DNOW Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Operating Environment Overview
Our results are dependent on, among other factors, the level of worldwide oil and gas drilling and completions, well remediation activity, crude oil and natural gas prices, capital spending by oilfield service companies and drilling contractors, and the worldwide oil and gas inventory levels. Key industry indicators for the third quarter of 2025 and 2024 and the second quarter of 2025 include the following:
| % · % | |||||
|---|---|---|---|---|---|
| 3Q25 v · 3Q25 v | |||||
| 3Q25* | 3Q24* | 3Q24 | 2Q25* | 2Q25 | |
| Active Rigs: | |||||
| U.S. | 540 | 586 | (7.8%) | 571 | (5.4%) |
| Canada | 177 | 209 | (15.3%) | 129 | 37.2% |
| International | 1,080 | 1,151 | (6.2%) | 1,078 | 0.2% |
| Worldwide | 1,797 | 1,946 | (7.7%) | 1,778 | 1.1% |
| West Texas Intermediate Crude Prices (per barrel) | $65.74 | $76.24 | (13.8%) | $64.63 | 1.7% |
| Natural Gas Prices ($/MMBtu) | $3.03 | $2.11 | 43.6% | $3.19 | (5.0%) |
| Hot-Rolled Coil Prices (steel) ($/short ton) | $842.60 | $674.99 | 24.8% | $901.50 | (6.5%) |
| U.S. Wells Completed | 2,807 | 3,048 | (7.9%) | 2,975 | (5.6%) |
- Averages for the quarters indicated, except for U.S. Wells Completed. See sources on following page.
The following table details the U.S., Canadian and international rig activity and West Texas Intermediate oil prices for the past seven quarters ended September 30, 2025. During the third quarter of 2025, Baker Hughes’s methodology for calculating rig counts in the Kingdom of Saudi Arabia has been updated effective for periods beginning January 2024. As a result, previously reported international rig counts have been recast to conform to the updated methodology.
Sources: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude and Natural Gas Prices: Department of Energy, Energy Information Administration (www.eia.gov); Hot-Rolled Coil Prices: SteelBenchmarker™ Hot Roll Coil USA (www.steelbenchmarker.com); U.S. Wells Completed: Department of Energy, Energy Information Administration (www.eia.gov) (As revised).
The worldwide quarterly average rig count increased 1.1% (from 1,778 rigs to 1,797 rigs) and the U.S. declined 5.4% (from 571 rigs to 540 rigs) in the third quarter of 2025 compared to the second quarter of 2025. The average price per barrel of West Texas Intermediate Crude increased 1.7% (from $64.63 per barrel to $65.74 per barrel), and average natural gas prices declined 5.0% (from $3.19 per MMBtu to $3.03 per MMBtu) in the third quarter of 2025 compared to the second quarter of 2025. The average price per short ton of Hot-Rolled Coil declined 6.5% (from $901.50 per short ton to $842.60 per short ton) in the third quarter of 2025 compared to the second quarter of 2025. U.S. Wells Completed declined 5.6% (from 2,975 completion count to 2,807 completion count) in the third quarter of 2025 compared to the second quarter of 2025.
U.S. rig count at October 24, 2025 was 550 rigs, up 10 rigs from the third quarter 2025 average. The price for West Texas Intermediate Crude was $62.27 per barrel at October 24, 2025, down 5.3% from the third quarter 2025 average. The price for natural gas was $3.21 per MMBtu at October 24, 2025, up 5.9% from the third quarter 2025 average. The price for Hot-Rolled Coil was $815.00 per short ton at October 27, 2025, down 3.3% from the third quarter 2025 average.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.