Weatherford International Reports Q3 2024 Results

TL;DR

**WFRD Q3 2024: Revenue up, drilling & evaluation strong. Details in 10-Q.**

AI Summary

Weatherford International plc filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its "Drilling and Evaluation" and "Completion and Production" segments. Specific revenue figures and operational highlights for Q3 2024 are presented, alongside year-to-date comparisons.

Why It Matters

This report provides insight into Weatherford's financial health and operational performance in the oil and gas equipment sector, impacting investors and industry stakeholders.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and geopolitical risks, which can impact Weatherford's performance.

Key Numbers

• Q3 2024 — Reporting Period (Specific quarter for financial review)
• 2024-09-30 — As of Date (Date the report is filed)

Key Players & Entities

• Weatherford International plc (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-07-01 (date) — Start of the third quarter
• Drilling and Evaluation (business_segment) — One of Weatherford's operating segments
• Completion and Production (business_segment) — Another of Weatherford's operating segments

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-20240930.htm (10-Q) — 1016KB
• exhibit101-weatherfordxmod.htm (EX-10.1) — 33KB
• exhibit102-weatherfordxmod.htm (EX-10.2) — 37KB
• a2024-q3ex311ceo302cert.htm (EX-31.1) — 11KB
• a2024-q3ex312cfo302cert.htm (EX-31.2) — 11KB
• a2024-q3ex321ceo906cert.htm (EX-32.1) — 7KB
• a2024-q3ex322cfo906cert.htm (EX-32.2) — 7KB
• 0001603923-24-000145.txt ( ) — 5649KB
• wfrd-20240930.xsd (EX-101.SCH) — 30KB
• wfrd-20240930_cal.xml (EX-101.CAL) — 56KB
• wfrd-20240930_def.xml (EX-101.DEF) — 148KB
• wfrd-20240930_lab.xml (EX-101.LAB) — 395KB
• wfrd-20240930_pre.xml (EX-101.PRE) — 281KB
• wfrd-20240930_htm.xml (XML) — 905KB

– 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. 29

Controls and Procedures

Item 4. Controls and Procedures. 30

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 30

Risk Factors

Item 1A. Risk Factors. 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures . 31

Other Information

Item 5. Other Information. 31

Exhibits

Item 6. Exhibits. 32

SIGNATURES

SIGNATURES 33 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 Nine Months Ended September 30, September 30, (Dollars and shares in millions, except per share amounts) 2024 2023 2024 2023 Revenue: Services $ 869 $ 805 $ 2,596 $ 2,340 Products 540 508 1,576 1,433 Total Revenue 1,409 1,313 4,172 3,773 Costs and Expenses: Cost of Services 523 492 1,550 1,441 Cost of Products 394 367 1,142 1,055 Research and Development 33 30 95 83 Selling, General and Administrative 203 211 624 599 Other Charges (Credits) 13 ( 5 ) 21 ( 9 ) Total Costs and Expenses 1,166 1,095 3,432 3,169 Operating Income 243 218 740 604 Other Expense: Interest Expense, Net of Interest Income of $ 13 , $ 15 , $ 44 , and $ 47 ( 24 ) ( 30 ) ( 77 ) ( 92 ) Loss on Blue Chip Swap Securities — — ( 10 ) ( 57 ) Other Expense, Net ( 41 ) ( 24 ) ( 83 ) ( 98 ) Income Before Income Taxes 178 164 570 357 Income Tax Provision ( 12 ) ( 33 ) ( 144 ) ( 55 ) Net Income 166 131 426 302 Net Income Attributable to Noncontrolling Interests 9 8 32 25 Net Income Attributable to Weatherford $ 157 $ 123 $ 394 $ 277 Basic Income per Share $ 2.14 $ 1.70 $ 5.39 $ 3.85 Basic Weighted Average Shares Outstanding 73.2 72.1 73.1 71.9 Diluted Income per Share $ 2.06 $ 1.66 $ 5.25 $ 3.76 Diluted Weighted Average Shares Outstanding 75.2 73.7 75.0 73.6 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 Nine Months Ended September 30, September 30, (Dollars in millions) 2024 2023 2024 2023 Net Income $ 166 $ 131 $ 426 $ 302 Foreign Currency Translation Adjustments 20 ( 35 ) ( 4 ) ( 42 ) Comprehensive Income 186 96 422 260 Net Income Attributable to Noncontrolling Interests 9 8 32 25 Comprehe

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