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Weatherford International (WFRD) is a leading global provider of oilfield services, delivering innovative solutions for drilling, well construction, and reservoir evaluation. This page serves as the definitive source for Weatherford-related news, offering investors and industry professionals timely updates on operational developments.
Access curated press releases, earnings announcements, and strategic initiatives directly from the company. Track critical updates including technology launches, partnership agreements, and market expansions across Weatherford's global footprint. Our repository ensures you stay informed about developments in artificial lift systems, tubular running services, and other core operations.
Bookmark this page for streamlined access to Weatherford's official communications, designed to support informed decision-making in the energy sector. Regularly updated content provides clarity on how the company navigates evolving industry challenges through technical expertise and operational excellence.
Weatherford International plc (NASDAQ: WFRD) reported its Q1 2023 results, highlighting a revenue increase of 26% year-over-year to $1,186 million. Operating income surged to $185 million, up 928% year-over-year, while net income reached $72 million, marking a 190% increase. Adjusted EBITDA rose 78% to $269 million, with a margin of 22.7%. Cash flows from operations totaled $84 million. The company secured over $1.2 billion in global commercial wins and launched new technologies across all segments. CEO Girish Saligram expressed optimism about ongoing international demand even amid macroeconomic volatility. Adjusted free cash flow was $27 million, a yearly increase of $91 million, though down $144 million sequentially. Weatherford anticipates a mid-teens revenue growth in 2023.
Weatherford International announced its intention to redeem $105 million of its 11.00% Senior Notes due 2024. This redemption is scheduled for May 22, 2023, at a price of 102.750% of the principal amount, plus accrued interest. In conjunction with this, the company successfully completed a consent solicitation, receiving approvals from 97.62% of noteholders for proposed amendments to its 6.500% Senior Secured First Lien Notes due 2028. The completion of these activities is seen as a significant step in Weatherford's efforts to improve its capital structure, bringing gross debt levels below those of December 2019. CEO Girish Saligram emphasized the importance of this achievement in enhancing the company’s financial stability and expressed gratitude to stakeholders for their support.
Weatherford International plc (NASDAQ: WFRD) announced a consent solicitation for its 6.500% Senior Secured First Lien Notes due 2028. The aim is to amend the indenture governing the Notes to allow for certain payment exceptions related to the 11.00% Senior Notes due 2024. The solicitation will expire on April 19, 2023, or may be extended. As of April 12, 2023, approximately 51.8% of the Note holders indicated their intent to consent. Consenting holders will receive a fee of $2.50 per $1,000 in principal amount of Notes for valid consents delivered before the expiration. Weatherford may choose to terminate or amend the solicitation at its discretion. The full terms are detailed in the Consent Solicitation Statement dated April 12, 2023, distributed to Note holders.
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