National Oilwell Varco Announced Suspension of Quarterly Dividend

HOUSTON, TX (STL.News) 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 cash-flow from the dividend while we navigate through present market challenges, reduce costs, improve efficiencies, and position the Company for the eventual market recovery.”