We know how to do that. We appreciate your support, and thank you very much for being here. They need it in the worst way. I'm just wondering about the thought process of that, and then your continued relationship with the company once it is a separate entity? The MHWirth Pile Top Drill Rig Image Contest Terms. I tell everybody in this company, "I'm not sure what a CEO's supposed to do," but one of the things that I do try to do is provide opportunity to our employees. I think if you believe in the energy business, we're a pretty easy investment. We don't like to buy things on the expensive side. What are we going to do? Stop Annoying Robocalls. Who's going to replicate that? When I look back, when I started my career I started it with a company called Helmerich & Payne (NYSE:HP), which is a great land drilling contractor. Miller: Yeah. We could see what was going to happen in the future. November 21, 2013. Aug 24, 2017, 7:42am CDT. I think my first conversation with Varco was in 1998, and we announced the deal in August of '04, and closed in March of '05, so we're patient people. NOV also announced today that Merrill A. âPeteâ Miller, Jr. has stepped down as the Companyâs Executive Chairman in order to become the Executive Chairman of NOW Inc. Clay C. Williams has been appointed Chairman of the Companyâs Board of Directors effective immediately. When you look at offshore market, you think about the Golden Triangle of West Africa, the Gulf of Mexico and Brazil, but what else in the international market, when you think of offshore drilling, really brings a smile to your face? The point being, I think it really showed the people in the company that, "Hey, the outside understands who you are." Well, we're past that, but I think a lot of people still are in the paradigm of saying, "Is this, in fact, episodic?" He is the chairman of the Board of Directors of Ranger Energy Services, Inc. since 2017, and a director of Chesapeake Energy Corporation (since 2007). At the end of the day, I tell people, "No one ever got fired for buying IBM (NYSE:IBM), and nobody gets fired for buying NOV." You get a lot of companies that are upstarts that want to come in there and get on our turf, but I think we protect that turf pretty well. Actually, what you're seeing in the land market today is the number of wells being drilled hasn't reduced. He is a member of the National Petroleum ⦠Muckerman: Obviously working out for you, and that confidence that you have in your acquisition strategy. Ver los perfiles de las personas que se llaman Pete Mille. His father was a telecommunication engineer and his work made the family travel a lot. The drill ships are really doing the exploration in the deep water, but those are new ships being added to the fleet. Pete Miller has been Executive Chairman and Chairman of the Board of Directors of NOW Inc. since May 2014, when the Company was spun off from National Oilwell Varco, Inc. Mr. Miller previously served as President, Chief Executive Officer and Chairman of the Board of National Oilwell Varco. I truly believe the Arctic -- whether or not we do anything in Alaska, it's problematical -- but they're certainly going to do things in Russia, in different areas, and in Norway and places like that. If you do those three things, irrespective of what country you're in, I think you're going to enjoy working here and you're going to be motivated and you're going to find out this is a great place to work. Muckerman: Being involved in rigs all around the world certainly helps hedge any downturns in specific geographic areas. I'm telling you what analysts are telling us, not necessarily what we believe there, but the point is it made sense to go ahead and spin this off to our shareholders. It used to be like this, but every mistake we made, we kept adding to it, so it's a pretty thick manual right now. When you're talking about new rigs coming online, some say that up to 100 could be needed by 2020, 2025. South China Sea? Mr. Miller also served as Executive Chairman of NOV Inc., a spinoff of the distribution business of National Oilwell Varco, Inc. from 2014 to 2017. Miller: Actually, the things that we do are complementary to what they do. Peter was born in Chibougamau, Quebec in 1968. I think the macro economy ... are we going to continue to grow? Muckerman: Post Macondo, rig upgrading has been a huge business for you all. When you look at what's happening there, and then coming off the west coast of India, essentially what you're seeing is there's all kinds of offshore basins that are pretty exciting today. We think that's almost the seal of Good Housekeeping. Brazil? Pete Miller: I think for National Oilwell Varco, it really impacts in a lot of different ways. But you've got to be patient, too. Executive Chairman of the Board. Muckerman: If you're an investor looking for the positives in National Oilwell Varco, what are maybe three things that you should continually focus on to make sure that you're hitting your marks? Those are the kind; we'll figure it out. You bet, but our margins still begin with a two. I was just wondering if you see that potentially becoming a threat, or if they're just going to stay in that subsea technology