Ireland | 001-36504 | 98-0606750 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Bahnhofstrasse 1, 6340 Baar, Switzerland | CH 6340 |
(Address of principal executive offices) | (Zip Code) |
N/A | ||||
(Former Name or Former Address, if Changed Since Last Report) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit Number | Exhibit Description |
99.1 | News release dated July 22, 2015, announcing results for the quarter ended June 30, 2015. |
Weatherford International plc | |
Date: July 22, 2015 | |
/s/ Krishna Shivram | |
Krishna Shivram | |
Executive Vice President and Chief Financial Officer |
Exhibit Number | Exhibit Description | |
99.1 | News release dated July 22, 2015, announcing results for the quarter ended June 30, 2015. |
News Release |
• | Positive free cash flow of $104 million, principally on improved working capital performance and lower capital expenditures; |
• | Free cash flow improved sequentially $370 million, despite lower earnings; and |
• | Completed 97% of the reduction in force target of 10,000 employees by June 30, 2015, with expected annualized savings of $686 million. |
(In Millions, Except Percentages and bps) | Three Months Ended | Change | |||||||||||||||||
6/30/2015 | 3/31/2015 | 6/30/2014 | Sequential | Year-on-Year | |||||||||||||||
Total | |||||||||||||||||||
Revenue | $ | 2,390 | $ | 2,794 | $ | 3,711 | (14 | )% | (36 | )% | |||||||||
Operating Income | $ | 117 | $ | 238 | $ | 519 | (51 | )% | (77 | )% | |||||||||
Operating Income Margin | 4.9 | % | 8.5 | % | 14.0 | % | (365 | ) | bps | (909 | ) | bps | |||||||
North America | |||||||||||||||||||
Revenue | $ | 808 | $ | 1,163 | $ | 1,659 | (30 | )% | (51 | )% | |||||||||
Operating Income | $ | (92 | ) | $ | (10 | ) | $ | 254 | (846 | )% | (136 | )% | |||||||
Operating Income Margin | (11.5 | )% | (0.8 | )% | 15.3 | % | (1,061 | ) | bps | (2,676 | ) | bps | |||||||
International | |||||||||||||||||||
Revenue | $ | 1,397 | $ | 1,436 | $ | 1,658 | (3 | )% | (16 | )% | |||||||||
Operating Income | $ | 205 | $ | 238 | $ | 259 | (14 | )% | (21 | )% | |||||||||
Operating Income Margin | 14.7 | % | 16.6 | % | 15.6 | % | (190 | ) | bps | (93 | ) | bps | |||||||
Land Drilling Rigs | |||||||||||||||||||
Revenue | $ | 185 | $ | 195 | $ | 394 | (6 | )% | (53 | )% | |||||||||
Operating Income | $ | 4 | $ | 10 | $ | 6 | (60 | )% | (28 | )% | |||||||||
Operating Income Margin | 2.2 | % | 5.2 | % | 1.4 | % | (302 | ) | bps | 77 | bps |
• | $106 million (pre-tax $112 million), primarily related to the settlement of a lawsuit related to the restatement of our historical financial statements in previous years; |
• | $159 million (pre-tax $223 million), primarily for the impairment of part of our U.S. pressure pumping asset base, true-ups related to our 2014 divestiture activity and other professional fees; |
• | $62 million (pre-tax $72 million), of costs related to severance and facility closures in our 2015 cost reduction plan, including a write-off of our net assets in Yemen due to the political disruption there; |
• | $69 million (pre-tax $69 million), net of legacy contract charges; and |
• | $16 million (pre-tax $16 million), due to exceptional foreign exchange related charges in Angola. |
