In the following video, Fool analysts Jim Mueller and Austin Smith discuss the biggest reasons investors should be looking at National Oilwell Varco.

National Oilwell is the picks-and-shovels company of the oil-drilling industry. It provides parts for every drilling rig in the world, Jim says. Any area of the operation you can think of, it has a hand in.

It also works with both onshore and offshore drillers, Austin says. That means it will continue to do well no matter where the drillers shift their focus.

As a bonus, National Oilwell is also a successful acquirer of its competitors, Jim says. It now owns about 60% of its market, and it's been slowly acquiring more and more of its smaller competitors, building an even more dominant position in the industry.

Austin Smith owns shares of National Oilwell Varco and Seadrill. Jim Mueller owns shares of National Oilwell Varco, Transocean, and Seadrill. The Motley Fool owns shares of Transocean, Seadrill, and ExxonMobil. Motley Fool newsletter services recommend National Oilwell Varco and Seadrill. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.