National Oilwell Varco Announces $500 Million Share Repurchase Program

National Oilwell Varco, Inc. (NYSE: NOV) today announced that its Board
of Directors has authorized a share repurchase program to purchase up to
$500 million of the Company's outstanding common stock.

“This share repurchase program reflects the Company’s strengthening
outlook, its track record of solid free cash flow, and its commitment to
responsible capital stewardship,” said Clay Williams, Chairman and CEO
of National Oilwell Varco.

Under the share repurchase program, the Company may purchase shares of
common stock from time to time in the open market, in privately
negotiated transactions, or pursuant to other means determined by the
Company and in accordance with all applicable rules and regulations.
Repurchases may also be made pursuant to a trading plan under Rule
10b5-1 of the Securities Exchange Act of 1934, as amended. The timing
and actual number of shares purchased will depend on a variety of
factors including corporate and regulatory requirements, price and other
market conditions. The repurchase program does not require the Company
to purchase a specific number of shares. The duration of the share
repurchase program is 36 months, however it may be discontinued or
suspended at any time without notice. The repurchase program will be
funded from the Company’s existing cash balance, future cash flows or
available line of credit.

The share repurchase program was announced today during the Company’s
2018 Analyst Day in Houston. The 2018 Analyst Day event was
broadcast live via webcast. An archived replay of the webcast and
corresponding presentation slides will be available through the Investor
Relations link on NOV’s website at www.nov.com/investors
for 90 days.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of technology,
equipment, and services to the global oil and gas industry that supports
customers’ full-field drilling, completion, and production needs. Since
1862, NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas operations.
NOV powers the industry that powers the world.

Visit www.nov.com
for more information.

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 National Oilwell Varco 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.

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