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National Oilwell Varco hikes dividend to 13 cents

HOUSTON (AP) -- National Oilwell Varco Inc., which makes products for oil and gas drilling, said Thursday that it is increasing its quarterly dividend by a penny.

The dividend of 13 cents per share is payable on Dec. 21 to shareholders of record as of Dec. 7.

Pete Miller, chairman, president and CEO of the Houston-based company, said the dividend increase reflects the company's strong financial condition and its confidence in its business going forward.

National Oilwell Varco shares increased 66 cents to $70.21 in afternoon trading.