10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One) Form 10-K

þ	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2017
	or
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________________________________to __________________________________
	Commission file number 001-36504

Weatherford International public limited company

(Exact name of registrant as specified in its charter)

Ireland	98-0606750
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Weststrasse 1, 6340 Baar, Switzerland	CH 6340
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: +41.22.816.1500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Ordinary Shares, par value $0.001 per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer o Non-accelerated filer (Do not check if a smaller reporting company) o Smaller reporting company o Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2017 was approximately $3.4 billion based upon the closing price on the New York Stock Exchange as of such date.

The registrant had 993,615,897 ordinary shares outstanding as of February 5, 2018.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s proxy statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018 are incorporated into Part III of this Form 10-K.

Weatherford International plc

Form 10-K for the Year Ended December 31, 2017

Table of Contents

PART I		PAGE
Item 1	Business	3
Item 1A	Risk Factors	9
Item 1B	Unresolved Staff Comments	20
Item 2	Properties	21
Item 3	Legal Proceedings	21
Item 4	Mine Safety Disclosures	21
PART II
Item 5	Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	22
Item 6	Selected Financial Data	24
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	46
Item 8	Financial Statements and Supplementary Data	48
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	98
Item 9A	Controls and Procedures	98
Item 9B	Other Information	99
PART III
Item 10	Directors, Executive Officers and Corporate Governance	99
Item 11	Executive Compensation	99
Item 12	Security Ownership of Certain Beneficial Owners and Related Stockholder Matters	99
Item 13	Certain Relationships and Related Transactions, and Director Independence	100
Item 14	Principal Accounting Fees and Services	100
PART IV
Item 15	Exhibits, Financial Statement Schedules	101
Item 16	Form 10-K Summary	110
	SIGNATURES	111

1

Forward-Looking Statements

This report contains various statements relating to future financial performance and results, including certain projections, business trends and other statements that are not historical facts. These statements constitute forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “strategy,” “plan,” “guidance,” “outlook,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words.

Forward-looking statements reflect our beliefs and expectations based on current estimates and projections. While we believe these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. Furthermore, from time to time, we update the various factors we consider in making our forward-looking statements and the assumptions we use in those statements. However, we undertake no obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws. The following sets forth various assumptions we use in our forward-looking statements, as well as risks and uncertainties relating to those statements. Certain of these risks and uncertainties may cause actual results to be materially different from projected results contained in forward-looking statements in this report and in our other disclosures. These risks and uncertainties include, but are not limited to, those described below under “Item 1A. – Risk Factors” and the following:

• the price and price volatility of oil, natural gas and natural gas liquids;

• global political, economic and market conditions, political disturbances, war, terrorist attacks, changes in global trade policies, weak local economic conditions and international currency fluctuations;

• nonrealization of expected benefits from our acquisitions or business dispositions and our ability to execute or close such acquisitions and dispositions;

• our ability to realize expected revenues and profitability levels from current and future contracts;

• our ability to manage our workforce, supply chain and business processes, information technology systems and technological innovation and commercialization, including the impact of our organization restructure and the cost and support reduction plans;

• our high level of indebtedness;

• increases in the prices and availability of our raw materials;

• potential non-cash asset impairment charges for long-lived assets, goodwill, intangible assets or other assets;

• changes to our effective tax rate;

• nonrealization of potential earnouts associated with business dispositions;

• downturns in our industry which could affect the carrying value of our goodwill;

• member-country quota compliance within the Organization of Petroleum Exporting Countries (“OPEC”);

• adverse weather conditions in certain regions of our operations;

• our ability to realize the expected benefits from our redomestication from Switzerland to Ireland and to maintain our Swiss tax residency;

• failure to ensure on-going compliance with current and future laws and government regulations, including but not limited to environmental and tax and accounting laws, rules and regulations; and

• limited access to capital, significantly higher cost of capital, or difficulty raising additional funds in the equity or debt capital markets.

Finally, our future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in our other filings with the Securities Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”). For additional information regarding risks and uncertainties, see our other filings with the SEC.

2

PART I

Item 1. Business

Weatherford International plc, an Irish public limited company and Swiss tax resident, was formed on June 17, 2014, after a change in our place of incorporation from Switzerland to Ireland, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), and is a multinational oilfield service company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years.

We conduct operations in approximately 90 countries and have service and sales locations in nearly all of the oil and natural gas producing regions in the world. Our operational performance is reviewed on a geographic basis and we report our Western Hemisphere and Eastern Hemisphere as separate and distinct reporting segments.

Our headquarters are located at Weststrasse1, 6340 Baar, Switzerland and our telephone number at that location is +41.22.816.1500. Our internet address is www.weatherford.com. General information about us, including our corporate governance policies, code of business conduct and charters for the committees of our Board of Directors, can be found on our website under the “Investor Relations” section. On our website we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file or furnish them to the SEC. The public may read and copy any materials we have filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains our reports, proxy and information statements, and our other SEC filings. The address of that site is www.sec.gov. Our ordinary shares are listed on the NYSE under the symbol “WFT”.

 Strategy

Our primary objective is to build stakeholder value through profitable growth in our core product lines with disciplined use of capital and a strong customer focus.

Principal components of our strategy include the following:

• Continuously improving the efficiency, productivity and quality of our products and services and theirrespective delivery to our customers, in order to grow revenues and operating margins from our principal business operations (Production, Completions, Drilling and Evaluation and Well Construction) in all of our geographic markets at a rate exceeding the underlying market;

• A commitment to the innovation, invention and integration, development and commercialization of new products and service that meet the evolving needs of our customers across the reservoir lifecycle; and

• Further extending the process, productivity, service quality, safety and competency across our global infrastructure to meet client demands for our core products and services in anoperationally efficient manner.

Markets

We are a leading provider of equipment and services to the oil and natural gas exploration and production industry. Demand for our industry’s services and products depends upon commodity prices for oil and gas, the number of oil and natural gas wells drilled, the depth and drilling conditions of wells, the number of well completions, the depletion and age of existing wells and the level of workover activity worldwide.

Technology is critical to the oil and natural gas marketplace as a result of the maturity of the world’s oil and natural gas reservoirs, the acceleration of production decline rates and the focus on complex well designs, including deepwater prospects. Clients continue to seek, test and use production-enabling technologies at an increasing rate. We have invested a substantial amount of our time and resources into building our technology offerings, which helps us to provide our clients with more efficient tools to find and produce oil and natural gas. We believe our products and services enable our clients to reduce their costs of drilling and production, increase production rates, or both. Furthermore, these offerings afford us additional opportunities to sell our core products and services to our clients.

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Disposition of U.S. Pressure Pumping and Other Assets

On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash. We sold our related facilities, field assets, and supplier and customer contracts related to these businesses. Proceeds from the sale were used to reduce outstanding indebtedness.

Reporting Segments

At the end of the third quarter of 2017, changes to Weatherford’s organization structure were internally announced to flatten the organization structure, reduce our costs and accelerate decision-making processes. During the fourth quarter of 2017, the Company's chief operating decision maker (its chief executive officer) changed the information he regularly reviews to allocate resources and assess performance and we realigned our reporting segments into two reportable segments, which are the Western Hemisphere segment and Eastern Hemisphere segment. Our Western Hemisphere segment represents the prior North America and Latin America segments as well as land drilling rigs operations in Colombia and Mexico. Our Eastern Hemisphere segment represents the prior Middle East/North Africa (“MENA”)/Asia Pacific segment and Europe/Sub Sahara Africa (“SSA”)/Russia segment as well as land drilling rigs operations in the Eastern Hemisphere. Research and Development expenses are now included in the results of our Western and Eastern Hemisphere segments. We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation. Our corporate and other expenses that do not individually meet the criteria for segment reporting continue to be reported separately as Corporate expenses.

Products and Services

Our principal business is to provide equipment and services to the oil and natural gas exploration and production industry, both onshore and offshore. Product and services include: (1) Production, (2) Completions, (3) Drilling and Evaluation and (4) Well Construction.

