National Oilwell Varco Unveils $3 Bln Stock Buyback Program

(RTTNews) - National Oilwell Varco, Inc. (NOV) said Tuesday that its Board of Directors has authorized a share repurchase program to purchase up to $3 billion of the company's outstanding common stock.

The duration of the share repurchase program is 36 months, although it may be increased, extended, suspended or discontinued without prior notice.

The company said it 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.

Clay Williams, National Oilwell Varco's Chairman, President and CEO, said, "This authorization comes after several months of careful consideration and reflects the Company's strong financial condition, and the confidence that we have in our future business outlook. We are pleased that the continued execution of a solid business model has resulted in strong operating cash flow that enables us to continue to invest in strategic growth opportunities, while simultaneously returning capital to shareholders through both a healthy dividend and a share repurchase program."