We were pleased to host one of our favorite oil patch leaders who, since 2014, has been at the helm of the global oilfield equipment manufacturing bellwether. NOV’s organizational lineage dates back to the birth of the oil and gas industry nearly 160 years ago. Perspective matters, particularly in the inherently cyclical oil & gas business, and Clay’s 30+ years of oilfield service and E&P experience in a myriad of operational and financial roles (with an oil major during the particularly vicious mid-80s downturn, as part of a highly regarded energy services/equipment-focused private equity firm and one of its portfolio companies which eventually became part of National Oilwell Varco, etc.) have helped shape and influence the customer focus and capital returns-oriented culture of the company today. Those familiar with the NOV story know the company is consistently disciplined and dispassionate regarding its capital allocation through the cycles. Market leadership is a key element of NOV’s strategy, so it was helpful to gain insight into the thought process which underpins the important tenets of the company. Predicting the precise timing of the (oil market) recovery is an impossible task, but NOV’s conservative balance sheet, FCF-generating profile and leading portfolio of surface and wellbore construction/completion/production technologies, equipment and products suggest that the company will benefit when it eventually occurs.