Production offers production optimization services and a complete production ecosystem, featuring our artificial-lift portfolio, testing and flow-measurement solutions, and optimization software, to boost productivity and profitability.

Artificial Lift Systems provides a mechanical method to produce oil or gas from a well lacking sufficient reservoir pressure for natural flow. We provide most forms of lift, including reciprocating rod lift systems, progressing cavity pumping, gas-lift systems, hydraulic-lift systems, plunger-lift systems, and hybrid lift systems for special applications. We also offer related automation and control systems.

Stimulation offers customers advanced chemical technology and services for safe and effective production enhancements. We provide pressure pumping and reservoir stimulation services, including acidizing, fracturing and fluid systems, cementing

and coiled-tubing intervention, however, our U.S. pressure pumping assets were sold in December of 2017.

Testing and Production Services provides well test data and slickline and intervention services. The service line includes drillstem test tools, surface well testing services, and multiphase flow measurement.

Completions is a suite of modern completion products, reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in deepwater, unconventional, and aging reservoirs.

Completion Systems offers customers a comprehensive line of completion tools-such as safety systems, production packers, downhole reservoir monitoring, flow control, isolation packers, multistage fracturing systems, and sand-control technologies-that set the stage for maximum production with minimal cost per barrel.

Liner Systems includes liner hangers to suspend a casing string within a previous casing string rather than from the top of the wellbore. The service line offers a comprehensive liner-hanger portfolio-along with engineering and executional experience-for a wide range of applications that include high-temperature and high-pressure wells.

Cementing Products enables operators to centralize the casing throughout the wellbore and control the displacement of cement and other fluids for proper zonal isolation. Specialized equipment includes plugs, float and stage equipment, and torque-and-drag reduction technology. Our cementing engineers analyze complex wells and provide all job requirements from pre-job planning to installation.

4

Drilling and Evaluation comprises a suite of services ranging from early well planning to reservoir management. The drilling services offer innovative tools and expert engineering to increase efficiency and maximize reservoir exposure. The evaluation services merge wellsite capabilities including wireline, logging while drilling, and surface logging with laboratory-fluid and core analyses to reduce reservoir uncertainty.

Drilling Services includes directional drilling, logging while drilling, measurement while drilling, and rotary-steerable systems. This service line also includes our full range of downhole equipment, including high-temperature and high-pressure sensors, drilling reamers, and circulation subs.

Managed Pressure Drilling helps to manage wellbore pressures to optimize drilling performance. The services incorporate various technologies, including rotating control devices and advanced automated control systems as well as several drilling techniques, such as closed-loop drilling, air drilling, managed-pressure drilling, and underbalanced drilling.

Surface Logging Systems provides real-time formation evaluation data by analyzing cuttings, gases, and fluids while drilling. Our offerings include conventional mud-logging services, drilling instrumentation, advanced gas analysis, and wellsite consultants.

Wireline Services includes openhole and cased-hole logging services that measure the physical properties of underground formations to determine production potential, locate resources, and detect cement and casing integrity issues. The service line also executes well intervention and remediation operations by conveying equipment via cable into oil and natural gas wells.

Reservoir Solutions provides rock and fluid analysis to evaluate hydrocarbon resources, advisory solutions with engineering strategy and technologies to support assets at various development stages, and software products to optimize production and automate drilling.

Well Construction builds or rebuilds well integrity for the full life cycle of the well. Using conventional to advanced equipment, we offer safe and efficient tubular running services in any environment. Our skilled fishing and re-entry teams execute under any contingency from drilling to abandonment, and our drilling tools provide reliable pressure control even in extreme wellbores. We also include our land drilling rig business as part of Well Construction.

Tubular Running Services provides equipment, tubular handling, tubular management, and tubular connection services for the drilling, completion, and workover of oil or natural gas wells. The services include conventional rig services, automated rig systems, real-time torque-monitoring, and remote viewing of the makeup and breakout verification process. In addition, they include drilling-with-casing services.

Intervention Services provides re-entry, fishing, wellbore cleaning, and well abandonment services as well as advanced multilateral well systems.

Drilling Tools and Rental Equipment delivers our patented tools and equipment-including drillpipe and collars, bottomhole assembly tools, tubular-handling equipment, pressure-control equipment, and machine-shop services-for drilling oil and natural gas wells.

Land Drilling Rigs provides onshore contract drilling services and related operations on a fleet of land drilling and workover rigs primarily operated in the Eastern Hemisphere. With our technologically diverse fleet, we have the ability to perform a broad range of advanced drilling projects that include multi-well pad drilling, high-pressure high-temperature drilling, deep gas drilling, special well design, and other unconventional drilling methods in various climates. A majority of our land drilling rigs assets were classified as held for sale as of December 31, 2017.

5

Other Business Data

Competition

We provide our products and services worldwide and compete in a variety of distinct segments with a number of competitors. Our principal competitors include Schlumberger, Halliburton, Baker Hughes (a GE company), National Oilwell Varco, Nabors Industries and Frank’s International. We also compete with various other regional suppliers that provide a limited range of equipment and services tailored for local markets. Competition is based on a number of factors, including performance, safety, quality, reliability, service, price, response time and, in some cases, breadth of products. See “Item 1A. – Risk Factors – The oilfield services business is highly competitive, which may adversely affect our ability to succeed. Additionally, the impact of consolidation and acquisitions of our competitors is difficult to predict and may harm our business.”

Raw Materials

We purchase a wide variety of raw materials as well as parts and components made by other manufacturers and suppliers for use in our manufacturing. Many of the products or components of products sold by us are manufactured by other parties. We are not dependent in any material respect on any single supplier for our raw materials or purchased components.

Customers

Substantially all of our customers are engaged in the energy industry. Most of our international sales are to large international or national oil companies. As of December 31, 2017, the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017, our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017, 2016 and 2015, no individual customer accounted for 10% or more of our consolidated revenues.

Backlog

Our services are usually short-term in nature, day-rate based and cancellable should our customer wish to alter the scope of work. Consequently, our backlog of firm orders is not material to the Company.

Research, Development and Patents

We maintain world-class technology and training centers throughout the world. Additionally, we have research, development and engineering facilities that are focused on improving existing products and services and developing new technologies to meet customer demands for improved drilling performance and enhanced reservoir productivity. Weatherford has also developed significant expertise, trade secrets, and know-how with respect to manufacturing equipment and providing services. Our expenditures for research and development totaled $158 million in 2017, $159 million in 2016 and $231 million in 2015.

As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We amortize patents over the years that we expect to benefit from their existence, which typically extends from the grant of the patent through and until 20 years after the filing date of the patent application.

Although in the aggregate our patents are important to the manufacturing and marketing of many of our products and services, we do not believe that the expiration of any one of our patents would have a material adverse effect on our business.

Seasonality

Weather and natural phenomena can temporarily affect the level of demand for our products and services. Spring months in Canada and winter months in the North Sea and Russia can affect our operations negatively. Additionally, heavy rains or an exceedingly cold winter in a given region or climate changes may impact our results. The unpredictable impact of climate changes or unusually harsh weather conditions could lengthen the periods of reduced activity and have a detrimental impact to our results of operations. The widespread geographical locations of our operations serve to mitigate the overall impact of the seasonal nature of our business.

6

Federal Regulation and Environmental Matters

Our operations are subject to federal, state and local laws and regulations relating to the energy industry in general and the environment in particular. Our 2017 expenditures to comply with environmental laws and regulations were not material, and we currently do not expect the cost of compliance with environmental laws and regulations for 2018 to be material.

Employees

As of December 31, 2017, we employed approximately 29,200 employees, which is 3% and 26% lower than our workforce as of December 31, 2016 and 2015, respectively. In response to the price of crude oil and a lower level of exploration and production spending for the last three years, we have reduced our overall costs and workforce to better align with activity levels. See “Item 8. – Financial Statements and Supplementary Data - Note 3 – Restructuring Charges” for details on our workforce reductions. Certain of our operations are subject to union contracts and these contracts cover approximately 16% of our employees. We believe we have a highly motivated and capable workforce despite the significant headcount reductions over the past three years, which were necessary to adapt our Company to the market conditions.

