Fulfillment Model to Meet Customers' Evolving Needs
DistributionNOW gained share during 2Q23 as US drilling activity slowed. US revenue per rig averaged ~$631k, up from ~$561k in 1Q23 and ~$570k in 2Q22. Gains reflect the benefits of the company’s fulfillment model, geared to make DistributionNOW the supply chain solution provider of choice for customers by supplying the products they require in the quantities they need by increasing the efficiency of their procurement process, lowering transactions costs, and increasing returns on their investments. 2Q23 total revenue grew 10% Y/Y and 2% from 1Q22 revenue. US revenue gained 12% Y/Y and 2% from 1Q23 despite a 1H23 decline in the average US rig count. The US rig count averaged 722 during 2Q23, compared with 761 during 1Q23. The US rig count averaged 775 in 4Q22...NOW, through its subsidiaries, is a distributor to the oil and gas and industrial markets. The company's global product offering includes consumable maintenance, repair and operating supplies, pipe, valves, fittings, flanges, gaskets, fasteners, electrical, instrumentation, artificial lift, pumping solutions, valve actuation and modular process, measurement and control equipment. The company also provides warehouse and inventory management solutions as part of its supply chain and materials management offering. The company's solutions include outsourcing the functions of procurement, inventory and warehouse management, logistics, point of issue technology, project management, as well as business process.
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