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National Oilwell Varco Announces $500 Million Share Repurchase Program
“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
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 Dayin
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
National Oilwell Varco, Inc.
Loren Singletary, 713-346-7807