[...] understand that the term can mean different things. Global energy production is booming, and a good way to profit without being hurt by commodity-price volatility is to invest in companies servicing and supplying the oil and gas industry. NOV, the world leader in providing major mechanical equipment for drilling rigs. The company has more than 800 manufacturing, sales and service centers, and about 90 percent of all rigs carry some of its equipment. National Oilwell Varco's first-quarter 2014 results featured its backlog of orders for rig technology equipment hitting an all-time high of $16.4 billion (up 27 per- cent year-over-year), revenue rising 9 percent and net income jumping 18 percent. The Houston company isn't perfect, as it does face risks such as competition, and its profit margins have been slipping in recent years. [...] National Oilwell Varco can benefit from an anticipated spending spree worth hundreds of billions of dollars in new production infrastructure. National Oilwell Varco stock is fairly inexpensive, recently with a price-to-earnings ratio near 14 and a dividend yield close to 2.4 percent.

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