NOV Inc. — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL OILWELL VARCO INC (NOV)
CIK: 0001021860
Period of Report: 2011-02-22

Reporting Person: BLANCHARD ROBERT W (VP Cntrlr Chf Acctg Offcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-22	Common Stock	M	10667	$25.96	Acquired	62202	Direct
2011-02-22	Common Stock	M	11295	$44.07	Acquired	73497	Direct
2011-02-22	Common Stock	S	21962	$81.6	Disposed	51535	Direct
2011-02-22	Common Stock	F	3645	$79.8	Disposed	47890	Direct
2011-02-22	Common Stock	A	7600	—	Acquired	55490	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-22	Non-Qualified Stock Option (right to buy)	$25.96	M	10667	Disposed	2019-02-21	Common Stock (10667)	Direct
2011-02-22	Non-Qualified Stock Option (right to buy)	$44.07	M	11295	Disposed	2020-02-17	Common Stock (11295)	Direct
2011-02-22	Non-Qualified Stock Option (right to buy)	$79.8	A	20550	Acquired	2021-02-23	Common Stock (20550)	Direct

Footnotes

F1: Represents the number of shares withheld from the vesting of performance-based restricted stock shares to satisfy tax withholding liability.

F2: Options vest in three (3) equal annual installments commencing on the date indicated.