National Oilwell Slashes Dividend by 89% amid Oil Slump

Reuters

April 11 (Reuters) - National Oilwell Varco Inc said on Monday it would cut its quarterly dividend by 89 percent as the company struggles to cope with a prolonged slump in oil prices.

The company cut its quarterly dividend to 5 cents per share from 46 cents, saying that market conditions continued to deteriorate through the first quarter.

The dividend cut was expected to improve future net cash flow by about $615 million per year, Chief Executive Clay Williams said in a statement.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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