7

Executive Officers of Weatherford

The following table sets forth, as of February 14, 2018, the names and ages of the executive officers of Weatherford, including all offices and positions held by each for at least the past five years.

Name	Age	Current Position and Five-Year Business Experience
Mark A. McCollum	58	President, Chief Executive Officer and Director of Weatherford International plc, since April 2017
		Executive Vice President and Chief Financial Officer of Halliburton Company, July 2016 to March 2017
		Executive Vice President and Chief Integration Officer of Halliburton Company, January 2015 to June 2016
		Executive Vice President and Chief Financial Officer of Halliburton Company, January 2008 to December 2014
Christoph Bausch	53	Executive Vice President and Chief Financial Officer of Weatherford International plc, since December 2016
		Controller – Product Lines of Weatherford, May 2016 to November 2016
		Executive Vice President and Chief Financial officer of Archer Limited, May 2011 to April 2016
Christina M. Ibrahim	50	Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary of Weatherford International plc, since October 2017
		Executive Vice President, General Counsel and Corporate Secretary of Weatherford International plc, May 2015 to September 2017
		Vice President, Chief Commercial Counsel and Corporate Secretary of Halliburton Company, January 2015 to April 2015
		Vice President, Corporate Secretary & Chief Commercial Counsel - Western Hemisphere of Halliburton Company, January 2014 to December 2014
		Vice President, Corporate Secretary and Public Law Group Lead of Halliburton Company, January 2010 to December 2013
Karl Blanchard (a)	58	Executive Vice President and Chief Operating Officer of Weatherford International plc, since August 2017
		Chief Operating Officer of Seventy Seven Energy, June 2014 to April 2017
		Vice President of Production Enhancement of Halliburton Company, 2012 to June 2014
Douglas M. Mills	43	Vice President and Chief Accounting Officer of Weatherford International plc, since June 2013
		Vice President of Corporate Accounting of Weatherford International plc, 2011 to May 2013

(a) Prior to joining the Weatherford, Karl Blanchard served as the Chief Operating Officer of Seventy Seven Energy, Inc. (“SSE”), a position he started in June of 2014. SSE and its subsidiaries voluntarily filed for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware on June 7, 2016.  SSE continued to operate their business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. On July 14, 2016, the Bankruptcy Court issued an order confirming the Joint Pre-packaged Plan of Reorganization (the “SSE Reorganization Plan”). The SSE Reorganization Plan became effective on August 1, 2016, pursuant to its terms and SSE emerged from its Chapter 11 case.

There are no family relationships between the executive officers of the registrant or between any director and any executive officer of the registrant.

8

Item 1A. Risk Factors

An investment in our securities involves various risks. You should consider carefully all of the risk factors described below, the matters discussed herein under “Forward-Looking Statements” and other information included and incorporated by reference in this Form 10-K, as well as in other reports and materials that we file with the SEC. If any of the risks described below or elsewhere in this Form 10-K were to materialize, our business, financial condition, results of operations, cash flows or prospects could be materially adversely affected. In such case, the trading price of our common stock could decline and you could lose part or all of your investment. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially adversely affect our financial condition, results of operations and cash flows.

Demand for our services and products is affected by fluctuations in oil and natural gas prices, especially a substantial or extended decline, which, in turn, affect the level of exploration, development and production activity of our customers and could have a material adverse effect on our business, financial condition and results of operations and impede our growth.

Demand for our services and products is tied to the level of exploration, development and production activity and the corresponding capital expenditures by oil and natural gas companies, including national oil companies. The level of exploration, development and production activity is directly affected by fluctuations in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile in the future, especially given current geopolitical and economic conditions. Therefore, declines in oil and natural gas prices or sustained low oil and natural gas prices or customer perceptions that oil and natural gas prices will remain depressed or further decrease in the future could result in a continued reduction in the demand and pricing for our equipment and will likely continue at lower rates for our services.

Prices for oil and natural gas are highly volatile and are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas. Factors that can or could cause these price fluctuations include: excess supply of crude oil relative to demand; domestic and international drilling activity; global market uncertainty; the risk of slowing economic growth or recession in the United States, China, Europe or emerging markets; the ability of OPEC to set and maintain production levels for oil; the decision of OPEC to abandon production quotas and/or member-country quota compliance within OPEC; oil and gas production levels by non-OPEC countries; the nature and extent of governmental regulation, including environmental regulation; technological advances affecting energy consumption; adverse weather conditions and a variety of other economic factors that are beyond our control. Any perceived or actual further reduction in oil and natural gas prices will depress the immediate levels of exploration, development and production activity and decrease spending by our customers, which could have a material adverse effect on our business, financial condition and results of operations.

Sustained lower oil and natural gas prices have led to a significant decrease in spending by our customers over the past three years, and thus significant decreases in our revenues. Further decreases in oil and natural gas prices could lead to further cuts in spending and lower revenues. Our customers also take into account the volatility of energy prices and other risk factors when determining whether to pursue capital projects and higher perceived risks generally mandate higher required returns. Any of these factors could affect the demand for oil and natural gas and could have a material adverse effect on our business, financial condition, results of operations and cash flow.

Our business is dependent on capital spending by our customers, and reductions in capital spending by our customers has had and could continue to have an adverse effect on our business, financial condition and results of operations.

Sustained low oil and natural gas prices have led to lower capital expenditures by our customers over the past three years. Most of our contracts can be cancelled by our customer at any time. Low commodity prices, the short-term tenor of most of our contracts and the extreme financial stress experienced by our customers (some of whom may have to seek bankruptcy protection) have combined to generate demands by many of our customers for reductions in the prices of our products and services. Further reductions in capital spending or requests for further cost reductions by our customers could directly impact our business by reducing demand for our services and products and have a material adverse effect on our business, financial condition, results of operations and prospects. Spending by exploration and production companies can also be impacted by conditions in the capital markets, which have been volatile in recent years. Limitations on the availability of capital or higher costs of capital may cause exploration and production companies to make additional reductions to capital budgets even if oil and natural gas prices increase from current levels. Any such cuts in spending will curtail drilling programs as well as discretionary spending on well services, which may result in a reduction in the demand for our services, the rates we can charge and the utilization of our assets. Moreover, reduced discovery rates of new oil and natural gas reserves or a decrease in the development rate of reserves in our market areas, whether due to increased governmental regulation, limitations on exploration and drilling activity or other factors, could also have a material adverse impact on our business, even in a stronger oil and natural gas price environment. With respect to national oil

9

company customers, we are also subject to risk of policy, regime, currency and budgetary changes all of which may affect their capital expenditures.

The credit risks of our concentrated customer base in the energy industry could result in losses.

The concentration of our customer base in the energy industry may impact our overall exposure to credit risk as our customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our customers are experiencing financial distress as a result of continued low commodity prices and may be forced to seek protection under applicable bankruptcy laws. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been negatively and significantly affected by low oil prices, which could affect our ability to collect from our customers in these countries, particularly national oil companies. Laws in some jurisdictions in which we operate could make collection difficult or time consuming. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. While we maintain reserves for potential credit losses, we cannot assure such reserves will be sufficient to meet write-offs of uncollectible receivables or that our losses from such receivables will be consistent with our expectations. Additionally, in the event of a bankruptcy of any of our customers, we may be treated as an unsecured creditor and may collect substantially less, or none, of the amounts owed to us by such customer.

Seasonal and weather conditions could adversely affect demand for our services and operations.

Variation from normal weather patterns, such as cooler or warmer summers and winters, can have a significant impact on demand. Adverse weather conditions, such as hurricanes in the Gulf of Mexico or extreme winter conditions in Canada, Russia and the North Sea, may interrupt or curtail our operations, or our customers’ operations, cause supply disruptions or loss of productivity or result in a loss of revenue or damage to our equipment and facilities, which may or may not be insured. Any of these outcomes could have a material adverse effect on our business, financial condition and results of operations.

