Exhibit 99.1 News Release Weatherford Third Quarter 2024 Results | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | Revenues of $1,409 million increased 7% year-over-year | | • | Operating income of $243 million inc ...

Revenues of $1,409 million increased 7% year-over-yearOperating income of $243 million increased 11% year-over-yearNet income of $157 million increased 28% year-over-year; net income margin of 11.1%Adjusted EBITDA* of $355 million increased 16% year-over-year; adjusted EBITDA margin* of 25.2% increased by 197 basis points year-over-yearCash provided by operating activities of $262 million, an increase of $112 million sequentially and $90 million year-over-year; adjusted free cash flow* of $184 million, an i ...

HOUSTON, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") will host a conference call on Wednesday, October 23, 2024 to discuss the Company's results for the third quarter ending September 30, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). Prior to the conference call, the Company will issue a press release announcing the results and the associated presentation slides will be uploaded to the investor re ...

HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced the Company's issuer credit rating has recently been upgraded to 'BB-' from 'B+' by S&P Global Ratings ("S&P"). S&P based the rating upgrade on multiple factors, including improved operating efficiency and debt repayment. Girish Saligram, President and Chief Executive Officer of Weatherford, commented, "The latest S&P credit rating upgrade reflects the significant advance ...

HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford," the "Company," "we," "us," and "our") announced today the release of its annual Sustainability Report, which shares the Company's latest advancements in environmental, social, and governance ("ESG") practices and sustainability efforts. Girish Saligram, President and Chief Executive Officer, commented, "In 2023, Weatherford experienced significant growth, and we continued to make progress on our sustainab ...

HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford," the "Company," "we," "us," and "our") announced today the release of its annual Sustainability Report, which shares the Company's latest advancements in environmental, social, and governance ("ESG") practices and sustainability efforts. Girish Saligram, President and Chief Executive Officer, commented, "In 2023, Weatherford experienced significant growth, and we continued to make progress on our sustainab ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) The company's unaudited condensed consolidated financial statements for Q2 and H1 2024 reflect significant profitability growth, with revenue reaching **$1,405 million** and net income **$125 million** in Q2 [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q2 2024, total revenues increased to **$1,405 million**, operating income rose to **$264 million**, and net income attributable to Weatherford improved to **$125 million** Q2 & H1 2024 Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,405 | $1,274 | $2,763 | $2,460 | | **Operating Income** | $264 | $201 | $497 | $386 | | **Net Income Attributable to Weatherford** | $125 | $82 | $237 | $154 | | **Diluted Income per Share** | $1.66 | $1.12 | $3.16 | $2.11 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to **$5,111 million**, total liabilities decreased to **$3,871 million**, and total shareholders' equity substantially increased to **$1,240 million** Balance Sheet Summary (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $862 | $958 | | Total Current Assets | $3,362 | $3,345 | | **Total Assets** | **$5,111** | **$5,068** | | Total Current Liabilities | $1,691 | $1,866 | | Long-term Debt | $1,628 | $1,715 | | **Total Liabilities** | **$3,871** | **$4,146** | | **Total Shareholders' Equity** | **$1,240** | **$922** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2024, net cash from operations was **$281 million**, with net cash used in investing at **$115 million** and financing at **$289 million**, resulting in a net decrease in cash Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $281 | $285 | | Net Cash Used in Investing Activities | $(115) | $(122) | | Net Cash Used in Financing Activities | $(289) | $(297) | | **Net Decrease in Cash** | **$(143)** | **$(190)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, revenue, and debt, highlighting strong segment performance, international growth, and debt repayment - The company operates three reportable segments: Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI)[21](index=21&type=chunk) - The remaining principal of the **6.50% Senior Secured Notes due 2028** was redeemed and paid in full on May 23, 2024[32](index=32&type=chunk) - During the first six months of 2024, the company closed on acquisitions with total consideration of **$136 million**, consisting of cash and stock[54](index=54&type=chunk) - Subsequent to the quarter end, the Board declared a **$0.25 per share** quarterly dividend and authorized a new **$500 million** share repurchase program[55](index=55&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes strong Q2 2024 performance to increased international activity, with revenue growing **10%** to **$1.4 billion** and operating income **31%** to **$264 million**, alongside debt reduction and positive outlook [Business and Industry Trends](index=18&type=section&id=Business%20and%20Industry%20Trends) Global operations across three segments are influenced by commodity prices and rig activity, with Q2 2024 showing increased oil prices but decreased natural gas prices and worldwide rig counts Average Commodity Prices | Commodity | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Oil price - WTI ($/bbl) | $81.71 | $73.76 | | Oil price - Brent ($/bbl) | $84.65 | $78.32 | | Natural gas - Henry Hub ($/MMBtu) | $2.08 | $2.16 | Average Rig Counts | Region | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | North America | 738 | 836 | | International | 963 | 960 | | **Worldwide** | **1,701** | **1,796** | - Revenues from Russia accounted for approximately **5%** of total revenues for the first six months of 2024, down from **6%** in the same period of 2023[71](index=71&type=chunk) [Consolidated Results of Operations](index=20&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2024 revenues increased **10%** year-over-year to **$1.4 billion**, operating income surged **31%** to **$264 million**, and net interest expense decreased due to lower debt - Q2 2024 revenues increased **10%** YoY to **$1.4 billion**, and six-month revenues increased **12%** YoY to **$2.8 billion**[73](index=73&type=chunk) - Q2 2024 operating income increased **31%** YoY to **$264 million**, primarily due to improved operational efficiencies[75](index=75&type=chunk) - Net interest expense for Q2 2024 decreased to **$24 million** from **$31 million** in Q2 2023 due to the reduction in outstanding long-term debt[78](index=78&type=chunk)[79](index=79&type=chunk) - A loss of **$10 million** was recorded on Blue Chip Swap securities in Argentina for Q2 2024, a significant reduction from the **$57 million** loss in Q2 2023[80](index=80&type=chunk) [Results of Operations by Segment](index=22&type=section&id=Results%20of%20Operations%20by%20Segment) All segments showed year-over-year growth in Q2 2024, with WCC revenue up **15%** to **$504 million**, DRE up **8%** to **$427 million**, and PRI up **1%** to **$369 million** Q2 2024 Segment Performance (in millions) | Segment | Revenue | % Change YoY | Segment Adjusted EBITDA | % Change YoY | Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | DRE | $427 | 8% | $130 | 23% | 30.4% | | WCC | $504 | 15% | $145 | 33% | 28.8% | | PRI | $369 | 1% | $85 | 5% | 23.0% | - DRE's Q2 revenue growth was largely driven by wireline activity from recent acquisitions and higher margin international managed pressure drilling[88](index=88&type=chunk)[90](index=90&type=chunk) - WCC's Q2 growth was led by completions and liner hanger activity, with the Middle East/North Africa/Asia region contributing approximately **90%** of the growth[92](index=92&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$862 million** cash, repaid 2028 Senior Secured Notes, increased credit commitment, and noted high accounts receivable concentration in Mexico - The company ended Q2 2024 with **$862 million** in cash and cash equivalents and **$58 million** in restricted cash[105](index=105&type=chunk) - During H1 2024, the company made repayments of long-term debt totaling **$259 million**[109](index=109&type=chunk) - The total commitment amount under the Credit Agreement was increased to **$720 million** in June 2024, with zero borrowings outstanding as of June 30, 2024[35](index=35&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - Net accounts receivable in Mexico represented **35%** of the company's total net accounts receivable as of June 30, 2024, with the largest customer in the country accounting for **31%** of the total[116](index=116&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's market risk exposure has not materially changed since December 31, 2023, with further details available in other report sections - The company's exposure to market risk has not changed materially since December 31, 2023[133](index=133&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[135](index=135&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[136](index=136&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings.) Information regarding ongoing disputes and litigation is detailed in Note 7 of the Condensed Consolidated Financial Statements - Information regarding ongoing disputes and litigation is detailed in "Note 7 – Disputes, Litigation and Legal Contingencies" of the financial statements[138](index=138&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to the risk factors previously disclosed in the 2023 Form 10-K have occurred as of June 30, 2024 - As of June 30, 2024, there have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K[139](index=139&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information.) No director or executive officer adopted or terminated a Rule 10b5-1 trading arrangement, and the Board approved the Second Amended and Restated Short-Term Incentive Plan - On July 23, 2024, the Board of Directors approved the Second Amended and Restated Weatherford International plc Short-Term Incentive Plan (STI Plan)[144](index=144&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits.) This section lists filed exhibits, including credit agreement amendments, incentive plan documents, officer certifications, and XBRL data files - Exhibits filed include the Sixth and Seventh Amendments to the Amended and Restated Credit Agreement[146](index=146&type=chunk) - The Second Amended and Restated Short-Term Incentive Plan is filed as Exhibit 10.4[146](index=146&type=chunk) - Certifications by the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included as exhibits[146](index=146&type=chunk)

