Weatherford International plc reports developments in oilfield services and equipment for upstream oil and gas operators. News commonly covers managed pressure drilling systems, well construction and completions, production and intervention services, offshore contract awards, aftermarket support, and work in deepwater markets such as Brazil.
Company updates also include operating and financial results, cash flow, capital expenditures, dividends, share repurchases, and governance or shareholder-voting matters. Weatherford’s recurring announcements connect its drilling, evaluation, completions, and intervention technologies with customer activity across offshore and international oil and gas markets.
Weatherford International will host a conference call on April 28, 2022, at 9:00 a.m. ET to discuss its results for the fiscal quarter ending March 31, 2022. A press release with results and presentation slides will precede the call. Participants can join via a live webcast or by phone. A replay will be available until May 12, 2022. Weatherford operates in over 75 countries with approximately 17,000 employees.
Weatherford International (NASDAQ: WFRD) provided an update on its operations in Russia amid the ongoing crisis in Ukraine. CEO Girish Saligram expressed sympathy for those affected and emphasized the company's focus on employee safety. Following sanctions imposed on February 24, 2022, Weatherford suspended shipments and new investments in Russia, ensuring compliance with international laws. The company has no active joint ventures in the region and remains committed to fulfilling existing contractual obligations.
Weatherford International plc (NASDAQ: WFRD) has released its 2021 Annual Report, outlining financial results, strategic objectives, and future priorities. The report showcases Weatherford's transformation from a turnaround project to a growth-focused company aiming for sustainable profitability and free cash flow. CEO Girish Saligram emphasized the company's significant achievements in 2021 and expressed optimism about future prospects. The report and Form 10-K for the year ending December 31, 2021, are accessible on the company's website.
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Weatherford International plc (NASDAQ: WFRD) reported a strong fourth quarter performance for 2021, with revenues reaching $965 million, up 15% year-over-year. The company achieved an operating income of $33 million, recovering from a loss of $107 million in Q4 2020. Although the net loss was $161 million, it was less than the previous year’s loss of $200 million. The full year saw revenues of $3.65 billion, with operating income improving from a loss of $1.5 billion in 2020 to $116 million in 2021. Notable achievements include lucrative contracts worth over $1 billion from major oil companies.
Weatherford International plc (NASDAQ: WFRD) announced a new reporting structure effective Q4 2021. The company now reports its results in three segments: Drilling and Evaluation, Well Construction and Completions, and Production and Intervention. This change aims to enhance organizational focus, drive customer collaboration, and facilitate growth opportunities. The transition has no impact on consolidated revenue or earnings per share. CEO Girish K. Saligram emphasized that this strategic alignment will leverage technological innovation for growth across the company's diverse portfolio.
Weatherford International plc (NASDAQ: WFRD) will host a conference call on February 17, 2022, at 9:00 a.m. ET to discuss its fourth quarter and full year results for the period ending December 31, 2021. Prior to the call, a press release will announce the results and presentation slides will be available on the company's investor relations website. Participants can access the call via a live webcast or by dialing in. A telephonic replay will be available until March 3, 2022.
Weatherford International plc (NASDAQ: WFRD) announced a credit rating upgrade from 'CCC+' to 'B-' by S&P Global Ratings on December 13, 2021. This upgrade reflects improved access to capital markets and the successful completion of refinancing and debt repayment transactions, which have extended the debt maturity profile. CEO Girish K. Saligram emphasized that this rating acknowledges the company's enhanced operating performance and focus on sustainable profitability.
Weatherford International (NASDAQ: WFRD) has been awarded a three-year digital oilfield contract by Kuwait Oil Company to enhance its digital transformation strategy in North Kuwait's Heavy Oil field. The contract includes real-time monitoring and production optimization solutions, enabling KOC to improve production and workover plans. Weatherford's ForeSite platform will utilize advanced analytics and AI to optimize production performance, offering insights for reservoir and facility management. This strategic partnership aims to maximize KOC’s operational efficiency.
Weatherford International plc (NASDAQ: WFRD) announced two five-year contracts with Abu Dhabi National Oil Company (ADNOC), valued at over USD 1 billion, for downhole completions equipment and liner hanger systems. CEO Girish Saligram stated these contracts highlight Weatherford's capability in supporting ADNOC’s 2030 production goals of 5 million barrels per day. The majority of the products will be manufactured at Weatherford’s UAE facility, showcasing commitment to local value creation and global competitiveness.