National-Oilwell Varco, Inc. (NOV), Halliburton Company (HAL): Three Stocks to Play Rising Global Oil and Gas Spending

As CEO Pete Miller has noted, “No well is drilled, nor any drilling rig exists, without some equipment on it from National-Oilwell Varco, Inc. (NYSE:NOV).” While there are some short-term headwinds for the company, its longer-term prospects still appear robust. One of the key drivers of future growth should be the rig technology segment, especially its aftermarket services.

Of the more than 150 rigs National-Oilwell Varco, Inc. (NYSE:NOV) has delivered since 2005, very few have been returned to the company for major work. Once these rigs start coming back for surveys and other work, the company stands to earn $500 million to $1 billion in additional revenue, assuming $25 million to $50 million per major rig survey, which should continue to drive profitability for at least the next several years.

The article 3 Stocks to Play Rising Global Oil and Gas Spending originally appeared on is written by Arjun Sreekumar.

Fool contributor Arjun Sreekumar has no position in any stocks mentioned. The Motley Fool recommends Halliburton and National Oilwell Varco, owns shares of National Oilwell Varco and Nuverra Environmental Solutions, and has options on Nuverra Environmental Solutions.

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