NOV's extensive proprietary technology portfolio supports the industry's full-field drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on automation, predictive analytics, and condition-based maintenance.

NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 63 countries, operating under three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

Critical Accounting Policies and Estimates

Oil & Gas Equipment and Services Market and Outlook

* Averages for the quarters indicated. See sources below.

.99 $2 Source: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude Oil and Natural Gas Prices: Department of Energy, Energy Information Administration (www.eia.doe.gov).

Financial results by operating segment are as follows (in millions):

The following tables set forth the reconciliation of Adjusted EBITDA to its most comparable GAAP financial measure (in millions):

Net cash provided by (used in) operating activities $ (227 ) $ 150 Net cash used in investing activities

Significant sources and uses of cash during the first six months of 2022

Cash flows used in operating activities were $227 million, primarily driven by changes in the primary components of our working capital (receivables, inventories and accounts payable).

We paid $39 million in dividends to shareholders.

See Note 15 for recently adopted and recently issued accounting standards.

© Edgar Online, source Glimpses