From GlobeNewswire: 2025-02-05 16:30:00

Weatherford International plc reported a 5% decrease in fourth quarter revenue to $1,341 million, but full-year revenue rose by 7% to $5,513 million. Operating income for the fourth quarter was $198 million, a 19% decrease from the previous quarter, while net income was $112 million, a 29% decrease sequentially. Adjusted EBITDA was $326 million in the fourth quarter, an 8% decrease from the prior quarter.

For the full year 2024, Weatherford saw a 14% increase in operating income to $938 million, with net income rising by 21% to $506 million. Full-year cash flow generated from operating activities was $792 million, while adjusted free cash flow was $524 million. The company also announced a quarterly cash dividend of $0.25 per share, payable on March 19, 2025.

Despite a challenging fourth quarter, Weatherford President and CEO Girish Saligram remains optimistic about the company’s performance. Saligram highlighted the achievement of setting new operational highs in 2024, with strong margin expansion and solid cash generation. The company remains focused on delivering strong cash flow in 2025, with a goal of achieving EBITDA margins in the high 20’s in the coming years.

Weatherford secured several contracts for its services, including a three-year contract with ADNOC for rigless services, a Managed Pressure Drilling services contract with Kuwait Oil Company, and contracts with National Oil Companies in Qatar and Asia for various services. The company also signed an agreement with SPARK at the IKTVA forum to enhance its presence in Saudi Arabia and support the region’s energy goals. In addition, Weatherford successfully deployed innovative solutions in the North Sea and Saudi Arabia to increase efficiency and reduce costs for its clients. Weatherford reported a 5% decrease in fourth-quarter revenue, totaling $1,341 million, while full-year revenue increased by 7% to $5,513 million. Operating income for the quarter was $198 million, a 19% decrease, with net income at $112 million, a 29% decrease. Quarterly adjusted EBITDA was $326 million. The company also approved a quarterly cash dividend of $0.25 per share.

In the well construction and completions sector, Weatherford installed the first OptiRoss RFID Multi-Cycle Sliding Sleeve Valve in deepwater Brazil, enhancing acid stimulation efficiency. In the Middle East, the Optimax Tubing Retrievable Safety Valve was deployed, increasing efficiency and reducing costs. The Alpha1Go remote re-entry system was also deployed, optimizing rig site operations.

In the drilling and evaluation segment, fourth-quarter revenue for Weatherford was $398 million, a 9% decrease sequentially, with full-year revenue at $1,682 million, a 10% increase from the previous year. Segment adjusted EBITDA was $96 million for the quarter. In the production and intervention sector, fourth-quarter revenue was $364 million, a 2% decrease sequentially, with full-year revenue at $1,452 million. Segment adjusted EBITDA for the quarter was $78 million. Weatherford reported a 5% decrease in fourth quarter revenue, totaling $1,341 million, with a 2% decrease year-over-year. Full year revenue increased by 7%, reaching $5,513 million, driven by a 10% growth in international revenue. Operating income decreased for both the quarter and full year, while net income and adjusted EBITDA also saw fluctuations.

Revenue by geography showed a decrease in North America, particularly in the North and South regions, offset by higher activity offshore in the Gulf of Mexico. International revenue decreased 6% sequentially, with Latin America down 13% in the fourth quarter. However, Middle East/North Africa/Asia experienced a 17% increase in revenue for the full year.

The company’s full year 2024 PRI segment revenues saw a slight decrease, primarily due to lower activity in Pressure Pumping and Digital Solutions. Despite challenges, Weatherford remains committed to delivering innovative energy services and optimizing resources for clients globally. Shareholders will receive a quarterly cash dividend of $0.25 per share on March 19, 2025. Weatherford International plc reported fourth quarter revenue of $1,341 million, a 5% decrease sequentially and 2% year-over-year. Full year revenue was $5,513 million, up 7% from the prior year, driven by international revenue growth of 10%. Operating income for the fourth quarter was $198 million, a 19% decrease sequentially and 8% year-over-year. Net income for the fourth quarter was $112 million, a 29% decrease sequentially and 20% year-over-year. Adjusted EBITDA for the fourth quarter was $326 million, a 8% decrease sequentially and 2% increase year-over-year. Cash provided by operating activities in the fourth quarter was $249 million. Shareholder return for the quarter was $67 million, including $18 million in dividend payments and $49 million in share repurchases. The company’s board approved a quarterly cash dividend of $0.25 per share. Weatherford International plc reported a 5% decrease in fourth-quarter revenue to $1,341 million, with a 7% increase in full-year revenue to $5,513 million driven by international growth. Operating income decreased, while net income margin was 8.4%. Adjusted EBITDA margin was 24.3%. Cash provided by operating activities was $249 million for the quarter, with a shareholder return of $67 million. A quarterly cash dividend of $0.25 per share was approved. Adjusted EBITDA, adjusted free cash flow, net debt, and net leverage were all highlighted as key financial measures.



Read more at GlobeNewswire:: Weatherford Announces Fourth Quarter and Full Year 2024