2022

Sustainability
ReportContents
A Letter from Our CEO........................................05

Social............................................................................ 44

About this Report ...................................................... 06- Human Capital Oversight............................... 44- Our Reporting Frameworks........................... 06- Who We Are and Where We Work.................. 46- Primary Topics.................................................. 07- Diversity, Equity, and Inclusion..................... 48- ESG Data Sheet................................................. 08- Recruiting, Developing,- Executive Summary.......................................... 10

and Retaining Talent........................................ 54

About NOV .................................................................. 12- Employee Engagement................................... 57- Our Strategy...................................................... 14- Workforce Health and Safety......................... 58- Our Values.......................................................... 15- Safety Performance......................................... 62

The Industry that Powers the World...................... 16
Energy Transition ...................................................... 18- Fixed Offshore Wind........................................ 20- Onshore Wind................................................... 22- Floating Offshore Wind................................... 23- Geothermal....................................................... 24- Carbon Capture, Utilization,and Storage Solutions..................................... 28- Solar.................................................................... 30- Biogas................................................................. 31- Hydrogen........................................................... 32- Deep Sea Mineral Extraction......................... 33
Environmental............................................................ 34- Reducing Emissions and Environmental
Impact of the Oil and Gas Industry............... 36- Climate Risk Management
and Greenhouse Gas Emissions.................... 40- Managing and Minimizing
Other Environmental Risks............................ 42- Human Rights: Modern Slaveryand Human Trafficking.................................... 63- Community Investments................................ 64
Governance................................................................. 68- Corporate Governance................................... 70- Board Oversight of ESG Issues...................... 70- Our Board of Directors.................................... 71- Executive Compensationand ESG Alignment.......................................... 74- Business Ethics................................................. 75- Supply Chain Management............................ 78- Conflict Minerals.............................................. 78- Political Activity andIndustry Associations...................................... 79- Cybersecurity.................................................... 80
Stakeholder Accountability..................................... 82
Appendices.................................................................. 83

“We power the industry
that powers the world.
It’s who we are.”Clay Williams
Chairman, President and Chief Executive Officer, NOV

sustainability@nov.com

A letter from our CEO

At NOV, we enable access to the oil, gas, and renewable energies that make progress possible
by providing energy industry participants the necessary technology and expertise to develop
and produce those resources efficiently.
As the world embraces both alternative and secure sources of energy supply, we will continue
to support our customers’ efforts to develop affordable and reliable, secure energy. We arecommitted to facilitating a path to a lower-carbon future by improving the economic returns ofrenewables yet recognize the pivotal role of oil and gas to life in the 21st century.
Today, oil and gas is the industry that powers all other industries, from construction to transportation to petrochemicals to pharmaceuticals to consumer goods to you-name-it. Its absence
would threaten our modern way of life. Yet, society’s efforts to pivot away from fossil fuels havestarved this critical industry of capital, talent, and infrastructure. Unfavorable market conditions
exacerbated these challenges, as companies were forced to reduce investments and highly
experienced, well-qualified people left the industry during an historic downturn.
Today, amidst an emerging energy crisis, the world finds itself in urgent need of secure, reliablesupplies of oil and gas. Reconstructing a marginalized industry long deprived of resources will
not be easy; it is incredibly capital-intensive and requires highly specialized experts, products,
and processes. Fortunately, the oilfield is nothing if not resourceful and resilient, and we arehere to support its return.
Energy industry participants depend on NOV as an essential partner. Our priorities align with
their priorities; our success follows theirs. So, when we consider what we must do to help themachieve energy security and energy transition, it is much of the work described in this report.
Continued focus on lower-carbon technology investments and related portfolio expansion,developing and supporting our people, and maintaining good governance and sound principles
allow us to be the best partner we can be—and the one our industry deserves.
Thank you,

Clay Williams
Chairman, President and Chief Executive Officer, NOV

nov.com/sustainability

5About this Report
We consider environmental, social, and governance (ESG) issues in the context
of the risks and opportunities they present to our business performance andmanage accordingly. This report describes the actions we are taking related to
ESG initiatives and our future plans.

Our Reporting Frameworks
We prepared this year’s corporate sustainability report in accordance with the Sustainability Accounting Standards
Board (SASB). We evaluated ourselves primarily on SASB’s Oil & Gas Services Industry Standard - Extractives & Minerals
Processing Sector, to the extent it aligns with our business.
We are an independent energy equipment and technology provider, whose operations are conducted through manufacturing, and service locations where we design, deliver, and support the products we sell to the energy industry.
With limited exceptions, we do not have field, rig, or wellsite operations, unlike the large service companies in theoilfield services sector. As a result, we believe several of the metrics in the Oil & Gas Services Industry Standard are notmeaningful to our business model, and we supplemented our reporting with the SASB Industry Standard – Industrial
Machinery & Goods – Resource Transformation Sector.
To provide more detail on certain issues, we aligned our reporting with Global Reporting Initiative’s (GRI) Core Standards
and the United Nations (U.N.) Sustainable Development Goals (SDGs), and the Task Force on Climate-Related Financial
Disclosures (TCFD). The report appendix contains detailed reporting indices for all cited frameworks.
We believe these disclosures provide a reasonable review of the ESG impact on and of our business for thecalendar year 2022.

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Primary Topics
As part of our ongoing commitment to sustainability, we conducted an ESG materiality assessment to identify andprioritize the ESG topics we believe most affect our business performance and outlook. We sought the opinions andfeedback of our employees, investors, and board members who identified the following top five ESG issues:

Workforce Healthand Safety

Energy Transition Risks
and Opportunities

Product Quality
and Safety

Attracting, Retaining, andDeveloping Talent

Data Security

In this report, we share how we address these and other issues and incorporate them into our sustainability plans,
ensuring that we align our strategy with stakeholder interests and create long-term value for all.

nov.com/sustainability

About This Report7About This Report

2022 ESG Data Sheet
Operations
Metric

Unit

2020

2021

2022

Revenue
Net Loss Attributable to Company
Adjusted EBITDA*
Net Cash Provided by Operating Activities

$MM
$MM
$MM
$MM

6,090
(2,542)
350
926

5,524
(250)
229
291

7,237
155
231
(179)

*Adjusted EBITDA is a non-GAAP measure, see “Non-GAAP Financial Measures” and “Reconciliation of Adjusted EBITDA to Net Income (Loss)” in ourreported Fourth Quarter and Full Year 2022 Results

Environmental
Topic

MetricEnergyConsumption

Energy - Fuels
Energy - Electricity
Total Energy Consumed
Scope 1 (Direct) Emissions
Scope 2 (Indirect) Emissions
Scope 1 and 2 Emissions

Air
Emissions

Water Use

Unit

2020

2021

2022

GJ
GJ
GJ
mt CO2E
mt CO2E
mt CO2E-

3,331,913
1,666,424
4,998,337
177,336
206,878
384,2143,479,225
1,868,034

GHG Emissions Intensity

mt CO2E/$MM
Revenue

-

69.55

55.06

Total Municipal Water Consumed

US Gallons

-

339

427

5,347,259
193,005
205,524
398,529

Please see pages 40-43 for further information, including our limitations in data gathering and plans for improvement.
For a discussion on how we calculate GHG emission data, please see Climate Risk Management and Greenhouse Gas Emissions on page 40 of this report.

SocialTopic

MetricEmployees

Total Employees
Female Employees
Employees
Salaried
C-SuiteBoard Members
U.S. Employees Who Identify as Ethnic Minority
Employees
Salaried
C-SuiteBoard Members
Employee Voluntary Turnover
Total Recordable Incident Rate (TRIR)
Total Workforce
Lost Time Injury Frequency Rate (LTIR)
Total Workforce
Fatality Rate
Total Vehicle Incident Rate (TVIR)
Average Hours of HSE Training

DE&I

Retention

Workforce
Health and
Safety

Unit

2020

2021

2022

#

27,631

27,04332,307

%
%
%
%

16%
23%
20%
22%

15%
22%
20%
20%

15%
22%
10%
20%

%
%
%
%
%

47%
34%
20%
11%
7%

47%
35%
20%
20%
11%

50%
36%
10%
20%
12%

#

0.87

0.87

0.80

#
#
#
Hours

0.39
0
-

0.35
0
1.58
455,000

0.29
0
1.37
550,000

Governance
Topic

Metric

Unit

2020

2021

2022

Business
Risk

Net Revenue from 20 Lowest-ranking Countries inTransparency International’s Corruption Perception Index

$MM

48

37

119

sustainability@nov.com

“We recognize that our long-term success must align with the well-beingof the environment, the communities we serve, and the governancestandards we uphold.”
Mike Loucaides
Chief Health, Safety, Security and Environmental Officer, NOV

nov.com/sustainability

About This Report9About This Report

Executive Summary
At NOV, we promote sustainable practices and support the industry’s transition to a lower-carbon future. Our focus ontechnology investment, continuous workforce development, and strong governance principles is a testament to our commitment. We recognize that sustainability is increasingly significant to an important segment of our stakeholders and havemade progress in our ESG initiatives. In addition to reducing our emissions intensity, we have fostered a company culturethat prioritizes workplace safety and technological innovation. In 2022, we are proud to report steady advancements inthese vital areas:• NOV produced 398,529 metric tons of CO2 equivalent Scope 1 and 2 emissions (MT CO2e) in 2022. Our emissions consisted of 193,005 MT CO2e from stationary combustion and 205,524 MT CO2e from purchased electricity.
• NOV’s emissions intensity (MT CO2e per million dollars of revenue) decreased by 21% compared to 2021. This reduction was primarily due to increased facility utilization and greater use of renewable electricity in several of our facilities.
• NOV’s renewable energy-related revenue amounted to $332 million in 2022 double our total from 2021. , This increase
was partially driven by several orders for our proprietary vessel designs and jacking systems, which have been used to
install most of the world’s offshore wind farms.
• Our Sjøhest blade installation solution enhances the efficiency of offshore wind turbine installation by an estimated20 to 30%, reducing the operational carbon footprint. Furthermore, NOV worked to develop new vessel designs that
optimize the economics of monopile, pin-pile, or suction anchor foundations for offshore fixed wind installations.
• During 2022, Elevating Women Together, Multicultural Professional Partnerships, and VetConnect were created as
employee-led resource groups that foster a diverse and inclusive work environment. Employees formed leadershipteams, established missions and goals, and recruited members to their network groups.

21%$332mmDecrease in emission intensity

Renewable energy- related revenue

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• NOV has been recognized by Forbes as one of the World’s Top Female-Friendly Companies for 2022. The company
ranked 30th out of 400 companies worldwide that excel at championing women through competitive pay, strong careeradvancement opportunities, and flexible work arrangements.
• Our commitment to health and safety is one of our core values. In 2022 our employees completed 555,348 hours ofhealth, safety, and environmental (HSE) training. Our HSE Management System is designed to mitigate risks, avoid
job-related injuries, and ensure compliance with HSE standards.
• In 2022, we conducted 51,400 compliance training sessions covering ethical business practices, anti-corruption,
anti-bribery, trade compliance, human trafficking prevention, and modern slavery awareness to our Board of Directors,
executives, and employees.
• NOV prioritizes global community investment initiatives that support education, poverty reduction, children’s welfare,and human rights. Our community investment projects are often initiated by our employees and backed by the company, embodying the compassionate nature of the NOV global family. In addition to corporate donations, our workforce
volunteered for hundreds of hours of community service, all in support of organizations such as the United Way,
Convoy of Hope, Redeemed Ministries, the Alzheimer’s Association, and more.
• NOV has developed and introduced technologies to conventional oil and gas operations which, with widespread adoption, would reduce greenhouse gas (GHG) emissions more than 20 times our own 2022 Scope 1 and 2 GHG emissions.

555,300+

51,400

Hours of HSE training

Compliance training sessions

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About This Report11About NOV
We power the industry that powers the world.
We deliver technology-driven solutions to empower the global energy industry. For more than 160 years, we havepioneered innovations that enable our customers to safely produce abundant energy while minimizing environmental
impact. The energy industry depends on our deep expertise and technology to continually improve oilfield operations
and assist in efforts to advance the energy transition toward a more sustainable future. We provide critical equipment,
technology, and services to improve the efficiency, safety, economics, and environmental impact of the development
and production of oil, gas, and renewable sources through three operating segments.

Rig Equipment

WellSite Services

XL Systems

Marine and Construction

TuboscopeCompletion Tools

ReedHycalog
M/D Totco

Intervention and Stimulation
Equipment

IntelliServ

Process and Flow Technologies

Grant Prideco

Subsea Production Systems

Downhole

Fiber Glass Systems

Directional DrillingTechnologies

Fluid Motion Solutions

NOV Rig Technologies designs,
delivers, and supports complete
land rigs, drilling equipment packages, and related capital equipment
as well as renewable energy equipment and technology.

NOV Wellbore Technologies
provides critical drilling technologies, equipment, andservices—largely consumed duringpetroleum and geothermal wellbore
construction—that maximize customer efficiencies and economics.

Pole Products

NOV Completion & Production
Solutions designs, manufactures,and integrates technologies toimprove the efficiencies and reduce
emissions associated with completing and producing oil and gas wells.

sustainability@nov.com

“After years of developing our engineering and manufacturing capabilities, we’rein an excellent position to deliver sustainable technology to the market. Our
team has honed their ability to create impactful concepts and bring them to life,
positioning us to drive positive change through innovation.”
Joe Rovig
President, Rig Technologies“Our focus on developing new technologies is driven by the opportunity tocreate a lasting, positive impact on future communities. By improving the carbon
footprint of our industry and paving the way for sustainable, accessible energy,
we seek to make a meaningful difference in the world.”
Isaac Joseph
President, Wellbore Technologies“As the world demands a more sustainable energy industry, we rely on our
team of innovators to drive progress and push boundaries. We recognize
our significant responsibility to pursue a better future for generations andare dedicated to our mission.”
Kirk Shelton
President, Completion and Production Solutions

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About NOV

13

About NOVOur Strategy
We are a dependable partner for an essential industry. When we supply technologies, equipment, and services that
help lower the marginal cost and environmental impact of the development and production of oil, gas, and renewablesources of energy, we strengthen our position as a leading provider of technology and equipment to the energy industry
and improve our ability to deliver superior economic returns to both our customers and shareholders.
We focus our efforts on building sustainable competitive advantage. We are market leaders, trusted for our experienceand reputation, making our products and services a lower-risk purchase for our customers than those of our competitors.
We benefit from unmatched cross-segment capabilities, scope, and scale, giving us the flexibility to direct our efforts tothe area of greatest return. We maintain a global presence, including supply chains and distribution networks to support
all major markets and relationships with virtually every petroleum producer, service company, and contractor.
We leverage our core capabilities and competencies to continue assisting our customers’ efforts to reduce theirenvironmental impact and advance the energy transition. When evaluating potential energy transition opportunities,
we look for attractive industry structure and good strategic fit. By focusing on areas where we believe we’re capable ofsupporting our customers’ success, like wind, geothermal, carbon capture and sequestration, and solar, we can generate
greater returns on capital.
Our strong entrepreneurial culture further enhances our competitive position. Each of our three operating segments
consists of distinct business units responsible for different products and technologies. While the corporate function
provides strict oversight and governance, our business unit leaders can make decisions appropriate for their customers
and markets more swiftly than would be possible at a corporate level, and we believe this entrepreneurial leadership sets
NOV apart.
We maintain a low-capital intensity business model that generates strong free cash flow and can scale our infrastructure
relative to industry cyclicality. Our capital structure is conservative with an investment-grade credit rating and ample
liquidity. This financial strength inspires confidence from customers who make large purchase commitments and relyon NOV to support the equipment they own and operate with aftermarket parts and services. Our strong balance sheet
provides operational and strategic flexibility through industry volatility and commodity price cycles.
We believe we are well-positioned to deliver strong performance under a wide range of market conditions. We benefit
from a sustainable competitive advantage, enhanced by entrepreneurial leadership and low capital intensity, allowing us
to drive higher capital returns and shareholder value.

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Our Values
We have the people, capabilities, and vision to serve the needs ofa critical and rapidly evolving energy industry—one the world can’t
live without.

We are a global family.
We are thousands of individuals working as one team to create a lasting
impact for our customers, ourselves, and the communities where we live
and work. We take responsibility for each other and our company’s future,knowing that personal ownership leads to broader success.

We believe inpurposeful innovation.
We see where our customers’ needs are not being met, and we act. Throughbusiness innovation, product creation, and service delivery, we are driven
to better power the industry that powers the world.

We believe inservice above all.
We have been the backbone of the oil and gas industry and are leveraging our engineering and manufacturing experience to support additional
industries. Our focus is to deliver the finest products and services on timeand on budget to push our customers’ business forward.

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About NOV

15

The Industry thatPowers the WorldThe energy industry is addressing the challenges of supply chain constraints and inflationary price pressures triggered by,among other things, the pandemic, conflict in Ukraine, and years of under-investment in global hydrocarbon production.
Our industry continues to play a crucial role in ensuring affordable energy security and advancing the energy transition.
What does all this mean for energy demand in the coming decades? Most forecasts point to growing demand—a demandthat can only be satisfied by an increasingly diverse mix of energy sources. In its World Energy Outlook 2022, theInternational Energy Agency (IEA) estimates that oil and gas will remain the most consumed energy sources through 2050,
but their overall share in the global energy mix will drop from 80% today to just above 60%. The U.S. Energy Information
Administration (EIA) projects that oil and gas demand will plateau rather than dramatically drop during this time period.
Both groups agree that renewables will be an additive source to the energy mix rather than a replacement. Estimates
forecast that renewables will generate 43% of the world’s electricity in 2030, up from 28% today. Natural gas power generation is also projected to increase, providing lower-carbon electricity through the displacement of coal-fired power plants.

World Energy Consumption by Fuel
900

Renewables

600

Nuclear

300

Coal

0

Oil and Gas
2020

2025

2030

2035

2040

2045

2050

Source:The International Energy Agency (IEA), World Energy Outlook 2022

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An “all of the above” supply strategy

Balancing energy and food security withsustainability

These projections demonstrate that meeting growing
global demand will require ongoing development andinvestment in all energy sources. Some energy policymakers and analysts have been aggressive in their forecasts on
how quickly the world can transition away from oil and gas
to solar, wind, geothermal, hydrogen, and other low/no-carbon sources of energy. Reducing global-scale investmentsin oil and gas, before building the necessary capacity inrenewable energy sources to replace it, is not responsible
from an energy security or economic stability point of view.

“As events in 2022 demonstrated, maintaining a reliablesupply of affordable, hydrocarbon-based energy is criticallyimportant when it comes to energy security. Similarly, theagriculture industry relies on accessible hydrocarbons forboth fertilizer and the horsepower needed to produce foodat an industrial scale,” said Grzywa. “In this context, hydrocarbon production will remain a foundation for essential
living standards of the global population.”“Examination of the current global economy suggests weare in an energy deficit, with demand outpacing supply,”
said Jeremy Grzywa, NOV’s Director of New Technology
focused on low-carbon solutions. “Many believe this deficit
could persist for years and significantly impact the quality oflife for people around the globe. As a result, for many, talk of
the energy transition has shifted to using renewable sources
to supplement, not displace, traditional sources of energy.”

