UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
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| Item 7.01. | Regulation FD. |
On May 20, 2020, National Oilwell Varco, Inc. (the “Company”) issued a press release announcing that its Board of Directors has elected to suspend the Company’s quarterly cash dividend on its common stock until further notice. The press release is being furnished as Exhibit 99.1 attached hereto and incorporated by reference herein.
The information contained under Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing with the SEC under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 20, 2020 |
NATIONAL OILWELL VARCO, INC. | |
| /s/ Brigitte M. Hunt | ||
| Brigitte M. Hunt Vice President |
Exhibit 99.1
| NEWS |
Contact: Blake McCarthy - (713) 815-3535 |
FOR IMMEDIATE RELEASE
NATIONAL OILWELL VARCO ANNOUNCED SUSPENSION OF QUARTERLY DIVIDEND
HOUSTON, TX, May 20, 2020 — 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.
CONTACT:
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
Blake.McCarthy@nov.com
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