Weatherford International plc (NASDAQ:WFRD) Q2 2024 Earnings Conference Call July 24, 2024 9:00 AM ET Company Participants Mohammed Topiwala - Vice President, Investor Relations & M&A Girish Saligram - President & Chief Executive Officer Arun Mitra - Executive Vice President & Chief Financial Officer Conference Call Participants Luke Lemoine - Piper Sandler James West - Evercore David Anderson - Barclays Ati Modak - Goldman Sachs Jim Rollyson - Raymond James Scott Gruber - Citigroup Doug Becker - Capital On ...

Company Performance - Weatherford reported quarterly earnings of $1.66 per share, missing the Zacks Consensus Estimate of $1.71 per share, but showing an increase from $1.12 per share a year ago [1] - The company posted revenues of $1.41 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.37%, compared to $1.27 billion in the same quarter last year [2] - Over the last four quarters, Weatherford has surpassed consensus EPS estimates three times [6] Stock Performance - Weatherford shares have increased approximately 35.2% since the beginning of the year, outperforming the S&P 500's gain of 16.7% [7] - The current consensus EPS estimate for the upcoming quarter is $1.80 on revenues of $1.47 billion, and for the current fiscal year, it is $7.10 on revenues of $5.79 billion [9] Industry Outlook - The Oil and Gas - Field Services industry, to which Weatherford belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, indicating potential challenges ahead [5] - The estimate revisions trend for Weatherford is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [13]

Weatherford Announces Second Quarter 2024 Results and Shareholder Return Program *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled • Revenues of $1,405 million increased 3.5% sequentially and 10% year-over-year, driven by international revenue growth of 6% sequentially and 14% year-over-year • Operating income of $264 million increased 13% sequentially and 31% year-over-year • Net income of $125 million increased 12% sequentially a ...