market that you guys have kind of let them have at the moment? I think we're a spreadsheet; "Here are the numbers," and that's what it is. Miller: I think if you take a look at what we're doing with technology -- we talk about new products all the time, because you've got to keep changing your product. We probably, in the last 12 years, have done 300 acquisitions, but every one had a specific purpose, and every one was part of a strategy to be the manufacturer for the oilfield. You're starting to see a pickup, especially off of Norway. I think the third thing that people don't realize is our footprint. When you look at guys like that, you can learn an awful lot from what they've been able to accomplish. I think that's all I have, unless there's anything else you'd like to say to our investors and readers worldwide? How much weight do you rely in that when you're analyzing a deal, thinking to yourself, "We can bring this company in without a problem?". Mr Miller is a US citizen. You can sit there and you go, "Wow. With operations in over 1,160 locations worldwide, National Oilwell Varco (NYSE:NOV) is a leading provider of equipment and services to the oil and gas industry through its three segments; Rig Technology, Petroleum Services & Supplies, and Distribution & Transmission. Then you've seen the shift from natural gas to oil. matter of fact, the drums on some NOV drawworks and winches will soon incor-porate an integral permanent magnet motor. Muckerman: Just before this interview, you announced a spinoff of one of your business lines into a separate IPO. It's part of our everlasting portfolio; our CEO Tom Gardner basically build a portfolio of companies where he's never going to sell them, and he recommends that for our investors as well. I would offer that if I took you around this building and introduced you to a lot of the people that are here, you're going to come away saying, "That's a motivated workforce, that's a workforce that's excited, and that's a workforce that's very talented." Miller: Oh, I think we're getting hold of it pretty well. Has it created a couple of strains? Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. etree. Now, when we have all parts of the cycle hitting at the same time, that's nice to have. It doesn't matter where you are, where you want to take that rig. That's been our strategy all along, Taylor. Miller: I think right now you're starting to see some things in the North Sea again. But we feel like we've got a wonderful position in FPSOs and flexibles, and that's going to enhance what they do, so as they get more and more production manifolds in, we're going to be able to hook them up and it's going to be great business, I think, for all the companies mentioned. When they look at an acquisition coming in, they look at the opportunity it affords both to the employees, and to our customers, and to our vendors, and that gets everybody pretty well motivated to make sure we're doing it right. Miller: No. We want to make sure that, as you take a look at the companies that we put together, you've got early , mid-, and late-cycle companies so someplace along that way, one of those parts of the cycle ought to be hitting, and it helps to mitigate the problems that occur in other parts of it. The three things we talk about all the time are integrity, accountability, and the third one -- and most important -- is have fun and enjoy what you're doing. In 62 countries, you've got all different cultures, you've got all sorts of things. By Olivia Pulsinelli â Assistant managing editor, Houston Business Journal . Born in Norwich, England, he has lived in San Francisco since 1972. What we did is we started going out and buying distressed companies. If you look at Sinopec (NYSE:SHI), they've invested in the Eagle Ford. Muckerman: You mentioned it being "frothy" businesses. #Column2 #BulletVote #StateAssembly We're there. Actually, as an industry, we're starting to look at -- rather than a rig count -- we're looking at well count. They ask questions that are prescient. For us to have the wonderful installed base we have, then that's kind of a gift that keeps on giving, because every five years we're going to be back out there doing business with our customers. It's not too much of a worry for us. West Africa? I would say that's not half bad -- and they're double digits -- so we feel pretty good about that, but we know that we have to get them better, and we're doing that. View Peter Millerâs profile on LinkedIn, ... Aug 2017 - Nov 2019 2 years 4 months. Miller: We basically talked to a lot of the people on the staff. Miller also serves on the boards of Chesapeake Energy Corporation (OTC:CHKA.Q), Offshore Energy Center, Petroleum Equipment Suppliers Association, and Spindletop International. Then in 2008 we bought Grant Prideco, which gave us even more, and then in the interim there we were buying an awful lot of different (unclear) companies. Miller: You know, it really matters a lot. Merrill A. To think, the other day we completed a drill ship in 26 months. âI think itâs going to be okay. Does it give us something that we don't currently have? Muckerman: When you mention their level of detail and thoroughness, they obviously had some concerns. You look at what's being done on pads, and they've really become very, very efficient. Stock Advisor launched in February of 2002. Miller: Yeah. If it does, good. He is a member of the National Petroleum Council. It won't last forever, so it wasn't exactly rocket science. Reach Out Pete Miller, Actor: Racey: Lay Your Love on Me. You go ahead and buy them at that point. View the profiles of professionals named "Peter Miller" on LinkedIn. Generally speaking, that's going to be a technology, that's going to be a product, and it's consistent with our strategy. I'm surprised that they would know that. And, you know, weâll go from there, right?