Building · newly observed relationshipLatest completed snapshot · Aug 24 · 16:55 ET

MARKET-DISCOVERED GROUP

Oil & Gas Equipment & Services

THE TRADER READShared activity without a clean directional read

Price direction is split across 6 measured members. Capital-flow confirmation is unavailable.

Price breadth1 up · 5 downRelative median unavailable

Capital-flow alignmentUnavailablePrice breadth is not yet confirmed by flow

Activity nowBuilding_pressureActivity score 31/100

Evidence depth0 support daysLow sample—context, not a validated playbook

EVIDENCE CLOCK

What happened, in timestamp order

0 timed events

TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

WED, APR 22OII filing documented shared operating contextdemand / volume affecting revenue · date precision only

MON, APR 27NOV filing documented shared operating contextdemand / volume affecting revenue · date precision only

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations

Price sequence unavailableA timestamped price sequence is unavailable.

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast

WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

6/6 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across BKR, HAL, NOV, OII.

demand / volume affecting revenue

“Strong execution on the segment’s backlog more than offset lower sales of aftermarket parts and services, which were impacted by war related disruptions in the Middle East.”
NOV 10-Q · 2026-04-28

credit / rates affecting interest expense

“Ended Year Ended December 31, September 30, December 31, 2025 2024 2025 2025 2024 Reconciliation of Adjusted EBITDA: GAAP net income (loss) attributable to Company $ (78 ) $ 160 $ 42 $ 145 $ 635 Noncontrolling interests (3 ) 1 2 6 — Provision for income taxes 147 38 29 224 196 Interest expense 22 24 22 88 91 Interest income (19 ) (11 ) (11 ) (51 ) (38 ) Equity (income) loss in unconsolidated affiliates 6 1 11 16 (36 ) Other (income) expense, net 17 (6 ) 12 66 28 (Gain) loss on sales of fixed assets (1 ) — (3 ) (3 ) — Depreciation and amortization 90 88 89 355 343 Pre-tax Other Items, net 86 7 65 183 (109 ) Total Adjusted EBITDA $ 267 $ 302 $ 258 $ 1,029 $ 1,110 Liquidity and Capital Resources Overview At December 31, 2025, the Company had cash and cash equivalents of $1,552 million, and total debt of $1,718 million.”
NOV 10-K · 2026-02-12

demand / volume

“Demand for the segment’s composite solutions serving applications outside of oil and gas are driven by industrial activity, infrastructure spend, and population growth.”
NOV 10-Q · 2026-07-29

CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

NOV → UNGInverse historical lead/lag · strength -0.19

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

No high-confidence filing-linked outsiders are available for this group yet.

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately

WFRDOIIBKRNOVHALSLB

4/6 active1 rising · 5 falling

MemberUnusual activityToday's moveRead now

WFRDWeatherford International plc

Elevated · 100/100

-0.7%