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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.