â Obvious Child (2014) Fortunately, we're there to provide that. Do we need the product? But now you see North American land taking a step back as far as natural gas production, while offshore and the Gulf is booming. I think you're doing a couple different things right now, Taylor. They talked to vendors. Then you've got to look at the price. We're gaining even new customers, but we're gaining more and more loyalty, while at the same time the industry's expanding, so you're getting a couple pops. Únete a Facebook para estar en contacto con Pete Miller y otras personas que tal vez conozcas. Muckerman: You mentioned your people, and that's one of the first things that The Motley Fool looks at, is management and the company culture. Peter started playing football in high school and eventually ⦠There's a greater demand, but we're getting a bigger part of that greater demand. Would we want to get in that business? Then you look at China, also, with huge shale reserves estimated by the EIA. Prior to that, he spent 15 years at Helmerich & Payne International Drilling Company in Tulsa, Oklahoma, serving in various senior management positions, including Vice President, U.S. Operations. Well, what we did is we announced yesterday that we were going to spin off, to our shareholders, our distribution business. We wait until they get a little cheaper. I think that's going to occur. When you look at the thoroughness, and that's why we feel really good -- we love all of our shareholders -- but we really love the fact that he has enough confidence in us that he's saying, "We're going to put some money right there.". All That's Real 2. Miller: I think it's a combo of both. Miller: But what we can have are things that we demand out of our folks. It's not just me. Weâll put the motor in the middle and let it wind and unwind the wire rope By Linda Hsieh, associate editor Pete Miller, National Oilwell Varco Looking into the future with Why do some say automation ⦠That's a neat deal for us. When we've talked about that over the last couple of quarters, everyone's mentioned the revenues continue to grow. I think, post Macondo -- we actually were doing pretty well prior to Macondo as well -- and then post Macondo everything kind of shut down, in the Gulf especially. Is it finally going to realize its true potential, do you think? Ver perfiles de personas llamadas Pete Miller. Consigue tu propio perfil de música en Last.fm, la ⦠Chevron (NYSE:CVX) signing over a billion-dollar deal with YPF down there. Do you see it loosening up? ... One practice that Miller implemented at NOV could go a long way in ⦠We were able to bring them together -- if you look at the things that we did in the late '90s, early 2000s -- and then probably the game changer for us was when Varco and National Oilwell came together. How are we going to get the synergies?" Muckerman: What do you think has helped out with that from the top down in your company culture, to really allow your employees to buy into these new companies coming into the fold like that? I think that, for the longest time, building rig equipment wasn't even cyclical; it was almost episodic. Halliburton (NYSE:HAL) didn't want to. Miller: I think for the most part it's the bureaucracy. It's a stand-alone company, it's got comparables that you can look at throughout the industry and be able to measure this, while at the same time the margins for the remainco, if you will, the legacy National Oilwell, pick up a little bit because distribution by definition always had a little bit lesser margins. Mr. Miller received his Masters in Business Administration from Harvard Business School in 1980. It's a cyclical industry, whether you like it or not, and we can handle those kind of issues. Before joining NOV in 1996, Mr. Miller served as President of Anadarko Drilling Company from 1995 to 1996. Sure, I think it makes some sense, but it's pretty frothy. I think they know that they need help. You saw margins for the overall company contract over the last quarter, mainly due to customers wanting their equipment in a much quicker timeframe, and you then having to work overtime to provide that. Utilizamos cookies y herramientas similares para mejorar tu experiencia de compra, prestar nuestros servicios, entender cómo los utilizas para poder mejorarlos, y para mostrarte anuncios. Muckerman: Yeah, we follow this company quite regularly on a lot of our podcasts that we provide. Muckerman: When you look at your competition right now, you look at companies offshore in the subsea business, not