Financial Data and Key Metrics Changes - Weatherford reported a revenue growth of 19% for the full year 2023, with total revenues reaching $5.14 billion and net income of $417 million, reflecting a significant improvement of over 1500% year-over-year [34][7] - Adjusted EBITDA for the year was approximately $1.2 billion, with an adjusted EBITDA margin of 23.1%, an increase of 423 basis points [34][7] - In Q4 2023, revenue was $1.36 billion, a 4% sequential increase and a 13% year-over-year increase, with adjusted EBITDA of $321 million, up 5% sequentially and 21% year-over-year [34][36] Business Line Data and Key Metrics Changes - Drilling and Evaluation (DRE) segment revenues were $382 million in Q4, a decrease of 2% sequentially but a 16% increase for the full year [38] - Well Construction and Completion (WCC) segment revenues increased by 5% sequentially to $480 million, driven by higher activity in the Middle East, North Africa, and Asia [40] - Production and Intervention (PRI) segment revenues were $386 million, up 4% sequentially, primarily due to higher activity in digital solutions and international artificial lift [41] Market Data and Key Metrics Changes - International operations saw a 26% growth, while North America experienced margin growth despite a revenue decline in a weaker market [8][7] - Latin America was the highest growth region in 2023, with expectations for continued growth in the mid to high single-digit range in 2024 [16] - The Middle East is expected to lead growth in 2024, with high-teens growth anticipated, while Russia is expected to decline due to operational complexities [18][17] Company Strategy and Development Direction - The company aims for continued revenue growth and margin expansion, targeting 25% EBITDA margins by 2025 [21][22] - Weatherford is focusing on inorganic growth through selective acquisitions, having recently acquired two technology companies in the wireline space and a leader in well-decommissioning technology [24][23] - The strategic priorities for 2024 include organizational vitality, customer experience, lean operations, and financial performance [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued activity growth driven by international customer investment, despite recent market volatility [11] - The company anticipates a long-term upcycle in the energy sector, supported by significant investments in large projects [12][13] - Management highlighted the importance of geopolitical risks over broader macroeconomic themes as the primary concern for activity growth [18] Other Important Information - Weatherford's gross debt was reduced to $1.7 billion, with a net leverage ratio of 0.7x, marking the lowest level in over 15 years [31][47] - The company received credit rating upgrades from S&P and Moody's, reflecting improvements in operating performance and balance sheet [49] - CapEx for 2023 was $209 million, or 4.1% of revenue, with expectations for CapEx to remain around 5% of revenue in 2024 [46][52] Q&A Session Summary Question: Can you provide updates on projects in Saudi Arabia? - Management confirmed involvement in various projects, emphasizing a strong position in onshore services and integrated projects [56][57] Question: What are the strategic priorities moving forward? - Management indicated a shift towards a more offensive strategy, focusing on capital allocation, shareholder returns, and selective M&A opportunities [66][70] Question: How do you see margin expansion progressing in 2024? - Management expects gradual margin improvements throughout the year, with a target of exiting 2024 at around 25% EBITDA margins [86][88] Question: What is the outlook for offshore growth? - Management highlighted significant growth opportunities in offshore markets, particularly in intervention services and decommissioning [99][100] Question: How will acquisitions impact revenue growth? - Management clarified that while acquisitions contribute to growth, the overall revenue increase is primarily driven by existing operations and market opportunities [93][94]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________________to __________________________________ Commission file number 001-36504 Weatherford International plc (Exact name of registrant as specified in ...

Weatherford International plc (NASDAQ:WFRD) Q3 2023 Earnings Call Transcript October 25, 2023 10:00 AM ET Company Participants Girish Saligram - President, Chief Executive Officer Arun Mitra - Executive Vice President, Chief Financial Officer Mohammed Topiwala - Director, Investor Relations, M&A Conference Call Participants Luke Lemoine - Piper Sandler Ati Modak - Goldman Sachs Doug Becker - Capital One Jim Rollyson - Raymond James Kurt Hallead - Benchmark Operator Ladies and gentlemen, thank you for standi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________________to __________________________________ Commission file number 001-36504 Weatherford International plc (Exact Name of Regi ...

INVESTOR PRESENTATION WEATHERFORD INTERNATIONAL PLC Q2 | 2023 2 Q2'23 EARNINGS PRESENTATION DISCLAIMER This presentation contains projections and forward-looking statements concerning, among other things, the Company's quarterly revenues, operating income and losses, adjusted EBITDA*, adjusted free cash flow*, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the word ...

Weatherford International plc (NASDAQ:WFRD) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET Company Participants Mohammed Topiwala - Vice President, Investor Relations Girish Saligram - President and Chief Executive Officer Arun Mitra - Executive Vice President and Chief Financial Officer Conference Call Participants Luke Lemoine - Piper Sandler Doug Becker - Capital One Ati Modak - Goldman Sachs Kurt Hallead - Benchmark Connor Jensen - Raymond James Operator Ladies and gentlemen, thank you for st ...

