Business
Weatherford Announces Fourth Quarter and Full Year 2021 Results
- Revenues of $965 million in the fourth quarter increased 15% year-over-year, full year revenue of $3.65 billion, 1% down from prior year - Operating income
About this update from Weatherford International Plc
[{"type":"text","content":"- Revenues of $965 million in the fourth quarter increased 15% year-over-year, full year revenue of $3.65 billion, 1% down from prior year\n - Operating income in the fourth quarter totaled $33 million and adjusted EBITDA[1] totaled $154 million, or 16% adjusted EBITDA margins; full year operating income of $116 million and adjusted EBITDA of $571 million, or 16% adjusted EBITDA margins\n - Cash provided by operating activities in the fourth quarter of $88 million and free cash flow[1] of $49 million;, full year cash provided by operating activities of $322 million and full year free cash flow of $278 million\n - Successfully completed refinancing and debt repayment transactions and received corporate credit rating upgrade to \"B-\" from Standard & Poors in December 2021\n - Over $1.4 billion of global commercial wins in the fourth quarter with IOC's and NOC's, including Saudi Aramco, ADNOC, KOC and Shell\n\n\nHOUSTON, Feb. 16, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") announced today its results for the fourth quarter of 2021.\nFourth quarter 2021 revenues were $965 million, an increase of 15% year-over-year and 2% sequentially. Fourth quarter 2021 operating income was $33 million compared to an operating loss of $107 million in the fourth quarter of 2020 and operating income of $71 million in the third quarter of 2021. Fourth quarter 2021 net loss was $161 million compared to $200 million in the fourth quarter of 2020 and $95 million in the third quarter of 2021. \nFourth quarter 2021 cash flows provided by operations were $88 million compared to $22 million in the fourth quarter of 2020 and $114 million in the third quarter of 2021. Capital expenditures were $41 million in the fourth quarter of 2021 compared to $54 million in the fourth quarter of 2020 and $20 million in the third quarter of 2021.\nRevenues for the full year 2021 were $3.65 billion, compared to revenues of $3.69 billion in 2020. Full year operating income was $116 million compared to an operating loss of $1.5 billion in 2020. The Company's full year 2021 net loss was $450 million compared to $1.9 billion in 2020. Full year cash flows provided by operations were $322 million, compared to $210 million in 2020. Capital expenditures for full year 2021 were $85 million, compared to $154 million in 2020.\...