NOV’s contribution to this effort includes development of
new well construction and production technologies andservices that help oil and gas customers maximize hydrocarbon production efficiency. Such services will also help
reduce rig days, cut the number of personnel required in thefield, and minimize trips to and from the wellsite—resulting
in lower costs, safety risks, and carbon emissions.
NOV is working to help our customers deliver secure andaffordable energy today while preparing for a low-carbon
energy future.

For their part, oil and gas producers are working toward alower-carbon future, with significant efforts under way tominimize the carbon footprints of their daily operations.
In addition, the oil and gas industry’s vast infrastructure
for producing, distributing, refining, and selling theirproducts—a global network developed over more than acentury—dwarfs the current infrastructure for renewables.
As a result, oil and gas is likely to remain key to the overall
energy mix as the energy transition unfolds.

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The Industry that Powers the World

17

Energy Transition
The addition of lower-carbon energy sources to the global energy mix presents
enormous opportunities. NOV is investing, empowering, and collaborating alongsideindustry participants and other partners to make renewables more economically
viable and facilitate the transition toward a more sustainable future.

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We focus our efforts on high-potential areas where we can create long-term competitive advantage and deliver strong
financial returns. We have primarily grown these ventures organically, pursuing them within our current business segments,using existing infrastructure and resources to minimize their capital intensity and maximize shareholder returns.
We pursue initiatives where we can extend our core engineering, manufacturing, and project management capabilities
and expertise to develop proprietary solutions.
“NOV can develop and manufacture technologies and services that equip a large, complex industry on a mass scale,enabling access to frontier energy resources—like deepwater and shale—and now renewables,” said David Reid, NOV’s
Chief Technology and Chief Marketing Officer. “We are well-positioned to be able to solve problems. We have materialscience experts, data experts, control experts, and others. Their skills don’t belong to oil and gas; they apply everywhere.”

We will continue to apply these transferable skills to existing and new markets to improve project execution, drive capital
returns, and reduce the cost of energy. The following section details some of our current initiatives into lower-carbon
energy sources, ranging from well-established businesses to some of our earlier-stage and emerging efforts.
Visit www.nov.com/energytransition for more information on all our energy transition initiatives.

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Energy Transition

19

Energy Transition

Fixed Offshore WindNOV is the global leader in the design and manufacture of installation systems for fixed offshore wind installation vessels
because of our expertise in jack-up vessel and marine equipment design, relationships with shipyards worldwide, androbust global supply chain. We are the leading designer of the world’s wind installation vessels, and most of the world’s
installed offshore wind power has been constructed with NOV-designed vessels and equipment. Outside of China, tenof the twelve wind turbine installation vessels (WTIVs) currently under construction in our global addressable market
are NOV designs (WTIVs for the Chinese domestic market not included).

Ten of the twelve wind turbine installation vessels being
constructed worldwide outside China are of NOV’s designs.

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We provide integrated solutions to support the cost-effective development and maintenance of fixed offshore wind farms,
including the development and licensing of vessel designs; the design and manufacture of critical jacking systems, cranes,
and mooring equipment; collaboration with shipyards to install and commission equipment on these vessels; and a robust
aftermarket network offering parts, service, and repair.
As the size and hub height of offshore wind turbines increase, we are well-positioned to capitalize on the industry’s risingdemand for installation vessels with increased lifting and carrying capacities and Jones Act-compliant vessels for the evolving
U.S. market.

Our Sjøhest – Norwegian for “seahorse” – blade installation
solution improves offshore wind turbine installation efficiency
by an estimated 20 to 30%, reducing the operation’s carbon
footprint.
“Sjøhest combines the field-proven GustoMSC™ NG-5500XL
vessel design with NOV Lifting & Handling’s innovativetechnologies to enhance offshore wind turbine blade
installation efficiency and logistics,” said Marc Doorduin,Commercial Director Fixed Wind.
While larger installation vessels install the towers andnacelles, a dedicated Sjøhest jack-up vessel connects directly
to the tower with a telescopic leader boom, similar to how aseahorse uses its unique and strong grasping tail to resist
ocean currents. This creates an aligned and stable platformfrom which a trolley horizontally transports the blade along
the leader, rotates the blade into a vertical position, andconnects the blade to the rotor.

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Our new ENSIS series of heavy lift crane vessels are designed
to improve foundation installation efficiency. With the biggest
lifting and carrying capacities, the ENSIS 5000 and ENSIS
8000—the largest vessels in the series—can transport manyof the largest envisaged monopiles in one trip. The ENSIS
3000 is a compact design that efficiently installs smaller
monopiles, pin-piles, or suction anchors; the ENSIS 4000
offers opportunities for Jones Act-compliant vessels whilestill being able to install the larger monopiles expected in the
U.S. offshore wind projects.
ENSIS combines GustoMSC vessel designs with NOV Heavy
Lift cranes and deck equipment to design a purpose-built
integrated solution for wind turbine foundation installation.

Energy Transition

21

Energy Transition

Onshore WindNOV is developing technology to construct and service increasingly taller wind towers that improve onshore wind economics.
Higher hub heights allow larger and more efficient turbines toreach stronger, steadier winds, significantly reducing energy
costs and increasing energy capture and the geographic areas
where onshore wind projects can be economically viable.
We have invested capital and engineering expertise in Keystone
Tower Systems (KTS), a Denver-based start-up that has developed a patented tapered spiral-welding process that enables
automated and faster wind tower section production. The proprietary process is designed to enable in-field manufacturing,
to reduce costs and eliminates many logistical limitations oftransporting the large-diameter sections necessary for taller
towers. KTS’s first commercial line is under construction at ourfacility in Pampa, Texas.
Our core design and manufacturing competencies for large,
industrial capital equipment, including cranes, lifting tools,
and rotary machinery, position us to develop fit-for-purpose
components and installation equipment to facilitate the construction of onshore wind turbines at higher hub heights.
We are also developing an onshore wind tower erection
system. Erecting onshore wind towers requires large crawler
cranes that provide better mobility at low and moderate hubheights but are less efficient at higher heights. Our technology
combines a tower crane and mobility system that leverages
our intellectual property, control systems, and experience inmobile arctic, desert, and train rigs. This patent-pending combination creates a mobile crane that is expected to improve
the safety, efficiency, and reliability of tall onshore wind tower
installation.
“Our investments and technologies are intended to enable manufacturing and construction breakthroughs that are designed
to allow the onshore wind market to reach new heights,” said
Nick Morriss, NOV’s New Product Commercialization Director,
Renewables.

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Floating Offshore Wind
Floating wind turbines could be key to unlocking the massive
energy potential in deep water because many regions of theworld do not have large areas of shallow water sufficient for
fixed-bottom wind turbines and wind tends to be stronger andsteadier farther offshore. We are using our deep expertise inrigs and vessels, offshore, and marine design, engineering, andmanufacturing to advance this emerging market.
“A fair number of floating wind developers are oil and gas
majors, so that puts us in the right position as these are a
known, accessible customer base,” said Barend Jenje,
Commercial Director Floating Wind.
We are developing new products and technologies to support
this exciting market alongside our vast legacy capital equipment and service portfolio, including logistic cranes, winches,mooring systems, cable-lay systems, and chain connectors
and tensioners.
Our patent-pending Tri-Floater is proceeding toward commercialization as the semisubmersible floating wind foundation
has completed scale model testing and secured concept
verification from Det Norske Veritas (DNV). Based on proventechnologies—semisubmersible, mooring, and anchoring
systems—pioneered in the offshore oil and gas market, thecost-effective design features a shallow draft in port thatenables a broader range of assembly and marshalling harbors. The design focuses on industrialization (constructability)
and supply chain to minimize capital expenditure and project
execution risk.
Leveraging our broad and expanding technology portfolio,
extensive track record of managing complex offshore projects,
relationships with shipyards worldwide, and robust global
supply chain accustomed to stringent quality and traceability,
we are working to reduce floating wind project execution risk.

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Energy Transition

23

Energy Transition

Geothermal
Geothermal energy is gaining greater global attention as a long-term renewableenergy source thanks to its abundance, resiliency, and reliability.
The next eight years alone promise a rapid rise in global geothermal energy for electricity production. Rystad Energy
projects that by 2030, the installed capacity of geothermal electric power production will be close to 36
gigawatt-electric (GWe). This is nearly double the current estimated installed capacity of 17.4 GWe.
And on the heating front, the global active installed base of geothermal heating projects reached 15.8 gigawattthermal (GWt) in 2022, with an expected compound annual growth rate of 6.9% between now and 2030. Geothermal
well activity for district heating is also ramping up, particularly in major European cities grappling with an energy crisisbrought on by this year’s embargos on Russian gas.
Where will much of this installed capacity come from? “To make a lasting contribution to global energy demand,
geothermal producers need to fundamentally change how and where they tap into the Earth’s heat,” said Tony Pink,
NOV’s Vice President of Subsurface Energy Technologies.
Conventional geothermal production processes like hydrothermal are geographically limited to areas with natural
underground reservoirs. Such reservoirs are shallow and have fairly low temperatures—typically less than 200°C(392°F)—which limits their power generation potential.
“These limitations are compelling many geothermal developers to tap into hard, superhot rock formations,” said
Pink. “Such formations are the ‘holy grail’ of geothermal, because they open up geothermal drilling and production
to most parts of the world.”
Superhot rock geothermal systems are drilled into granite-based basement formations with temperatures of 300°C(572°F) or greater, which offers a five-to-ten-times increase in energy generation compared to today’s commercial
hydrothermal systems. NOV is actively working to address the biggest challenges to these enhanced geothermal
systems—namely, high temperatures and hard rock—by enhancing its existing drilling technologies for harsh environments.

sustainability@nov.com

In 2022, NOV’s XL Systems wedge thread technology waschosen for use in a key geothermal project in California.
Identified by the customer as an ideal fit for their geothermal
wells, the metal-to-metal thread fit seals of XLF connections
provide the robust sealing performance required in theelevated temperatures found throughout the casing stringin geothermal wells, allowing for efficient operations andimproved cementing results.

nov.com/sustainability

In 2022, the Department of Energy awarded $9 million to
the Geothermal Limitless Approach to Drilling Efficiencies(GLADE) project for drilling a pair of geothermal wells under
the DJ Basin in Colorado. ReedHycalog will support the drilling
operations with its Phoenix™ series drill bits, incorporating thelatest ION+™ PDC cutter technology. Additionally, NOV secured
an award to supply drill bits for a key geothermal client in East
Africa and delivered drill bits for geothermal drilling programs
in Italy and Switzerland.

Energy Transition25

To improve drilling and economic efficiency, NOV tapped into its vast drill bit experience to develop novel V-shaped
cutter technology that effectively cuts through ultra-strong, abrasive granite. Different bit and cutter designs weredeveloped and tested as part of the Frontier Observatory for Research in Geothermal Energy (FORGE) project run by
the U.S. Department of Energy (DOE) in Utah.
“The drill bit equipped with specially--shaped PDC cutters dramatically improved ROPs in FORGE testing,” Pinksaid. “Our longest bit run was 2,000 ft [610 m] at an ROP of 75 ft/hr [23 m/hr], while performance on the early runs
at FORGE were typically 400 ft [122 m] at 10 ft/hr [3 m/hr] with insert bits. With this level of performance, we helped
drill the test well a full 60 days ahead of plan.”
And to maintain reliable geothermal drilling and production at high downhole temperatures, NOV has successfully
deployed its Tuboscope™ TK-Liner and TK-Ring II glass-reinforced epoxy systems. The first application of these systems in geothermal wells in the Netherlands helped prevent corrosion, reduce heat loss, and minimize friction. The
company also continues to develop and deploy insulated drill pipes and mud cooling systems that keep electronics
in MWD and directional drilling systems cool enough to operate reliably at extreme temperatures downhole.
“I’m excited to be part of a team that is committed to bringing geothermal energy to its full potential,” Pink said. “Aswells go deeper and get hotter, NOV is ready to deliver new tools and services that help bring reliable, renewablegeothermal heat and power to the global stage.”sustainability@nov.com

In 2022, NOV secured two new geothermal contracts for its TK™-Liner in Europe. The project is a first-of-its-kind
for Denmark and a significant milestone for Tuboscope™ and TK-Liner in the European renewables/geothermal heating
market. As countries across Europe continue to seek ways to phase out coal to meet climate targets, the success of thisproject will potentially inspire other nations to consider geothermal as a viable heating solution for homes.

Since 2020, Tuboscope has supplied more than 28 miles(48 km) of large-diameter TK-Lined pipe for geothermal
applications.

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Energy Transition

27

Energy Transition

CCUS
In the near term, global demand for hydrocarbons is unlikely to be replaced with renewable sources. Building renewableenergy infrastructure, at the size and scope required, will take time, likely decades, and significant capital investment.
Currently, the energy industry is looking to lower carbon emissions from a variety of emitters, including from fossil fuelproduction. Carbon capture, utilization, and storage (CCUS) promises to play a major role.
Increasing the scope of CCUS to meet the carbon reduction goals set by governments and global accords will be a challenge. The Paris Agreement, for example, calls for a 55% reduction in carbon emissions by 2030 from 1990 levels,
made all the more difficult to achieve as global energy demand continues to rise.

The energy industry has a successful history of developing technologies to solve
complex energy problems. As it has for other challenges in the past, NOV is working to developing economically viable and sustainable solutions for CCUS.
“Our industry has the resources, technological know-how, and commitment to lowering the carbon footprint of emitters,”
said Rodney Reed, NOV’s President of Process and Flow Technologies. “NOV is working to being at the forefront of thesetechnologies, helping our customers de-risk their CCUS efforts by providing reliable, scalable, and cost-effective carbon
capture technologies.”
NOV’s products and services contribute throughout the CCUS value chain. Our solutions across Rig Technologies andWellbore Technologies allow operators to drill sequestration wells more efficiently, reducing associated emissions.
Additionally, NOV’s Wellstream Processing business unit draws on three decades of process engineering and gas treatment
experience—gained over hundreds of projects—to engineer, design, and execute customized carbon capture systems for
specific customer needs. Additional gas processing solutions include CO2 dehydration technology options using triethylene glycol, molecular sieves, or other adsorbents. For CO2 deoxygenation, NOV offers efficient catalyst-based systems.
“In addition to our advanced capabilities on the capture side, we also provide a range of technologies and services tosafely transport and store CO2, including technologies well-proven through years of application in large-scale oil andgas projects,” said Reed.
On the transport side, NOV provides a range of fiberglass and flexible composite piping solutions to transport and transfer
CO2—without the corrosion risks and reduced costs. To optimize CO2 injection and storage, NOV draws from its portfolioof drilling technologies, including drill bits, motors, and well construction. For offshore carbon storage sites, NOV provides
robust, reliable APL turret mooring and offloading systems to transfer CO2 into reservoirs. Recently, NOV APL received
DNV approval in principle for our Single Anchor Loading (SAL) for offshore CO2 injection.
“NOV is well-positioned having these capacities all under one roof, along with the capacity to grow at scale,” said Reed.
“In addition to our technologies, our project-scale engineering management expertise helps clients decarbonize theiroperations and meet their net-zero goals.”sustainability@nov.com

In 2022, NOV introduced its eVolve™ wired drill pipe optimization services to the carbon capture and storage (CCS)
market. NOV’s M/D Totco™ business unit began providing eVolve services supporting drilling operations on two CCS
wells in the North Sea. The project aims to capture CO2 from various onshore industries, transport it by ships, and inject
it 1,000–2,000 m (3,280–6,562 ft) below the seabed for permanent storage. Well integrity and placement are critical in CCS
applications to ensure minimal leakage back into the atmosphere. The enhanced knowledge of formation propertiesand downhole location provided by real-time broadband data transmission from NOV’s wired drill pipe system enables
customers to construct the safest and most efficient carbon storage wells.

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Energy Transition29

SolarAs the use of solar energy continues to grow, we are designing and developing solutions to improve the efficiencies
associated with the installation of solar development.
NOV entered the solar fixed-tilt and tracking market in2019 with an organic growth strategy, supplemented by
the acquisition of certain intellectual property rights inJanuary 2022. We are now primed to introduce products and services to improve the efficiencies of the solar
industry. We provide a comprehensive offering of fixed-tilt
and single-axis tracker system products and services andwithin this market, we are targeting utility-scale and commercial-industrial solar plants. We are focusing on supply
chain optimization and industrial engineering efforts insolar equipment design and production.
“We bring more than three decades of capital-intensive
project management experience, core structural designand delivery competencies, and a diverse supply chain tothis cost-sensitive market,” said Nick Morriss, NOV’s New
Product Commercialization Director, Renewables.

The team is developing the ArcMinPV product portfolio of
reliable solar racking and tracking systems that are easy
to install and reduce component costs. Trusted in morethan 2 GW of installations, our GeoPro fixed-tilt solar racksolves several ground-mount challenges, including irregularsite boundaries, steep/uneven terrain, last-minute modulechanges, pile driving refusals, and snow loads up to 70 psf.
The TechTrack Distributed single-axis tracker system reacts
intelligently to real-time conditions to increase generation
and reduce the risk of harm to the power plant. Dynamic
Stabilization™ provides damping when unlocked, securesthe structure during design-critical events, and increases
the system’s natural frequency.
We are commercializing a utility-scale one-in-portrait
tracker solution and a two-in-portrait fixed-tilt racking solution and are evaluating sub-utility scale pre-certificationdeliveries for accelerated field deployment and field product testing. Plus, NOV plans to drive the re-design of solar
tracker and racking products and installation processes toadvance the efficiency of solar tracking technology.

sustainability@nov.com

Biogas Solutions
The breakdown of agricultural, animal, or food waste andother organic materials produces biogas, a renewableenergy source. NOV has provided equipment for industrial
applications from feedstock collection and processing tobiogas production and utilization for decades.
We offer a comprehensive selection of technologies andpackaged solutions that simplify the supply chain throughour Fluid Motion Solutions, Process and Flow Technologies,
Fiber Glass Systems, and Intervention and Stimulation
Equipment business units. The Chopper Hopper™, forexample, combines solids reduction and transfer pumping
technologies for efficient biofuel transfer at commercial andindustrial locations.

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Our portfolio includes grinders, munchers, pumps, andmixers, as well as fiberglass pipework, tanks, vessels, structures, and handrails. We also provide gas upgrading andtreatment technologies, such as dehydration, sweetening, and hydrogen sulfide removal. Our digital solutions
offer remote monitoring and predictive maintenancecapabilities, providing intelligent insight into process optimization that mitigates performance issues and reduces
CO2 emissions.
Since demand for this renewable energy source is projected
to rise significantly over the next 20 years, we are pursuing technological advances, such as smart digesters, andcontainerized solutions, to improve efficiencies in biogas
operations and ensure waste is never wasted.

