National Oilwell Varco Announced Suspension of Quarterly Dividend
May 20 2020 - 5:51PM
Business Wire
National Oilwell Varco, Inc. (NYSE: NOV) announced today that
during its regularly-scheduled meeting, the Board of Directors
elected to suspend the Company’s quarterly dividend until further
notice.
“With the view that capital is becoming increasingly scarce and
valuable within our industry, we believe that it is in the best
long-term interest of NOV’s shareholders to suspend our dividend,”
commented Clay Williams, Chairman, President, and CEO. “While NOV’s
balance sheet and access to capital remain strong, the global
economic shutdown has resulted in heightened uncertainty and an
opaque outlook for the oilfield service industry. Thus, we feel
that it is prudent to preserve the $77 million per year of cashflow
from the dividend while we navigate through present market
challenges, reduce costs, improve efficiencies, and position the
Company for the eventual market recovery.”
About NOV
National Oilwell Varco (NYSE: NOV) is a leading provider of
technology, equipment, and services to the global oil and gas
industry that supports customers’ full-field drilling, completion,
and production needs. Since 1862, NOV has pioneered innovations
that improve the cost-effectiveness, efficiency, safety, and
environmental impact of oil and gas operations. NOV powers the
industry that powers the world.
Visit www.nov.com for more information.
Cautionary Statement for the Purpose of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform Act of
1995
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200520005873/en/
Blake McCarthy Vice President, Corporate Development and
Investor Relations (713) 815-3535 Blake.McCarthy@nov.com
NOV (NYSE:NOV)
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