National Oilwell Varco's Board of Directors has approved a special one-time cash dividend of $1.00 per share of common stock. The special cash dividend will be paid on December 16, 2009 to each stockholder of record on December 2, 2009.
The Board of Directors also approved the commencement of a regular cash dividend of $0.10 per share of common stock on a quarterly basis. The quarterly cash dividend will also be paid on December 16, 2009 to each stockholder of record on December 2, 2009.
The aggregate total dividend distribution will be approximately $460.2 million based on approximately 418.3 million shares outstanding as of November 13, 2009. As of September 30, 2009, the Company's cash and cash equivalents totaled approximately $3.2 billion. Through its third quarter ended September 30, 2009, cash provided by operating activities was $2.0 billion.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated, "This one-time special cash dividend and commencement of a regular quarterly dividend reflect our commitment to enhancing stockholder value. The decision to make cash distributions was based in part on our solid capitalization, our bright long-term outlook for the Company's business, and our assessment that strong future cash flows and access to credit will permit us to continue to invest in our business. We expect future strategic acquisitions and internal growth opportunities to continue to play a key role in enhancing the competitiveness of the Company."
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