Energy Transition31

Hydrogen
As the energy industry continues to move toward a moresustainable and cost-efficient energy future, hydrogen is
positioned to help support the transition.
Meeting the demand for this market will require safe,
cost-effective, and reliable solutions for hydrogen transport and storage.
“We have been developing, testing, and certifying solutionsin the hydrogen space for years, primarily in the area ofsafe hydrogen transport,” said Jan Rytter, R&D Director at
NOV. “Much of this development is rooted in our rich historyof developing and delivering technologies and services
for large, complex, and high-value oil and gas production
projects.
“NOV has a number of technologies that improve theefficiency and safety of green hydrogen production,” said
Rytter. “These include our Seabox and SWIT subsea water
treatment technologies, which can efficiently remove impurities from seawater to improve the economics of offshore
electrolysis operations.”

In addition, as a leader in advanced composite and flexible piping systems, the company aims to provide greenhydrogen transfer and offloading solutions that avoid thecommon problem of hydrogen embrittlement in steel pipe.
NOV is investigating our ability to assist hydrogen production from fossil fuels by repurposing our existing gas
processing technologies to enable the production of bluehydrogen.
“Our decades of process engineering and gas treatment
expertise can help capture the carbon dioxide generated
during hydrogen production—essentially making this bluehydrogen greener,” said Rytter.
For carbon capture and transportation, NOV’s Bondstrand™
fiberglass pipe has a successful track record in CO2 injectionlines, high- and low-pressure pipelines, ductwork, and otherchallenging carbon capture and transport applications thatwould be corrosive to carbon steel.

sustainability@nov.com

Deep Sea Mineral Extraction
Deep-sea mineral extraction presents a potential strategic
development for NOV, as this emerging market can play avital role in the advancement of lower-carbon energy sources. Demand for cobalt, copper, manganese, and nickel is
expected to rise in the coming years as these critical minerals enable the development of wind turbines, solar panels,
and batteries.
Drawing on our extensive expertise in rig and vessel, offshore, and marine equipment design, engineering, andmanufacturing, we are developing effective ways to extract,transport, and process minerals from the seafloor. We aretaking an integrated systems approach from vessel design
and mission equipment to aftermarket operations.

Beyond our existing product portfolio, including cranes,
fluid handling and offloading systems, and composite solutions, we have designed a closed-loop vertical transportsystem. Based on proven riser technology, the system canoperate in water depths up to 5,500 m (18,045 ft) and reduce
the environmental impact of the operation.
We are also developing an enclosed Skiplift – crane verticaltransport system for transporting the material in a controlled manner from the seabed to the surface. In addition,
we can capture kinetic energy during operations throughour proven flywheel technology and digital innovations toincrease operational efficiencies and reduce emissions.

“NOV has the design experience to deliver truly integrated
vessel and equipment solutions for the deep-sea mineral
extraction market,” said Guido van den Bos, Business Development Director.

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Energy Transition

33

Environmental
NOV is committed to complying with the environmental laws and regulations in
the countries where we operate and reducing the energy industry’s impact on theplanet. From energy consumption and emissions to water and waste management,
we employ thoughtful procedures and processes to protect the environment,
mitigate risk, and operate in a safe and environmentally compliant manner.

sustainability@nov.com

“We have a moral obligation to protect the environment for future
generations. It is our responsibility as an organization to operate
sustainably and be good stewards of the planet’s resources, ensuringthat they are available for future use.”
Mike Loucaides
Chief Health, Safety, Security and Environmental Officer, NOV

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Environmental

35

Environmental

Reducing Emissions and Environmental
Impact of the Oil and Gas Industry
At NOV, we support the transition to a lower-carbon energy future by providing
products and services that reduce emissions from traditional oil and gas
operations.
With our expertise that spans drilling, completion, and production-related activities, we have tremendous opportunities
to help our customers economically and reliably reduce the carbon intensity of their operations, including the following
examples.

Reducing power/fuel consumption
Our PowerBlade™ Hybrid energy recovery system reduces
the number of diesel generators onboard rigs, lowering fuelconsumption, maintenance requirements, and carbon emissions from drilling operations. PowerBlade stores otherwise
unused drawworks braking energy in a flywheel and battery.
This energy is then used to perform peak shaving during drawworks usage. Power from the flywheel and battery storage cuts
the peak drawworks requirement for power from generatorsand reduces fuel consumption during drilling operations by
25 to 30%.
The Hydraulic Power Unit (HPU) EcoBooster reduces power
consumption by shaving power peaks on ringline HPUs, lowering emissions and costs. Maintaining stable pressure candeliver up to a 40% reduction in annual fuel consumption,
resulting in up to $200,000 in fuel cost savings.
Our Maestro™ diesel engine optimization software reduces thedrilling rig’s fuel consumption and carbon emissions by shaving power peaks on the drawworks. The configurable systemdetermines loads and required power generation to stop andstart engine/generator sets automatically. Maestro can integrate with PowerBlade and other energy storage systems tocalculate and use stored energy..
1. Powerblade
2. EcoBooster

sustainability@nov.com

Onsite cuttings treatment
We offer several wellsite technologies that help our customers
minimize their environmental impact. For instance, our iNOVaTHERM™ portable treatment unit efficiently treats oil-based
drilling waste at the wellsite offshore or onshore, reducing
transportation requirements and related carbon emissions.
The iNOVaTHERM has proven to recover oil and water fromthe drilling waste, consistently delivering as low as 0.1% oil on
cuttings for safe and compliant disposal. The system’s higher
treatment capacities, decreased energy consumption, andreduced manpower requirements also lower operating costs.

In 2022, NOV received its first offshore
contract for the iNOVaTHERM portable
treatment unit. Following a successful
trial run in the UK, a major operator
awarded NOV a three-well contract thatis expected to run the entirety of 2023
for operations in the Ivar Aasen Field in
the North Sea. The iNOVaTHERM treatment process for drilling waste at thewellsite advances the industry’s objectives of reducing its carbon footprint,
lowering operational costs, and keeping
people out of harm’s way.

0.1%
Oil on cuttings

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Environmental

37

Environmental

Next-generation fracturing
The Ideal™ eFrac fleet dramatically reduces the costs and greenhousegas emissions involved in hydraulic fracturing operations without
sacrificing safety or performance. The Ideal eFrac fleet offers lower
carbon emissions, greater power density, faster rig-up times, andlimits operational costs, headcount, and non-productive time while
improving the reliability that efficient fracturing operations require.
Compared to conventional operations, the Ideal fleet reduces fuelcosts by up to 89% with wellhead natural gas-powered turbines andlowers CO2 emissions by up to 74% compared to Tier 4 fleets thatflare gas. In addition, it is less disruptive to neighboring communities
due to its reduced noise and smaller footprint, requiring more than
40% fewer truckloads for delivery.

sustainability@nov.com

In 2022, NOV sold 25,000
horsepower of Ideal eFracpressure pumping equipment.
NOV’s 5,000 HHP Ideal eFrac
pumps consistently displace up
to three conventional frac units
on location and are proven to
reduce operational expenses
on pump maintenance by
up to 30%.

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Environmental

39

Environmental

Climate Risk Management andGreenhouse Gas Emissions
Our most meaningful impact on lowering global emissions is by providing lowcarbon technologies that help to reduce the energy industry’s carbon footprint.
This approach has the potential to reduce global emissions by many multiples
of our carbon footprint.
We developed our GHG inventory based on international standards from the World Resources Institute (WRI) and World
Business Council for Sustainable Development (WBCSD), including the GHG Protocol Corporate Standard and Scope 2
Guidance, using a location- and market-based approach. We used an operational control approach to set organizationalboundaries for inventory reporting.
In 2022, we generated 398,529 metric tons of carbon dioxide equivalent (MT CO2e) in location-based Scope 1 and 2
emissions, and our total energy consumption was 5,347,259 gigajoules (GJ). As was the case in 2021, our 2022 emissions
are fairly evenly distributed across Scope 1 and 2; our Scope 1 emissions from stationary combustion sources were 193,005
MT CO2e, and our Scope 2 emissions from purchased electricity were 205,524 MT CO2e. Increased industry activity driven
by demand recovery, robust commodity prices, and relaxation of COVID restrictions contributed to an increase in absoluteemissions in 2022 vs. 2021. Compared to 2021, our 2022 emissions intensity (MT CO2e per million revenue) improved by~20.9% due to increased facility utilization and greater use of renewable electricity in several of our facilities.
It is challenging to collect multiple emissions data elements from ~550 locations. We communicated with individual facility
representatives to collect, review, and validate data from Scope 1 and Scope 2 emission sources and were successful inobtaining ~92% primary (original, non-estimated) data. Where gaps existed, proxy data obtained by extrapolation wasused to estimate energy consumption. As part of the extrapolation process, NOV categorized facilities according to theactivities being performed within that facility and developed a list of similar facilities where extrapolations could be drawn
from. Further, all data collected was analyzed according to generally accepted quality criteria and reporting principles asreflected in the GHG Protocol (WRI), to identify and correct potential inaccuracies as described below:• Consistency: reviewed to ensure data was entered in a consistent format as well as in a consistent data type to avoid
interpretation errors along the line (e.g., Dates in “Date” format and not “Text” or “Number”).
• Relevance: reviewed to ensure timeliness and geographical representativeness of the data by filtering datasets to only
display activity data for 2022 and according to all locations where NOV has operational control.
• Completeness and Accuracy: analyzed individual inputs to identify any outliers, common values, month-to-monthinconsistencies (e.g., some usage during alternating months and no usage on other months), potential human-madereporting errors, and bulk purchases in the case for Fuel.
• Reliability and Transparency: data input anomalies that we identified were referred for confirmation by the responsible
facility and corrected if needed.

sustainability@nov.com

We continue to work to manage and mitigate our GHG emissions intensity where practical, pursuing operational efficiency
across our manufacturing and service locations to lower emissions and reduce costs. To navigate a prolonged industry
downturn over the past several years, we aggressively reduced costs and consolidated into our most efficient facilities.
Now, as activity in the oil and gas industry starts to increase, we intend to continue running lean, efficient operations, withongoing efforts to reduce emissions intensity from our manufacturing and service operations. To that end, in 2022, wepublished internally guidance on how best to improve facility energy efficiency and management, providing tangible tools
and resources to enact change at local levels, including collating and sharing best practices.

2022 Emissions Inventory
Scope

SourceMT CO2e

Scope 1

Stationary & Mobile Off-road Combustion

193,005

Purchased Electricity

205,524

Scope 2 - Location-Based

Total Scopes 1 and 2(Location-Based)

398,529

Scope 1
Gas

Scope 2
FuelElectricity

Environmental

41

Total 2022 Energy Consumption
GJ

5,347,259

NOV GHG Emissions by Country

North
America

EuropeAsia

AfricaSouth
America
Australia

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Environmental

Managing and Minimizing Other
Environmental Risks
We strive to monitor, manage, and reduce our environmental impact across our manufacturing and service facilities
and office locations. While government regulations vary by country, we work toward standards of sound environmental
stewardship wherever we operate. We cultivate enhanced environmental practices and create clear policies to manage
and reduce our potential environmental impact in various areas, including air emissions, water use, waste, and spills. In
2022, we conducted health, safety, and environmental audits at 187 facilities in our ongoing efforts to ensure that we meet
all applicable environmental regulations.
In 2023, we will review our operational footprint against public maps of biodiversity-sensitive areas. Based on the findings,
we intend to develop a policy designed to minimize negative impact on biodiversity.
Non-GHG Emissions | Our global manufacturing and service locations that meet reporting thresholds monitor significant
non-GHG air emissions including Nitrogen Oxide (NOx), Sulphur Oxides (SOx), Particular Matter (PM), and Volatile Organic
Compounds (VOC) consistent with local regulations.
We are committed to developing policies, guidelines, and procedures to understand and lower our non-GHG emissions,
including choosing products with low VOCs in our manufacturing processes where feasible. We are following the samehierarchical system we used to calculate GHG emissions to focus on collecting non-GHG emissions from our largestemitting facilities.

sustainability@nov.com

U.S. facilities that exceed Tier II thresholds report these emissions at the state or federal level annually. In 2022, only 84(38.7%) of our U.S. facilities met the Tier II emissions threshold reporting requirements.
Water Management | Our primary water use is for manufacturing and service operations. In 2022, based on available
data, we withdrew 427 million US gallons of water from municipal water systems to support our operations. This number
does not include well water, which represents an insignificant
portion of our total water use. In 2023, we are analyzing ourmunicipal water consumption for our larger facilities to identify improvement opportunities for water conservation andmanagement.
Process Wastewater Management | In 2022, we implemented measures to improve our wastewater management.
Our protocols required that our facilities check to ensure thatprocess water discharge meets local regulatory standards.
We minimize our impact by ensuring we have adequate treatment before disposal.

Spills | Spill prevention is a priority. We train employees at
our global manufacturing and services facilities on spill prevention and management annually. We stock emergency
response kits at our manufacturing and service locations
to address spills that could occur and prevent them fromreaching waterways or environmentally sensitive areas. We
adhere to all local regulations and requirements. In 2022, wecompleted a global survey of high-potential release points inall our facilities to ensure our operations met our minimum
standards for spill prevention. These included a standardized
approach to secondary containment and a defined emergency spill response protocol.
The protocols and standards described above in processwastewater management, waste management, and spills
form the basis of our toxic waste and emissions reduction
strategy.

Waste Management | We are working to increase recycling and ensure proper waste disposal across our facilities
globally. Since the majority of our waste comes from ourmanufacturing facilities, we have historically recycled up
to 60% of our total waste generated. We are working with
our suppliers on the packaging of their products and implementing process changes to reduce or eliminate waste at
the source. Many of our facilities have implemented waste
recycling programs. We have adopted a global standard thatcovers the selection of appropriately licensed waste contractors, audits to verify final disposal points, and a standardized
approach to records management.

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Environmental

43

SocialHuman Capital Oversight
Our Human Resources team provides oversight of our employee-related plans, policies, and programs, and initiatives.
HR representatives are critical partners to our organizational leaders, calling attention to and supporting managementof people-related risks and opportunities to enact change across all levels in the organization.
Our Corporate Governance guidelines reflect Board oversight of human capital, consistent with our organizational focus
on promoting a diverse, equitable, and inclusive workforce; attracting, developing, and retaining talent; and ensuring
our employees are empowered and engaged. Management plays an active role in elevating issues of human capital to
the Board through regular presentations from Human Resources and Health, Safety, and Environmental leadership.

sustainability@nov.com

“Our people are the heart and soul of NOV. Whether in a
manufacturing facility, workshop, out in the field, or in an officeenvironment, it is our job to support and connect with the great
people that run our businesses.”Bonnie Houston
Chief Administrative Officer

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Social45

SocialWho We Are andWhere We Work
Our global workforce of more than 32,000
employees use their skills and expertiseto provide the products and services that
help our customers operate safely, efficiently, sustainably, and competitively.
Our employee base covers a variety of roles, including:• Inventors, designers, scientists, and engineers (including mechanical, electrical, chemical, hydraulic, materials,
computer, software, data analytics, and other disciplines)
who design and improve the equipment, electronics,
software, services, and process that bring value to NOV’s
customers.
• Technical sales, marketing, and training professionals who educate customers, the industry, and our own
organization about NOV’s many products, services, andunique capabilities.

• Supply chain, logistics, warehousing, and quality testing professionals who ensure our factories, workshops,
repair centers, and field technicians have the right materials and tools to do their jobs efficiently.
• Production and service planners and schedulers, project managers, and process design and Quality Health
Safety and Environmental professionals who plan,manage, and monitor the activities of our workforce toensure high-quality, efficient, safe, and environmentallycompliant operations.
• Machinists, metal fabricators, welders, assemblers,pipe fitters, riggers, electronics technicians, system
integrators, composite material fabricators, paint andindustrial coatings specialists, and other skilled tradeprofessionals who use a wide variety of industrial processes, tools, and techniques to transform raw materials
and purchased components into the many products NOV
sells.
• Field service engineers, mechanics, and technicians
who maintain, service, repair, and upgrade NOV equipment
and, in some cases, assist customers with its operation.
• Business leaders and managers who create businessstrategies and targets, assess goals and priorities, andallocate resources to ensure NOV’s employees have thetools they need to get the job done and further build ourcompetitive advantages.
• Support function professionals, including Information
Technology, Human Resources, Legal, Compliance, Clerical,
and Accounting and Finance who support operations tomanage business and administrative infrastructure.

sustainability@nov.com

62Countries

4%
Employees in
Canada36%

21%
Employees in Europe

Employees in the
United States

15%

10%

14%
Employees in
APAC

Employees in the
Middle East & Africa

Employees in Latin America

We are a global family, operating in 62 countries around the world, that works to support and create a lasting impact forour industry, our customers, and the communities where we live and work. Thirty-six percent of NOV employees work in
the United States, 21% in Europe, 15% in Latin America, 14% in the Asia Pacific region, 10% in the Middle East and Africa,and 4% in Canada.
Numbers calculated as of April. 1, 2023

nov.com/sustainability

Social47

SocialDiversity, Equity,and Inclusion (DE&I)
At NOV, different perspectives and ideas are valued andembraced because together, we are powerful. We recognizethat differences in experiences, ideas, gender, age, religion,
race, ethnicity, cultural background, sexual orientation, language, culture, education, abilities, and perspectives canlead to more innovative and creative business solutions,more informed decision-making, greater employee engagement, and better recruitment and retention of top talent. A
diverse, inclusive, and equitable workforce is essential to our
long-term sustainability and success.
Our global DE&I statement, released by the CEO in January
2021, describes how we intend to maintain a diverse workforce, provide equal opportunities, and foster individual
inclusion across our global organization. We continue in ourcommitment to identify opportunities for greater diversity,
equity, and inclusion, develop new ways to attract, retain anddevelop a demographically broad range of talent, maintainorganizational awareness, and monitor our progress in theseareas. Our taskforce team, created in 2021, continues to focus
on guiding and driving the company’s strategy for improving
DE&I practices and ensuring we are making progress on thesecommitments. NOV continues to make internal progress andexternal impact in this space.
We work alongside our industry peers to pursue DE&I efforts
through active participation in the Energy Workforce andTechnology Council’s Inclusion and Diversity (I&D) initiatives,
which reflect industry-specific risks and opportunities. Crossfunctional team leaders have participated in the Council’s
I&D Champion Program to acquire practical insights and tangible tools on how to champion DE&I across our organizationand encourage systemic change from within. Additionally, asa member of the Council’s DEI Engagement Council, we work
alongside our energy industry peers to advance diversity andovercome our industry’s historically low representation ofunderrepresented demographics. .