necessarily intruding on your FPSO business, but you look at FMC Technologies (NYSE:FTI), GE (NYSE:GE) is really pouring a lot of money into the energy space right now, and then the joint venture with Cameron (NYSE:CAM.DL) and Schlumberger, getting into their one subsea joint venture. We've got an integration manual like this. Miller: It really is an award for the company. What we are is we're victims of our own success. It's a pretty expensive business right now. That's all different things like that. They went out and talked to customers. I think that's where the fun side comes, when you talk about it. How have you been able to increase those sales? That's pretty unbelievable, to think that in just a shade over two years you've got a complete drill ship that's out and working and drilling. We've got a wonderful manufacturing group, and those folks know how to do things well. Let's go get it. First, and probably the one that most of our investors know best, is the actual building of the drilling rigs, jack-ups, and ships that have to go offshore and do the drilling. Those are expendable products. That's drill pipe, that's solids control, that's bits. I think today, though, we're starting to open up different bases around the country. But interestingly, we're actually building rigs in Fort Worth, Texas, and shipping them to China, to help exploit the Chinese shale plays. We had a vision, and that vision goes back to 1996. Obviously, 2012 Morningstar CEO of the year; had to be a very great feeling for you and your company as a whole, because you didn't do it yourself. Muckerman: Do you think this is just a combination of onshore drying up, or do you think it's just the fact that technology is improving and they're really realizing that the vast reserves are located offshore right now? If you miss your boat slot there, you're going to have big problems getting your equipment out to the rig. They've had infrastructure problems ... when you take a look at it, supporting the offshore business they've got one base, and that's essentially Macaé. The CEO at the time was Walt Helmerich, and he probably taught me more about business than anybody I'd ever seen. Is that something that you're going to continue to see, or that company will continue to see, or is that something that was one-off in nature in the last couple of quarters? We'll take an earnings hit for a quarter or two because we realize that the business itself is still growing, while other companies' revenues have kind of slowed down a little bit, even though they're pulling some financial accounting tricks to boost their earnings. Part of his childhood was spent in the Bahamas and in 1977, they came back to Quebec. Escucha música de la colección de pete-miller (209.133 temas reproducidos). I'm kind of different in the fact that I don't think a company like ours can have a culture. Muckerman: Thank you very much. I'm sure you spoke on a pretty regular basis when he was initiating those deals, so what's it like to sit down with Warren Buffett? As a result of that, the results come up to the top, and they speak for themselves. Miller: I think the thing that's been so attractive is people have understood that it provides opportunity. It's not so much company specific as industry specific. I think when you're talking about national oil companies, they've got to make decisions that not only look at the financial side, but also look at the political and the social side. Peter Miller, Actor: Mambo Italiano. It'll be even more so, but they'll still continue to have just a great relationship, the way we do with a lot of distributors. Other people didn't want to do it. and, "If the macro slows down, that's going to impact these guys." It's an emotional deal, no question about it, because we're company builders. He redefines supply chain, he redefines logistics definitions. When you take a look at the size of it, when you look at the numbers, it could very well be valued at $2.5 to $3 billion. We have done so well at delivering products that customers came out and said, "Well, let's knock another six months off.". Pete Miller is an actor, known for Racey: Lay Your Love on Me (1978), Racey: Such a ⦠That's why we get awards like that. Miller: That's a problem I love to have. An Interview with Pete Miller, CEO of National Oilwell Varco NOV's CEO discusses his companyâs history, where it stands now, and what it ⦠Schlumberger (NYSE:SLB) didn't want to be the manufacturer. It just happened here, and it happened here. Muckerman: Very well. pete miller: 12/10/17: retired justice evelyn lundberg stratton's veterans' criminal justice & mental health issues news 03 dec 2017: pete miller: 12/3/17: retired justice evelyn lundberg stratton's veterans' criminal justice & mental health issues news 26 nov 2017: pete miller: 11/26/17 Thank you for having us today; very gracious of your time. Quite frankly, they've got the manifolds and everything on the ocean floor. How do you think you can operate and balance that, once both of them start to pick up at the same time? When you look at that template that we have, that's a real competitive advantage for us because I'm going to be supporting you wherever you want