment's revenue has declined ~15% ($4.76 billion in Q2 2014 compared to $4.0 billion in Q2 2015). Add to this a massive surplus in drill pipe, and the GP business will hardly generate any ROI in the near to medium term. When you take 1,800 actively drilling rigs and chop that to 850, you end up with a LOT of excess drill pipe. Yes, that will be consumed over time, but it's going to take a long while. GE would be better served investing in areas where its seeing more profitable growth.

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NOV will merge with Corporate GE Oil And Gas, GENOVE, New name, bigger game. Hopeful from Amelia. Manage

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GP Navasota would never be sold alone. It would have to be the total GP for it to work.

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I see you all are scared, hey I work here too, but like I said GE Oil & Gas is Buying (The Plant) NOV Grant Prideco In Navasota, Not the Brand!!

And NOV GP (Veracruz) Can take down costs, so NOV Will Be Fine, Just Wont Own The NOV GP (Plant / Manufacturing ) In Navasota. All this came from a Third Party Rep, Which was heard most likely from QC's Leadership, so its trusted.

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Grant is the trusted brand...the future. It is not being sold. Nonsense and rubbish!!

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Well don't come here to read any info. Carry on with your head in the sand then.

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Someone likes to spread rumours I guess. Gossip monger!!!!!

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LOL!

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NOV did not report profit losses and they did not report a pretty picture. What they did report was better than expected results. Setting the bar at 20% and achieving 23% (example only) is not exactly world class profit but it is better than you expected which is what Wall Street is looking for. Supplying equipment is VERY different than Operator's oil production or Service Companies. Equipment manufacturers don't have the highs that the others do, but they also don't suffer as low of lows either, so having better than expected results which are still not impressive is not surprising.

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Maybe JacksonVille should come forth with more information or a credible source. Quarterly results speeches always paint a better picture. The major operators and oil companies all reported profit losses but NOV came out on top. That just does not make sense. Something sounds a little off. Everyone is reporting losses but NOV? Why the need to lay off then? They should be hiring.

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Clay Williams specifically talked about building upon trusted sources such as Grant Prideco within the NOV brand in his quaterly results speech, I doubt very much it would be sold off just after that !!

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I'm not sure I buy this. While it makes sense if you are looking strictly at the GP facilities it makes more sense that GE would buy all of NOV, not just a chunk of it. Personally, I'm filing this away as a 10% chance of GP alone and more like a 60% that GE is acquiring virtually everything that is NOV. GE could really do a lot to clean up the messy, unorganized and unskilled manufacturing management within NOV but without more meat on this bone I'd guess this is just speculation and not rooted in facts at this point.

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Is this really the truth? Who is the source? The top guy or the minions below???

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Any verification to this?

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