• | Latin America |
• | Europe/Sub-Sahara Africa/Russia |
• | Middle East/North Africa/Asia Pacific |
Contacts: | Krishna Shivram | +1.713.836.4610 | |
Executive Vice President and Chief Financial Officer | |||
Karen David-Green | +1.713.836.7430 | ||
Vice President – Investor Relations and Corporate Communications |
Weatherford International plc | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In Millions, Except Per Share Amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
6/30/2015 | 6/30/2014 | 6/30/2015 | 6/30/2014 | |||||||||||||
Net Revenues: | ||||||||||||||||
North America | $ | 808 | $ | 1,659 | $ | 1,971 | $ | 3,269 | ||||||||
Middle East/North Africa/Asia | 516 | 579 | 1,049 | 1,198 | ||||||||||||
Europe/SSA/Russia | 418 | 561 | 835 | 1,077 | ||||||||||||
Latin America | 463 | 518 | 949 | 1,027 | ||||||||||||
Subtotal | 2,205 | 3,317 | 4,804 | 6,571 | ||||||||||||
Land Drilling Rigs | 185 | 394 | 380 | 736 | ||||||||||||
Total Net Revenues | 2,390 | 3,711 | 5,184 | 7,307 | ||||||||||||
Operating Income (Expense): | ||||||||||||||||
North America | (92 | ) | 254 | (102 | ) | 457 | ||||||||||
Middle East/North Africa/Asia | 55 | 75 | 124 | 128 | ||||||||||||
Europe/SSA/Russia | 65 | 107 | 136 | 185 | ||||||||||||
Latin America | 85 | 77 | 183 | 169 | ||||||||||||
Subtotal | 113 | 513 | 341 | 939 | ||||||||||||
Land Drilling Rigs | 4 | 6 | 14 | (18 | ) | |||||||||||
Research and Development | (59 | ) | (75 | ) | (123 | ) | (144 | ) | ||||||||
Corporate Expenses | (46 | ) | (45 | ) | (102 | ) | (92 | ) | ||||||||
Loss on Sale of Businesses and Investments, Net | (5 | ) | — | (2 | ) | — | ||||||||||
Impairments and Other Charges | (471 | ) | (374 | ) | (542 | ) | (530 | ) | ||||||||
Total Operating Income (Loss) | (464 | ) | 25 | (414 | ) | 155 | ||||||||||
Other (Expense): | ||||||||||||||||
Interest Expense, Net | (117 | ) | (128 | ) | (237 | ) | (254 | ) | ||||||||
Other, Net | (18 | ) | (19 | ) | (29 | ) | (28 | ) | ||||||||
Foreign Exchange Related Charges | (16 | ) | — | (42 | ) | — | ||||||||||
Net Loss Before Income Taxes | (615 | ) | (122 | ) | (722 | ) | (127 | ) | ||||||||
Benefit (Provision) for Income Taxes | 132 | (11 | ) | 132 | (38 | ) | ||||||||||
Net Loss | (483 | ) | (133 | ) | (590 | ) | (165 | ) | ||||||||
Net Income Attributable to Noncontrolling Interests | 6 | 12 | 17 | 21 | ||||||||||||
Net Loss Attributable to Weatherford | $ | (489 | ) | $ | (145 | ) | $ | (607 | ) | $ | (186 | ) | ||||
Loss Per Share Attributable to Weatherford: | ||||||||||||||||
Basic & Diluted | $ | (0.63 | ) | $ | (0.19 | ) | $ | (0.78 | ) | $ | (0.24 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic & Diluted | 778 | 777 | 778 | 776 |
Weatherford International plc | |||||||||||||||||||
Selected Statements of Operations Information | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In Millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | |||||||||||||||
Net Revenues: | |||||||||||||||||||
North America | $ | 808 | $ | 1,163 | $ | 1,769 | $ | 1,814 | $ | 1,659 | |||||||||
Middle East/North Africa/Asia | 516 | 533 | 575 | 633 | 579 | ||||||||||||||
Europe/SSA/Russia | 418 | 417 | 497 | 555 | 561 | ||||||||||||||
