Weatherford Stock Price, News & Analysis

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.

Weatherford International plc (NASDAQ: WFRD) announced it will host a conference call on April 26, 2023, to discuss its first-quarter financial results ended March 31, 2023. The call will commence at 10:00 a.m. Eastern Time, with a press release and presentation slides to be made available prior. Investors can access the conference call by live webcast or phone. A telephonic replay will be accessible until May 10, 2023, using a specific conference number. Weatherford emphasizes its innovative energy services and global operations in 75 countries, aiming to optimize customer assets through advanced technologies and strategic solutions.

Weatherford International plc (NASDAQ: WFRD) released its 2022 Annual Report, highlighting notable financial results and strategic milestones. CEO Girish Saligram emphasized the tangible outcomes of the company's refreshed operating paradigm, which aims to sustainably expand margins and generate positive free cash flow. Key insights from the report will be available on the company’s website, showcasing Weatherford's commitment to innovative energy services through advanced digitalization and proven technologies. The company operates in about 75 countries with a diverse team of approximately 17,700 professionals.

Weatherford International reported strong financial results for the fourth quarter and full year 2022. Q4 revenues reached $1,209 million, marking an 8% sequential and 25% year-over-year increase. Operating income surged to $169 million, up 40% sequentially and 412% from the prior year. The company achieved a net income of $72 million in Q4, compared to a net loss in the same quarter of the previous year. For the full year, revenues hit $4,331 million, a 19% increase. Full year net income stood at $26 million, a significant recovery from a $450 million loss in 2021. The company also achieved a credit rating upgrade and notable free cash flow improvements.