University Relations Team | Though our commitment todiversity extends across the employee lifecycle, it begins
with recruitment. With a renewed focus on university relations in 2022, research was conducted on schools that wereidentified with degrees and disciplines that align with theneeds of our businesses and student populations that support our goal to create a more diverse talent pipeline. In
2022, we engaged with those targeted schools in a numberof ways, including career fairs, student projects, skill building
workshops, networking events, and technical seminars, inorder to increase representation of ethnically and raciallydiverse populations in NOV’s talent pool. We continue tobuild partnerships with student organizations that elevate
underrepresented groups on campus to strengthen NOV’s
recruitment of diverse talent.
NOV is committed to attracting a diverse workforce and has
utilized the Pathway Rotational Program as a tool to do so.
The Pathway Program focuses on early career development
and brings fresh talent into the organization. The program
was established in the U.S. and is now expanding to otherregions. In 2022, of the active U.S.-based Pathway, 84% identified as a minority or two or more races and 24% identified
as female. In addition, a Houston-based Internship Program
was piloted in 2022. Of the 31 interns that took part in thispilot, 42% identified as a minority or two or more races and
31% identified as female. We will continue to make strides inthis worthwhile effort of developing an early career pipelineof diverse talent.
“The Pathway Program has given me the opportunity tocreate a solid foundation of knowledge regarding NOV’s mostpopular pressure-control equipment, and how each systeminteracts with each other.” said Krystal Jamison, MechanicalEngineer and Pathways Participant. “In addition, I have beenable to form a strong network of people that work for andalongside NOV that I know I can rely on for insight while solving new problems. “sustainability@nov.com

NOV is committed to employing a diverse workforce and providing the community with an opportunity to participate ina well-defined pathway from local high schools to Lone Star College (LSC) to NOV for technical skilled labor positions, inparticular machining. This partnership recruits, admits, instructs, mentors, and employs its student participants. In 2022,
NOV began its collaboration with the Aldine Independent School District (Aldine ISD) and LSC in Houston, in its developmentof machining curriculum. NOV also invests in the success of this program materially and financially, by providing program
equipment needed, co-op employment and funding student participants’ education, as they work to earn an Associates ofApplied Science (or Bachelor of Science) degree in Machining Technology, from LSC.

“I’m excited to connect with our employees – hearing their voicecollectively and working to make change that is directly impactful.”
Amanda Jean
HR Director

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Network Groups | In continuing our commitment to attract
and retain talent, develop employees, build community,and foster belonging, our DE&I taskforce identified key areasof opportunity for employee network groups at NOV. As aresult, in 2022 we established Elevating Women Together,
Multicultural Professional Partnerships, and VetConnect
as voluntary, employee-led resource groups dedicatedto fostering a diverse and inclusive work environment
within the context of the company’s mission, values, goals,
business practices, and objectives. In the inaugural yearof these network groups, our employees enthusiastically
stepped up to participate. Each group of volunteers
developed a leadership team, mission, objectives, andgoals and immediately started recruiting members andplanning events for the year.
Here are highlights for the launch of our employee networkgroups in 2022: :• Hosting a variety of professional and personal
development events• Initiating partnerships with local community
organizations- In support of early childhood STEM education- In support of U.S. Veteran well-being• Participating in NOV sponsored community
volunteer events• Global expansion plans for 2023
Diversity | Across our global workforce, women represent
15% of all employees, 22% of salaried employees, 10% of
the C-Suite, and 20% of the Company’s Board of Directors.
Our global workforce increased our diversity of nationalities
from 113 in 2021 to 118 in 2022. In the U.S., we report on
our racial and ethnic diversity through Equal Employment
Opportunity (EEO) data, shown below. In 2022, 50% of our
U.S. workforce identified as a member of a minority group.
These numbers remain consistent year-on-year.
We will continue striving to achieve greater gender andethnic diversity, particularly within higher levels of theorganization. At the Board level, our Corporate Governance
Guidelines ensure we consider Director candidates diverse
in gender, race, and background consistent with the Board’s
requirements for knowledgeable, experienced, motivated,and ethical members. Since 2014, two-thirds of newly

appointed Directors have been female or identify as raciallydiverse. For more details on Board diversity, refer to theGovernance section of this report. Among our employees,
we see proportionally greater participation by females andpeople who identify as racially diverse in our leadershipdevelopment programs. For example, in our rotational
program for recent college graduates, participants that
identified as racially diverse increased from 52% in 2019 to
84% in 2022.
Equity | We support equal pay for equal work and believe
all individuals should be compensated for the same performance, regardless of gender, race, sexual orientation, or
disability. Before proceeding with individual salary adjustments, we expect local management and human resources teams to review comparable salaries from internal andexternal sources for equity and benchmarking. We strive formeritocracy where compensation accurately reflects a position’s roles and responsibilities. Since 2018, we have worked
to better understand and address, where needed, our organization’s gender pay gap. Since that time, gender pay gapof our base pay median has declined.
Inclusion | We want our employees to feel welcome, supported, and safe, regardless of who they are or where theycome from. It is important for us to maintain a respectful,inclusive work environment that is free of harassment, discrimination, and retaliation where our employees feel comfortable sharing their individual perspectives, experiences,and ideas with others.
Everyone at NOV deserves to be treated with respect. We
uphold workplace policies prohibiting harassment, discrimination, and retaliation based on sex, race, national
origin, religion, age, disability, sexual orientation, and allother characteristics protected by federal, state, and local
law. These policies apply globally and are available in 17
languages. We provide regular training on these topics toensure employees understand their importance. Everyone
across the organization is held to the same standard, andwe expect all employees, contractors, and third parties
working on behalf of NOV to understand our policies, model
the behaviors they require, and follow reporting procedures
when they have any concerns about inappropriate conduct.

sustainability@nov.com

2021 Equal Opportunity EE0-1 Data
Hispanic

Not - Hispanic or Latinoor
LatinoFemaleWhite

Black or African
AmericanNative Hawaiian orPacific Islander

Asian

American Indian or
Alaskan Native

Two or more Races

White

Black or African
AmericanNative Hawaiian orPacific Islander

Asian

American Indian or
Alaskan Native

Two or more Races

Overall Totals

FemaleMale

Male

Executive/Sr Officials & Mgrs

1

0

22

0

0

1

0

0

2

0

0

1

0

0

27

First/Mid Officials & Mgrs

193

47

947

50

5

85

3

17

181

16

2

39

0

4

1,589

Professionals

141

55

627

50

3

181

3

18

156

22

3

104

1

6

1,370

Technicians

265

15

487

60

4

43

5

11

13

4

0

3

1

1

912

Sales Workers

24

3

127

7

0

2

1

1

5

1

0

2

0

0

173

Administrative Support

187

182

387

46

5

40

5

2

398

70

1

38

7

12

1,380

Craft Workers

570

31

589

163

6

135

9

11

19

8

0

3

1

0

1,545

Operatives

670

23

548

179

11

40

18

19

10

5

0

1

0

0

1,524

Laborers & Helpers

129

13

79

68

1

4

2

3

5

9

0

0

0

0

313

Service Workers

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2,180 369 3,813 623

35

531

46

82

789

135

6

191

10

27

8,833

Job Categories

Total

U.S. workforce only

We also provide tools and training on how to resist improper bias, focusing primarily on better understanding attitudes, beliefs, and expectations about others and becoming comfortable with—and supportive of—any differences. We provide ourhuman resources and management teams custom unconscious bias training to increase their awareness of the potential
for bias during the hiring, promotion, and evaluation to ensure equal opportunity for candidates and employees. We makethis training mandatory in the U.S., and we are working with our international teams to ensure we are delivering relevant
content across our global locations.
In the U.S., based on quarterly survey results, our employees who identify as gender or racially diverse agreed NOV is making
good progress in its efforts to promote a more diverse, equitable, and inclusive workplace. As we continue building our DE&I
plans, policies, and programs to promote a more diverse, equitable, and inclusive workplace, we intend to solicit feedback
from across the organization.

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SocialNOV has been recognizedby Forbes as one of theWorld’s Top Female-Friendly
Companies for 2022. The
company ranked 30th out of
400 companies worldwide thatexcel at championing women
through competitive pay,strong career advancement
opportunities, and flexible
work arrangements.

sustainability@nov.com

“We are proud and thrilled to be recognized by Forbes as one of the World’s
Top Female-Friendly Companies. This recognition reflects our great culture
and the fantastic work we have done and will continue to do in the future
to champion women in their careers.”
Bonnie Houston
Chief Administrative Officer

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Recruiting, Developing,and Retaining Talent
To strengthen our business for the future, it is crucial to attract, develop,
and retain skilled and diverse talent.
Improving Workplace Policies and Benefits | In today’s increasingly competitive labor market, we are adapting ourpolicies to support the changing needs of our employees. In 2022, we announced a new U.S. vacation program effective asof January 2023 that considers relevant work experience prior to NOV. By submitting previous work experience, employees
can earn more vacation time sooner. Most employees in the U.S. benefitted from this new policy, and we believe that it will
positively affect retention and recruitment in 2023.
Consistent with our organizational focus on DE&I, in 2021 we introduced the Flexible Holiday benefit for U.S. employees,
allowing the opportunity for each individual to observe cultural and religious dates most meaningful to them.
We believe that some employees in certain roles may be able to benefit from improved work-life balance that flexibility
affords, and we continue to seek ways to support them effectively while balancing the needs of our business. The U.S.
Flexible Workplace Arrangement introduced in 2021 provides an option to continue working from home on certain days
where our business allows it. We place a high value on the work accomplished, ideas generated, and relationships fosteredthrough in-person collaboration at our office locations around the world, though we also believe flexible workplacearrangements can have a positive impact on employee attraction, engagement, and retention.
Everyone experiences situations that affect their general well-being, and in recent years, we have increased education
and awareness for our managers and employees around the importance of mental health. Over the last few years, NOV
has expanded upon the Employee Assistance Program (EAP) for countries with the largest employee presence to offer
resources and support for challenges our workforce may face. In 2022, we proudly expanded upon this by implementing
a global EAP that provides every NOV employee and their families access to professional counseling and other resources
when they require emotional and mental support.
Across our footprint, we offer benefit programs such as time off policies, flexible work programs where possible, mental
health resources, along with more traditional benefits plans that support successful talent recruitment and retention.
NOV provides financial wellness support through market competitive company contributions to retirement and pension
plans where appropriate. These plans are reviewed annually for market placement. In the U.S., we provide medical, visionand dental insurance, life and accident insurance, disability benefits, and paid parental leave, in addition to the employee
assistance and wellness program described above. To ensure benefits remain affordable for all employees, NOV pays the
majority of our health plan premiums for U.S. employees.

sustainability@nov.com

Employee Development and Advancement | We value our
employees and strive to support their growth, both within
and outside of NOV. We believe their development andadvancement are critical to our long-term financial success.
By working with our employees to identify and develop
their interests, strengths, and goals, we can improve theirpersonal potential and professional experience, increasing
the likelihood they remain with NOV.
Getting the right people in the right roles – ones that alignequally with individual strengths, personal and professional
goals, and organizational needs – can have real positive
impact. In 2022, management and human resources teams
made internal mobility a priority – to be more intentional
about developing employees’ careers within the organization. We aim to provide broader access to available internal
opportunities to increase talented employees’ exposure
and impact.

In 2022, NOV delivered its 100th NOVOS™
process automation platform. As theindustry’s only reflexive drilling system,
the NOVOS platform allows drillers toautomate repetitive drilling activities,
such as making a connection offshore
and coming off and on bottom, all while
maintaining specific parameters forcirculation, weight-on-bit, and more.
In a time where recruiting and retaining
talent is a significant challenge for theindustry, NOVOS delivers operational
consistency, regardless of individual
experience level, improving performance time and time again.

We continue to invest in opportunities for employee education, growth, and development to support individualcareers and company growth. We offer a vast array of soft
skills and technical training, both general and role-specific. We encourage employee participation in personal andprofessional development programs provided by NOV orcontracted third parties, including self-directed programs
available through Harvard Manage Mentor and LinkedIn
Learning.

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In 2022, we offered more than 38 different soft skills workshops, delivered in-person or online, on a variety of topics, likebuilding business cases and managing organizational change. We have several programs designed to help employees
acquire and develop skills needed to adapt to a changing workplace, including improved computer and digital literacy. We
continually provide awareness training on emerging technologies, interests, and markets to improve employee familiarity
and understanding, like our new introduction to lower-carbon technologies.
Additionally, our Rig Technologies segment maintains dedicated technical training centers based in Houston, Singapore,
the United Arab Emirates, Norway, the United Kingdom, and Brazil that provide hundreds of technical training coursesthat may include both hands-on and classroom instruction. Our other segments provide similar facility-based technicaltraining to ensure employees are well-skilled in the manufacture, service, and support of our products. We make much ofthis technical training available to our customers to support the safe, effective operation of our products and services in
the field.
Lastly, we are focused on providing targeted, role-specific training to managers and supervisors, recognizing theirimportance in supporting their employees’ development and advancement. These training courses focus on topics likehow best to support and engage employees with regular check-ins, leading oneself and others, and supervising a team. In
2022, 10% of our managers and leaders participated in these types of organizational development workshops.
Tenure and Turnover | Our long employee tenures and historically low voluntary turnover rates are indicative of the successof our strategies related to recruiting, developing, and retaining top talent. We’re proud of our ability to retain a long-tenured
workforce across different roles and functions as it allows us to better serve our customers who rely on our employees’ deep
individual and organizational knowledge.
In 2022, in line with broader market trends, we experienced somewhat higher turnover. Our voluntary turnover increased
from 11% in 2021 to 12% in 2022. Like other large employers, we continued to be affected by a tightening labor market,
general wage inflation, and the “Great Resignation.” We seek tt improve retention and lower turnover, recognizing the importance of continuity in our workforce to sustain the level of quality and service our customers expect from a market
leader. We believe we can achieve this through our flexible work programs, workplace policies and benefits, development
and education efforts, and ongoing monitoring of compensation and rewards. Broader employment trends may continue
to offset our efforts in these areas.

8.5
Average male employee
years of service

8.9
Average female employee
years of service

sustainability@nov.com

Employee
Engagement
We believe great things happen when people are engaged
by what they do and inspired by the teams they work with.
To ensure employee voices are heard, we regularly ask for,evaluate, and, when appropriate, act upon employee feedback. Our primary tool for measuring employee engagement
is a bi-annual ‘pulse’ survey we use to gauge employee satisfaction across four areas we believe are indicative of apositive work environment: communication, development,
appreciation, and engagement. The overall goal is to use theresults, along with other human capital metrics, to enhancethe employee experience.
With our pulse surveys, we can monitor progress continuously
and make interventions in real time. We share anonymous
results with managers and human resources teams, guidingthem on how to interpret the results and actively improve.
We review our survey results, related follow-up plans, andother human capital metrics with our management teams,
providing notable updates as they become available. We
share similar information with our Board of Directors annually to provide a direct sense of employee experience andengagement.
We are proud to say that engagement continues to be ourmost positively viewed theme, with employees feelingconnected to their team and business goals. Our aim is toimprove our communication, development, appreciation,and engagement efforts that enhance the employee experience across the organization, and we recognize that doing
so will likely involve the culmination of small positive changes
over time, resulting in long-term success.

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SocialWorkforce Healthand Safety
We are committed to protecting the health, safety, andsecurity of our most valuable resource: our employees.
We work consistently to ensure that our employees, at alllevels across the organization, conduct all business activities safely to protect themselves and those around them.
We expect all our employees, contractors, suppliers, andvisitors to follow our HSE practices and policies. Their safety
is our priority.

“Protecting the health, safety, and security of our people
is fundamental to who we are – our safety culture is at
the heart of our approach to business.”
Mike Loucaides
Chief Health, Safety, Security and Environmental Officer, NOV

sustainability@nov.com

Promoting a Culture of Safety: Our HSE Management System | We maintain a Health, Safety, and Environmental
Management System (HSE MS) to guide our HSE practices and programs that aligns with and is based upon recognized standards from the U.S. Occupational Safety & Health Administration (OSHA) and International Organization for Standardization(ISO), including ISO 14001 and ISO 45001.
The HSE MS defines and describes fundamental safety controls to mitigate HSE risks, prevent work-related injuries, continually
improve HSE performance, and ensure compliance with local and federal policies, regulations, laws, and globally recognized
HSE standards. Additionally, it provides a framework for proactive and adaptable emergency response planning to protect
our people and the environment during significant disruptive events, like the COVID-19 pandemic and severe weather conditions. It functions at all levels of the organization and requires the commitment of every NOV employee across our global
facilities. Its primary goal is keeping employees safe.
Our executive management has oversight responsibility for the HSE MS, and they monitor the system for continuing suitability,
adequacy, and effectiveness at least annually. Leaders across the organization work to create a culture of safety, leading by
example and setting a standard of active engagement in HSE.

•

Risk Management – We aim to prevent work-related incidents and illnesses by proactively adopting sensible practices
and programs to identify and quantify risks, create appropriate awareness, assign corrective actions, and monitor theirclosure.

•

HSE Training – We conduct regular HSE training for employees, contractors, suppliers, and all visitors to our facilities.
We invest heavily in training, educating our employees, contractors, and suppliers on how to conduct work safely andcomply with applicable policies, programs, laws, regulations, and HSE requirements. Comprehensive and mandatory
HSE training programs form a key part of our HSE MS, and all employees participate in HSE training at least annually.
In 2022 our employees completed 555,000 hours of HSE training. Additionally, we provide our customers with detailed
safety guidance and training to help ensure the safe use of our products.

•

Audits & Inspections – Employees participate in routine HSE audits and inspections as part of our formal proactive
assessments of workplace equipment and activities, and we implement corrective actions for any identified deficiencies. In 2022, we completed 187 formal HSE audits, in addition to thousands of local facility-level workplace audits andinspections (safety inspections, hazard hunts, supervisor walk-throughs, etc.).

•

Industrial Hygiene Monitoring – To ensure health and safety within our workplaces, NOV conducts proactive and routine risk-based industrial hygiene monitoring, overseen by a Certified Industrial Hygienist, and implements corrective
actions where appropriate. As part of our ongoing global industrial hygiene program, we aim to conduct assessments
for every NOV facility at five-year intervals.

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Employee Ownership | We encourage and engage employees to take personal ownership of HSE by identifying improvement areas and initiating, recommending, or providing solutions that support safer operations. We strive to maintain aculture of speaking up when something does not feel right, and the following programs help drive employee ownershipin HSE.
Stop Work Authority – All employees have the authority and responsibility to “stop work,” halting activity immediately
when they perceive an unsafe condition, behavior, or threat without fear of reprisal. The use of Stop Work Authority forms
a part of the Near Miss reporting process.
Observation Card Reporting – The Observation Card Program allows NOV employees and visitors to report hazardous
situations, behaviors, and risks before an incident occurs without fear of reprisal and captures suggestions for improvement. Observation Cards also form a part of the Near Miss reporting process.
Incident Reporting & Investigation – Our repeatable, verifiable internal incident reporting process ensures we have accurate, timely information on all HSE-related incidents. We conduct formal investigations of all high-potential incidents
that include identifying root causes, developing a corrective action plan, implementing necessary changes to eliminate
or minimize recurrence, and communicating the information to all affected employees through bulletins, directives, andupdates to applicable HSE training.
Life-Saving Rules – In 2020, NOV adopted the International Association of Oil & Gas Producers’ (IOGP) Life-Saving Rules
to ensure alignment with industry practices. In 2022, we continued to educate our employees on the Life-Saving Rules
and ensure their implementation at each of our facilities.
Driver Safety – Motor vehicle crashes cause over 40% of work-related deaths in the oil and gas industry, according to the
National Institute for Occupational Safety and Health (NIOSH). To keep our employees safe, we require drivers of company-owned vehicles to complete “NOV Drive,” a comprehensive driver training that includes both classroom and behindthe-wheel objectives. In 2021, we initiated a project to install In-Vehicle Monitoring Systems (IVMS) on company vehicles
to help reduce driving-related risks and liabilities, following a successful pilot in 2020. This project was successfully completed in 2022, and all NOV Light and Medium duty vehicles in US and Canada are now equipped with IVMS. Following
the full installation of IVMS in 2022, NOV had a 13% Total Vehicle Incident Rate (TVIR) reduction from the previous year.

