Business
Weatherford Announces Third Quarter 2021 Results
- Revenues of $945 million increased 5% sequentially driven by a 6% increase in service revenues - Operating income totaled $71 million and adjusted EBITDA¹
About this update from Weatherford International Plc
[{"type":"text","content":"- Revenues of $945 million increased 5% sequentially driven by a 6% increase in service revenues\n - Operating income totaled $71 million and adjusted EBITDA¹ totaled $179 million or 19% adjusted EBITDA margins\n - Cash provided by operating activities of $114 million and free cash flow¹ of $111 million\n - Restructured and reduced our debt capital\n - Redeemed $200 million of our unsecured 11.00% Exit Notes\n - Issued 6.5% Senior Secured Notes of $500 million due 2028, refinancing our 8.75% 2024 Senior Secured\n - Issued 8.625% Senior Notes of $1.6 billion, refinanced the same amount of our 11.00% Exit Notes, extending maturity from 2024 to 2030\n\n\nHOUSTON, Nov. 1, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") announced today its results for the third quarter of 2021.\nThird quarter 2021 revenues were $945 million, an increase of 5% sequentially and 17% year-on-year. Third quarter 2021 operating income was $71 million compared to operating income of $25 million in the second quarter of 2021 and an operating loss of $60 million in the third quarter of 2020. Third quarter 2021 net loss was $95 million compared to $78 million in the second quarter of 2021 and $174 million in the third quarter of 2020. \nThird quarter 2021 cash flows provided by operations were $114 million compared to $46 million in the second quarter of 2021 and $127 million in the third quarter of 2020. Capital expenditures were $20 million in the third quarter of 2021 compared to $9 million in the second quarter of 2021 and $27 million in the third quarter of 2020.\nThird quarter 2021:\nAdjusted EBITDA[1] of $179 million, an increase of 32% sequentially and 72% year-over-year Unlevered free cash flow[1] of $141 million, a decrease of $24 million sequentially and an increase of $34 million year-over-year Free cash flow of $111 million, an increase of $63 million sequentially and $6 million year-on-yearGirish Saligram, President and Chief Executive Officer, commented, \"Our third quarter results reflect our commitment to continually driving positive operating performance, despite this being a quarter of negative weather impacts and rising inflation. Our strategic initiatives continue to guide our progress as we continue to make improvements across all focus areas, including North American profitability, g...