Weatherford Stock Price, News & Analysis

Weatherford International has announced a strategic partnership with Ardyne to enhance well-decommissioning technology. This collaboration aims to deliver comprehensive Plug & Abandonment (P&A) solutions globally, leveraging Weatherford's Firma^™ offering and Ardyne’s specialized techniques.

The investment in Ardyne serves to reduce rig time by an estimated 70-80% in complex well environments, thus addressing critical market needs. Both companies express commitment to innovation and mutual success in the P&A sector.

Weatherford International plc (NASDAQ: WFRD) reported third quarter 2022 revenues of $1,120 million, a 5% sequential increase and 19% year-over-year growth. Net income was $28 million and operating income was $121 million. Adjusted EBITDA reached $214 million with a 19.1% margin, improving by 160 basis points. Free cash flow stood at $133 million. The company secured significant contracts with major operators and amended its credit facility to enhance growth potential. Weatherford anticipates high-teens revenue growth for full-year 2022.

Weatherford International plc (NASDAQ: WFRD) has secured a three-year lump-sum turnkey contract with Saudi Aramco for drilling and intervention services. The project, managed by Weatherford's Integrated Services and Projects team, aims to deliver 45 wells annually. This collaboration underscores Weatherford's expertise in well construction and its commitment to enhancing customer outcomes. CEO Girish Saligram emphasized the importance of this contract in providing innovative solutions and strengthening the partnership with Aramco, reflecting Weatherford's robust portfolio of technologies.

Weatherford International announced plans to redeem $125 million in principal amount of its 11.0% senior notes due December 1, 2024, on November 17, 2022. The CEO stated this action is part of their strategy to strengthen the balance sheet, with anticipated annual interest savings of $13.8 million, enhancing free cash flow from 2023 onwards. The company operates globally in around 75 countries, with a workforce of about 17,000.

Weatherford International plc (NASDAQ: WFRD) announced an amended and restated credit agreement on October 17, 2022, enhancing its existing secured letter of credit facility. The new Credit Facility totals $370 million with $45 million for revolving loans, potentially increasing by $100 million based on leverage ratios. This agreement is expected to lower cash collateral requirements and improve capital structure flexibility, maturing on October 17, 2026. CEO Girish Saligram expressed satisfaction over the deal, highlighting its role in supporting the company's growth and operational improvements.

Weatherford International (NASDAQ: WFRD) announced a strategic agreement with Kwantis to enhance its Centro™ well construction optimization platform. This collaboration will incorporate multi-well benchmarking and advanced drilling KPI analytics, aiming to improve operational visibility and performance optimization for clients. The Centro platform features automated, real-time adjustments to deliver optimal well outcomes, leveraging intelligent algorithms to anticipate downhole issues and minimize costs and emissions. Both companies emphasize their commitment to innovation in energy services.

Weatherford International will host a conference call on October 26, 2022, at 10:00 a.m. ET to discuss its third-quarter results for the period ending September 30, 2022. An accompanying press release with the results will be issued beforehand, along with presentation slides uploaded to the investor relations section of Weatherford's website. Participants can join via a live webcast or by phone, with a replay available until November 9, 2022.

Weatherford provides innovative energy services in approximately 75 countries with a global workforce of around 17,500.

Weatherford has appointed Charles "Chuck" Davison, Jr. as Executive Vice President of Operational Excellence, effective September 30, 2022. Davison, with over 25 years in the oil and gas services sector, previously served as President and CEO of Strike, LLC. He has also held leadership roles at Oceaneering International and Fairfield Geotechnologies. Weatherford President Girish Saligram emphasized Davison's proven leadership to enhance the company's operational functions and customer satisfaction. Weatherford operates in 75 countries with a workforce of approximately 17,500.