National Oilwell Varco Announces $3 Billion Share Repurchase Plan
The share repurchases may be made on the open market at prevailing market prices, through privately negotiated transactions, or by other means as determined by the Company’s management and in accordance with the requirements of Rule 10b5-1 and/or Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and actual number of shares repurchased will depend on a variety of factors including market conditions and regulatory considerations. The duration of the share repurchase program is 36 months, although it may be increased, extended, suspended or discontinued without prior notice. The Company will fund the repurchases using U.S. cash; however, depending on U.S. cash balances, the Company could borrow from time-to-time to finance the transactions.
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
Source:
National Oilwell Varco, Inc.
Jeremy Thigpen, 713-346-7301