to drill around the world. You mentioned margins with this business in particular. They talk about the Libra Field being auctioned off, hopefully in October, and now the Brazilian government is becoming a little bit more lenient on gasoline prices within the country, and even talking about helping Petrobras fund some of their drilling initiatives down there. That is ongoing right now. Muckerman: That's fantastic. Miller: Yeah. I mean, I'm kind of lucky to have the job that I've got. Miller joins Taylor Muckerman for a discussion of the oil and gas industry; where it is today, where it's heading, and how National Oilwell Varco intends to help it get there. Probably in the last six months we've had more jack-ups ordered than probably have been ordered in a six month time frame in history. They were doing other things; that's OK. That's what we wanted to do, so let us have it, and now we've become the predominant manufacturer in the oil field. Now, you take a look at the floaters that are out there, the semi-submersibles; those are more of the production and development rigs, and those go back to -- the first floater probably went out, maybe the early '50s -- and you're doing a lot of replacement there, but you're also doing some additive. Sigue a Pete Miller y explora su bibliografía en la página de Pete Miller de Amazon.com. We think it's going to give the analysts -- people like you -- a better opportunity to be able to look at the company and say, "OK, I understand this part of it, and I understand this part of it," and probably get a better valuation because of that. The Gulf of Mexico seems like the growth there is kind of slowing down a little bit, but internationally do you see the jack-up rig market ready to take off, or is it in a similar state as the Gulf of Mexico right now? With the expanded drilling offshore, we also are seeing an improvement in our PS&S business as well. First off, when you look at the drill ships, for the most part that's additive. It's the quickness of decisions being made. Muckerman: Right. Algunas de las tecnologías que usamos son necesarias para funciones básicas como la seguridad y la integridad del sitio, la autenticación de la cuenta, las preferencias de seguridad y privacidad, datos internos de uso del sitio y mantenimiento, y para que el sitio funcione ⦠It'll be a lot more, though, of an arm's-length transaction, even though we do that pretty much today. We've got SWAT teams that go in and get that done real quickly. When you're dealing with an Exxon or a Chevron, they're big companies. The biggest issue is, does it fit strategically? Ver perfiles de personas llamadas Miller Pete. Mr. Miller graduated from the United States Military Academy, West Point, New York in 1972 and, upon graduation, served five years in the United States Army. The oldest part of us dates to the 1840s and the oil well side of it dates to 1863 with Colonel Drake, so we've been around for a long time. We talk about three things around here. NOV is actually a fairly old company. This one, though, it made a lot of sense. National Oilwell Varco Inc. announced that Chairman and Chief Executive Officer Merrill A. âPeteâ Miller, Jr. has informed the Board of Directors that he intends to step down from those positions, concurrent with the completion of plans to spin off to its ⦠I'm just wondering if a light bulb suddenly went off, or if that was your ultimate goal from the get-go, of you coming on with National Oilwell Varco to try and build that standard operating procedure for rigs, worldwide. Both of them are really doing well today, but I think on the offshore business it's just looking for that big field. That is very expensive to do. But offshore, you're looking for the big elephant. Well, depending on what this winter's like, I think you're liable next year to see a little bit of a shift back toward natural gas. Miller: Absolutely. But the one thing we don't spend a whole lot of time on is how are we going to integrate it? There's no way that ... once people have got that religion, they can't stop it, and they've got it. We built it that way, and just because they're spun off doesn't mean they won't still be doing it. Nov 15, 2018 by Pete Miller. I think Statoil is doing more and more things. But the modern version of NOV started in about 1996 and, quite frankly, the whole industry was coming out of a terrible -- I won't even call it recession; it was a depression -- from about the early '80s to the mid '90s. However, I think the best kept secret at NOV is our Petroleum Services and Supplies business. NOV also announced today that Merrill A. âPeteâ Miller, Jr. has stepped down as the Companyâs Executive Chairman in order to become the Executive Chairman of NOW Inc. Clay C. Williams has been appointed Chairman of the Companyâs Board of Directors effective immediately. No matter where you are in the world, NOV is there to provide the downhole solutions you need. Just to touch on offshore one more time, with Brazil, it's been kind of a frustrating market for the offshore community with Petrobras (NYSE:PBR) and the Brazilian government kind of holding back on some of the auctions.
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