National Oilwell Varco Announces Doubling of Dividend NOV

National Oilwell Varco (NYSE: NOV) today announced that 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, 2013 to each stockholder of record on June 14, 2013. The Company has increased its quarterly cash dividend every year since the Company 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. We are pleased that our continued execution and strong cash flow enable us to provide a significantly higher dividend directly to our stockholders. Our business model continues to generate strong operating cash flow that enables us to invest in and execute strategic internal growth and pursue acquisition opportunities to further strengthen our existing businesses."

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

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National Oilwell Varco Announces Second Quarter 2012 Earnings

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National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its second quarter ended June 30, 2012 it earned net income of $605 million, or $1.42 per fully diluted share. Earnings per share increased 26 percent compared to the second quarter of 2011 and were sequentially flat compared to the first quarter of 2012. Excluding transaction charges of $28 million pre tax, second quarter 2012 net income was $626 million, or $1.46 per fully diluted share.

The Company’s revenues for the second quarter of 2012 were $4.7 billion, which improved 10 percent from the first quarter of 2012 and 35 percent from the second quarter of 2011. Operating profit for the second quarter of 2012 was $907 million or 19.2 percent of sales, excluding transaction charges. Year over year second quarter operating profit increased 27 percent and sequentially second quarter operating profit increased three percent.

Backlog for capital equipment orders for the Company’s Rig Technology segment was $11.28 billion at June 30, 2012, up nine percent from the end of the first quarter and up 46 percent from the end of the second quarter of 2011. During the second quarter of 2012 the Company’s Rig Technology segment booked incoming new capital equipment orders of $2.73 billion (through a combination of $2.22 billion in new orders and $0.51 billion in orders through acquisitions completed during the quarter) offset by revenues out of backlog of $1.82 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “Our Company achieved strong earnings this quarter, thanks to the hard work of our many dedicated employees. All three segments posted higher sequential and year over year revenues and operating profit, and we are pleased at the high level of demand we continue to see for new drilling equipment.

The Company continues to expand organically as well as through acquisitions. We closed six transactions during the quarter for total consideration of $2.0 billion, to strengthen the technology, product and service offerings we provide our oil and gas customers around the globe. Most markets we serve have remained buoyant, despite lower commodity prices, and we therefore expect solid results for the second half of the year.”

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