Revenue Performance - Revenues for the three and six months ended June 30, 2023, were $1.3 billion and $2.5 billion, representing increases of 20% and 23% compared to $1.1 billion and $2.0 billion for the same periods in 2022[72]. - Product revenues increased by 18% and service revenues increased by 21% year-over-year in the second quarter, with Drilling and Evaluation, Well Construction and Completions, and Production and Intervention contributing 37%, 27%, and 10% to the revenue increase, respectively[72]. - Approximately 80% of the revenue increase was attributed to higher customer demand driven by increased investment in oil and gas production capacity globally, consistent with a 9% and 12% year-over-year increase in global rig counts for the three and six months ended June 30, respectively[73]. - Total revenues for Q2 2023 were $1,274 million, a 20% increase from $1,064 million in Q2 2022, and $2,460 million for the first half of 2023, up 23% from $2,002 million year-over-year[88]. Cost and Expenses - Cost of products and services for the three and six months ended June 30, 2023, was $847 million and $1.6 billion, reflecting increases of 12% and 14% compared to $756 million and $1.4 billion in the same periods of 2022[76]. - Selling, general, administrative, and research and development costs were $225 million and $441 million for the three and six months ended June 30, 2023, representing increases of 3% and 6% compared to $218 million and $417 million in the same periods of 2022[77]. - Interest expense, net decreased to $31 million and $62 million for the three and six months ended June 30, 2023, from $48 million and $96 million in the same periods of 2022, primarily due to reduced long-term debt[78]. Profitability - Operating income for Q2 2023 was $201 million, a 93% increase from $104 million in Q2 2022, and $386 million for the first half of 2023, up 216% from $122 million year-over-year[88]. - DRE segment adjusted EBITDA margin improved to 26.9% in Q2 2023 from 21.8% in Q2 2022, and to 27.9% in the first half of 2023 from 21.0% year-over-year[92]. - WCC segment adjusted EBITDA margin increased to 24.8% in Q2 2023 from 17.5% in Q2 2022, and to 23.8% in the first half of 2023 from 18.4% year-over-year[94]. Cash Flow and Financial Position - Cash provided by operating activities was $285 million for the first half of 2023, compared to a cash outflow of $4 million in the same period of 2022[108]. - Cash used in investing activities was $122 million for the first half of 2023, primarily for capital expenditures of $100 million[111]. - As of June 30, 2023, the company had cash and cash equivalents of $787 million, down from $910 million at the end of 2022[106]. - Cash used in financing activities for the six months ended June 30, 2023, was $297 million, primarily for repayments and repurchases of long-term debt ($230 million) and tax remittances on equity awards vested ($54 million)[113]. - The company anticipates sufficient cash from operations and cash on hand to meet both short-term and long-term financial obligations[115]. Market and Economic Factors - The average oil price for WTI was $73.76 per barrel in Q2 2023, down from $108.72 in Q2 2022, while Brent averaged $78.32 per barrel, down from $113.54[67]. - The average natural gas price at Henry Hub was $2.16 per million British thermal units in Q2 2023, significantly lower than $7.48 in Q2 2022[67]. - Revenues from Russia accounted for approximately 6% of total revenues for both the three and six months ended June 30, 2023, and June 30, 2022[70]. Strategic Initiatives - The company expects to continue investing in research and development for newer technologies and improvements to technology platforms[116]. - The company may consider additional Blue Chip Swap transactions in the future to safeguard cash from Argentine inflation and devaluation[119]. - Capital spending for 2023 is projected to be between 4-5% of total year revenues, with operating lease payments expected to be approximately $65 million and finance lease payments around $20 million[118]. Credit and Receivables - As of June 30, 2023, net accounts receivables in Mexico accounted for 28% of total net accounts receivables, up from 21% as of December 31, 2022[122]. - During the three and six months ended June 30, 2023, the company sold accounts receivable balances of $63 million and $109 million, receiving cash proceeds of $61 million and $103 million, respectively[124]. - The company had $385 million of letters of credit outstanding as of June 30, 2023, compared to $395 million as of December 31, 2022[128]. Credit Ratings - The company maintains a stable outlook with credit ratings of B from Standard and Poor's and B2 from Moody's as of June 30, 2023[126].

Weatherford International plc (NASDAQ:WFRD) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Company Participants Mohammed Topiwala – Director-Investor Relations and M&A Girish Saligram – President and Chief Executive Officer Arun Mitra – Executive Vice President and Chie Financial Officer Conference Call Participants Luke Lemoine – Piper Sandler Ati Modak – Goldman Sachs Kurt Hallead – RBC Doug Becker – Capital One Operator Ladies and gentlemen, thank you for standing by. Welcome to the Weatherf ...

INVESTOR PRESENTATION WEATHERFORD INTERNATIONAL PLC Q1 | 2023 2 Q1'23 EARNINGS PRESENTATION DISCLAIMER This presentation contains projections and forward-looking statements concerning, among other things, the Company's quarterly revenues, operating income and losses, segment adjusted EBITDA, adjusted EBITDA*, adjusted free cash flow*, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also general ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________________to __________________________________ Commission file number 001-36504 Weatherford International plc (Exact Name of Registra ...