The oilfield services business is highly competitive, which may adversely affect our ability to succeed. Additionally, the impact of consolidation and acquisitions of our competitors is difficult to predict and may harm our business.

Our business is highly competitive, particularly with respect to marketing our products and services to our customers and securing equipment and trained personnel. Currently the oilfield service industry has excess capacity relative to customer demand, and, in most cases, multiple sources of comparable oilfield services are available from a number of different competitors. This competitive environment could impact our ability to maintain market share, defend, maintain or increase pricing for our products and services and negotiate acceptable contract terms with our customers and suppliers. In order to remain competitive, we must continue to add value for our customers by providing, relative to our peers, new technologies, reliable products and services and competent personnel. The anticipated timing and cost of the development of competitive technology and new product introductions can impact our financial results, particularly if one of our competitors were to develop competing technology that accelerates the obsolescence of any of our products or services. Additionally, we may be disadvantaged competitively and financially by a significant movement of exploration and production operations to areas of the world in which we are not currently active, particularly if one or more of our competitors is already operating in that area of the world.

Recent, ongoing, and future mergers, combinations and consolidations in our industry could result in existing competitors increasing their market share and may result in stronger competitors, which in turn, could have a material adverse effect on our business, financial condition and results of operations. In 2017, Baker Hughes and GE Oil and Gas completed their previously announced merger and in 2016, Schlumberger and Cameron International completed their merger. We may not be able to compete successfully in an increasingly consolidated industry and cannot predict with certainty how industry consolidation will affect our other competitors or us.

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Physical dangers are inherent in our operations and may expose us to significant potential losses. Personnel and property may be harmed during the process of drilling for oil and natural gas.

Drilling for and producing hydrocarbons, and the associated products and services that we provide, include inherent dangers that may lead to property damage, personal injury, death or the discharge of hazardous materials into the environment. Many of these events are outside our control. Typically, we provide products and services at a well site where our personnel and equipment are located together with personnel and equipment of our customer and third parties, such as other service providers. At many sites, we depend on other companies and personnel to conduct drilling operations in accordance with appropriate safety standards. From time to time, personnel are injured or equipment or property is damaged or destroyed as a result of accidents, failed equipment, faulty products or services, failure of safety measures, uncontained formation pressures or other dangers inherent in drilling for oil and natural gas. Any of these events can be the result of human error. With increasing frequency, our products and services are deployed on more challenging prospects both onshore and offshore, where the occurrence of the types of events mentioned above can have an even more catastrophic impact on people, equipment and the environment. Such events may expose us to significant potential losses.

We may not be fully indemnified against financial losses in all circumstances where damage to or loss of property, personal injury, death or environmental harm occur.

As is customary in our industry, our contracts typically require that our customers indemnify us for claims arising from the injury or death of their employees (and those of their other contractors), the loss or damage of their equipment (and that of their other contractors), damage to the well or reservoir and pollution originating from the customer’s equipment or from the reservoir (including uncontained oil flow from a reservoir) and claims arising from catastrophic events, such as a well blowout, fire, explosion and from pollution below the surface. Conversely, we typically indemnify our customers for claims arising from the injury or death of our employees, the loss or damage of our equipment (other than equipment lost in the hole) or pollution originating from our equipment above the surface of the earth or water.

Our indemnification arrangements may not protect us in every case. For example, from time to time we may enter into contracts with less favorable indemnities or perform work without a contract that protects us. Our indemnity arrangements may also be held to be overly broad in some courts and/or contrary to public policy in some jurisdictions, and to that extent unenforceable. Additionally, some jurisdictions which permit indemnification nonetheless limit its scope by statute. We may be subject to claims brought by third parties or government agencies with respect to which we are not indemnified. Furthermore, the parties from which we seek indemnity may not be solvent, may become bankrupt, may lack resources or insurance to honor their indemnities or may not otherwise be able to satisfy their indemnity obligations to us. The lack of enforceable indemnification could expose us to significant potential losses.

Further, our assets generally are not insured against loss from political violence such as war, terrorism or civil commotion. If any of our assets are damaged or destroyed as a result of an uninsured cause, we could recognize a loss of those assets.

Our business may be exposed to uninsured claims and, as a result, litigation might result in significant potential losses. The cost of our insured risk management program may increase.

In the ordinary course of business, we become the subject of various claims and litigation. We maintain liability insurance, which includes insurance against damage to people, property and the environment, up to maximum limits of $600 million, subject to self-insured retentions and deductibles.

Our insurance policies are subject to exclusions, limitations and other conditions and may not apply in all cases, for example where willful wrongdoing on our part is alleged. It is possible an unexpected judgment could be rendered against us in cases in which we could be uninsured and beyond the amounts we currently have reserved or anticipate incurring, and in some cases those potential losses could be material.

Our insurance may not be sufficient to cover any particular loss or our insurance may not cover all losses. For example, although we maintain product liability insurance, this type of insurance is limited in coverage and it is possible an adverse claim could arise in excess of our coverage. Additionally, insurance rates have in the past been subject to wide fluctuation and may be unavailable on terms that we or our customers believe are economically acceptable. Reductions in coverage, changes in the insurance markets and accidents affecting our industry may result in further increases in our cost and higher deductibles and retentions in future years and may also result in reduced activity levels in certain markets. Any of these events would have an adverse impact on our financial performance.

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Our operations are subject to numerous laws and regulations, including environmental laws and regulations, that may expose us to significant liabilities and could reduce our business opportunities and revenues.

We are subject to various laws and regulations relating to the energy industry in general and the environment in particular. These laws are often complex and may not always be applied consistently in emerging markets. These laws and regulations often change and can cover broad subject matters, including tax, trade, customs (import/export) and the environment. In the case of environmental regulations, an environmental claim could arise with respect to one or more of our current businesses, products or services, or a business or property that one of our predecessors owned or used, and such claims could involve material expenditures. Generally, environmental laws have in recent years become more stringent and have sought to impose greater liability on a larger number of potentially responsible parties. The scope of regulation of our industry and our products and services may increase further, including possible increases in liabilities or funding requirements imposed by governmental agencies. We also cannot ensure that our future business in the deepwater Gulf of Mexico, if any, will be profitable in light of regulations that have been, and may continue to be, promulgated and in light of the current risk environment and insurance markets. Additional regulations on deepwater drilling elsewhere in the world could be imposed, and those regulations could limit our business where they are imposed.

In addition, members of the U.S. Congress, the U.S. Environmental Protection Agency and various agencies of several states within the U.S. frequently review, consider and propose more stringent regulation of hydraulic fracturing, a service we previously provided (and may, in the future, resume providing) to clients and regulators are investigating whether any chemicals used in the fracturing process might adversely affect groundwater or whether the fracturing processes could lead to other unintended effects or damages. For example, in December 2016, the EPA released its final report regarding the potential impacts of hydraulic fracturing on drinking water resources, concluding that water cycle activities associated with hydraulic fracturing may impact drinking water resources under certain circumstances. In recent years, several cities and states within the U.S. passed new laws and regulations concerning or banning hydraulic fracturing. A significant portion of North American service activity today is directed at prospects that require hydraulic fracturing in order to produce hydrocarbons. Therefore, additional regulation could increase the costs of conducting our business by subjecting fracturing to more stringent regulation. Such regulation, among other things, may change construction standards for wells intended for hydraulic fracturing, require additional certifications concerning the conduct of hydraulic fracturing operations, change requirements pertaining to the management of water used in hydraulic fracturing operations, require other measures intended to prevent operational hazards or ban hydraulic fracturing completely. Any such federal, state, local or foreign legislation could increase our costs of providing services or could materially reduce our business opportunities and revenues if our customers decrease their levels of activity in response to such regulation or if we are not able to pass along any cost increases to our customers. We are unable to predict whether changes in laws or regulations or any other governmental proposals or responses will ultimately occur, and accordingly, we are unable to assess the potential financial or operational impact they may have on our business.

