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Weatherford International reported first-quarter 2021 revenues of $832 million, down 1% sequentially and 32% year-over-year. The operating loss was $13 million, improving from a loss of $107 million in Q4 2020. The net loss narrowed to $116 million from $200 million in the previous quarter. Cash flows from operations increased to $74 million, while capital expenditures were $15 million. Adjusted EBITDA stood at $102 million, down 43% year-over-year but up 4% sequentially. The company filed its Form 10 Registration Statement for NASDAQ listing, aiming to boost shareholder value.
Weatherford International plc (OTC Pink: WFTLF) will host a conference call on May 6, 2021, to discuss its first-quarter results for the period ending March 31, 2021. The call will start at 9:00 a.m. Eastern Time. A press release will be issued prior to the call, alongside presentation slides on the company's investor relations website. Participants can join via a live webcast, by registering in advance, or by phone. A telephonic replay will be available until May 20, 2021.
Weatherford International has filed a Form 10 Registration Statement with the SEC to register its ordinary shares under Section 12(b) of the Exchange Act. This step is pivotal for relisting on the NASDAQ with the ticker symbol WFRD, subject to compliance and approval. The company anticipates completing the registration by the second quarter of 2021. CEO Girish Saligram emphasized that the move aims to enhance shareholder value by improving visibility and liquidity.
Weatherford International announced its Q4 2020 and full-year 2020 results. Revenues dropped to $842 million in Q4 2020, down from $985 million a year prior, with a net loss of $200 million. For the year, revenues were $3.7 billion, significantly lower than $5.0 billion in 2019. However, free cash flow improved to $78 million, with total cash of $1.3 billion at year-end. CEO Girish Saligram highlighted progress amidst challenges, particularly in North America and strategic international markets.
Weatherford International plc (OTC Pink: WFTLF) achieved a significant milestone with its Shallow Angle QuickCut™ System by successfully completing the first 12 ¼-in. casing sidetrack, creating a 22-ft. window in a single trip for an ultra-deepwater well in the Gulf of Mexico. This breakthrough allows operators to safely access previously bypassed reservoir sections, enhancing operational efficiency. The project faced challenges due to the need for low dogleg angles to accommodate production packers. This accomplishment positions Weatherford as a leader in exiting heavy-walled casing.
Weatherford International plc (OTC Pink: WFTLF) will hold a conference call on November 4, 2020, to discuss its third-quarter results for the period ending September 30, 2020. The call starts at 8:00 a.m. ET and will be preceded by a press release detailing the results. Listeners can register in advance or access the call via a live webcast. A replay will be available until November 18, 2020. Weatherford operates in over 80 countries with a workforce of approximately 19,000 employees.
The Board of Directors of Weatherford International plc (OTC Pink: WFTLF) has appointed Girish K. Saligram as President and CEO, effective October 12, 2020. Saligram, formerly COO at Exterran Corporation, brings over 25 years of experience in the oil and gas sector. Chairman Charles M. Sledge expressed confidence in Saligram’s leadership to strengthen the company and deliver long-term shareholder value. Interim CEO Karl Blanchard will return to his previous role as Executive Vice President and COO. Weatherford operates in over 80 countries with a workforce of approximately 19,000.
Weatherford International plc (WFTLF) announced the refinancing of its senior secured asset-based lending agreement by issuing $500 million in senior secured first lien notes. The company amended its letter of credit agreement, increasing its capacity to $215 million. These transactions enhance Weatherford's liquidity, providing over $1.2 billion in cash at closing and no debt maturities until Q2 2024. Chairman Charles M. Sledge emphasized the strengthened capital structure, reinforcing the company's strategic objectives.