13%

1,710

3,000

TVIR Reduction

Vehicles monitored

Drivers monitored*TVIR represents the Preventable Recordable Vehicle Incident Rate (Incidents Per Million Miles Traveled). Note that these
are internal TVIR metrics that include incidents that are not required to be recorded by IOGP or OSHA (such as incidents
occurring during off-duty hours), and therefore may not be directly comparable with metrics published by other institutions.

sustainability@nov.com

In 2022, NOV signed a contract with a major
semiconductor manufacturer to supply
FM 4922-compliant fume-and-smoke
exhaust composite ducts designed toreduce fire risks in cleanroom operations.
The multi-million-dollar award is destinedfor a new $17 billion semiconductor plant
project under construction in Taylor, Texas.
This order represents NOV’s entry into FM
4922-compliant composite ducts.

nov.com/sustainability

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SocialSafety Performance
For injury and illness reporting and classification, we have adopted the OHSA criteria globally. We calculate incident
rates based on industry accepted methodology used by the U.S. Bureau of Labor Statistics and generate annual reports
in accordance with OSHA requirements. We include temporary and contract labor that we manage and supervise in all
incident calculations.

2018

2019

2020

2021

2022

TRIR

1.23

1.14

0.87

0.87

0.80

LTIR

0.52

0.42

0.39

0.35

0.29

Fatalities

0

0

0

0

0

1.58

1.37

TVIR

We set realistic targets with the goal of zero injuries and accidents. We assess our progress several ways. First, we conduct
regular internal and external audits on our global facilities. Second, we conduct peer benchmarking, measuring our statistics and performance against our industry, market capitalization, and best-in-class standards. Lastly, we maintain executive
and Board oversight over health and safety. Our CEO, CFO, Chief HSSE Officer, and our operating segment Presidents review
our incident reporting and safety performance quarterly, and the Board of Directors reviews it at least quarterly.
Security | We maintain a sophisticated security program to ensure the safety of our global employees and assets. Our
Corporate Security team consists of international experts with military, intelligence, and police experience who provide
professional guidance on physical security, asset protection, business continuity, crisis management, emergency response,
employee travel risk mitigation, and general security awareness. The team manages a Global Security Operations Center tomonitor risks affecting our global operations, employees, and other assets and provide real-time awareness and analysis
to our employees, executive management, and Board directors and detailed forecasting of potential follow-on events tomitigate future risks.
COVID | Throughout 2022, NOV continued to monitor the COVID-19 pandemic and its impacts on our employees, stakeholders, and global operations. We align with recommended best practices from global health organizations like the Centers for
Disease Control and Prevention (CDC) and the World Health Organization (WHO). We implemented practices and programs
tailored to the needs of each location including minimizing in-person attendance, social distancing, health screening, mask
requirements, contact tracing and quarantining, and facility sanitization. We provided our employees guidance and resources through frequent email communications, toolbox talks for non-email employees, bulletin board postings, and aninternal website dedicated to COVID-19 tools and resources.
Emergency Response & Crisis Communications | Timely, effective communication is essential during times of crisis. Our
regional Crisis Communications Teams (CCT) include local representation from Security, HR, HSE, Legal, and Operations
teams and meet to address regional threats and ensure protocols and responses consider any unique regional circumstances. Additionally, NOV maintains facility-specific emergency response plans and medical emergency procedures.

sustainability@nov.com

Human Rights: Modern Slaveryand Human Trafficking
NOV has a zero-tolerance approach to modern slavery and human trafficking. The company supports the fundamental
principles of the UN Universal Declaration of Human Rights, the International Labor Organization (ILO) Declaration on
Fundamental Principles and Rights at Work, the UN International Covenant on Civil and Political Rights, and the UN
International Covenant on Economic, Social and Cultural Rights. NOV upholds and respects human rights in all ouroperations and facilities. We do not condone or permit the use of child, forced, indentured, or involuntary labor in anyof our operations. We promote the health and safety of our workers everywhere. We ensure compliance with fair wage
and hour laws in all NOV operations. We will not knowingly conduct business with—and will terminate business dealings
with—any supplier or other business partner who refuses to comply with our standards.
Our Modern Slavery Act Statement, first issued in 2020, explains the steps that we have taken to help ensure that slavery
and human trafficking do not take place within our supply chain. Our Anti-forced Labor Policy details how NOV commits
to advance respect for fundamental human rights and expressly prohibits forced and child labor. Both documents areavailable at https://investors.nov.com/conduct-and-ethics.
We will continue to engage and work closely with peer companies and organizations to improve our understanding ofmodern slavery and human trafficking risks and best practices. As part of our industry outreach, NOV has partnered with
the Oil & Gas Trafficking Awareness Group (www.ogtag.org) to call attention to how, as an industry, we can manage andmitigate these risks.

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Social“When our employees give back to the community throughvolunteerism, donations, and fundraising, we’re not just proud of
the impact they’re making - we’re honored to be a part of a teamthat cares about making the world a better place.”
Allison Hablinski
Vice President, Marketingsustainability@nov.com

Community Investments
At NOV, we’re committed to making a positive impact in communities aroundthe world. In 2022, we continued to focus on education, poverty, children, andhuman rights worldwide. Many of our community investment initiatives are
employee-led and company-supported, and truly represent the giving spirit of
the global NOV family.
We’ve listed some of our community investments below.
Convoy of Hope is a nonprofit organization with a driving
passion for fighting hunger through community outreachand disaster response. Building upon the employee contribution of $54,000, NOV donated a total of $158,997 insupport of the organization’s humanitarian efforts following
the tragic events in Ukraine.
United Way advances the common good by creating opportunities for all. Their focus is on education,
income, and health—the building blocks for a quality oflife and a strong community. In 2022, NOV contributed$575,000 to the United Way of Greater Houston to improve
our communities and the lives of our neighbors.
With a focus on poverty, children, and families, the United
Way of Canada works to improve lives in the community. In
2022, NOV contributed to the organization’s annual campaign. We also contributed to Canada’s National Day ofTruth and Reconciliation.
Literacy Now works to support children and families by
providing reading intervention, reading readiness, and volunteer mentor programs that are instrumental to a child’s
long-term success. In 2022, NOV contributed $10,000 to theorganization’s Houston Reads Day, which works to provide
reading intervention supplies and materials to more than
300 children. 18,000 students from more than 50 schools
participated in the 2022 Houston Reads Day.

Specializing in child protection and dedicated to protecting
children and preventing abuse, the National Society for
the Prevention of Cruelty to Children is the only children’scharity in the United Kingdom with statutory powers, whichmeans they can take action to safeguard children at risk ofabuse. NOV donated to the construction of the organization’s Davidson Building.
Casa de Esperanza de los Ninos strives to break the cycleof child abuse and neglect for at-risk infants, children,and their families by providing comprehensive residential
and family support programs that transform people andcommunities. This year, NOV supported the organization’s
mission with a financial contribution.
The NOV Sporting Clays Tournament benefits Impact A
Hero, an organization that provides immediate and ongoingemotional and financial support for our severely-wounded
post-9/11 combat veterans and their families. In 2022, thetournament raised $120,000 for the organization.

NOV donated to the Foundation for Developmental Support,
an organization in Poland that dedicates its resources tochildren with disabilities and their families, caretakers, andcommunities – from childhood to adulthood.

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This year, NOV contributed approximately $20,000 and volunteers to two Houston Airport human trafficking awarenessevents. Held at Lone Star Flight Museum and George Bush
Intercontinental Airport (IAH), these events empowered airport crews and the public to recognize the signs of humantrafficking and know how best to intervene.

In 2022, NOV contributed $250,000 to the University of Texas
for their new Energy of Engineering Building, marking ourfourth donation, totaling $1 million, toward the building. The
184,000-square-foot building will bring the campus together
in pursuit of innovative solutions to the energy challengesof the future.

The Seabin Foundation focuses on finding proactive solutions to prevent the inflow of plastics into the world’s oceans.
NOV supported this group’s mission with a donation to its
division in Denmark.

Since 2004, NOV employees have raised more than $1.9 million for the National Multiple Sclerosis (MS) Society throughBike MS (formerly MS-150). This nonprofit organization brings
the world together to make a difference for those affected by
MS. In 2022, NOV employees raised approximately $30,000
for the organization.

In 2004, a group of NOV employees hosted the first annual
Derricks & Diamonds charity softball tournament benefiting
Texas Children’s Hospital and the Snowdrop Foundation.
In 2022, NOV employees were able to raise and donate$382,784 toward helping children, adolescents, and families fight against pediatric cancer for years to come. To date,
NOV has raised more than $4 million.
Held annually in more than 600 communities nationwide,
the Alzheimer’s Association Walk to End Alzheimer’s® is theworld’s largest fundraiser for Alzheimer’s care, support, andresearch. This inspiring event calls on participants of all ages
and abilities to join the fight against the disease. In 2022,
NOV and its employees came together to donate $13,312
to the organization.
NOV contributed $25,000 to the Acu Surf project, aLatin America-based project that brings children andadults together to learn to surf, speak English, and more.
Additionally, the funding will be used to build two sensorial
spaces in schools for children with special needs.
The Houston Texans have taken a stance against bullying,and NOV is a proud sponsor of the TORO Takes the Bull outof Bullying campaign that educates elementary students onbullying and how to end bullying in their schools. In 2022,
NOV contributed $314,159 toward bringing the campaign
to area schools, both virtually and in-person.

The Thankful Ones is dedicated to helping children in Fort
Bend County and beyond find a safe and permanent place
to call home and a family to call their own. In 2022, NOV
made a financial contribution to support the organizationin their efforts.
Spindletop Community Impact Partners enhances the lives
of at-risk youth through funding and volunteers from theenergy industry while promoting fellowship and networking
among its participants. In 2022, NOV supported the organization with $43,566 in donations.
Susan G. Komen Race for a Cure is the world’s largest fundraising event for the fight against breast cancer. NOV wasonce again honored to donate $10,000 as a sponsor of theKids Color Contest.
The Boy Scouts of America provides fun, hands-on learningand achievement that puts kids in the middle of the action
and prepares them for today – and for life. NOV contributed$50,000 to their annual Friends of Scouting campaign that
supports Scouting programs and the Celebration of Cultures.
Their Sam Houston Area Council serves approximately
46,000 youth in 16 counties in Southeast Texas throughdedicated service and leadership of over 16,000 adult volunteers. In addition to supporting the campaign, NOV also
contributed to their sporting clays event.

sustainability@nov.com

The Texas Hearing Institute helps Houston-area children gain
listening, speaking, and literacy skills. NOV donated $10,000
toward helping the organization improve children’s qualityof life.
The American Heart Association is dedicated to ensuring
equitable health in all communities. In 2022, NOV donated$80,000 to their Paul “Bear” Bryant Award, which recognizes
the country’s top college football coaches for their contributions, both on and off the field, while raising lifesaving funds
and awareness of heart disease and stroke and to the Go Red
for Women Luncheon, which brings thousands of women
together across the country who are united by a common
purpose to end heart disease and stroke in women.
The Houston Livestock Show and Rodeo awards Metropolitan
Scholarships to outstanding students graduating from
Houston-area public school districts. NOV contributed$20,000 in 2022 for one student scholarship.
Child Advocates of Fort Bend is a nonprofit agency serving
child victims of sexual abuse, physical abuse, and neglect.
In 2022, NOV made a financial contribution to help the organization in their mission.

Redeemed Ministries is one of the few organizations in thenation operating a long-term residential program dedicatedexclusively toward the trauma-informed care of adult domestic victims of sex trafficking. In 2022, NOV supported theirefforts with a donation at the organization’s annual gala anda sponsorship at their annual golf tournament.
NOV supported the Houston Area Parkinson Society with afinancial contribution. The Houston Area Parkinson Society
embraces the needs of those living with Parkinson’s disease.
Girl Scouts bring their dreams to life and work together tobuild a better world. Through programs from coast to coast,
Girl Scouts of all backgrounds and abilities can be unapologetically themselves as they discover their strengths andrise to meet new challenges. NOV donated $20,000 to theSuccess to Significance Luncheon, a program that supports
Girl Scout programs throughout the year.
NOV continued its partnership with the Spring Branch
Independent School District (SBISD) in Houston, where
employees had the opportunity to mentor students fromelementary to high school. NOV also donated to the Spring
Branch Mentoring Lunch in support of their in-school store.

The Romanian Association of Long Hospitalized Newborns(ARNIS) aims to improve newborn health in Romania throughprevention, information, and education of civil society on
early delivery, implementing family-centered care in neonatal intensive care units, and more. NOV donated to support
the organization in 2022.
Small Steps Nurturing Center provides education, social,and emotional support, a nurturing Christian environment,
transportation, and nutritious meals to economically at-riskchildren ages two through six living in the First, Second, andFifth Wards of Houston. In 2022, NOV participated in theirannual fundraising event, raising money in support of theorganization mission.

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Social67

GovernanceOur stakeholders—including our people, customers, suppliers, business partners, shareholders, and local communities
around the world—depend on us to consistently demonstrate integrity, ethical behavior, and good judgment, and our
corporate governance standards reflect these values.

sustainability@nov.com

“Organizations have a responsibility to view sustainability as more thanjust a passing trend. It’s our duty to operate in a manner that preserves ourcommunities for the coming generations.”
Jose Bayardo
Senior Vice President and Chief Financial Officer

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Governance69

GovernanceCorporate Governance
Our Board promotes transparent corporate reporting, compliance with applicablelaws, rules, and regulations, and corporate behavior that conforms to establishedgovernance standards.
Our Corporate Governance Guidelines guide the Board’s behavior and conduct. They promote the effective functioning of
the Board and its committees and promote integrity, honesty, candor, fairness, oversight, and discretion by our directors
and executive officers in their service to the organization. Written charters further detail the roles and responsibilitiesof the Board’s Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee. At
least annually, the Nominating and Corporate Governance Committee reevaluates our corporate governance guidelines
and committee charters, recommending any changes needed for the Board to discharge its responsibilities more
effectively.
We publish our governance guidelines, committee charters, and related governance information on our website,
https://investors.nov.com/corporate-governance/highlights.

Board Oversight of ESG Issues
Our corporate governance guidelines place oversight of ESG issues under the entire Board. In addition to providing
oversight of business strategy and management performance, the full Board reviews and monitors NOV’s enterpriserisk management policies, procedures, and practices, including the ESG issues covered in this report and our overallsustainability strategy. We believe that corporate sustainability deserves the attention and oversight of all the Board
members.
The Board routinely discusses and reviews ESG matters at its regularly scheduled meetings. During these discussions,organizational leaders and executive officers may provide updates on relevant issues relating to environment, humanand social capital, and leadership and governance. Annually, the Board receives a more complete update on the ESG
issues that most affect NOV, including related risks and opportunities.
While the Board maintains ESG oversight responsibility, our management team is responsible for initiating, managing,and implementing various ESG initiatives in a manner consistent with the directors’ expectations, directions, andguidance.

sustainability@nov.com

Our Board of Directors
Our Board has an impressive array of backgrounds and experience. Our Board demonstrates strong industry knowledge
and understanding of the company’s operations, including the risks and opportunities that affect our ability to win in
the marketplace, now and in the future. Our directors are former CEOs, operational leaders, financial experts, engineers,and data scientists, well-regarded within and outside our industry. All are competent and substantial contributors to atleast one substantial aspect of our business and act as trusted advisors to our executive management team.
NOV values diversity on the Board, as we do elsewhere in the organization. We consider diversity broadly, including
diversity in individuals’ professional and industry experience, education, skills, gender, race, among other qualities andattributes that strengthen the Board’s ability to provide independent oversight.
Board members’ individual strengths and experience reflect the needs of our business. Our four long-standing
independent Directors have a deep understanding of our industry, its evolving competitive landscape, and the role
we have defined for ourselves within it. Two of our Directors have previously served as Chair of the Board of the Dallas
Federal Reserve. Since 2014, we have added five new independent Directors: a financial expert who was a partner at
a Big Four accounting firm; three executive leaders from major exploration and production companies, including twoformer CEOs; and, most recently in October 2021, a data scientist. Our Board refreshment reflects our organizational
focus areas, as we strengthen our relationships across the energy industry’s value chain and pioneer leading technology
solutions.
We benefit from a strong distribution of Board tenure, balancing institutional knowledge and the continuity that affords
new ideas and fresh perspectives. As of December 31, 2021, the average age of Board members was 65. The average
tenure was 11 years. We do not have age or term limits. Two of our 10 Directors are women, and two identify as raciallydiverse.

Board Accountability and Commitment
Our Board is accountable to our shareholders. Directors stand for election annually under majority voting standard.
Shareholders receive one vote per share, meaning that voting rights are proportional to their economic interest. We
maintain a director resignation policy, allow shareholders to nominate potential Director candidates through proxyaccess, and do not have any antitakeover measures in our organizational documents.
Our Board members take their responsibility to represent shareholders seriously. Nine of our ten directors are external
and independent under the New York Stock Exchange (NYSE) listing standards, and we review directors’ independence
annually. Only independent directors may serve on and lead committees. To align Board members more closely withshareholder interests, we have minimum stock ownership requirements and expect all directors to accumulate andretain meaningful amounts of NOV stock. We have strong attendance at board and committee meetings. In 2022, alldirectors attended at least 75% of the meetings of the Board and committees on which such directors served.
In 2022, the Board implemented a director commitment policy. This policy regulates the number of public company
boards on which directors can serve and requires that directors seeking external board positions receive approval
from the Nominating and Corporate Governance Committee approval before accepting. Additionally, it expands
the Nominating and Corporate Governance Committee’s annual Board performance review to include individual
assessments to evaluate the ability of the Board and its members to represent shareholder interests and reflect andrespond to shareholder concerns.

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Governance

The following table highlights key skills, qualifications, and attributes we believe are important to our businessand identifies which of our directors possess each.