Finally, in December 2015, the U.S. joined the international community at the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France (the “Paris Agreement”) that requires member countries to review and “represent a progression” in their intended nationally determined contributions, which set greenhouse gas (“GHG”) emission reduction goals every five years beginning in 2020. The agreement entered into was in full force in November 2016. On June 1, 2017, the President of the U.S. announced that the U.S. planned to withdraw from the Paris Agreement and to seek negotiations either to reenter the Paris Agreement on different terms or establish a new framework agreement. The Paris Agreement provides for a four-year exit process beginning when it took effect in November 2016, which would result in an effective exit date of November 2020. The United States’ adherence to the exit process is uncertain and/or the terms on which the United States may reenter the Paris Agreement or a separately negotiated agreement are unclear at this time. The implementation of this treaty and other efforts to reduce GHG emissions in the U.S. and other countries could materially affect our customers by reducing demand for oil and natural gas, thereby potentially materially affecting demand for our services.

If our long-lived assets, goodwill, other intangible assets and other assets are further impaired, we may be required to record significant non-cash charges to our earnings.

We recognize impairments of goodwill when the fair value of any of our reporting units becomes less than its carrying value. Our estimates of fair value are based on assumptions about future cash flows of each reporting unit, discount rates applied to these cash flows and current market estimates of value. Based on the uncertainty of future revenue growth rates, gross profit performance, and other assumptions used to estimate our reporting units’ fair value, future reductions in our expected cash flows could cause a material non-cash impairment charge of goodwill, which could have a material adverse effect on our results of operations and financial condition.

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We also have certain long-lived assets, other intangible assets and other assets which could be at risk of impairment or may require reserves based upon anticipated future benefits to be derived from such assets. Any change in the valuation of such assets could have a material effect on our profitability. For example, we recognized long-lived asset impairment charges of $928 million in 2017, $436 million in 2016 and $638 million in 2015.

We have significant operations that would be adversely impacted in the event of war, political instability or disruption, civil disturbance, regime changes, treaty changes, economic and legal sanctions, pandemics, changes in global trade policies or weak local economic conditions.

Like most multinational oilfield service companies, we have operations in certain international areas, including parts of the Middle East, Africa, Latin America, the Asia Pacific, Europe and Russia regions that are subject to significant risks of war, political instability and disruption, civil disturbance, regime changes, treaty changes, economic and legal sanctions (such as restrictions against countries that the U.S. government may deem to sponsor terrorism), pandemics, changes in global trade policies or weak local economic conditions. Our operations, which are subject to these various risks unique to each country in which we operate, may be restricted or prohibited if any of the foregoing risks occur, which in turn, could materially and adversely impact our results of operations:

• disruption of oil and natural gas exploration and production activities;

• restriction of the movement and exchange of funds;

• our inability to collect receivables;

• loss of or nationalization of assets in affected jurisdictions;

• enactment of additional or stricter U.S., EU or other applicable government or international sanctions; and

• limitation of our access to markets for periods of time.

For example, the economic sanctions against Russia resulting from its annexation of the Crimean region of Ukraine in March 2014 and subsequent sanctions have, and may continue to, adversely impact our business, results of operations and financial condition of our Russia operations. Recent political and military concerns may prompt additional sanctions against Russia by the U.S. or EU. In the event of further sanctions or changes to existing sanctions our ability to do business in Russia may be further reduced or impacted.

We risk loss of assets in any location where hostilities arise and persist. In these areas we also may not be able to perform the work we are contracted to perform, which could lead to forfeiture of performance bonds, or we may not be able to collect payment for work performed. Political instability in our regions of operation may also result in the need for additional security, resources and ability to quickly navigate a changing landscape. In addition, the trade and investment policies of the current U.S. administration regarding some jurisdictions where we operate is currently unclear.

We may not be able to complete our strategic divestitures and we may not achieve the intended benefits of any acquisition, divestiture or joint venture.

From time to time, we may pursue strategic divestitures, acquisitions, investments and joint ventures (“transactions”). For example, we intend to divest the remaining portion of our land drilling rigs and certain other non-strategic assets. Any such divestiture may be complex in nature and may be affected by unanticipated developments, such as the continued significant and sustained decrease in the price of crude oil, delays in obtaining regulatory or governmental approvals and challenges in establishing processes and infrastructure for both the underlying business and for potential investors or buyers of the business, which may result in such divestiture being delayed, or not being completed at all, which could expose us to increased competitive pressures and additional risks. 

Even if successful, any of these contemplated or other future transactions may reduce our earnings for a number of reasons, and pose many other risks that could adversely affect or operations or financial results, including:

• these transactions require significant investment of time and resources, may disrupt our business, distract management from other responsibilities and may result in losses on disposal or continued financial involvement in any divested business, including through indemnification, guarantee or other financial arrangements, for a period of time following the transaction, which may adversely affect our financial results;

• acquired entities or joint ventures may not operate profitably, which could adversely affect our operating income or operating margins, and we may be unable to recover our investments;

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• we may not be able to effectively influence the operations of our joint ventures, or we may be exposed to certain liabilities if our joint venture partners do not fulfill their obligations; and

• we may not be able to fully realize the intended or expected benefits of consummating such transactions.

We have been the subject of governmental and internal investigations related to alleged corrupt conduct and violations of U.S. sanctioned country laws, which were costly to conduct, resulted in a loss of revenue and substantial financial penalties and created other disruptions for the business. If we are the subject of such investigations in the future, it could have a material adverse effect on our business, financial condition and results of operations.

In 2013 and 2014, we settled investigations of prior alleged violations by us and certain of our subsidiaries related to certain trade sanctions laws, participation in the United Nations oil-for-food program governing sales of goods into Iraq and non-compliance with the U.S. Foreign Corrupt Practices Act (“FCPA”). These settlement agreements required us to pay $253 million, to retain an independent auditor to assess our compliance with trade sanctions and export law, to retain, for a period of 18 months, an independent monitor responsible for assessing our compliance with the terms of the FCPA related settlement agreements so as to address and reduce the risk of recurrence of alleged misconduct, and to self-report to the U.S. Government regarding the same for a subsequent eighteen-month term. Notwithstanding our successful completion of these requirements, we cannot assure that our policies, procedures, programs and other internal controls always will prevent or protect us from reckless or criminal acts committed by our employees or agents relating to the FCPA or trade sanctions.

To the extent we violate trade sanctions laws, the FCPA, the U.K. Bribery Act, or other laws or regulations in the future, additional fines and other penalties may be imposed and there would be uncertainty as to the ultimate amount of any penalties we could pay and there can be no assurance that actual fines or penalties, if any, will not have a material adverse effect on our business, financial condition and results of operations.

For additional information about these actions and claims, you should refer to the section entitled “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.”

If another party claims that we have infringed its intellectual property rights, we may be subject to litigation or we may need to take remedial steps to eliminate or mitigate liability.

A third party may claim that we sell equipment or perform services that infringes the third party’s patent rights or unlawfully uses the third party’s trade secrets. Addressing such claims of patent infringement or trade secret misappropriation could result in significant legal and other costs, and may adversely impact our business. To resolve such claims, we may be required to enter into license agreements that require us to make royalty payments to continue selling equipment or providing of services. Alternatively, the development of non-infringing technologies could be costly. If an allegation of patent infringement or trade secret misappropriation cannot be resolved through a license agreement, we might not be able to continue selling particular equipment or providing particular services, which could adversely affect our financial condition, results of operations, and cash flow.

Our significant international operations subject us to economic and repatriation risks, and we may be adversely affected by changes in foreign currency including devaluation and changes in local banking and currency regulations and exchange controls.

We operate in virtually every oil and natural gas exploration and production region in the world. In some parts of the world, such as Latin America, the Middle East and Southeast Asia, the currency of our primary economic environment is generally the U.S. dollar, and we use the U.S. dollar as our functional currency. In other parts of the world, we conduct our business in currencies other than the U.S. dollar, and the functional currency is generally the applicable local currency. As such, we are exposed to significant currency exchange risk and devaluation risk. For example, in 2016 and 2015, we recognized pre-tax currency-related charges of $41 million and $85 million, respectively. In 2016, currency devaluation charges reflect the impact of the devaluation of the Angolan kwanza and the Egyptian pound. In 2015, currency devaluation charges reflect the impacts of the devaluation of the Angolan kwanza and Argentine peso and the recognized remeasurement charges related to the Venezuelan bolivar and the Kazakhstani tenge. For information about the currency devaluations, refer to the section entitled “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1 – Summary of Significant Accounting Policies.” Any future change in the exchange rates in these or other countries could cause us to take additional charges on the foreign denominated assets held by our subsidiaries.

