Financial Performance - Revenues for the three and nine months ended September 30, 2024, were $1.4 billion and $4.2 billion, representing increases of 7% and 11% compared to $1.3 billion and $3.8 billion for the same periods in 2023[65] - Operating income for the three and nine months ended September 30, 2024, was $243 million and $740 million, reflecting increases of 11% and 23% compared to $218 million and $604 million in the same periods of 2023[67] - Product revenues increased by 10% and service revenues by 11% year-over-year for the nine months ended September 30, 2024, with contributions from Well Construction and Completions (38%) and Drilling and Evaluation (33%) segments[65] - Total revenues for Q3 2024 were $1,409 million, reflecting a $96 million or 7% increase from $1,313 million in Q3 2023[80] Segment Performance - DRE revenues increased to $435 million in Q3 2024, up $47 million or 12% from $388 million in Q3 2023[81] - WCC revenues reached $509 million in Q3 2024, an increase of $50 million or 11% compared to $459 million in Q3 2023[84] - DRE segment adjusted EBITDA was $111 million in Q3 2024, flat compared to Q3 2023, while nine-month adjusted EBITDA increased by $46 million or 14%[83] - WCC segment adjusted EBITDA rose to $151 million in Q3 2024, a $32 million or 27% increase from $119 million in Q3 2023[85] - PRI revenues remained flat at $371 million in Q3 2024, with a slight increase of $2 million or 0.2% year-over-year[86] Costs and Expenses - Selling, general, administrative, and research and development costs were $236 million and $719 million for the three and nine months ended September 30, 2024, showing a decrease of 2% and an increase of 5% compared to the same periods in 2023[69] - Corporate expenses were $13 million in Q3 2024, a decrease from $18 million in Q3 2023, primarily due to reduced professional fees[89] - Interest expense, net was $24 million and $77 million for the three and nine months ended September 30, 2024, down from $30 million and $92 million in the same periods of 2023[71] Cash Flow and Capital Management - Cash provided by operating activities increased to $543 million for the nine months ended September 30, 2024, compared to $457 million for the same period in 2023, driven by revenue growth and higher collections from the largest customer in Mexico[92] - Cash used in investing activities rose to $207 million for the nine months ended September 30, 2024, compared to $158 million in the prior year, primarily due to capital expenditures of $199 million[93] - Cash used in financing activities decreased to $378 million for the nine months ended September 30, 2024, from $388 million in the same period in 2023, with long-term debt repayments totaling $264 million[94] - The company declared a cash dividend of $0.25 per share, with $18 million paid in dividends during the third quarter of 2024[94] - As of September 30, 2024, the company had cash and cash equivalents of $920 million, down from $958 million at December 31, 2023[91] Strategic Outlook - The company expects overall 2024 revenue to exceed 2023 levels, driven by international and global offshore activity[90] - The company expects capital expenditures to be 3-5% of revenue over the next 12 to 18 months, maintaining the same framework for 2024[98] - The company anticipates sufficient cash from operations and cash on hand to meet both short-term and long-term cash requirements[96] Risks and Compliance - The company faces numerous risks and uncertainties that may cause actual results to differ materially from forward-looking statements, including geopolitical conflicts and economic conditions[112] - The company must navigate compliance with current and future laws and regulations, particularly those related to geopolitical issues and environmental standards[112] - The company is exposed to market risks that have not changed materially since December 31, 2023, as detailed in various notes to the financial statements[115] Operational Challenges - The company continues to evaluate operational strategies in response to the ongoing Russia-Ukraine conflict, including compliance with international laws and potential asset divestitures[63] - The company is managing supply chain challenges and disruptions as part of its operational strategy[113] - The company is monitoring the impact of disease outbreaks and public health issues on its operations and market conditions[112] Sustainability and Innovation - The company is focused on adapting its technology portfolio to meet market demands for alternative energy sources and digitalization efforts[112] - The company is addressing the need for sustainable operations and a lower carbon footprint in response to environmental initiatives[112] - The company aims to return capital to shareholders through dividends and share repurchases, although timing and amounts are subject to change[113] Internal Controls - The management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2024, concluding they were effective[117] - There were no changes in internal control over financial reporting during the three months ended September 30, 2024, that materially affected the controls[118]

Weatherford (WFRD) came out with quarterly earnings of $2.06 per share, beating the Zacks Consensus Estimate of $1.65 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.85%. A quarter ago, it was expected that this oilfield service company would post earnings of $1.71 per share when it actually produced earnings of $1.66, delivering a surprise of -2.92%.Over the last four quarters, ...

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 ...