HOUSTON--(BUSINESS WIRE)--May 15, 2014--
National Oilwell Varco, Inc. (NYSE: NOV) today announced that its Board
of Directors has approved an increase in the regular quarterly cash
dividend to $0.46 per share of common stock from $0.26 per share of
common stock, payable on June 27, 2014 to each stockholder of record on
June 13, 2014. The Company has a history of annual increases in its
quarterly cash dividend since it started paying cash dividends.
Clay Williams, Chief Executive Officer and President of National Oilwell
Varco, remarked, "This dividend increase demonstrates the Company's
strong financial condition and the confidence we have in our future. The
Company’s strength in execution has resulted in a very strong cash flow
that has enabled us to pass this dividend increase of over 75% directly
to our shareholders. Even with this increase, our business model
generates sufficient operating cash flow to allow future investment in
strategic internal growth and acquisitions that will further strengthen
our existing businesses."
National Oilwell Varco is a worldwide leader in the design, manufacture
and sale of equipment and components used in oil and gas drilling and
production operations, the provision of oilfield services, and supply
chain integration services to the upstream oil and gas industry.
Statements made in this press release that are forward-looking in nature
are intended to be “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from the
actual future events or results. Readers are referred to documents filed
by National Oilwell Varco with the Securities and Exchange Commission,
including the Annual Report on Form 10-K, which identify significant
risk factors which could cause actual results to differ from those
contained in the forward-looking statements.
Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Jeremy Thigpen, (713)
346-7301
