Weatherford Stock Price, News & Analysis

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.

Weatherford International (NASDAQ: WFRD) reported third quarter 2021 revenues of $945 million, marking a 5% sequential increase and 17% year-on-year growth. Operating income surged to $71 million from $25 million in Q2 2021, while net loss decreased to $95 million from $78 million in the previous quarter. Adjusted EBITDA rose by 32% sequentially to $179 million. The company generated positive free cash flow of $111 million, up $63 million from Q2 2021. Strategic initiatives focused on profitability and digitalization continue to underpin its operational improvements.

Weatherford International plc (NASDAQ: WFRD) announced the closure of a private offering of $1,600 million in 8.625% senior notes due 2030. The proceeds will be used to buy back an equivalent amount of its 11.00% senior notes due 2024 through a tender offer. The offering is available to qualified institutional buyers and non-U.S. investors only, under specific exemptions from the Securities Act. The company cautions that future results may differ based on market conditions, particularly regarding oil and gas prices and the ongoing impact of the COVID-19 pandemic.

Weatherford International plc (NASDAQ: WFRD) announced early tender results for its cash tender offer to purchase up to $1.6 billion of its outstanding 11.00% Senior Notes due 2024. As of the Early Tender Deadline on October 25, 2021, $1,846,040 of notes were tendered, representing 97.16% of the outstanding principal. The purchase price for accepted notes is $1,064.76 per $1,000 principal amount. Due to oversubscription, tendered notes will be prorated. The offer expires on November 8, 2021. Early settlement is expected on October 27, 2021.

Weatherford International has completed the redemption of $200 million principal of its 11.0% senior notes due December 1, 2024, using cash on hand. This move signifies the company's ongoing efforts to enhance its capital structure. CFO H. Keith Jennings highlighted the achievement of sustainably generating operating cash flow as a key factor enabling this debt redemption. The press release includes forward-looking statements that address risks and uncertainties that may affect the company's future performance.

Weatherford International plc (NASDAQ: WFRD) announced an increase in its previously announced Tender Offer for its 11.00% Senior Notes due 2024, raising the maximum amount to be purchased from $1.5 billion to $1.6 billion. The Tender Offer is part of an ongoing strategy to manage debt effectively. The offer will expire at Midnight on November 8, 2021, with early tender consideration available for those who participate before October 25, 2021.

Weatherford International plc (NASDAQ: WFRD) has announced the pricing of its offering of 8.625% senior notes due 2030, increasing the principal amount from $1.5 billion to $1.6 billion. The issuance, set to close on October 27, 2021, will support the buyback or redemption of its 11.00% senior notes due December 1, 2024. The notes will pay interest semi-annually starting June 1, 2022, with maturity on April 30, 2030. The offering is targeted at qualified institutional buyers and will not be registered under the Securities Act.

Weatherford International plc (NASDAQ: WFRD) announced a cash tender offer to purchase up to $1,500,000,000 of its outstanding 11.00% Senior Notes due 2024. The offer begins today and will expire at midnight on November 8, 2021. To receive the total consideration of $1,064.76 per $1,000 principal amount of notes, holders must tender their notes by October 25, 2021. The company will also issue a conditional redemption notice for its remaining notes not tendered. The tender offer is subject to specific conditions and may affect up to $1,500,000,000 of notes.