Latin America | 463 | 486 | 664 | 591 | 518 | ||||||||||||||
Subtotal | 2,205 | 2,599 | 3,505 | 3,593 | 3,317 | ||||||||||||||
Land Drilling Rigs | 185 | 195 | 222 | 284 | 394 | ||||||||||||||
Total Net Revenues | $ | 2,390 | $ | 2,794 | $ | 3,727 | $ | 3,877 | $ | 3,711 | |||||||||
Three Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | |||||||||||||||
Operating Income (Loss): | |||||||||||||||||||
North America | $ | (92 | ) | $ | (10 | ) | $ | 286 | $ | 294 | $ | 254 | |||||||
Middle East/North Africa/Asia | 55 | 69 | 60 | 79 | 75 | ||||||||||||||
Europe/SSA/Russia | 65 | 71 | 95 | 119 | 107 | ||||||||||||||
Latin America | 85 | 98 | 113 | 97 | 77 | ||||||||||||||
Subtotal | 113 | 228 | 554 | 589 | 513 | ||||||||||||||
Land Drilling Rigs | 4 | 10 | (2 | ) | 9 | 6 | |||||||||||||
Research and Development | (59 | ) | (64 | ) | (74 | ) | (72 | ) | (75 | ) | |||||||||
Corporate Expenses | (46 | ) | (56 | ) | (41 | ) | (45 | ) | (45 | ) | |||||||||
Gain (Loss) on Sale of Businesses and Investments, Net | (5 | ) | 3 | 311 | 38 | — | |||||||||||||
Impairments and Other Charges | (471 | ) | (71 | ) | (716 | ) | (201 | ) | (374 | ) | |||||||||
Total Operating Income (Loss) | $ | (464 | ) | $ | 50 | $ | 32 | $ | 318 | $ | 25 | ||||||||
Three Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | |||||||||||||||
Product Service Line Revenues: | |||||||||||||||||||
Formation Evaluation and Well Construction (a) | $ | 1,355 | $ | 1,582 | $ | 1,934 | $ | 2,007 | $ | 1,855 | |||||||||
Completion and Production (b) | 850 | 1,017 | 1,571 | 1,586 | 1,462 | ||||||||||||||
Land Drilling Rigs | 185 | 195 | 222 | 284 | 394 | ||||||||||||||
Total Product Service Line Revenues | $ | 2,390 | $ | 2,794 | $ | 3,727 | $ | 3,877 | $ | 3,711 | |||||||||
Three Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | |||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||
North America | $ | 97 | $ | 105 | $ | 108 | $ | 108 | $ | 107 | |||||||||
Middle East/North Africa/Asia | 66 | 65 | 70 | 67 | 71 | ||||||||||||||
Europe/SSA/Russia | 53 | 50 | 55 | 52 | 57 | ||||||||||||||
Latin America | 62 | 61 | 65 | 57 | 61 | ||||||||||||||
Land Drilling Rigs | 27 | 29 | 34 | 37 | 54 | ||||||||||||||
Research and Development and Corporate | 6 | 6 | 6 | 6 | 5 | ||||||||||||||
Total Depreciation and Amortization | $ | 311 | $ | 316 | $ | 338 | $ | 327 | $ | 355 |
(a) | Formation Evaluation and Well Construction includes Managed-Pressure Drilling, Drilling Services, Tubular Running Services, Drilling Tools, Wireline Services, Testing and Production Services, Re-entry and Fishing, Cementing, Liner Systems, Integrated Laboratory Services and Surface Logging. |
(b) | Completion and Production includes Artificial Lift Systems, Stimulation and Completion Systems. |
Weatherford International plc | ||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions, Except Per Share Amounts) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 6/30/2014 | 6/30/2015 | 6/30/2014 | ||||||||||||||||
Operating Income: | ||||||||||||||||||||
GAAP Operating Income (Loss) | $ | (464 | ) | $ | 50 | $ | 25 | $ | (414 | ) | $ | 155 | ||||||||
Restructuring, Exited Businesses and Severance | 72 | 41 | 86 | 113 | 170 | |||||||||||||||
