Weatherford International plc Files 10-Q for Q2 2024

TL;DR

**WFRD 10-Q filed: Q2 2024 financials out. Houston HQ.**

AI Summary

Weatherford International plc filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its operating segments, including Drilling and Evaluation, and highlights its business address in Houston, TX. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Weatherford International plc, crucial for understanding the company's operational health and future prospects in the oil and gas sector.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and operational updates for Weatherford International plc, which inherently carries risks associated with the oil and gas industry.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240724 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Weatherford International plc (company) — Filer of the 10-Q
• 2000 ST. JAMES PLACE, HOUSTON, TX 77056 (location) — Company's business address
• June 30, 2024 (date) — End of the reporting period
• December 31 (date) — Fiscal year end

FAQ

Key Financial Figures

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

Filing Documents

• wfrd-20240630.htm (10-Q) — 936KB
• exhibit103-wfrdxseventhame.htm (EX-10.3) — 66KB
• exhibit104-secondamendedan.htm (EX-10.4) — 44KB
• exhibit105-weatherfordxmod.htm (EX-10.5) — 33KB
• exhibit106-weatherfordxmod.htm (EX-10.6) — 37KB
• exhibit107-weatherfordxmod.htm (EX-10.7) — 26KB
• a2024-q2ex311ceo302cert.htm (EX-31.1) — 11KB
• a2024-q2ex312cfo302cert.htm (EX-31.2) — 11KB
• a2024-q2ex321ceo906cert.htm (EX-32.1) — 7KB
• a2024-q2ex322cfo906cert.htm (EX-32.2) — 7KB
• 0001603923-24-000110.txt ( ) — 5669KB
• wfrd-20240630.xsd (EX-101.SCH) — 30KB
• wfrd-20240630_cal.xml (EX-101.CAL) — 55KB
• wfrd-20240630_def.xml (EX-101.DEF) — 149KB
• wfrd-20240630_lab.xml (EX-101.LAB) — 477KB
• wfrd-20240630_pre.xml (EX-101.PRE) — 325KB
• wfrd-20240630_htm.xml (XML) — 772KB

– 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. 28

Controls and Procedures

Item 4. Controls and Procedures. 29

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 29

Risk Factors

Item 1A. Risk Factors. 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures . 29

Other Information

Item 5. Other Information. 29

Exhibits

Item 6. Exhibits. 30

SIGNATURES

SIGNATURES 32 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 Six Months Ended June 30, June 30, (Dollars and shares in millions, except per share amounts) 2024 2023 2024 2023 Revenue: Services $ 862 $ 794 $ 1,727 $ 1,535 Products 543 480 1,036 925 Total Revenue 1,405 1,274 2,763 2,460 Costs and Expenses: Cost of Services 500 499 1,027 949 Cost of Products 391 348 748 688 Research and Development 31 27 62 53 Selling, General and Administrative 216 198 421 388 Other Charges (Credits) 3 1 8 ( 4 ) Total Costs and Expenses 1,141 1,073 2,266 2,074 Operating Income 264 201 497 386 Other Expense: Interest Expense, Net of Interest Income of $ 17 , $ 16 , $ 31 , and $ 32 ( 24 ) ( 31 ) ( 53 ) ( 62 ) Loss on Blue Chip Swap Securities ( 10 ) ( 57 ) ( 10 ) ( 57 ) Other Expense, Net ( 20 ) ( 39 ) ( 42 ) ( 74 ) Income Before Income Taxes 210 74 392 193 Income Tax Benefit (Provision) ( 73 ) 16 ( 132 ) ( 22 ) Net Income 137 90 260 171 Net Income Attributable to Noncontrolling Interests 12 8 23 17 Net Income Attributable to Weatherford $ 125 $ 82 $ 237 $ 154 Basic Income per Share $ 1.71 $ 1.14 $ 3.25 $ 2.14 Basic Weighted Average Shares Outstanding 73.2 72.1 73.1 72.1 Diluted Income per Share $ 1.66 $ 1.12 $ 3.16 $ 2.11 Diluted Weighted Average Shares Outstanding 75.3 73.4 75.0 73.4 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 Six Months Ended June 30, June 30, (Dollars in millions) 2024 2023 2024 2023 Net Income $ 137 $ 90 $ 260 $ 171 Foreign Currency Translation Adjustments — ( 10 ) ( 24 ) ( 7 ) Comprehensive Income 137 80 236 164 Net Income Attributable to Noncontrolling Interests 12 8 23 17 Comprehensive Income Attributab

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