Weatherford International plc Files 2023 Annual Report (10-K)

TL;DR

<b>Weatherford International plc has submitted its 2023 10-K annual report detailing financial performance and operations.</b>

AI Summary

Weatherford International plc (WFRD) filed a Annual Report (10-K) with the SEC on February 7, 2024. Weatherford International plc filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is in Oil & Gas Filed Machinery & Equipment. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking Weatherford International plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Weatherford's financial health and operational activities for the fiscal year 2023, crucial for investors assessing performance and future outlook. The detailed financial data, including segment performance and balance sheet items, allows stakeholders to analyze trends and compare Weatherford's results against industry benchmarks and prior periods.

Risk Assessment

Risk Level: medium — Weatherford International plc shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the oil and gas industry is subject to inherent volatility and regulatory changes, which could impact the company's performance.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-K to understand Weatherford's operational strengths and identify any emerging risks or opportunities in the oil and gas sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-07 — Filing Date (Date the 10-K was filed)
• 3533 — SIC Code (Standard Industrial Classification for Oil & Gas Filed Machinery & Equipment)

Key Players & Entities

• Weatherford International plc (company) — Filer of the 10-K report
• WFRD (company) — Ticker symbol for Weatherford International plc

Forward-Looking Statements

• Weatherford International plc will continue to focus on both service and product segments in the oil and gas industry. (Weatherford International plc) — high confidence, target: 2024-12-31

FAQ

Industry Context

Weatherford International plc operates in the Oil & Gas Filed Machinery & Equipment industry, a sector characterized by significant capital investment and cyclical demand tied to global energy prices.

Regulatory Implications

Companies in the oil and gas sector are subject to various environmental, safety, and operational regulations from governmental bodies.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends, profitability, and balance sheet health.
2. Examine any disclosed segment information to understand performance drivers across different business units.
3. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy, outlook, and risk management.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-07: Filing Date — The date Weatherford International plc submitted its 10-K report.

Year-Over-Year Comparison

This filing is the 2023 10-K, representing the company's annual financial disclosure for the most recent fiscal year.

Key Financial Figures

• $0.001 — e on which registered Ordinary shares, $0.001 par value per share WFRD The Nasdaq Gl
• $62 million — 1, 2023, our Russia operations included $62 million in cash, $94 million in other current a
• $94 million — perations included $62 million in cash, $94 million in other current assets, $76 million in
• $76 million — h, $94 million in other current assets, $76 million in property, plant and equipment and ot
• $30 million — 1, 2022, our Russia operations included $30 million in cash, $98 million in other current a
• $98 million — perations included $30 million in cash, $98 million in other current assets, $65 million in
• $65 million — h, $98 million in other current assets, $65 million in property, plant and equipment and ot
• $52 million — pment and other non-current assets, and $52 million in liabilities. We continue to closel
• $11 m — ty-year period and, may cost as much as $11 million, all of which were recorded as an

Filing Documents

• wfrd-20231231.htm (10-K) — 1786KB
• ex10ormawardagreement-exec.htm (EX-10.20) — 30KB
• ex1021formofawardagreement.htm (EX-10.21) — 34KB
• ex1022formawardagreement-d.htm (EX-10.22) — 24KB
• ex1033-wfrdxfifthamendment.htm (EX-10.33) — 45KB
• ex1039-confidentialityandr.htm (EX-10.39) — 71KB
• exhibit19-insidertradingpo.htm (EX-19) — 97KB
• ex211-sigsubswft123123.htm (EX-21.1) — 6KB
• ex231kpmgconsentwfrd123123.htm (EX-23.1) — 2KB
• a2023-q4ex311ceo302cert.htm (EX-31.1) — 11KB
• a2023-q4ex312cfo302cert.htm (EX-31.2) — 11KB
• a2023-q4ex321ceo906cert.htm (EX-32.1) — 7KB
• a2023-q4ex322cfo906cert.htm (EX-32.2) — 7KB
• ex97-executiveofficerclawb.htm (EX-97) — 44KB
• image_10a.jpg (GRAPHIC) — 6KB
• image_1a.jpg (GRAPHIC) — 8KB
• image_9a.jpg (GRAPHIC) — 3KB
• wfrd-20231231_g1.jpg (GRAPHIC) — 122KB
• 0001603923-24-000043.txt (&nbsp;) — 10249KB
• wfrd-20231231.xsd (EX-101.SCH) — 56KB
• wfrd-20231231_cal.xml (EX-101.CAL) — 89KB
• wfrd-20231231_def.xml (EX-101.DEF) — 303KB
• wfrd-20231231_lab.xml (EX-101.LAB) — 830KB
• wfrd-20231231_pre.xml (EX-101.PRE) — 566KB
• wfrd-20231231_htm.xml (XML) — 1401KB

Risk Factors

Item 1A Risk Factors 9

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 21 Item 1C Cybersecurity 22

Properties

Item 2 Properties 22

Legal Proceedings

Item 3 Legal Proceedings 22

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 23 PART II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 24

Selected Financial Data

Item 6 Selected Financial Data 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Financial Results Overview 26 Business Outlook 33 Liquidity and Capital Resources 34 Critical Accounting Estimates 37

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 41

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78

Controls and Procedures

Item 9A Controls and Procedures 78

Other Information

Item 9B Other Information 78

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 79

Executive Compensation

Item 11 Executive Compensation 79

Security Ownership of Certain Beneficial Owners and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Related Stockholder Matters 79

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 80

Principal Accounting Fees and Services

Item 14 Principal Accounting Fees and Services 80 PART IV

Exhibit and Financial Statement Schedules

Item 15 Exhibit and Financial Statement Schedules 80

Form 10-K Summary

Item 16 Form 10-K Summary 86

SIGNATURES

SIGNATURES 87 Weatherford International plc – 2023 Form 10-K | 1 Table of Contents Item 1 | Business PART I

Business

Item 1. Business. Weatherford International plc, an Irish public limited company, together with its subsidiaries ("Weatherford," the "Company," "we," "us" and "our"), is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms. We conduct business in approximately 75 countries, answering the challenges of the energy industry with 335 operating locations including manufacturing, research and development, service, and training facilities. Our operational performance is reviewed and managed across the life cycle of the wellbore, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention. On June 1, 2021, NASDAQ approved our application for the listing of our ordinary shares. In connection with the listing, we became subject to the reporting requirements of the Securities Exchange Act of 1934 (as amended, the "Exchange Act"). Our ordinary shares began trading on the Nasdaq Global Select Market on June 2, 2021, under the ticker symbol "WFRD". Our principal executive offices are located at 2000 St. James Place, Houston, Texas 77056, and our telephone number at that location is +1.713.836.4000. Our internet address is www.weatherford.com. General information about us, including our corporate governance policies, code of business conduct and charters for the committees of our Board of Directors, can be found on our website, and such information provided on our website, is not incorporated by reference into this Form 10-K. On our website we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports filed or furnished as soon as reasonably pra

View Full Filing

View this 10-K filing on SEC EDGAR