Impairments, Divestiture Related and Other Charges (a) | 223 | 18 | 286 | 241 | 312 | |||||||||||||||
Legacy Contracts and Other | 69 | 9 | 2 | 78 | 48 | |||||||||||||||
Litigation Charges | 112 | — | — | 112 | — | |||||||||||||||
Total Non-GAAP Adjustments | 476 | 68 | 374 | 544 | 530 | |||||||||||||||
Non-GAAP Operating Income | $ | 12 | $ | 118 | $ | 399 | $ | 130 | $ | 685 | ||||||||||
Income (Loss) Before Income Taxes: | ||||||||||||||||||||
GAAP Loss Before Income Taxes | $ | (615 | ) | $ | (107 | ) | $ | (122 | ) | $ | (722 | ) | $ | (127 | ) | |||||
Operating Income Adjustments | 476 | 68 | 374 | 544 | 530 | |||||||||||||||
Foreign Exchange Related Charges | 16 | 26 | — | 42 | — | |||||||||||||||
Non-GAAP Income (Loss) Before Income Taxes | $ | (123 | ) | $ | (13 | ) | $ | 252 | $ | (136 | ) | $ | 403 | |||||||
Provision (Benefit) for Income Taxes: | ||||||||||||||||||||
GAAP Benefit (Provision) for Income Taxes | $ | 132 | $ | — | $ | (11 | ) | $ | 132 | $ | (38 | ) | ||||||||
Tax Effect on Non-GAAP Adjustments | (80 | ) | (9 | ) | (43 | ) | (89 | ) | (59 | ) | ||||||||||
Non-GAAP Benefit (Provision) for Income Taxes | $ | 52 | $ | (9 | ) | $ | (54 | ) | $ | 43 | $ | (97 | ) | |||||||
Net Income (Loss) Attributable to Weatherford: | ||||||||||||||||||||
GAAP Net Loss | $ | (489 | ) | $ | (118 | ) | $ | (145 | ) | $ | (607 | ) | $ | (186 | ) | |||||
Total Charges, net of tax | 412 | 85 | 331 | 497 | 471 | |||||||||||||||
Non-GAAP Net Income (Loss) | $ | (77 | ) | $ | (33 | ) | $ | 186 | $ | (110 | ) | $ | 285 | |||||||
Diluted Earnings (Loss) Per Share Attributable to Weatherford: | ||||||||||||||||||||
GAAP Diluted Loss per Share | $ | (0.63 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | (0.78 | ) | $ | (0.24 | ) | |||||
Total Charges, net of tax | 0.53 | 0.11 | 0.43 | 0.64 | 0.60 | |||||||||||||||
Non-GAAP Diluted Earnings (Loss) per Share | $ | (0.10 | ) | $ | (0.04 | ) | $ | 0.24 | $ | (0.14 | ) | $ | 0.36 | |||||||
GAAP Effective Tax Rate (b) | 21 | % | — | % | (10 | )% | 18 | % | (30 | )% | ||||||||||
Non-GAAP Effective Tax Rate (c) | 42 | % | (73 | )% | 22 | % | 31 | % | 24 | % |
(a) | Impairments, Divestiture Related and Other Charges of $223 million in the three months ended June 30, 2015 primarily include adjustments related to (i) the impairment of pressure pumping assets and related charges in the United States, (ii) the impairment of an equity method investment, (iii) professional fees, and true-ups related to our 2014 divestiture activity. |
(b) | GAAP Effective Tax Rate is the GAAP provision for income taxes divided by GAAP income before income taxes. |
(c) | Non-GAAP Effective Tax Rate is the Non-GAAP provision for income taxes divided by Non-GAAP income before income taxes and calculated in thousands. |
Weatherford International plc | ||||||||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||
6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 6/30/2014 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 611 | $ | 512 | $ | 474 | $ | 582 | $ | 571 | ||||||||||
Accounts Receivable, Net | 2,259 | 2,631 | 3,015 | 3,259 | 3,291 | |||||||||||||||
Inventories, Net | 2,921 | 3,052 | 3,087 | 3,229 | 3,281 | |||||||||||||||
