Oil and gas drilling equipment maker National Oilwell Varco, Inc. (NOV) Monday said its Board of Directors has approved an increase in the regular quarterly cash dividend to $0.26 per share of common stock from $0.13 per share of common stock, payable on June 28 to each stockholder of record on June 14.
The company has increased its quarterly cash dividend every year since it started paying cash dividends.
Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, "This dividend increase reflects the Company's strong financial condition and our confidence in our business going forward.''
Miller added that the firm's business model continues to generate strong operating cash flow that enables it to invest in and execute strategic internal growth and pursue acquisition opportunities to further strengthen its existing businesses.
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