Weatherford International plc Ordinary Shares - WFRD STOCK NEWS

Weatherford International plc (NASDAQ: WFRD) announced that H. Keith Jennings, Executive Vice President and CFO, will depart the Company effective July 31, 2022. His exit is not due to any disagreements related to financial practices. CEO Girish Saligram praised Jennings for his contributions, noting improvements in the Company’s capital structure and operating profile. The Company has begun a search for Jennings' replacement with the help of an executive search firm. Weatherford operates in about 75 countries, employing around 17,000 staff.

Weatherford announced its Q1 2022 financial results, reporting revenues of $938 million, a 13% year-over-year increase. Operating income stood at $18 million, a significant rebound from a loss of $13 million in Q1 2021. Adjusted EBITDA reached $151 million, marking a 48% increase year-over-year. However, the company's net loss was $80 million, an improvement from $116 million in Q1 2021. Cash used in operations was $64 million, indicating increased working capital demands. Noteworthy contracts were secured, enhancing future growth prospects.

Weatherford International will host a conference call on April 28, 2022, at 9:00 a.m. ET to discuss its results for the fiscal quarter ending March 31, 2022. A press release with results and presentation slides will precede the call. Participants can join via a live webcast or by phone. A replay will be available until May 12, 2022. Weatherford operates in over 75 countries with approximately 17,000 employees.

Weatherford International (NASDAQ: WFRD) provided an update on its operations in Russia amid the ongoing crisis in Ukraine. CEO Girish Saligram expressed sympathy for those affected and emphasized the company's focus on employee safety. Following sanctions imposed on February 24, 2022, Weatherford suspended shipments and new investments in Russia, ensuring compliance with international laws. The company has no active joint ventures in the region and remains committed to fulfilling existing contractual obligations.

Weatherford International plc (NASDAQ: WFRD) has released its 2021 Annual Report, outlining financial results, strategic objectives, and future priorities. The report showcases Weatherford's transformation from a turnaround project to a growth-focused company aiming for sustainable profitability and free cash flow. CEO Girish Saligram emphasized the company's significant achievements in 2021 and expressed optimism about future prospects. The report and Form 10-K for the year ending December 31, 2021, are accessible on the company's website.

Weatherford International plc (NASDAQ: WFRD) reported a strong fourth quarter performance for 2021, with revenues reaching $965 million, up 15% year-over-year. The company achieved an operating income of $33 million, recovering from a loss of $107 million in Q4 2020. Although the net loss was $161 million, it was less than the previous year’s loss of $200 million. The full year saw revenues of $3.65 billion, with operating income improving from a loss of $1.5 billion in 2020 to $116 million in 2021. Notable achievements include lucrative contracts worth over $1 billion from major oil companies.

Weatherford International plc (NASDAQ: WFRD) announced a new reporting structure effective Q4 2021. The company now reports its results in three segments: Drilling and Evaluation, Well Construction and Completions, and Production and Intervention. This change aims to enhance organizational focus, drive customer collaboration, and facilitate growth opportunities. The transition has no impact on consolidated revenue or earnings per share. CEO Girish K. Saligram emphasized that this strategic alignment will leverage technological innovation for growth across the company's diverse portfolio.