Property, Plant and Equipment, Net | 6,694 | 6,932 | 7,123 | 7,555 | 7,677 | |||||||||||||||
Goodwill and Intangibles, Net | 3,335 | 3,311 | 3,451 | 3,663 | 3,799 | |||||||||||||||
Equity Investments | 81 | 101 | 106 | 266 | 262 | |||||||||||||||
Current Assets Held for Sale | — | — | — | 538 | 1,326 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts Payable | 1,104 | 1,462 | 1,736 | 1,749 | 1,783 | |||||||||||||||
Short-term Borrowings and Current Portion of Long-term Debt | 1,556 | 1,554 | 727 | 1,715 | 2,404 | |||||||||||||||
Long-term Debt | 6,268 | 6,278 | 6,798 | 7,004 | 7,021 | |||||||||||||||
Current Liabilities Held for Sale | — | — | — | 77 | 268 |
Weatherford International plc | ||||||||||||
Net Debt | ||||||||||||
(Unaudited) | ||||||||||||
(In Millions) | ||||||||||||
Change in Net Debt for the Three Months Ended 6/30/2015: | ||||||||||||
Net Debt at 3/31/2015 | $ | (7,320 | ) | |||||||||
Operating Income | (464 | ) | ||||||||||
Depreciation and Amortization | 311 | |||||||||||
Capital Expenditures | (187 | ) | ||||||||||
Decrease in Working Capital | 110 | |||||||||||
Goodwill & Long-Lived Asset Impairment and Other | 144 | |||||||||||
Litigation Charges | 112 | |||||||||||
Restructuring and Other Asset Related Charges | 122 | |||||||||||
Foreign Exchange Related Charges | 16 | |||||||||||
Income Taxes Paid | (92 | ) | ||||||||||
Interest Paid | (68 | ) | ||||||||||
Net Change in Billing in Excess/Costs in Excess | 76 | |||||||||||
Other | 27 | |||||||||||
Net Debt at 6/30/2015 | $ | (7,213 | ) | |||||||||
Change in Net Debt for the Six Months Ended 6/30/2015: | ||||||||||||
Net Debt at 12/31/2014 | $ | (7,051 | ) | |||||||||
Operating Income | (414 | ) | ||||||||||
Depreciation and Amortization | 627 | |||||||||||
Capital Expenditures | (411 | ) | ||||||||||
Decrease in Working Capital | 147 | |||||||||||
Goodwill & Long-Lived Asset Impairment and Other | 144 | |||||||||||
Litigation Charges | 112 | |||||||||||
Restructuring and Other Asset Related Charges | 122 | |||||||||||
Foreign Exchange Related Charges | 42 | |||||||||||
Income Taxes Paid | (180 | ) | ||||||||||
Interest Paid | (239 | ) | ||||||||||
Net Change in Billing in Excess/Costs in Excess | (2 | ) | ||||||||||
Other | (110 | ) | ||||||||||
Net Debt at 6/30/2015 | $ | (7,213 | ) | |||||||||
Components of Net Debt | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||
Cash | $ | 611 | $ | 512 | $ | 474 | ||||||
Short-term Borrowings and Current Portion of Long-term Debt | (1,556 | ) | (1,554 | ) | (727 | ) | ||||||
Long-term Debt | (6,268 | ) | (6,278 | ) | (6,798 | ) | ||||||
Net Debt | $ | (7,213 | ) | $ | (7,320 | ) | $ | (7,051 | ) |
Weatherford International plc | ||||||||||||||||||||
Selected Cash Flow Data | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
6/30/2015 | 3/31/2015 | 6/30/2014 | 6/30/2015 | 6/30/2014 | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 291 | $ | (42 | ) | $ | 435 | $ | 249 | $ | 29 | |||||||||
Less: Capital Expenditures for Property, Plant and Equipment | (187 | ) | (224 | ) | (376 | ) | (411 | ) | (662 | ) | ||||||||||
Free Cash Flow | $ | 104 | $ | (266 | ) | $ | 59 | $ | (162 | ) | $ | (633 | ) |
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