•

•

•

•

•

•

Clay Williams••

Robert Welborn•

William Thomas•

Melody Meyer

David Harrison•

Eric Mattson

James Hackett

Ben Guill

Marcela Donadio

Greg Armstrong

Director Qualifications, Skills and Attributes

Skills & Experience
Operations•

International Business••

Risk Management

•

•

•

•

•

•

•

•

•

•

Financial Expertise/Literacy

•

•

•

•

•

•

•

•

•

•

Strategic Planning

•

•

•

•

•

•

•

•

•

•

Oil & Gas Industry

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Engineering/Technology
Sales/Marketing•••

Background
Age

64

68

72

69

75

71

65

70

50

60

GenderMale

Female

Male

Male

Male

Male

Female

Male

Male

Male

Race

White

Hispanic

White

White

White

White

White

White

Hispanic

White

Year Joined Board

2005

2014

1999

2016

2003

2005

2017

2015

2021

2013

•

•

•

•

•

•

•

•

•

Independent

sustainability@nov.com

Board Leadership
Our Chairman, President, and CEO, Clay Williams, leads the Board of Directors. He is the director most familiar with our business and most capable of effectively identifying strategic priorities and leading the discussion and execution of our strategy.
To facilitate independent leadership and oversight, the Board’s independent directors elect a Lead Director, a role requiredby our Corporate Governance Guidelines. The Lead Director heads the independent directors’ executive sessions and communicates with the Chairman, President, and CEO on the matters discussed there. Our Corporate Governance Guidelines
further detail the role.
The Board believes that the current leadership structure serves shareholders’ best interests by providing an appropriatebalance between our Chairman’s leadership of the Board and the company and our non-employee directors’ objective,
independent oversight.

Board Committees
Our board has three standing committees: Audit; Nominating/ Corporate Governance; and Compensation. All committee
members are independent. The Audit Committee meets at least four times annually and the Nominating/Corporate Governance Committee and the Compensation Committee meet at least twice annually, consistent with the regularly scheduled
meetings of the full board, and more frequently as needed to perform their responsibilities most effectively.
We list our committees’ primary responsibilities below and publish charters detailing each committee’s roles, responsibilities, and members at https://investors.nov.com/corporate-governance/highlights.
• The Audit Committee monitors the integrity of the Company’s financial reporting, internal accounting and financial controls, audit function, and legal and regulatory compliance. The committee also plays an integral role in risk oversight, italso establishes and follows procedures for the receipt, retention, response to, and treatment of complaints, including
confidential, anonymous submissions by the Company’s employees regarding accounting, internal controls, disclosure,or auditing matters.
• The Compensation Committee evaluates the performance of our executive performance and reviews, approves, andadministers our executive compensation program.
• The Nominating and Corporate Governance Committee recommends qualified potential director candidates and evaluates the effectiveness of the company’s management and board, including its committees, in their ability to meet theirfiduciary responsibilities to shareholders.
All other Board oversight responsibilities not delegated to the three committees are executed by the full Board.

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Governance73

Governance

Executive Compensationand ESG Alignment
We have designed our executive compensation program to align our organizational leaders with shareholder interests.
It incentivizes the continued cultivation of longer-term corporate opportunities alongside necessary short-term tacticalmeasures, reinforcing that one cannot be achieved at the expense of the other. We believe that this program aligns withthe competitive market for talent and helps us attract, reward, retain, and motivate executive officers we believe demonstrate the performance and potential needed to lead the organization in a way that preserves and promotes shareholder
value.
Our executive compensation is highly sensitive to company performance. The majority of our executive officers’ totalcompensation is “at-risk” and tied to the achievement of our annual and long-term performance goals. We award annual
incentives on profitability, growth, and, through the 2018 addition of a working capital modifier, improved capital efficiency and cash flow. Our annual incentive programs for qualified employees mirror those for named executive officers,
reflecting an organizational focus on improved capital returns. We issue long-term incentives that tie more closely toshareholder returns: in absolute stock price gains; returns relative to industry peers; and absolute returns on capital
relative to our cost of capital. We believe that our annual and long-term incentive programs’ focus on return on capitaldemonstrates our commitment to creating sustainable shareholder value.
Beginning in 2022, we took steps to more closely align our executive and employee compensation programs to ESG performance by adding a new performance goal related to total revenue from our energy transition initiatives to our annual
incentive plan. This metric measures the area in which we believe we can make one of the biggest impacts on climate
risk management: providing equipment and technologies to energy industry participants that reduce their emissions
and overall environmental impact. Our decision to measure our performance here with revenue instead of profitability
reflects the early-stage development of our lower-carbon businesses. Ten percent of every eligible employee’s target
bonus was tied to this metric in 2022 and will be tied to this metric in 2023.
As part of our commitment to continual improvement in safety culture and HSE performance across all business activities, NOV is allocating 10% of eligible employees’ target bonus opportunity to HSE-related measures for 2023.
We believe that our compensation program aligns with shareholder interest and is worthy of continued stockholder support. Every year, shareholders vote on a say-on-pay proposal, and every year they have overwhelmingly approved our
executive compensation. Most recently, in May 2022, our stockholders approved, on an advisory basis, the compensationof our named executive officers with more than 98% of stockholder votes in favor of our say-on-pay resolution, the highest level of support amongst our peer group. We view this continued strong result as evidence of general approval fromour shareholders on our thoughtful approach to compensation.

sustainability@nov.com

Business Ethics
At NOV, we strive to conduct our business the right way: fairly; honestly; ethically; and responsibly. Our stakeholders—
including our people, customers, suppliers, business partners, shareholders, and local communities around the world—
depend on us to demonstrate these values daily.

“Although we do business in many countries and cultures,
we are one global family of thousands of individuals with one
global commitment to integrity and business ethics.”
Clay C. Williams
President, Chairman, and Chief Executive Officer

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Governance75

Governance

Code of Business Conduct and Ethics
Our Code of Business Conduct and Ethics outlines a standard of ethical conduct that we expect all employees, executive
officers, Board members, and anyone else working on behalf of NOV to follow wherever they are in the world. The Codehighlights areas where our business faces heightened ethical risks and provides rules and guidelines for acceptable conduct when recognizing and dealing with those risks. The Code explains how we ensure that our assets remain strong, ourdealings fair, our workplace safe and respectful, our communications honest and transparent, and our commitment to thecommunity real. It covers an extensive range of topics, including conflicts of interest, intellectual property, bystander intervention, fair dealing, and records management. NOV’s Board of Directors oversees our Code of Business Conduct and Ethics
and all related policies and periodically assesses the appropriateness of each.
We supplement our Code of Conduct with separate policies and procedures that provide additional detail on many of the
topics referenced in the Code and other specific issues, including anti-corruption and anti-bribery, trade compliance andexport controls, and human trafficking and modern slavery. We review these policies regularly, issuing updates as needed.
While our commitment to integrity does not change, the laws and best practices that we must follow do, so we must ensurethat our organization and employees are well-equipped to comply with these ever-changing standards.
We publish our Codes of Business Conduct and Ethics and related ethics information at https://investors. nov.com/conduct-and-ethics.

Anti-Corruption and Anti Bribery
We are committed to conducting business ethically and prohibit bribery, improper payments, or corruption of any kind inany business sector and with any individuals or company, whether private, public, or government-owned. We comply withall anti-corruption and antibribery laws, rules, and regulations, which means that we never accept kickbacks or exchange
anything of value to secure an unfair business advantage. We expect the same level of integrity from our suppliers, agents,
and business partners working on behalf of the company. It is important that we abide by not only the letter but also thespirit of all compliance-related laws. Our Anti-Corruption and Anti-Bribery policies and procedures reflect the highest global
standards, simplifying compliance across our global organization. Our Ethics & Compliance Group monitors the effectiveness of these policies and procedures and continues to enhance them as required.

Trade Compliance
We serve a global industry, providing products and services to customers all over the world, and it is important that we
abide by all trade restrictions that apply to our international trading activities. NOV and its subsidiaries comply fully with thelaws and regulations governing the import and export of products, services, software, and technical data. Full compliance isnecessary to ensure and safeguard the ability of NOV to effectively compete in the domestic and international marketplace.
NOV maintains a Trade Compliance Program to assess Economic Sanctions and Export Controls and formulate proceduresto prevent violations of such laws. Because Economic Sanctions and Export Controls often apply to activities outside thecountry implementing such laws, NOV’s Trade Compliance Program applies to all business activities wherever they arelocated. Our Ethics & Compliance Group monitors the effectiveness of these programs, policies, and procedures and continues to enhance them as required.
Our U.S. Export Controls and Economic Sanctions Policy is available at https://investors.nov.com/conduct-and-ethics.

sustainability@nov.com

Ethics Training
Our specialized ethics and compliance training group provides standardized, scheduled training on business conduct andethics to ensure our Board directors, executives, and employees are well-informed and well-educated on topics including,but not limited to, business conduct, anti-corruption, and anti-bribery, trade compliance, and human trafficking and modern slavery. In 2022, we delivered 51,400 compliance trainings covering these topics to employees globally, either in-personor online. We believe a proactive, effective training program is a critical tool for ensuring strict compliance with NOV’s policies and procedures and relevant local, state, federal, and global laws, rules, and regulations.
Consistent schedules, relevant content, and refreshed materials contribute to higher rates of participation and completionof compliance training. We ask employees to regularly participate in training, delivered in-person and online, specific totheir roles and responsibilities. Since the laws and best practices we follow continue to evolve, we regularly refresh and update training to reflect current business requirements and regulatory changes and promote better employee engagement.
For example, for our annual anti-corruption and anti-bribery training, we limit required participation to employees who arein management, accounting, sales, purchasing, marketing, legal, are involved in the selection and/or supervision of agents,
representatives, and joint venture partners of the Company, or have control over the Company’s funds or have responsibility
for recording transactions that impact the Company’s books and records. In November 2022, we presented the course withcompletely refreshed content. Over 96% of applicable employees completed the training before year-end.
Our Code of Conduct applies to all employees regardless of their role or location. We provide annual online training. For
2022, we launched an initiative to further extend our training to employees working in our manufacturing or service facilities who do not have regular access to work on computers or company intranet and therefore cannot access scheduled,standardized online training. Our training team worked closely with local operations teams to develop a plan to provide
on-site, in-person Code of Conduct training, providing guidance and resources on how to deliver the content consistently
and effectively.

Open Reporting and Ethics Hotline
We encourage our stakeholders to report suspected issues or concerns to NOV’s Ethics Hotline, confidentially and anonymously, where allowed by local law, by internet, phone, or mail at the contact information below. Operated by an independent third party, the hotline is available 24 hours a day, 365 days a year in over 100 local languages.
Phone: (US Only) 1-800-676-4380, All others visit the website for alternate phone numbers
Website: http://ethicshotline.nov.com
Email: risk.mitigation@nov.com
Mail: Attn: VP Internal Audit NOV, 10353 Richmond Ave. Houston, Texas, 77042, USA
The hotline is part of the procedures established by the company’s Audit Committee for the receipt, retention, and treatment of complaints in accordance with U.S. SEC regulation. NOV’s Risk Mitigation Team receives and reviews all reported
concerns and complaints. The team works as necessary with Internal Audit, Legal, Human Resources, Compliance, and alllevels of management to appropriately investigate and address all reports. It reports significant matters regarding accounting, internal accounting controls, or auditing matters to the Chair of the Audit Committee.
We publish hotline program details at https://investors.nov.com/conduct-and-ethics.

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Governance77

GovernanceSupply Chain Management
Supply chain compliance remains an area of significant focus, and we continue
to develop and implement enhanced supply chain due diligence measures, particularly as it relates to modern slavery and human trafficking.
Our Ethics & Compliance program requires that we review and approve certain key new suppliers, including agentsand other third parties, prior to engaging them in the provision of goods and/or services. We review suppliers using anenterprise screening platform to determine whether they are a restricted or sanctioned party or have any associated,suspected, or known compliance risks or violations. We have amended our Suppliers Agreements and Terms & Conditions
to include an explicit obligation for our suppliers to comply with our Code of Business Conduct and Ethics, Modern
Slavery Act Policy, and Anti-Forced Labor Policy. When these contractual counterparties sign any business agreement,
we secure guarantees of their commitment to abide by applicable policies, laws, and regulations. Additionally, we also
require certain key suppliers complete a global questionnaire to better evaluate their commitment to our standardsof business conduct and ethics, including human trafficking and modern slavery requirements. As a policy, we will not
approve and authorize third-party payment to a supplier unless we believe that supplier has acted in full accordancewith our stated policies and procedures related to ethics and compliance.
Our procurement teams periodically visit key suppliers and conduct on-site quality control audits. They are expected
to report any concerns on compliance-related issues, including modern slavery and human trafficking, to the Ethics &Compliance Group for resolution.

Conflict Minerals
NOV is committed to compliance with Section 1502 of the Dodd-Frank Act, which requires disclosure of whether NOV’spurchase of certain minerals for use in our products have directly or indirectly aided armed groups in the Democratic
Republic of Congo or surrounding countries. NOV’s Conflict Minerals policy and compliance program were developed inaccordance with Annex I of the Organization for Economic Cooperation and Development Due Diligence Guidance for
Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas

sustainability@nov.com

Political Activity
and Industry Associations
NOV does not use corporate funds or resources for political campaign contributions or advocacy. NOV does not have apolitical action committee. NOV fully supports our employees’ political participation, but we believe that it must be doneon their own time at their own expense. Employees may never use NOV property, facilities, time, or funds for politicalactivities, nor may they make any political contribution as a representative of NOV.
NOV participates, as corporate or individual members, in a variety of organizations that provide opportunities to engage
with different stakeholders. We are active in industry and trade associations, where we regularly hold leadership andcommittee positions, including the American Petroleum Institute (API), representing all segments of the American oil
and gas industry; the International Association of Drilling Contractors (IADC), focused on advancing the global drillingindustry; the National Ocean Industries Association (NOIA), which represents the offshore energy industry; and the Energy
Workforce and Technology Council, which aims to connect, educate, support, and advocate for energy companies andtheir workers. Many of our employees are members of the Society of Petroleum Engineers (SPE), where they acquire andshare technical knowledge. We are members of the Global CCS Institute, an international think tank dedicated to accelerating the deployment of CCUS solutions, and the Carbon Capture Coalition, which supports the adoption of carbon
management technologies. We also participate in programs like Rice Business Partners at Rice University’s Jones Schoolof Business where we engage other business leaders and business school faculty and students. NOV pays regular dues to
the groups where required but makes no additional, non-dues contributions to fund the groups’ political expenditure.

nov.com/sustainability

Governance79Social“The more technology we bring into our lives, the more our
privacy seems to slip away. At NOV, we promote trust through ourpeople, our process, and our technology – these are the pillars ofan established cybersecurity program.”
Alex Philips
Chief Information Officer

sustainability@nov.com

Cybersecurity
NOV is tackling the challenges of big data and increasingly digitized operations,and that includes cybersecurity. What sets us apart is our ability to leverage domain expertise in both digital technology and information security to provide
innovative solutions that improve efficiency, eliminate downtime, and ensure
confidence and peace of mind.

Security
NOV’s cybersecurity program is aligned to the NIST Cybersecurity Framework (CSF). Our security controls are managed
using an Information Security Management System (ISMS), a set of policies and procedures for systematically managing
sensitive data with the goal of minimizing risk and safeguarding business continuity.
While responsibility for information security is every employee’s duty, specific guidance, direction, and authority for
information security is directed by NOV’s Chief Information Security Officer (CISO). Our dedicated data governance andsecurity teams are responsible for oversight of cybersecurity risk exposures and take steps to prevent the expansion ofan event, mitigate its effects, and resolve the incident.
All NOV employees and contractors are required to complete annual training in information security best practices,phishing, software compliance, and data protection. Throughout the year, we conduct phishing simulation learning experiences, cybersecurity awareness campaigns, and other educational communications.

Trust
Trust is built over time but can be lost in a moment. Maintaining our customers’ trust is our responsibility. Our aim is totake the long view – to be good stewards of our customers’ data and build on the trust they have already placed in us.
It is important for us to demonstrate organizational transparency by opening ourselves up to independent bodies forcertification of information security management, as well as to our customers for validation that we are fulfilling ourcommitment.

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Social81

Governance

Stakeholder Accountability
We power the industry that powers the world. We provide the necessary equipment and technology to access affordable,
reliable energy sources required to enable economic progress and improve living standards. We support the responsible
development and production of oil, gas, and renewable resources, recognizing all will be required to satisfy rising global
energy demand. We will deliver long-term value to our customers and other stakeholders by continuing to improve oilfield operations and advance the energy transition. Our ESG efforts support our business goals.
We task our ESG Steering Committee with identifying the sustainability issues most affecting our business, determining
appropriate goals to measure progress, and defining the strategy and agenda required to achieve them. A cross-functional team, our ESG Steering Committee consists of leaders from across the organization who represent different stakeholder groups. By considering their diverse opinions and perspectives, we can make more informed decisions on how best to
approach the risks and opportunities ESG issues present our business strategy and financial performance.
While a lot goes into our sustainability efforts, it all comes down to upholding our core values and serving our global
community of stakeholders.

sustainability@nov.com

Appendices
Task Force on Climate-Related Financial Disclosures
TCFD

Recommended Disclosure

Response or Disclosure Location

Governancea) Describe the board’s oversight of climate-related risks
and opportunities

2022 Sustainability Report: Governance, page 68-74
2022 Proxy Statement: Board Role in Risk Oversight
Corporate Governance Guidelines, page 7
Audit Committee Charter, page 6

Strategyb) Describe management’s role in assessing and managing
climate-related risks and opportunities.

2022 Sustainability Report, pages 5-11, 40-43, 68-74a) Describe the climate-related risks and opportunities theorganization has identified over the short, medium, and longterm.

2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
2022 Form 10-K: Item 1. Business, pages 2-122022 Form 10-K: Item 1A: Risk Factors, pages 13-21b) Describe the impact of climate-related risks and opportu- 2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
nities on the organization’s businesses, strategy, and financial 2022 Form 10-K: Item 1. Business, pages 2-12
planning.
2022 Form 10-K: Item 1A: Risk Factors, pages 13-21c) Describe the resilience of the organization’s strategy, taking 2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
into consideration different climate-related scenarios, includ- 2022 Form 10-K: Item 1. Business, pages 2-12
ing a 2°C or lower scenario.
2022 Form 10-K: Item 1A: Risk Factors, pages 13-21
Risk Managementa) Describe the organization’s processes for identifying andassessing climate-related risks.

2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
2022 Form 10-K: Item 1. Business, pages 2-122022 Form 10-K: Item 1A: Risk Factors, pages 13-21b) Describe the organization’s processes for managing
climate-related risks.