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We are also subject to risks resulting from changes in the implementation of exchange controls, as well as limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries. If we are unable to reinvest earnings or repatriate foreign income, our liquidity may be negatively affected. Additionally, changing tax rules could result in an increased income tax expense on repatriation of funds.

Our business in Venezuela subjects us to actions by the Venezuelan government, actions by the U.S. and foreign governments, actions, including delayed payment, by our primary customer, and currency risk, each of which could have a material adverse effect on our liquidity, results of operations and financial condition.

The future financial results of our Venezuelan operations may be adversely affected by many factors, including our ability to take action to mitigate the effect of exchange controls, actions of the Venezuelan government, continued inflation, actions and sanctions by the U.S. and foreign governments, and customer payments and spending. In August 2017, economic sanctions around certain financing transactions in Venezuela were imposed by the U.S. government. These sanctions could affect our ability to collect payment on our receivables. Beginning October 1, 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government from third quarter of 2017. For further information, refer to the section entitled “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1 – Summary of Significant Accounting Policies.”

There are risks associated with our operations in Venezuela, which continues to experience significant political and economic turmoil. The political and economic conditions worsened in 2018, leading to uncertainty in the future business climate, the state of security, and governance of the country. This environment increases the risk of civil unrest, armed conflicts, and adverse actions, or imposition of further sanctions or other actions by the U.S. and foreign governments that may restrict our ability to continue operations or realize the value of our assets. This development could delay or prevent our ability to generate additional revenue, collect our receivables or continue our operations in Venezuela.

Credit rating agencies have lowered and could further lower our credit ratings.

Our credit ratings have been downgraded by multiple credit rating agencies and these agencies could further downgrade our credit ratings. On October 24, 2017, Standard & Poor’s Global Ratings downgraded our senior unsecured notes to B- from B, with a negative outlook. Our Moody’s Investors Services credit rating on our senior unsecured notes is currently Caa1 and our short-term rating is SGL-3, both with a negative outlook. Our non-investment grade credit ratings have resulted in our loss of access to the commercial paper market for our short-term liquidity needs. Furthermore, our non-investment grade status may further limit our ability to refinance our existing debt, could cause us to refinance or issue debt with less favorable and more restrictive terms and conditions, and could increase certain fees and interest rates of our borrowings. Suppliers and financial institutions may lower or eliminate the level of credit provided through payment terms or intraday funding when dealing with us thereby increasing the need for higher levels of cash on hand, which would decrease our ability to repay debt balances.

Our indebtedness and liabilities could limit cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our financial obligations .

Our indebtedness could have significant negative consequences for our business, results of operations and financial condition, including:

• increasing our vulnerability to adverse economic and industry conditions;

• limiting our ability to obtain additional financing;

• requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, thereby reducing the amount of our cash flow available for other purposes;

• limiting our flexibility in planning for, or reacting to, changes in our business; and

• placing us at a possible competitive disadvantage with less leveraged competitors or competitors that may have better access to capital resources.

Any harm to our business and operations resulting from our current or future level of indebtedness could adversely affect our ability to pay amounts due to our lenders and noteholders.

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If we are unable to comply with the restrictions and covenants in the agreements governing the Revolving Credit Agreement, the Term Loan Agreement and our other indebtedness, including our indentures, as supplemented (our “indentures”), there could be a default under the terms of these agreements, which could result in an acceleration of payment of funds that we have borrowed and would affect our ability to make principal and interest payments on the notes.

Any default under the agreements governing our indebtedness that is not cured or waived by the required lenders, and the remedies sought by the holders of any such indebtedness, could make us unable to pay principal and interest on the notes and substantially decrease the market value of the notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the agreements governing our indebtedness (including covenants in the Revolving Credit Agreement, the Term Loan Agreement and our indentures), we could be in default under the terms of such agreements. In the event of such default:

• the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest;

• the lenders under such agreements could elect to terminate their commitment thereunder and cease making further loans; and

• we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may in the future need to obtain waivers under the Revolving Credit Agreement, the Term Loan Agreement or our indentures. If we breach our covenants under the Revolving Credit Agreement, the Term Loan Agreement or our indentures, and seek a waiver, we may not be able to obtain a waiver from the required lenders or noteholders. If this occurs, we would be in default under such agreements, the lenders or trustee could exercise their rights or remedies, as described above, and we could be forced into bankruptcy or liquidation.

The terms of the Revolving Credit Agreement and Term Loan Agreement restrict, and our indentures will restrict, our current and future operations, particularly our ability to respond to changes or to pursue our business strategies.

The Revolving Credit Agreement and Term Loan Agreement contain, and our indentures will contain, a number of restrictive covenants that impose significant operating and financial restrictions on us and may limit our ability to engage in acts that may be in our long-term best interest, including restrictions on our ability to:

• incur additional indebtedness;

• pay dividends and make other distributions;

• prepay, redeem or repurchase certain debt;

• make loans and investments;

• sell assets and incur liens;

• enter into transactions with affiliates;

• enter into agreements restricting our subsidiaries’ ability to pay dividends; and

• consolidate, merge or sell all or substantially all of our assets.

As a result of these restrictions, we may be:

• limited in how we conduct our business;

• unable to raise additional debt of equity financing to operate during general economic or business downturns; or

• unable to compete effectively, execute our growth strategy or take advantage of new business opportunities.

In addition, the restrictive covenants in the Revolving Credit Agreement and Term Loan Agreement require us to maintain specified financial ratios. Our ability to meet those financial ratios can be affected by events beyond our control.

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A breach of the covenants under the Revolving Credit Agreement, the Term Loan Agreement or our indentures could result in an event of default thereunder. Such a default may allow the lenders or the trustee to accelerate the related indebtedness and may result in the acceleration of any other indebtedness to which a cross-acceleration or cross-default provision applies. In addition, an event of default under the Revolving Credit Agreement or Term Loan Agreement would permit the lenders thereunder to terminate all commitments. Furthermore, if we were unable to repay the amounts due and payable under the Term Loan Agreement, the lenders thereunder could proceed against the collateral granted to them to secure that indebtedness. In the event our lenders accelerate the repayment of our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness.

Capital financing may not be available to us at economic rates.

Credit and equity markets have been highly volatile in recent years, the cost to obtain capital financing has increased, and some markets may not be available at certain times. Credit and equity market conditions and the potential impact on liquidity of major financial institutions may have an adverse effect on our ability to fund operational needs or other activities through borrowings under either existing or newly created instruments in the public or private markets on terms we believe to be reasonable. If we are unable to borrow further via debt offerings or our credit facility, or to obtain additional equity financing, we could experience a reduction of liquidity and may result in difficulty funding our operations, repayment of short-term borrowings, payments of interest and other obligations. This could be detrimental to our business and have a material adverse effect on our liquidity, consolidated results of operations and financial condition.

A terrorist attack or other geopolitical crisis could have a material and adverse effect on our business.

We operate in many dangerous countries, such as Iraq, Nigeria, and Turkey in which acts of terrorism or political violence are a substantial and frequent risk. We also operate in countries not customarily considered dangerous, where terrorist acts have become more frequent. Such acts could result in kidnappings, illegal detainment, or the loss of life of our employees or contractors, a loss of equipment, which may or may not be insurable in all cases, or a cessation of business in an affected area. We cannot be certain that our security efforts will in all cases be sufficient to deter or prevent acts of political violence or terrorist strikes against us or our customers’ operations.

Our business could be negatively affected by cybersecurity threats and other disruptions.

