VARCO BUYS $500 MLN
NOV VARCO - 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.
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