National Oilwell Varco Announces $500 Million Share Repurchase Program
November 06 2018 - 07:29PM
Business Wire
National Oilwell Varco, Inc. (NYSE: NOV) today announced that
its Board of Directors has authorized a share repurchase program to
purchase up to $500 million of the Company's outstanding common
stock.
“This share repurchase program reflects the Company’s
strengthening outlook, its track record of solid free cash flow,
and its commitment to responsible capital stewardship,” said Clay
Williams, Chairman and CEO of National Oilwell Varco.
Under the share repurchase program, the Company may purchase
shares of common stock from time to time in the open market, in
privately negotiated transactions, or pursuant to other means
determined by the Company and in accordance with all applicable
rules and regulations. Repurchases may also be made pursuant to a
trading plan under Rule 10b5-1 of the Securities Exchange Act of
1934, as amended. The timing and actual number of shares purchased
will depend on a variety of factors including corporate and
regulatory requirements, price and other market conditions. The
repurchase program does not require the Company to purchase a
specific number of shares. The duration of the share repurchase
program is 36 months, however it may be discontinued or suspended
at any time without notice. The repurchase program will be funded
from the Company’s existing cash balance, future cash flows or
available line of credit.
The share repurchase program was announced today during the
Company’s 2018 Analyst Day in Houston. The 2018 Analyst Day event
was broadcast live via webcast. An archived replay of the webcast
and corresponding presentation slides will be available through the
Investor Relations link on NOV’s website at www.nov.com/investors
for 90 days.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181106006055/en/
National Oilwell Varco, Inc.Loren Singletary,
713-346-7807
NOV (NYSE:NOV)
Historical Stock Chart
From Feb 2024 to Mar 2024
NOV (NYSE:NOV)
Historical Stock Chart
From Mar 2023 to Mar 2024