We rely heavily on information systems to conduct and protect our business. These information systems are increasingly subject to sophisticated cybersecurity threats such as unauthorized access to data and systems, loss or destruction of data (including confidential customer information), computer viruses, or other malicious code, phishing and cyber attacks, and other similar events. These threats arise from numerous sources, not all of which are within our control, including fraud or malice on the part of third parties, accidental technological failure, electrical or telecommunication outages, failures of computer servers or other damage to our property or assets, or outbreaks of hostilities or terrorist acts.

Given the rapidly evolving nature of cyber threats, there can be no assurance that the systems we have designed and implemented to prevent or limit the effects of cyber incidents or attacks will be sufficient in preventing all such incidents or attacks, or avoiding a material impact to our systems when such incidents or attacks do occur. A cyber incident or attack, could result in the disclosure of confidential or proprietary customer information, theft or loss of intellectual property, damage to our reputation with our customers and the market, failure to meet customer requirements or customer dissatisfaction, theft or exposure to litigation, damage to equipment (which could cause environmental or safety issues) and other financial costs and losses. In addition, as cybersecurity threats continue to evolve, we may be required to devote additional resources to continue to enhance our protective measures or to investigate or remediate any cybersecurity vulnerabilities. We do not presently maintain insurance coverage to protect against cybersecurity risks. If we procure such coverage in the future, we cannot ensure that it will be sufficient to cover any particular losses we may experience as a result of such cyberattacks.

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Our failure to maintain effective internal controls over financial reporting has resulted in governmental investigations, shareholder lawsuits, significant fines, penalties and settlements, and could further result in material misstatements in our financial statements which, in turn, could require us to restate financial statements, may cause investors to lose confidence in our reported financial information and could have an adverse effect on our share price or our debt ratings.

We have previously identified, and subsequently remediated, a material weakness in our internal controls over financial reporting that had resulted in a material weakness in accounting for income taxes. We cannot assure that additional material weaknesses in our internal controls over financial reporting will not be identified in the future. Any failure to maintain or implement required new or improved controls, or any difficulties we encounter in their implementation, could result in additional material weaknesses, cause us to fail to meet our periodic reporting obligations or result in material misstatements in our financial statements. Any such failure could also adversely affect the results of periodic management evaluations regarding the effectiveness of our internal controls over financial reporting. The existence of a material weakness could result in errors in our financial statements that could result in a restatement of financial statements, cause us to fail to meet our reporting obligations and/or cause investors to lose confidence in our reported financial information, potentially leading to a decline in our share price.

In September of 2016, we settled a SEC and DOJ investigation associated with the material weakness in our internal control over financial reporting for income taxes and the restatements of our historical financial statements in 2011 and 2012 for $140 million. We also agreed to prepare and deliver certain reports and certifications to the SEC for the next two years regarding our tax internal controls. For additional information about these actions and claims, you should refer to the section entitled “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.”

In addition to the SEC and DOJ investigations, in the past several years, we, and certain of our directors and officers, have been defendants in several shareholder derivative and class actions. These matters have been costly to settle and have required a significant amount of time and resources. For additional information about these actions and claims, you should refer to the section entitled “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.”

Adverse changes in tax laws both in the United States and abroad, changes in tax rates or exposure to additional income tax liabilities could have a material adverse effect on our results of operations.

In 2002, we reorganized from the United States to a foreign jurisdiction. There are frequent legislative proposals in the United States that attempt to treat companies that have undertaken similar transactions as U.S. corporations subject to U.S. taxes or to limit the tax deductions or tax credits available to United States subsidiaries of these corporations. Our tax expense could be impacted by changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof or differing interpretation or enforcement of applicable law by the U.S. Internal Revenue Service and other taxing jurisdictions, acting in unison or separately. The inability to reduce our tax expense could have a material impact on our financial statements.

The Organization of Economic Cooperation and Development (“OECD”), which represents a coalition of member countries, has issued various white papers addressing Tax Base Erosion and Jurisdictional Profit Shifting. The recommendations in these white papers are generally aimed at combating what they believe is tax avoidance. Numerous jurisdictions in which we operate have been influenced by these white papers as well as other factors and are increasingly active in evaluating changes to their tax laws. Changes in tax laws could significantly increase our tax expense and require us to take actions, at potential significant expense, to seek to preserve our current level of tax expense.

On December 22, 2017, the U.S. enacted into law a comprehensive tax reform bill (the “Tax Cuts and Jobs Act,” or the “TCJA”), that significantly reforms the Internal Revenue Code of 1986, as amended. The TCJA, among other things, contains significant changes to corporate taxation, including a permanent reduction of the corporate income tax rate, a partial limitation on the deductibility of business interest expense, limitation of the deduction for certain net operating losses to 80% of current year taxable income, an indefinite net operating loss carryforward, immediate deductions for certain new investments instead of deductions for depreciation expense over time, modification or repeal of many business deductions and credits (including certain foreign tax credits), a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base, such as the base erosion and anti-abuse tax), modifications to the rules used to determine whether an entity is a “controlled foreign corporation” and a one-time tax on accumulated offshore earnings held in cash and illiquid assets (with the latter taxed at a lower rate). We continue to examine the impact of this tax reform legislation, and as its overall impact is uncertain, we note that the TCJA could adversely affect our business and financial condition. The various impacts of the TCJA may materially differ from the estimated impacts recognized in the fourth quarter due to future treasury regulations, tax law technical corrections, and other potential guidance, notices, rulings,

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refined computations, actions the Company may take as a result of the tax legislation, and other items. The SEC has issued guidance that allow for a measurement period of up to one year after the enactment date of the legislation to finalize the recording of the related tax impacts. The impact of this tax reform legislation on our shareholders is also uncertain and could be adverse. Investors should consult their own advisors regarding the potential application of these rules to their investments in us.

Our effective tax rate has fluctuated in the past and may fluctuate in the future. Future effective tax rates could be affected by changes in the composition of earnings in countries in which we operate with differing tax rates, changes in tax laws, or changes in deferred tax assets and liabilities. We assess our deferred tax assets on a quarterly basis to determine whether a valuation allowance may be required. We have recorded a valuation allowance on substantially all of our current and future deferred tax assets. A prolonged downturn could result in us not being able to benefit future losses, which would negatively impact our financial results.

We may be prohibited from fully using our U.S. net operating loss carryforwards, which could affect our financial performance.

As a result of the recent losses we have incurred in the U.S., we have not recorded a federal income tax provision and have recorded a valuation allowance against all future tax benefits of our U.S. net operating loss carryforwards. As of December 31, 2017, we had gross net operating loss (“NOL”) and research tax credit carryforwards of approximately $1.9 billion and $30 million, respectively, for federal income tax purposes, expiring in varying amounts through the year 2037. Under Section 382 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” generally defined as a greater than 50% change (by value) in its equity ownership over a three year period, the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes (such as research tax credits) to offset its post-change income may be limited. As of December 31, 2017, we have not experienced an ownership change. Therefore our utilization of NOL carryforwards was not subject to an annual limitation. However, we may experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if we earn net taxable income, our ability to use our pre-change NOL carryforwards to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. In addition, at the state level, there may be periods during which the use of NOL carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. Furthermore, these losses could expire before we generate sufficient income to utilize them.

If a United States person is treated as owning at least 10% of our shares, such holder may be subject to adverse U.S. federal income tax consequences.

