Business
Weatherford Announces Third Quarter 2022 Results
Third quarter revenues of $1,120 million, increased 5% sequentially, led by higher Drilling and Evaluation activityNet income was $28 million and operating
About this update from Weatherford International Plc
[{"type":"text","content":"Third quarter revenues of $1,120 million, increased 5% sequentially, led by higher Drilling and Evaluation activityNet income was $28 million and operating income was $121 millionAdjusted EBITDA[1] was $214 million, a 19.1% adjusted EBITDA margin with a 160 basis point sequential improvementNet cash provided by operating activities was $160 million and free cash flow[1] was $133 million, primarily driven by higher adjusted EBITDA margins and working capital efficiency Secured significant contract wins across the portfolio with IOC’s and NOC’s, including ADNOC, KOC, and YPFAmended Credit Facility with increase in aggregate amount available to $370 million, and a two-year maturity extension subject to certain conditionsIssued a notice to redeem $125 million of our 11% senior unsecured notes HOUSTON, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2022. Revenues for the third quarter of 2022 were $1,120 million, an increase of 5% sequentially and 19% year-over-year. Operating income was $121 million in the third quarter of 2022, compared to $104 million in the second quarter of 2022 and $71 million in the third quarter of 2021. The Company’s third quarter of 2022 net income was $28 million, compared to $6 million in the second quarter of 2022 and a net loss of $95 million in the third quarter of 2021. Third quarter 2022 cash flows provided by operations were $160 million, compared to $60 million in the second quarter of 2022 and $114 million in the third quarter of 2021. Capital expenditures were $39 million in the third quarter of 2022, compared to $24 million in the second quarter of 2022 and $20 million in the third quarter of 2021. Adjusted EBITDA[1] was $214 million, an increase of 15% sequentially and 20% year-over-year Free cash flow[1] was $133 million, an increase of $74 million sequentially and $22 million year-over-year Girish Saligram, President and Chief Executive Officer, commented, “In the third quarter, we continued to outperform on our two key metrics of margin expansion and free cash flow generation. We showed strong sequential revenue growth, with solid margin fall-through, as our market-leading offerings continue to deliver value in the marketplace. Our adjusted EBITDA margins of 19.1% and free ca...