Weatherford International plc Ordinary Shares - WFRD STOCK NEWS

Weatherford International plc reported its second quarter 2023 results, with revenues of $1,274 million, a 7% increase sequentially and a 20% increase year-over-year. Operating income was $201 million, compared to $185 million in the previous quarter and $104 million in the same quarter last year. Net income was $82 million, compared to $72 million in the previous quarter and $6 million in the same quarter last year. Adjusted EBITDA was $291 million, an 8% increase sequentially and a 56% increase year-over-year.

Weatherford International has been awarded a five-year contract to provide Intervention Services for Petrobras in Brazil. Weatherford will also provide its digitalization solution, the Centro well construction optimization platform.

Weatherford International plc has released its 2022 Sustainability Report, showcasing its progress in advancing its ESG objectives. The report highlights recent accomplishments and the company's commitment to building a more sustainable world.

Weatherford International plc will host a conference call on July 26, 2023 to discuss their Q2 results. The call will be accessible via webcast or phone.

Weatherford International has been awarded a three-year contract with Aramco to deliver drilling services. The contract will allow Weatherford to deploy its Drilling Services portfolio, which includes innovative technology to maximize efficiency in any environment. Weatherford's CEO expressed excitement about the opportunity to continue serving Aramco's drilling needs.

Weatherford International plc (NASDAQ: WFRD) reported its Q1 2023 results, highlighting a revenue increase of 26% year-over-year to $1,186 million. Operating income surged to $185 million, up 928% year-over-year, while net income reached $72 million, marking a 190% increase. Adjusted EBITDA rose 78% to $269 million, with a margin of 22.7%. Cash flows from operations totaled $84 million. The company secured over $1.2 billion in global commercial wins and launched new technologies across all segments. CEO Girish Saligram expressed optimism about ongoing international demand even amid macroeconomic volatility. Adjusted free cash flow was $27 million, a yearly increase of $91 million, though down $144 million sequentially. Weatherford anticipates a mid-teens revenue growth in 2023.

Weatherford International announced its intention to redeem $105 million of its 11.00% Senior Notes due 2024. This redemption is scheduled for May 22, 2023, at a price of 102.750% of the principal amount, plus accrued interest. In conjunction with this, the company successfully completed a consent solicitation, receiving approvals from 97.62% of noteholders for proposed amendments to its 6.500% Senior Secured First Lien Notes due 2028. The completion of these activities is seen as a significant step in Weatherford's efforts to improve its capital structure, bringing gross debt levels below those of December 2019. CEO Girish Saligram emphasized the importance of this achievement in enhancing the company’s financial stability and expressed gratitude to stakeholders for their support.

Weatherford International plc (NASDAQ: WFRD) announced a consent solicitation for its 6.500% Senior Secured First Lien Notes due 2028. The aim is to amend the indenture governing the Notes to allow for certain payment exceptions related to the 11.00% Senior Notes due 2024. The solicitation will expire on April 19, 2023, or may be extended. As of April 12, 2023, approximately 51.8% of the Note holders indicated their intent to consent. Consenting holders will receive a fee of $2.50 per $1,000 in principal amount of Notes for valid consents delivered before the expiration. Weatherford may choose to terminate or amend the solicitation at its discretion. The full terms are detailed in the Consent Solicitation Statement dated April 12, 2023, distributed to Note holders.

Weatherford International plc (NASDAQ: WFRD) announced it will host a conference call on April 26, 2023, to discuss its first-quarter financial results ended March 31, 2023. The call will commence at 10:00 a.m. Eastern Time, with a press release and presentation slides to be made available prior. Investors can access the conference call by live webcast or phone. A telephonic replay will be accessible until May 10, 2023, using a specific conference number. Weatherford emphasizes its innovative energy services and global operations in 75 countries, aiming to optimize customer assets through advanced technologies and strategic solutions.