Weatherford International plc Files 10-Q for Q1 2024

TL;DR

<b>Weatherford International plc has filed its Q1 2024 10-Q report, detailing segment performance and revenue concentrations.</b>

AI Summary

Weatherford International plc (WFRD) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Weatherford International plc filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. Key segments include Drilling and Evaluation, Well Construction and Completion, and Production and Intervention. Revenue concentration is noted in the US, Saudi Arabia, and Mexico. The company also reported on its largest customer concentration risk.

Why It Matters

For investors and stakeholders tracking Weatherford International plc, this filing contains several important signals. This filing provides investors with the latest financial performance data for Weatherford International plc, crucial for assessing the company's operational health and strategic direction in the oil and gas sector. Understanding the revenue breakdown by segment and geographic region, as well as customer concentration, is vital for evaluating potential risks and growth opportunities.

Risk Assessment

Risk Level: medium — Weatherford International plc shows moderate risk based on this filing. The company operates in the oil and gas industry, which is subject to significant price volatility and geopolitical risks, as evidenced by the geographic concentration of revenue in regions like Saudi Arabia and Mexico.

Analyst Insight

Investors should analyze the detailed segment revenues and geographic breakdowns to understand performance drivers and potential risks in the Q1 2024 results.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-01-01 — Period Start Date (Quarterly report)
• 2023-03-31 — Prior Year Period End Date (Comparative reporting)
• 2023-01-01 — Prior Year Period Start Date (Comparative reporting)

Key Players & Entities

• Weatherford International plc (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filed as of date
• 0001603923 (company) — Central Index Key
• 3533 (industry) — Standard Industrial Classification
• 713.836.4000 (phone) — Business phone
• US (location) — Revenue concentration
• Saudi Arabia (location) — Revenue concentration

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: Revenue is concentrated in specific geographic regions, including the US, Saudi Arabia, and Mexico, exposing the company to risks associated with local economic or political conditions.
• Customer Concentration Risk [medium — market]: A significant portion of revenue comes from the company's largest customer, creating dependency and risk if that customer's business is negatively impacted.

Key Financial Figures

• $0.001 — e on which registered Ordinary shares, $0.001 par value per share WFRD The Nasdaq Glo

Filing Documents

• wfrd-20240331.htm (10-Q) — 719KB
• ex101-wfrdxadditionallende.htm (EX-10.1) — 61KB
• a2024-q1ex311ceo302cert.htm (EX-31.1) — 11KB
• a2024-q1ex312cfo302cert.htm (EX-31.2) — 11KB
• a2024-q1ex321ceo906cert.htm (EX-32.1) — 7KB
• a2024-q1ex322cfo906cert.htm (EX-32.2) — 7KB
• 0001603923-24-000086.txt (&nbsp;) — 4816KB
• wfrd-20240331.xsd (EX-101.SCH) — 28KB
• wfrd-20240331_cal.xml (EX-101.CAL) — 52KB
• wfrd-20240331_def.xml (EX-101.DEF) — 153KB
• wfrd-20240331_lab.xml (EX-101.LAB) — 450KB
• wfrd-20240331_pre.xml (EX-101.PRE) — 313KB
• wfrd-20240331_htm.xml (XML) — 615KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 2

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 26

Controls and Procedures

Item 4. Controls and Procedures. 27

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 27

Risk Factors

Item 1A. Risk Factors. 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures . 27

Other Information

Item 5. Other Information. 28

Exhibits

Item 6. Exhibits. 29

SIGNATURES

SIGNATURES 30 1 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2024 2023 Revenue: Services $ 865 $ 741 Products 493 445 Total Revenue 1,358 1,186 Costs and Expenses: Cost of Services 527 450 Cost of Products 357 340 Research and Development 31 26 Selling, General and Administrative 205 190 Other Charges (Credits) 5 ( 5 ) Total Costs and Expenses 1,125 1,001 Operating Income 233 185 Other Expense: Interest Expense, Net of Interest Income of $ 14 and $ 16 ( 29 ) ( 31 ) Other Expense, Net ( 22 ) ( 35 ) Income Before Income Taxes 182 119 Income Tax Provision ( 59 ) ( 38 ) Net Income 123 81 Net Income Attributable to Noncontrolling Interests 11 9 Net Income Attributable to Weatherford $ 112 $ 72 Basic Income per Share $ 1.54 $ 1.00 Basic Weighted Average Shares Outstanding 72.9 71.5 Diluted Income per Share $ 1.50 $ 0.97 Diluted Weighted Average Shares Outstanding 74.7 73.5 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 2 Table of Contents WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, (Dollars in millions) 2024 2023 Net Income $ 123 $ 81 Foreign Currency Translation Adjustments ( 24 ) 3 Comprehensive Income 99 84 Net Income Attributable to Noncontrolling Interests 11 9 Comprehensive Income Attributable to Weatherford $ 88 $ 75 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars and shares in millions, except par value) March 31, 2024 December 31, 2023 (Unaudited) Assets: Cash and Cash Equivalents $ 824 $ 958 Restricted

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View this 10-Q filing on SEC EDGAR