2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
2022 Form 10-K: Item 1. Business, pages 2-122022 Form 10-K: Item 1A: Risk Factors, pages 13-21c) Describe how processes for identifying, assessing, and2022 Sustainability Report, pages 5-11, 18-39, 40-43, 68-74
managing climate-related risks are integrated into the organi- 2022 Form 10-K: Item 1. Business, pages 2-12
zation’s overall risk management.
2022 Form 10-K: Item 1A: Risk Factors, pages 13-21
Metrics and Targets

nov.com/sustainabilitya) Disclose the metrics used by the organization to assess2022 Sustainability Report, pages 8, 18-39, 40-43
climate-related risks and opportunities in line with its strategy
and risk management process.
b) Disclose Scope 1, 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

2022 Sustainability Report, pages 8, 40-43c) Describe targets used by the organization to manage
climate-related risks and opportunities and performanceagainst targets.

2022 Sustainability Report, pages 8, 18-39, 40-43

83

GRI 100 - General Disclosures
GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 102

General Disclosures102-1

Name of the organization

NOV Inc.

GRI 102

General Disclosures

102-2

Activities, brands, products, andservices2022 Sustainability Report: About NOV, pages 12-15
2022 Form 10-K: Item 1. Business – General, page 2;
Business Segment Overview, pages 6-8; Manufacturing
and Service Locations, page 9

GRI 102

General Disclosures

102-3

Location of headquarters

Houston, Texas, United States

GRI 102

General Disclosures

102-4

Location of operations

2022 Form 10-K: Item 1. Business – General, page 2;
Markets and Competition, page 8;
Manufacturing and Service Locations, page 9

GRI 102

General Disclosures

102-5

Ownership and legal form

2022 Form 10-K: Item 1. Business – General, page 2

GRI 102

General Disclosures102-6

Markets served

2022 Form 10-K: Item 1. Business – General, page 2;
Markets and Competition, page 8;
Manufacturing and Service Locations, page 9

GRI 102

General Disclosures

102-7

Scale of the organization

2022 Sustainability Report: Social, pages 34-35;
Social – Who We Are and Where We Work, pages 46-47
2022 Form 10-K: Item 1. Business – Human Capital,
pages 10-11”

GRI 102

General Disclosures

102-8

Information on employees andother workers

2022 Sustainability Report: Data Sheet, page 8;
Social, pages 44-57

GRI 102

General Disclosures102-9

Supply chain

2022 Sustainability Report: Governance – Supply Chain
Management, page 78

GRI 102

General Disclosures102-10Significant changes to theorganization and its supply chain

2022 Sustainability Report: A Letter from Our CEO,page 52022 Form 10-K: Item 7, Management’s Discussion andAnalysis, page 31

GRI 102

General Disclosures102-11

Precautionary Principle orapproach

2022 Sustainability Report: Environment, pages 34-43

GRI 102

General Disclosures102-12External initiatives

2022 Sustainability Report: Wokforce Health and
Safety, page 58; Safety Performance, page 62, Human
Rights: Modern Slavery and Human Trafficking, page51; Governance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Conflict Minerals, page 78;
Security, page 80; Data Privacy, page 80

GRI 102

General Disclosures102-13

Membership of associations

2022 Sustainability Report: Political Activity and Industry Associations, page 79

GRI 102

General Disclosures102-14

Statement from seniordecision-maker2022 Sustainability Report: CEO Letter, pages 5

GRI 102

General Disclosures102-15Key impacts, risks, andopportunities

2022 Form 10-K: Item 1A: Risk Factors, pages 13-21

sustainability@nov.com
Governance

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 102

General Disclosures102-16

Values, principles, standards, andnorms of behavior

2022 Sustainability Report: About NOV, pages 12-15;
Governance – Business Ethics, page 75
2022 Proxy Statement: Corporate Governance –Policies on Business Ethics and Conduct
Code of Business Conduct and Ethics
Code of Business Conduct and Ethics for Members of
the Board of Directors and Executive Officers
Code of Ethics for Senior Financial Officers

GRI 102

General Disclosures102-17

Mechanisms for advice andconcerns about ethics

2022 Sustainability Report: Governance – Open
Reporting and Ethics Hotline, page 77
2022 Proxy Statement: Governance Hotline andCommunications with Directors
Code of Business Conduct and Ethics: Speaking Up,
page 6; Our Commitment to You, pages 7-8

GRI 102

General Disclosures102-18Governance structure2022 Sustainability Report: Governance – Corporate
Governance, pages 70-71
2022 Proxy Statement: Committees and Meetings ofthe Board
Corporate Governance Guidelines

GRI 102

General Disclosures102-19Delegating authority

2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page 70

GRI 102

General Disclosures102-20Executive-level responsibility foreconomic, environmental, andsocial topics

2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page70; Board Leadership,
page 71

GRI 102

General Disclosures102-21

Consulting stakeholders on
economic, environmental, andsocial topics

2022 Proxy Statement: Governance Hotline andCommunications with Directors, Director Attendance
at Annual Meetings

GRI 102

General Disclosures102-22Composition of the highest
governance body and its
committees

2022 Sustainability Report: Governance – Our Board of
Directors, pages 71-73
2022 Proxy Statement: Board of Directors – Director
Nomination Process and Diversity Considerations

GRI 102

General Disclosures102-23Chair of the highest governancebody

GRI 102

General Disclosures102-24

Nominating and selecting the high- 2022 Proxy Statement: Board of Directors – Director
est governance body
Nomination Process and Diversity Considerations

GRI 102

General Disclosures102-25

Conflicts of interest

2022 Sustainability Report: Governance – Board
Leadership, page 71-73
2022 Proxy Statement: Board Leadership2022 Proxy Statement: Executive Compensation –Certain Relationships and Related Transactions
Code of Business Conduct and Ethics: Recognize andManage Conflicts of Interest, pages 22-23
Code of Business Conduct and Ethics for Membersof the Board of Directors and Executive Officers: 1.
Conflict of Interest, pages 1-2
Code of Ethics for Senior Financial Officers

nov.com/sustainability

85

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 102

General Disclosures102-26

Role of highest governance bodyin setting purpose, values, andstrategy2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page 70

GRI 102

General Disclosures102-27

Collective knowledge of highest
governance body2022 Sustainability Report: Governance – Our Board of
Directors, pages 71-73
Corporate Governance Guidelines: VIII. Director
Orientation and Continuing Education, page 14

GRI 102

General Disclosures102-28

Evaluating the highest governancebody’s performance

Corporate Governance Guidelines: III. Responsibilitiesof the Board of Directors – B. Evaluation of Board
Performance, pages 7-8; E. Selection and Annual
Evaluation of Chief Executive Officer, page 9

GRI 102

General Disclosures102-29Identifying and managing
economic, environmental, andsocial impacts

2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page 70

GRI 102

General Disclosures102-30Effectiveness of risk management
processes

2022 Proxy Statement: Board Role in Risk Oversight
Corporate Governance Guidelines, page 7
Audit Committee Charter, page 6

GRI 102

General Disclosures102-31

Review of economic,
environmental, and social topics

2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page 70

GRI 102

General Disclosures102-32Highest governance body’s role insustainability reporting

2022 Sustainability Report: Governance – Board
Oversight of ESG Issues, page 70

GRI 102

General Disclosures102-33

Communicating critical concerns

2022 Sustainability Report: Governance – Open
Reporting and Ethics Hotline, page 77
2022 Proxy Statement: Corporate Governance –Governance Hotline and Communications with
Directors
Code of Business Conduct and Ethics: Speaking Up,
page 6; Our Commitment to You, pages 7-8

GRI 102

General Disclosures102-35

Remuneration policies

2022 Sustainability Report: Governance – Executive
Compensation and ESG Alignment, page 74
2022 Proxy Statement: Compensation Discussion andAnalysis; Director Compensation

GRI 102

General Disclosures102-36

Process for determining
remuneration

2022 Sustainability Report: Governance – Executive
Compensation and ESG Alignment, page 74
2022 Proxy Statement: Compensation Discussion andAnalysis; Director Compensation

GRI 102

General Disclosures102-37

Stakeholders’ involvement inremuneration

2022 Sustainability Report: Governance – Executive
Compensation and ESG Alignment, page 74

GRI 102

General Disclosures102-38Annual total compensation ratio

2022 Proxy Statement: Executive Compensation – CEO
Pay Ratio

GRI 102

General Disclosures

102-40

List of stakeholder groups

Employees, Customers, Suppliers and Business
Partners, Shareholders, Governments, Communities,
Industry Associations

GRI 102

General Disclosures

102-41

Collective bargaining agreements

2022 Form 10K: Employee Benefit Plans, page 68

GRI 102

General Disclosures

102-42

Identifying and selecting stakeholders 2022 Sustainability Report: About this Report – Primary
Topics, pages 7

sustainability@nov.com

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 102

General Disclosures

102-43

Approach to stakeholder
engagement

NOV actively engages its major shareholder groups
and organizational leaders who represent thosegroups. For example, we speak with investors throughour quarterly earnings calls, annual shareholder
meetings, investor conference participation, andongoing interactions with
our Investor Relations team.
2022 Sustainability Report: About this Report –Primary Topics, page 7, Employee Engagement, page57

GRI 102

General Disclosures

102-44

Key topics and concerns raised

2022 Sustainability Report: About this Report – Primary
Topics, page 7

GRI 102

General Disclosures

102-45

Entities included in the
consolidated financial statements

2022 Form 10-K: Exhibit 21.1 – Subsidiaries of theRegistrant

GRI 102

General Disclosures

102-46

Defining report content and topic
Boundaries

2022 Sustainability Report: About this Report, page 7

GRI 102

General Disclosures

102-47

List of material topics

2022 Sustainability Report: About this Report, page 7

GRI 102

General Disclosures

102-48

Restatements of information

NOV does not have any known restatements fromprevious ESG reporting

GRI 102

General Disclosures

102-49Changes in reporting

Over the past year, we have worked to make ourreporting more fulsome and complete.

GRI 102

General Disclosures102-50

Reporting period

Calendar year 2022

GRI 102

General Disclosures102-51

Date of most recent report2021

GRI 102

General Disclosures102-52

Reporting cycle

AnnualGRI 102

General Disclosures102-53

Contact point for questions
regarding the reportnov.com/sustainability; sustainability@nov.com

GRI 102

General Disclosures102-54Claims of reporting in accordancewith the GRI Standards

2022 Sustainability Report: About this Report, pages
6-11

GRI 102

General Disclosures102-55

GRI content index

2022 Sustainability Report: Appendix, page 83

GRI 102

General Disclosures102-56External assurance

NOV does not receive external assurance for ESG data

GRI 103

Management
Approach103-1

Explanation of the material topic
and its Boundary

2022 Sustainability Report: The Industry that Powers
the World, page 16; Energy Transition, page 18; Environmental, pages 34-43; Social – Diversity, Equity, andInclusion, page 48; Recruiting, Developing, and Retaining Top Talent, page 54; Governance, pages 68-81

2022 Sustainability Report: Letter from the CEO, page 5

nov.com/sustainability

87

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 103

Management
Approach

103-2

The management approach and its 2022 Sustainability Report: Energy Transition,
components
page 18; Energy Transition Initiatives, pages 18-33;
Environmental, pages 34-43; Social, pages 44-67;
Governance, pages 68-81
Corporate Governance Guidelines
Committee Charters
Code of Business Conduct and Ethics
Code of Business Conduct and Ethics for Members of
the Board of Directors and Executive Officers
Code of Ethics for Senior Financial Officers
Anti-Corruption and Anti-Bribery Policy
Anti-Forced Labor Policy
2022 NOV Modern Slavery Act Statement
U.S. Export Controls and Economic Sanctions

GRI 103

Management
Approach103-3

Evaluation of the management
approach

2022 Sustainability Report: Workforce Health and
Safety, pages 58-61; Safety Performance, page 62;
Governance – Anti-Corruption and Anti-Bribery,
page 76; Trade Compliance, page 76; Supply Chain
Management, page 78
Additional performance data is reported in the 2022
Sustainability Report: 2022 ESG Data Sheet, page 8

sustainability@nov.com

GRI 200 - Economics
GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

201-1

Direct economic value generated
and distributed

2022 Sustainability Report: 2021 ESG Data Sheet, page8

Economic PerformanceGRI 201

Economic
Performance

2022 Form 10-K: Financial Statements, page 44
GRI 201

Economic
Performance

201-2

Financial implications and otherrisks and opportunities due toclimate change

2022 Form 10-K: Item 1A: Risk Factors, pages 13-21

GRI 201

Economic
Performance

201-3

Defined benefit plan obligations
and other retirement plans

2022 Form 10-K: Notes to Consolidated Financial
Statements – 10. Employee Benefit Plans, pages 68-70

GRI 202

Market Presence

202-1

Ratios of standard entry level wage
by gender compared to local
minimum wage

2022 Sustainability Report - Social, pages 44-54

GRI 202

Market Presence

202-2

Proportion of senior management
hired from the local community

2022 Sustainability Report - Social, pages 44-54

Market Presence

Indirect Economic PresenceGRI 203

Indirect Economic
Impacts

203-1

Infrastructure investments andservices supported

2022 Sustainability Report: Social – Community
Investments, pages 64-67

GRI 203

Indirect Economic
Impacts203-2

Significant indirect economic
impacts2022 Sustainability Report: Social – Community
Investments, pages 64-67

Procurement Practices 204-1

Proportion of spending on local
suppliers

NOV does not disclose the information for proprietary
reasons

Anti-corruption

Operations assessed for risks
related to corruption

We are committed to conducting business ethically,
and we absolutely prohibit bribery, improper
payments, or corruption of any kind; in any businesssector; and with any individuals or company of any
kind, whether private, public, or government owned.

Procurement Practices
GRI 204

Anti-Corruption
GRI 205205-1

2022 Sustainability Report: Governance – Business
Ethics, pages 75-77
Code of Business Conduct and Ethics: Conduct
Business with Integrity, pages 19-20
Anti-Corruption and Anti-Bribery Policy
GRI 205

Anti-corruption

nov.com/sustainability

205-2

Communication and training
about anti-corruption policies andprocedures

2022 Sustainability Report: Governance – Ethics
Training, page 77

89

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 205

Anti-corruption

205-3

Confirmed incidents of corruption
and actions taken

We report material legal actions, if any, in our Form
10-K, Item 3 - Legal Proceedings.

206-1

Legal actions for anti-competitive
behavior, anti-trust, and monopoly
practices

At NOV, we engage in vigorous yet fair competition andcomply with the competition laws in place wherever
we do business. Anticompetitive behavior is illegal.

Anti-Competitive Behavior
GRI 206

Anti-competitive
Behavior

Code of Business Conduct and Ethics: Compete Fairly,
pages 17-18
Code of Business Conduct and Ethics for Members of
the Board of Directors and Executive Officers: 5. Fair
Dealing, page 3

Tax
GRI 207

Tax

207-1

Approach to tax

2022 Form 10-K: Item 7 Management Discussion andAnalysis – Income Taxes page 31

sustainability@nov.com

GRI 300 - Environmental
GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 302

Energy302-1

Energy consumption within theorganization

2022 Sustainability Report: Climate Risk Management
and Greenhouse Gas Emissions, pages 40-41

GRI 302

Energy302-4

Reduction of energy consumption

2022 Sustainability Report: Climate Risk Management
and Greenhouse Gas Emissions, pages 40-41

GRI 302

Energy302-5

Reductions in energy requirements We believe our greatest contribution to emissionsof products and services
reductions will be the provision of equipment andtechnology that reduces the emissions of traditional
oil and gas operations and enhances the energy
transition. We provide examples of these technologies
in this report.

Energy2022 Sustainability Report: Energy Transition, pages
18-33; Environmental - Reducing Emissions and Environmental Impact of Oil and Gas Industry, pages 36-39
Water And EffluentsGRI 303

Water and Effluents

303-1

Interactions with water as a sharedresource

2022 Sustainability Report: Water Management, page
43

GRI 303

Water and Effluents

303-2

Management of water dischargerelated impacts

In 2022, we are implementing new measures toimprove our wastewater management. Our protocols
will require minimum standards of wastewater
treatment and sampling prior to discharge. Ensuring
we have adequate treatment prior to disposal will help
minimize our impact.
2022 Sustainability Report: Environmental –Process Wastewater Management, page 43

GRI 303

Water and Effluents

303-3

Water withdrawal

2022 Sustainability Report: Environmental –Water Management, page 43

GRI 303

Water and Effluents

303-4

Water discharge

2022 Sustainability Report: Environmental –Process Wastewater Management, page 43

GRI 303

Water and Effluents

303-5

Water consumption

2022 Sustainability Report: Environmental –Water Management, page 43

GRI 305

Emissions305-1

Direct (Scope 1) GHG emissions

2022 Sustainability Report: Environmental – Climate
Risk Management and Greenhouse Gas Emissions– Scope 1 and Scope 2 Greenhouse Gas (GHG)
Emissions, pages 29-31

GRI 305

Emissions

305-2

Energy indirect (Scope 2) GHG
emissions2022 Sustainability Report: Environmental – Climate
Risk Management and Greenhouse Gas Emissions– Scope 1 and Scope 2 Greenhouse Gas (GHG)
Emissions, pages 29-31

GRI 305

Emissions305-3

Other indirect (Scope 3) GHG
emissions

We do not report Scope 3 emissions today. We would
like to develop an appropriate measure to quantify ourdownstream impact, consistent with our belief that our
greatest contribution to reducing the industry’s carbon
footprint will come from providing our customers
equipment and technologies that reduce emissions
from their operations.

Emissionsnov.com/sustainability

91

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 305

Emissions305-4

GHG emissions intensity

2022 Sustainability Report: 2022 ESG Data Sheet, page8

GRI 305

Emissions305-5

Reduction of GHG emissions

2022 Sustainability Report: Climate Risk Management
and Greenhouse Gas Emissions, pages 40-41

GRI 305

Emissions

305-7

Nitrogen oxides (NOX), sulfur oxides 2022 Sustainability Report: Environmental – Non-GHG(SOX), and other significant air
Air Emissions, page 32
emissions

GRI 306

Waste

306-1

Waste generation and significant
waste-related impacts

2022 Sustainability Report: Environmental – Waste
Management, page 43

GRI 306

Waste

306-2

Management of significant
waste-related impacts

2022 Sustainability Report: Environmental – Waste
Management, page 43

307-1

Non-compliance withenvironmental laws
and regulations

Code of Business Conduct and Ethics: Uphold Environmental Responsibilities – Sustainability, page 30

Waste

Environmental Compliance
GRI 307

Environmental
Compliance2022 Form 10-K: Item 1A. Risk Factors, page 21-22

sustainability@nov.com

GRI 400 - Social
GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 401

Employment

401-1

New employee hires and employee 2022 Sustainability Report: Social – Tenure and Turnturnover
over, page 56

GRI 401

Employment

401-2

Benefits provided to full-time2022 Sustainability Report: Social – Improving
employees that are not provided to Workplace Policies and Benefits, pages 54-56
temporary or part-time employees
2022 Form 10-K: Item 1. Business – Human Capital –Health and wellbeing, page 11

GRI 401

Employment

401-3

Parental leave

2022 Sustainability Report: Social – Improving
Workplace Policies and Benefits, pages 54-56

402-1

Minimum notice periods regarding
operational changes

We comply with local laws and collective bargaining
agreements pertaining to operational changes.

