Core Insights - Weatherford International plc has been awarded a significant contract for Managed Pressure Drilling (MPD) services for the Trion project in Mexico, enhancing its market leadership in high-performance MPD [1][2] - The contract includes MPD services for an initial 8 wells, with the potential to expand to 24 wells, indicating a strong growth opportunity in Mexico's offshore energy sector [2] - The deployment of the Victus™ intelligent MPD system is set to improve drilling safety, efficiency, and performance, showcasing Weatherford's technological advancements in the industry [3] Company Overview - Weatherford provides innovative energy services that integrate proven technologies with advanced digitalization, aiming to maximize value and return on investment for its clients [5] - The company operates in approximately 75 countries with around 17,300 team members, representing over 110 nationalities and 310 operating locations [5] Project Details - The Trion project is located in deepwater (~2,500 meters) of the Gulf of Mexico, approximately 180 kilometers east of Tamaulipas and 30 kilometers south of the US-Mexico maritime border [4] - The project is a joint venture between Woodside Petróleo Operaciones de México (60% operator) and Petróleos Mexicanos-PEMEX (40%) [4]

Core Viewpoint - Weatherford International plc reported its second quarter 2025 financial results, showing a mixed performance with sequential improvements in several metrics but declines year-over-year due to market challenges and geopolitical factors. Financial Performance - Revenues for Q2 2025 were $1,204 million, a 1% increase sequentially but a 14% decrease year-over-year [2] - Operating income was $237 million, up 67% sequentially but down 10% year-over-year [2] - Net income reached $136 million with an 11.3% margin, reflecting a 79% sequential increase and a 9% year-over-year increase [2] - Adjusted EBITDA was $254 million, flat sequentially and down 30% year-over-year, with a margin of 21.1% [2] - Basic and diluted income per share were both $1.87, marking an 81% sequential increase and a 10% year-over-year increase [2] Cash Flow and Capital Expenditures - Cash flows from operating activities were $128 million, down 10% sequentially and 15% year-over-year [3] - Adjusted free cash flow was $79 million, a 20% sequential increase but an 18% year-over-year decrease [3] - Capital expenditures totaled $54 million, down 30% sequentially and 13% year-over-year [3] Operational Insights - The company faced a slowdown in core operating markets due to geopolitical events and supply-demand imbalances, yet managed to deliver results in line with expectations [4] - The sequential performance indicated strong fundamentals and operational efficiency despite market softness [4] - The company emphasized its focus on driving adjusted free cash flow conversion through portfolio optimization and cost efficiencies [5] Segment Performance - Drilling and Evaluation (DRE) segment revenue was $335 million, down 4% sequentially and 22% year-over-year [12] - Well Construction and Completions (WCC) segment revenue was $456 million, up 3% sequentially but down 10% year-over-year [14] - Production and Intervention (PRI) segment revenue was $327 million, down 2% sequentially and 11% year-over-year [18] Geographic Revenue Breakdown - North America revenue was $241 million, down 4% sequentially and year-over-year [21] - International revenue was $963 million, up 2% sequentially but down 16% year-over-year [22] - Latin America revenue decreased by 19% sequentially and 45% year-over-year to $195 million [23] - Middle East/North Africa/Asia revenue increased by 4% sequentially but decreased by 3% year-over-year to $524 million [24] - Europe/Sub-Sahara Africa/Russia revenue increased by 23% sequentially but decreased by 5% year-over-year to $244 million [25] Shareholder Returns - The company returned $52 million to shareholders in Q2 2025, including $18 million in dividends and $34 million in share repurchases [10] - A quarterly cash dividend of $0.25 per share was declared, payable on September 4, 2025 [11]