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Weatherford International plc (symbol: WFRD) is a prominent multinational company specializing in oilfield services and solutions. Operating in over 100 countries, Weatherford offers a comprehensive portfolio that spans the entire life cycle of a well, including drilling, formation evaluation, well construction, and completion. The company's core business revolves around delivering innovative technologies and services to the oil and gas industry.
Weatherford is recognized as a global market leader in artificial lift systems and tubular running services. In addition to these key areas, the company provides a wide array of other essential oilfield services such as cementing products, directional drilling, and wireline evaluation. This diversified service offering ensures that Weatherford can meet the complex needs of oilfield operations across various international markets.
Recently, Weatherford has achieved significant milestones in both technology and market expansion. The company continues to invest in research and development, ensuring that its products remain at the forefront of industry innovation. Moreover, Weatherford has formed strategic partnerships to enhance its service delivery and expand its market presence.
Financially, Weatherford is committed to maintaining a robust economic foundation. The company’s strategic focus on segment adjusted EBITDA as a primary measure of profitability ensures that it remains financially sound while delivering shareholder value. For further details, you can reach out to Mohammed Topiwala, Vice President of Investor Relations and M&A, at investor.relations@weatherford.com. For media inquiries, contact Kelley Hughes, Sr. Director of Communications & Employment Engagement, at media@weatherford.com.
Weatherford International (NASDAQ: WFRD) has secured a three-year contract from ADNOC for rigless services to reactivate onshore strings. The project, starting in Q4 2024, will involve deploying multiple intervention solutions to enhance operational efficiency of ADNOC's onshore assets. Weatherford will implement technologies focused on wellbore integrity, reactivation processes, and reservoir performance optimization. The company's rigless services are designed to revitalize inactive wells while minimizing environmental impact through efficient and cost-effective solutions.
Weatherford International (NASDAQ: WFRD) has secured two significant contracts in the Middle East. The first is with Kuwait Oil Company (KOC) for Managed Pressure Drilling services, featuring their Victus™ Intelligent MPD system for enhanced operational efficiency and safety. The second is a five-year contract with a National Oil Company in Qatar for fishing and drilling tools, including a five-year extension option. Both contracts aim to improve drilling operations through advanced technology implementation, focusing on safety, efficiency, and operational resilience.
Weatherford International plc (NASDAQ: WFRD) has announced its upcoming third-quarter 2024 conference call, scheduled for Wednesday, October 23, 2024, at 8:30 a.m. Eastern Time. The company will release its financial results and presentation slides prior to the call. Investors can participate via a live webcast or by dialing in. A telephonic replay will be available until November 6, 2024.
Weatherford, a global energy services company, operates in approximately 75 countries with 19,000 team members across 330 operating locations. The company specializes in innovative energy services that combine proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment.
Weatherford International plc (NASDAQ: WFRD) announced that S&P Global Ratings has upgraded the company's issuer credit rating to 'BB-' from 'B+' with a positive outlook. The upgrade is based on Weatherford's improved operating efficiency and debt repayment. CEO Girish Saligram highlighted the company's progress in enhancing its financial and operational framework over the past three years, including simplifying the capital structure, improving liquidity, and implementing a comprehensive capital allocation framework.
Weatherford, a global energy services company, operates in about 75 countries with 19,000 team members across 330 locations. The company focuses on delivering innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment.
Weatherford International plc (NASDAQ: WFRD) has announced the acquisition of Datagration Solutions Inc., a leader in unified data integration, analytics, and machine learning. This strategic move positions Weatherford as a frontrunner in digital offerings for production and asset optimization in the energy industry. The integration of Weatherford's digital platforms with Datagration's unified data models creates a powerful solution for surveillance, optimization, and decision-making across the well lifecycle.
The acquisition is expected to enhance Weatherford's digital transformation capabilities, drive synergies with its existing platforms, and improve digital enablement across the enterprise. It will also bolster the company's ability to integrate emissions data, enhancing sustainability management. CEO Girish Saligram emphasized that this acquisition is a step forward in differentiating Weatherford's technology portfolio and accelerating innovation in the energy industry's digital transformation.
Weatherford International plc (NASDAQ: WFRD) has released its annual Sustainability Report, highlighting the company's progress in environmental, social, and governance (ESG) practices. CEO Girish Saligram noted significant growth in 2023 and advancement towards their Net-Zero by 2050 goal.
The report emphasizes Weatherford's commitment to supporting customers in the energy transition through:
- Innovation
- Technology leadership
- Strategic partnerships
- Exceptional safety and quality performance
Weatherford aims to balance meeting current energy needs while preparing for future demands. The full report is available on the company's website for stakeholders to review.
Weatherford International plc (NASDAQ: WFRD) reported strong Q2 2024 results with revenues of $1,405 million, up 3.5% sequentially and 10% year-over-year. The company saw significant growth in international markets, particularly in the Middle East/North Africa/Asia region. Net income increased 52% year-over-year to $125 million, with a margin of 8.9%. Adjusted EBITDA rose 25% to $365 million, with a 26.0% margin.
Notably, Weatherford announced its first-ever shareholder return program, including an annual dividend of $1 per share and a $500 million share repurchase program over three years. The company also fully redeemed its 6.5% Senior Secured Notes and expanded its Credit Facility to $720 million.
Weatherford International plc (NASDAQ: WFRD) has appointed Steven Beringhause to its Board of Directors, effective July 23, 2024. This appointment increases the board size to six members, with Beringhause's term expiring at the 2025 Annual Meeting of Shareholders. Beringhause brings extensive experience in managing advanced technology for commercial applications and leading businesses with P&L responsibility, having served as the chief technology officer at Sensata Technologies from 2015 to 2020.
Chairman Charles M. Sledge and CEO Girish Saligram welcomed Beringhause, highlighting his expertise in digital commercial applications and engineering background as valuable assets for Weatherford's growth and innovation. Beringhause's appointment is expected to enhance the company's differentiated portfolio and drive shareholder value.
Weatherford International (NASDAQ: WFRD) will host a conference call on July 24, 2024, to discuss its second-quarter results for the period ending June 30, 2024. The call will start at 9:00 a.m. Eastern Time. A press release with the results and presentation slides will be available on Weatherford's investor relations website before the call. Participants can join the webcast or dial in using provided numbers. A replay will be accessible until August 7, 2024. Weatherford, a global energy services company with operations in 75 countries, focuses on strategic solutions that enhance efficiency, flexibility, and responsibility in energy operations. For more details, visit Weatherford's website or contact their investor relations.
Weatherford International (NASDAQ: WFRD) announced a $40 million increase in its Credit Facility, bringing total commitments to $720 million. The facility now includes a $327 million tranche for performance letters of credit and a $393 million tranche for revolving loans. Additionally, the amendment allows the accordion feature to increase up to $1 billion. CEO Girish Saligram highlighted the liquidity and capital structure flexibility this provides, affirming the company's focus on long-term value generation. Weatherford operates in 75 countries with a workforce of 18,800 and offers innovative energy services combining proven technologies and digitalization.
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