Employment

Labor/Management Relations
GRI 402

Labor/Management
Relations

Code of Business Conduct and Ethics

Occupational Health and Safety
GRI 403

Occupational Healthand Safety

403-1

Occupational health and safety
management system

2022 Sustainability Report: Social – Workforce Healthand Safety, pages 58-61
Code of Business Conduct and Ethics: Check
Workplace Health and Safety, page 29

GRI 403

Occupational Healthand Safety

403-2

Hazard identification, risk
assessment, and incident
investigation

2022 Sustainability Report: Social – Workforce Healthand Safety, pages 58-62
2022 Form 10-K: Item 1. Business – Human Capital –Safety, page 10
Code of Business Conduct and Ethics: Check
Workplace Health and Safety, page 29

GRI 403

Occupational Healthand Safety403-3

Occupational health services

2022 Sustainability Report: Social – Workforce Healthand Safety, page 58-62
2022 Form 10-K: Item 1. Business – Human Capital –Safety, page 10

GRI 403

Occupational Healthand Safety

403-4

Worker participation, consultation,and communication on
occupational health and safety2022 Sustainability Report: Social – Workforce Healthand Safety, page 58-62

GRI 403

Occupational Healthand Safety

403-5

Worker training on occupational
health and safety2022 Sustainability Report: Social – Workforce Healthand Safety, page 58-62

GRI 403

Occupational Healthand Safety

403-6

Promotion of worker health2022 Sustainability Report: Social – Improving
Workplace Policies and Benefits, pages 54-56
2022 Form 10-K: Item 1. Business – Human Capital –Health and wellbeing, page 11

GRI 403

Occupational Healthand Safety

nov.com/sustainability

403-7

Prevention and mitigation ofoccupational health and safety
impacts directly linked by business
relationships

2022 Sustainability Report: Social – Workforce Healthand Safety, page 58-62

93

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

GRI 403

Occupational Healthand Safety

403-8

Workers covered by an
occupational health and safety
management system

2022 Sustainability Report: Social – Workforce Healthand Safety, page 58-61

GRI 403

Occupational Healthand Safety

403-9

Work-related injuries

2022 Sustainability Report: Social – Workforce Healthand Safety, page 62

GRI 403

Occupational Healthand Safety403-10Work-related ill health2022 Sustainability Report: Social – Workforce Healthand Safety, page 62

Training and Education
GRI 404

Training and
Education

404-1

Average hours of training per year
per employee

2022 Sustainability Report: Social – Workforce Healthand Safety, page 59

GRI 404

Training and
Education

404-2

Programs for upgrading employee
skills and transition assistanceprograms

2022 Sustainability Report: Social – Employee
Development and Advancement, page 55
2022 Form 10-K: Item 1. Business – Human Capital –Career satisfaction and skills, page 12

Diversity and Equal Opportunity
GRI 405

Diversity and Equal
Opportunity

405-1

Diversity of governance bodies
and employees

2022 Sustainability Report: Social – Diversity, pages 4853; Governance – Our Board of Directors, pages 71-73
2022 Form 10-K: Item 1. Business – Human Capital,
pages 10-112022 Proxy Statement: Board of Directors – Director
Nomination Process and Diversity Considerations

GRI 405

Diversity and Equal
Opportunity

405-2

Ratio of basic salary andremuneration of women to men

2022 Sustainability Report: Diversity, Equity, andInclusion, Pages 48-53

406-1

Incidents of discrimination andcorrective actions taken

We maintain global policies against workplaceharassment, discrimination, and retaliation based onsex, race, national origin, religion, age, disability, sexual
orientation, and all other characteristics protected byfederal, state, and local law.

Non-Discrimination
GRI 406

Non-discrimination

EEO Non-Discrimination Anti-Harassment AntiRetaliation Policy
2022 Sustainability Report: Social – Inclusion, pages
50-53
Code of Business Conduct and Ethics: Foster
Acceptance, page 27; Respect One Another, page 27;
No Retaliation, pages 27-28

sustainability@nov.com

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

Child Labor

408-1

Operations and suppliers at
significant risk for incidents ofchild labor

We do not condone or permit the use of child,forced, indentured or involuntary labor in any of ouroperations. Our Modern Slavery Act Statement, firstissued in 2020, explains the steps that we have taken
to help ensure that slavery and human trafficking does
not take place within our supply chain. Our Anti-forced
Labor Policy details how NOV commits to advancerespect for fundamental human rights and expressly
prohibits forced and child labor.

Child LaborGRI 408

2022 Sustainability Report: Social - Human Rights:
Modern Slavery and Human Trafficking, page 51
Code of Business Conduct and Ethics: Practice Fair
Employment, page 63
Anti-Forced Labor Policy
2022 NOV Modern Slavery Act Statement

Forced Or Compulsory LaborGRI 409

Forced or Compulsory 409-1
Labor

Operations and suppliers at
significant risk for incidents offorced or compulsory labor

We do not condone or permit the use of child,forced, indentured or involuntary labor in any of ouroperations. Our Modern Slavery Act Statement, firstissued in 2020, explains the steps that we have taken
to help ensure that slavery and human trafficking does
not take place within our supply chain. Our Anti-forced
Labor Policy details how NOV commits to advancerespect for fundamental human rights and expressly
prohibits forced and child labor.
2022 Sustainability Report: Social – Safety
Performance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Governance – Supply
Chain Management, page 78
Code of Business Conduct and Ethics: Practice Fair
Employment, page 38
Anti-Forced Labor Policy
2022 NOV Modern Slavery Act Statement

Security Practices
GRI 410

Security Practices

410-1

Security personnel trained in
2022 Sustainability Report: Social – Safety Perforhuman rights policies or procedures mance – Human Rights: Modern Slavery and Human
Trafficking, page 63; Governance, pages 77-78

411-1

Incidents of violations involving
rights of indigenous peoples

Rights of Indigenous Peoples
GRI 411

Rights of Indigenous
Peoples

Anti-Forced Labor Policy
2022 NOV Modern Slavery Act Statement

nov.com/sustainability

95

GRI Standard
NumberGRI
Standard Title

Disclosure
Number

Disclosure
Title

Response or
Disclosure Location

2022 Sustainability Report: Social – Safety Performance – Human Rights: Modern Slavery and Human
Trafficking, page 63; Governance, pages 77-78

Human Rights Assessment
GRI 412

Human Rights
Assessment

412-1

Operations that have been subject
to human rights reviews or impact
assessments

GRI 412

Human Rights
Assessment

412-2

Employee training on human rights 2022 Sustainability Report: Social – Safety
policies or procedures
Performance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Governance, pages 77-78

GRI 412

Human Rights
Assessment

412-3

Significant investment agreements
and contracts that include humanrights clauses or that underwent
human rights screening

2022 Sustainability Report: Social – Safety
Performance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Governance, pages 77-78

413-2

Operations with significant actualand potential negative impacts on
local communities

2022 Form 10-K: Item 1A - Risk Factors, pages 13-17

Local Communities
GRI 413

Local Communities

Supplier Social Assessment
GRI 414

Supplier Social
Assessment

414-1

New suppliers that were screenedusing social criteria

2022 Sustainability Report: Social – Safety
Performance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Governance, pages 77-78

GRI 414

Supplier Social
Assessment

414-2

Negative social impacts in the
supply chain and actions taken

2022 Sustainability Report: Social – Safety
Performance – Human Rights: Modern Slavery and
Human Trafficking, page 63; Governance, pages 77-78

Public Policy

415-1

Political contributions

2022 Sustainability Report, Governance – Political
Activity and Contributions, page 79

418-1

Substantiated complaints
No material losses of customer data
concerning breaches of customer
privacy and losses of customer data 2022 Sustainability Report: Cybersecurity, page 80-81

419-1

Non-compliance with laws andregulations in the social andeconomic area

Public Policy
GRI 415

Customer Privacy
GRI 418

Customer Privacy

Socioeconomic Compliance
GRI 419

Socioeconomic
Compliance

Code of Business Conduct and Ethics
Material legal actions if any are reported in our 2022
Form 10-K: Item 3. Legal Proceedingssustainability@nov.com

SASB - Oil & Gas – Services
Topic

Accounting Metric

Emissions
Reduction
Servicesand Fuels
Management

Water
Management
Services

ChemicalsManagement

Ecological
ImpactManagement

Workforce
Health and
SafetyUnit of Measure

Code

Response or Disclosure Location

Total fuel consumed, percentage
Quantitative
renewable, percentage used in: (1)on-road equipment and vehicles and(2) off-road equipment

Gigajoules (GJ),
Percentage (%)

EM-SV-110a.1

2022 Sustainability Report:
Environmental – Climate Risk
Management and Greenhouse Gas
Emissions, pages 40-41

Discussion of strategy or plans toaddress air emissions-related risks,
opportunities, and impactsn/aEM-SV-110a.2

2022 Sustainability Report:
Environmental – Climate Risk
Management and Greenhouse Gas
Emissions, pages 40-41; Non-GHG Air
Emissions, pages 42-43

Percentage of engines in service that Quantitative
meet Tier 4 compliance for non-road
diesel engine emissions

Percentage (%)

EM-SV-110a.3

Not applicable; Not material to ourbusiness(1) Total volume of fresh water
handled in operations, (2)percentage recycled

Thousand cubic
meters (m³),
Percentage (%)

EM-SV-140a.1

2022 Sustainability Report:
Environmental – Water
Management, page 43; Process
Wastewater Management, page 43;
Waste Management, page 43

Discussion of strategy or plans to
Discussion
address water consumption andand Analysis
disposal-related risks, opportunities,
and impactsn/aEM-SV-140a.2

2022 Sustainability Report:
Environmental – Water
Management, page 43; Process
Wastewater Management, page 43;
Waste Management, page 43

Volume of hydraulic fracturing fluid
used, percentage hazardous

QuantitativeThousand cubic
meters (m³),
Percentage (%)

EM-SV-150a.1

Not applicable; Not material to ourbusiness

Discussion of strategy or plans toaddress chemical-related risks,
opportunities, and impacts

Discussion
and Analysisn/aEM-SV-150a.2

2022 Sustainability Report: Environmental – Spills, page 43

Average disturbed acreage per (1) oil Quantitativeand (2) gas well site

Acres (ac)EM-SV-160a.1

Not applicable; Not material to ourbusiness

Discussion of strategy or plan toaddress risks and opportunities
related to ecological impacts fromcore activities

Discussion
and Analysisn/aEM-SV-160a.2

2022 Sustainability Report:
Governance – Board Oversight of
ESG Issues, page 70(1) Total recordable incident rate
(TRIR), (2) fatality rate, (3) near missfrequency rate (NMFR), (4) total
vehicle incident rate (TVIR), and (5)average hours of health, safety, andemergency response training for (a)full-time employees, (b) contract
employees, and (c) short-service
employees

Quantitative

Rate

EM-SV-320a.1

2022 Sustainability Report: ESG Data
Sheet - Workforce Health and Safety,
page 8; Social – Promoting a Cultureof Safety: Our HSE Management
System, pages 58-59; Safety
Performance, page 62

Description of management systems Discussion
used to integrate a culture of safety and Analysis
throughout the value chain andproject lifecyclen/aEM-SV-320a.2

2022 Sustainability Report: Social –Promoting a Culture of Safety: Our
HSE Management System, pages
58-59; Safety Performance, page 62

nov.com/sustainability

Category

Discussion
and Analysis

Quantitative97

TopicAccounting Metric

Category

Unit of Measure

Code

Response or Disclosure Location

Business Ethics
and Payments
Transparency

Amount of net revenue in countries
that have the 20 lowest rankings inTransparency International’s
Corruption Perception Index

Quantitative

Reporting currency

EM-SV-510a.1

2022 Sustainability Report: ESG Data
Sheet - Governance, page 8

Description of the management
system for prevention of corruption
and bribery throughout the value
chain

Discussion
and Analysisn/aEM-SV-510a.2

2022 Sustainability Report:
Governance – Anti-Corruption andAnti-Bribery, page 76; Supply Chain
Management, page 78

Management of
the Legal andRegulatory
Environment

Discussion of corporate positions
Discussion
related to government regulations
and Analysis
and/or policy proposals that addressenvironmental and social factors
affecting the industry

n/a

EM-SV-530a.1

2022 Form 10-K: Item 1A: Risk
Factors, pages 13-21

Critical
Incident Risk
Management

Description of management systems Discussion
used to identify and mitigate
and Analysis
catastrophic and tail-end risksn/aEM-SV-540a.1

2022 Sustainability Report: Social –Promoting a Culture of Safety: Our
HSE Management System, pages
58-59; Employee Ownership, page60; Safety Performance, page 62

Table 2. Activity Metrics
Activity Metric

Category

Unit of Measure

Code

Response or Disclosure Location

Number of active rig sites

Quantitative

Number

EM-SV-000.A

Not applicable;
Not material to our business

Number of active well sites

Quantitative

Number

EM-SV-000.B

Not applicable;
Not material to our businessTotal amount of drilling performed

Quantitative

Meters (m)EM-SV-000.C

Not applicable;
Not material to our businessTotal number of hours worked by all employees

Quantitative

Hours

EM-SV-000.D

Not applicable;
Not material to our businesssustainability@nov.com

SASB - Industrial Machinery & Goods
Topic

Accounting Metric

Category

Unit of Measure

Code

Response or Disclosure Location

EnergyManagement(1) Total energy consumed, (2)percentage grid electricity, (3)percentage renewable

Quantitative

Gigajoules (GJ),
Percentage (%)

RT-IG-130a.1

2022 Sustainability Report: Environmental – Climate Risk Management
and Greenhouse Gas Emissions,pages 40-41

Employee
Health & Safety(1) Total recordable incident rate
(TRIR), (2) fatality rate, and (3) near
miss frequency rate (NMFR)

Quantitative

Rate

RT-IG-320a.1

2022 Sustainability Report: Social –Promoting a Culture of Safety: Our
HSE Management System, pages
58-59; Safety Performance, page 62

Fuel Economy
and Emissions
in Use-phase

Sales-weighted fleet fuel efficiency
Quantitative
for medium- and heavy-duty vehicles

Gallons per
1,000 ton-miles

RT-IG-410a.1

Data not reported

Sales-weighted fuel efficiency for
non-road equipment

Quantitative

Gallons per hour

RT-IG-410a.2

Data not reported

Sales-weighted fuel efficiency forstationary generators

Quantitative

Watts per gallon

RT-IG-410a.3

Data not reported

Sales-weighted emissions of: (1)nitrogen oxides (NOx) and (2)particulate matter (PM) for: (a)marine diesel engines, (b)locomotive diesel engines, (c)on-road medium- and heavy-duty
engines, and (d) other non-road
diesel engines

Quantitative

Grams perkilowatt-hour

RT-IG-410a.4

Data not reported

Description of the managementof risks associated with the use ofcritical materials

Discussion
and Analysis

n/a

RT-IG-440a.1

2022 Sustainability Report: Governance – Conflict Minerals, page 78

Quantitative

Reporting currency

RT-IG-440b.1

Data not reported

Activity Metric

Category

Unit of Measure

Code

Response or Disclosure Location

Number of units produced by product category

Quantitative

Number

RT-IG-000.A

Data not reported

Number of employees

Quantitative

Number

RT-IG-000.B

32,307 employees

Materials
Sourcing

Remanufacturing Revenue from remanufactured
Design andproducts and remanufacturing
Services
services

Table 2. Activity Metrics

2022 Form 10-K: Item 1. Business –Human Capital, page 10

nov.com/sustainability

99

United Nations Sustainable Development Goals
UNSDG

Description

Response or Disclosure Location

UNSDG 1

End poverty in all its forms everywhere

2022 Sustainability Report: Social – Community Investments,
pages 64

UNSDG 2End hunger, achieve food security and improved nutrition andpromote sustainable agriculture2022 Sustainability Report: Social – Community Investments,
pages 64

UNSDG 3

Ensure healthy lives and promote well-being for all at all ages

2022 Sustainability Report: Social – Community Investments,
pages 64

UNSDG 4

Ensure inclusive and equitable quality education and promote
lifelong learning opportunities for all

2022 Sustainability Report: Social – Community Investments,
pages 64

UNSDG 5

Achieve gender equality and empower all women and girls

2022 Sustainability Report: Social – Diversity, Equity, and Inclusion, pages 48-53

UNSDG 6

Ensure availability and sustainable management of water andsanitation for all

2022 Sustainability Report: Environmental – Water Management,
page 43; Process Wastewater Management, page 43; Waste
Management, page 43

UNSDG 7

Ensure access to affordable, reliable, sustainable and modern
energy for all

2022 Sustainability Report: The Industry that Powers the World,
pages 16-17; Energy Transition, page 18; Energy Transition
Initiatives, pages 18-33

UNSDG 8Promote sustained, inclusive and sustainable economic growth,
full and productive employment and decent work for all

2022 Sustainability Report: Social, pages 44-64

UNSDG 9Build resilient infrastructure, promote inclusive and sustainableindustrialization and foster innovation

2022 Sustainability Report: Energy Transition, page 18; Energy
Transition Initiatives, pages 18-33

UNSDG 10

Reduce inequality within and among countries

2022 Sustainability Report: Social – Diversity, Equity, andInclusion, pages 48-53

UNSDG 11Make cities and human settlements inclusive, safe, resilientand sustainable

2022 Sustainability Report: Energy Transition, page 18; Energy
Transition Initiatives, pages 18-33

UNSDG 12

Ensure sustainable consumption and production patterns[N/A]

UNSDG 13

Take urgent action to combat climate change and its impacts

2022 Sustainability Report: Energy Transition, page 18; Energy
Transition Initiatives, pages 18-33; Environmental, pages 36-43

UNSDG 14

Conserve and sustainably use the oceans, seas and marine
resources for sustainable development[N/A]

UNSDG 15

Protect, restore and promote sustainable use of terrestrial
ecosystems, sustainably manage forests, combat desertification,and halt and reverse land degradation and halt biodiversity loss

[N/A]

UNSDG 16

Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective,
accountable and inclusive institutions at all levels[N/A]

UNSDG 17

Strengthen the means of implementation and revitalize theglobal partnership for sustainable development[N/A]

sustainability@nov.com

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of
the Private Securities Litigation Reform Act of 1995
Statements made in this report that are forward-looking in nature are intended to be “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. Thesestatements may differ materially from the actual future events or results. Readers are referred to documents filed by NOVwith the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk
factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements,
except as may be required by law.

nov.com/sustainability

101

NOV Inc. has produced this brochure for general information
only, and it is not intended for design purposes. Although
every effort has been made to maintain the accuracy andreliability of its contents, NOV Inc. in no way assumes
responsibility for liability for any loss, damage or injury
resulting from the use of information and data herein. Allapplications for the material described are at the user’s risk
and are the user’s responsibility.

Corporate Headquarters
10353 Richmond Ave.
Houston, Texas 77042
USA© 2023 NOV Inc. All rights reserved.
JIG 22-NOV-0257

sustainability@nov.com

nov.com/sustainability