NOV Announces 50 Percent Increase in Regular Quarterly Dividend
NOV (NYSE: NOV) has announced a 50% increase in its regular quarterly cash dividend. The new dividend is $0.075 per share of common stock, payable on June 28, 2024, to stockholders of record on June 14, 2024. This increase aligns with NOV's capital return framework, which aims to return at least 50% of Excess Free Cash Flow to shareholders. Excess Free Cash Flow is defined as cash flow from operations minus capital expenditures and other investments, including acquisitions. The return includes steady quarterly base dividends, opportunistic stock buybacks, and an annual supplemental dividend.
- 50% increase in regular quarterly dividend to $0.075 per share.
- Dividend payable on June 28, 2024, to stockholders of record on June 14, 2024.
- Return of at least 50% of Excess Free Cash Flow to shareholders.
- Inclusion of steady quarterly base dividends, stock buybacks, and annual supplemental dividends.
- No specific figures provided for Excess Free Cash Flow or capital expenditures.
- Potential dilution through stock buybacks not quantified.
- Future financial performance dependent on maintaining Excess Free Cash Flow.
This 50 percent increase in NOV’s base dividend is consistent with the return of capital framework announced on April 25, 2024, under which the Company expects to return at least 50 percent of Excess Free Cash Flow (defined as cash flow from operations less capital expenditures and other investments, including acquisitions), through a combination of steady, quarterly base dividends, opportunistic stock buybacks and an annual supplemental dividend to true-up returns to shareholders on an annual basis.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
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 NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.
Visit www.nov.com for more information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515990042/en/
Amie D’Ambrosio
Director, Investor Relations
(713) 375-3826
amie.dambrosio@nov.com
Source: NOV Inc.
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