As a result of the TCJA, many of our non-U.S. subsidiaries are now classified as “controlled foreign corporations” for U.S. federal income tax purposes due to the expanded application of certain ownership attribution rules within a multinational corporate group. If a United States person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of our shares, such person may be treated as a “United States shareholder” with respect to one or more of our controlled foreign corporation subsidiaries.  In addition, if our shares are treated as owned more than 50% by United States shareholders, we would be treated as a controlled foreign corporation. A United States shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income, as ordinary income, its pro rata share of “Subpart F income,” “global intangible low-taxed income” and investments in U.S. property by controlled foreign corporations, whether or not we make any distributions to such United States shareholder. An individual United States shareholder generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a corporate United States shareholder with respect to a controlled foreign corporation.  A failure by a United States shareholder to comply with its reporting obligations may subject the United States shareholder to significant monetary penalties and may extend the statute of limitations with respect to the United States shareholder’s U.S. federal income tax return for the year for which such reporting was due.  We cannot provide any assurances that we will assist investors in determining whether we or any of our non-U.S. subsidiaries are controlled foreign corporations or whether any investor is a United States shareholder with respect to any such controlled foreign corporations. We also cannot guarantee that we will furnish to United States shareholders information that may be necessary for them to comply with the aforementioned obligations.  United States investors should consult their own advisors regarding the potential application of these rules to their investments in us. The risk of being subject to increased taxation may deter our current shareholders from increasing their investment in us and others from investing in us, which could impact the demand for, and value of, our shares.

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The anticipated benefits of our redomestication to Ireland may not be realized. Additionally, we and our shareholders could be subject to increased taxation if we are considered to be a tax resident in both Switzerland and Ireland.

In 2014, we redomesticated from Switzerland to Ireland. We may not realize the benefits we anticipate from this redomestication. Our failure to realize those benefits could have an adverse effect on our business, results of operations and financial condition. Additionally, while we moved our place of incorporation from Switzerland to Ireland in 2014, we continue to be effectively managed from Switzerland. Under current Swiss law a company is regarded as a Swiss tax resident if it has its place of effective management in Switzerland or is incorporated in Switzerland. Where a company is treated as a tax resident of Switzerland as a result of having its place of effective management in Switzerland, Irish law provides Ireland will generally treat the company as not resident in Ireland for Irish tax purposes. We intend to maintain our place of effective management in Switzerland and therefore qualify as a Swiss, but not Irish, tax resident. However, it is possible that in the future, whether as a result of a change in law or tax treaty or how we manage our business that we could become a tax resident in Ireland in addition to Switzerland. If we were to be considered to be a tax resident of Ireland, we could become liable for Irish and Swiss corporation tax and any dividends paid to its shareholders could be subject to Irish and Swiss dividend withholding tax.

The rights of our shareholders are governed by Irish law; Irish law differs from the laws in effect in the United States and may afford less protection to holders of our securities.

As an Irish company, we are governed by the Irish Companies Act, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, provisions relating to interested directors, mergers and acquisitions, takeovers, shareholder lawsuits and indemnification of directors. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the United States. Additionally, while we are an Irish company, we hold shareholders meetings in Switzerland, which may make attendance in person more difficult for some investors.

We are incorporated in Ireland and a significant portion of our assets are located outside the United States. As a result, it might not be possible for shareholders to enforce civil liability provisions of the federal or state securities laws of the United States.

We are organized under the laws of Ireland, and a significant portion of our assets are located outside the United States. The United States currently does not have a treaty with Ireland providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. As such, a shareholder who obtains a court judgment based on the civil liability provisions of U.S. federal or state securities laws may be unable to enforce the judgment against us in Ireland. In addition, there is some doubt as to whether the courts of Ireland and other countries would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the federal or state securities laws of the United States or would hear actions against us or those persons based on those laws. The laws of Ireland do, however, as a general rule, provide that the judgments of the courts of the United States have the same validity in Ireland as if rendered by Irish Courts. Certain important requirements must be satisfied before the Irish Courts will recognize the U.S. judgment. The originating court must have been a court of competent jurisdiction, the judgment must be final and conclusive and the judgment may not be recognized if it was obtained by fraud or its recognition would be contrary to Irish public policy. Any judgment obtained in contravention of the rules of natural justice or that is irreconcilable with an earlier foreign judgment would not be enforced in Ireland.

Similarly, judgments might not be enforceable in countries other than the United States where we have assets.

Item 1B. Unresolved Staff Comments

None.

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Item 2. Properties

Our operations are conducted in approximately 90 countries and we have manufacturing facilities, research and technology centers, fluids and processing centers and sales, service and distribution locations throughout the world. The following sets forth the locations of our principal owned or leased facilities for our commercial operations by geographic segment as of December 31, 2017:

Region	Specific Location
Western Hemisphere:	Greenville, Houston, Huntsville, Katy, Longview, Odessa, Pasadena, and San Antonio, Texas; Broussard and Schriever, Louisiana; Williston, North Dakota; Calgary, Edmonton, and Nisku, Canada; Neuquen, Argentina; Rio de Janeiro and Macae, Brazil; Venustiano Carranza and Villahermosa, Mexico; and Anaco, Venezuela.
Eastern Hemisphere:	Langenhagen, Germany; Aberdeen, UK; Atyrau, Kazakhstan; Nizhnevartovsk, Russia; Port Harcourt, Nigeria and Stavanger, Norway; Hassi Messaoud, Algeria; Luanda, Angola; Cairo, Egypt; Dhahran, Saudi Arabia; North Rumaila and Basra, Iraq; Mina Abdulla, Kuwait; Abu Dhabi, Dubai and Sharjah, United Arab Emirates; Jiangsu and Shifang, China; Barmer, India; and Singapore, Singapore.

Our corporate headquarters are in Baar, Switzerland. We own or lease numerous other facilities such as service centers, shops and sales and administrative offices throughout the geographic regions in which we operate. Certain of our material U.S. properties are all mortgaged to the lenders under our Term Loan. All of our remaining owned properties are unencumbered, however the lenders could require we mortgage them as well. We believe the facilities that we currently occupy are suitable for their intended use.

Item 3. Legal Proceedings

In the ordinary course of business, we are the subject of various claims and litigation. We maintain insurance to cover many of our potential losses, and we are subject to various self-retention limits and deductibles with respect to our insurance.

Please see the following:

• “Item 1. – Business – Other Business Data – Federal Regulation and Environmental Matters,” which is incorporated by reference into this item.

• “Item 1A. – Risk Factors – We have been the subject of governmental and internal investigations related to alleged corrupt conduct and violations of U.S. sanctioned country laws, which were costly to conduct, resulted in a loss of revenue and substantial financial penalties and created other disruptions for the business. If we are the subject of such investigations in the future, it could have a material adverse effect on our business, financial condition and results of operations,” which is incorporated by reference into this item.

• “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.”

Although we are subject to various on-going items of litigation, we do not believe it is probable that any of the items of litigation to which we are currently subject will result in any material uninsured losses to us. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases that would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our ordinary shares are traded under the symbol “WFT” on the New York Stock Exchange (“NYSE”). As of February 5, 2018, there were 1,623 shareholders of record. The following table sets forth, for the periods indicated, the range of high and low sales prices per share for our stock as reported on the NYSE.

	Price
	High		Low
Year ending December 31, 2017
First Quarter	$	7.09	$	4.97
Second Quarter	6.86		3.69
Third Quarter	4.72		3.39
Fourth Quarter	4.56		3.08
Year ending December 31, 2016
First Quarter	$	8.80	$	4.95
Second Quarter	8.49		4.71
Third Quarter	6.39		5.01
Fourth Quarter	6.38		3.73

On February 5, 2018, the closing sales price of our shares as reported by the NYSE was $3.09 per share. We have not declared or paid cash dividends on our shares since 1984. We intend to retain any future earnings and do not expect to pay any cash dividends in the near future.

Information concerning securities authorized for issuance under equity compensation plans is set forth in Part III of this report under “Item 12(d). – Securities Authorized for Issuance under Equity Compensation Plans,” which is incorporated by reference into this item.

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Performance Graph

This graph compares the yearly cumulative return on our shares with the cumulative return on the Dow Jones U.S. Oil Equipment & Services Index and the Dow Jones U.S. Index for the last five years. The graph assumes the value of the investment in our shares and each index was $100 on December 31, 2012. The stockholder return set forth below is not necessarily indicative of future performance. The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.

Comparison of Five-Year Cumulative Total Return

Weatherford Ordinary Shares, the Dow Jones U.S.

Oil Equipment and Services Index and

the Dow Jones U.S. Index

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Item 6.Selected Financial Data

The following table sets forth certain selected historical consolidated financial data and should be read in conjunction with “Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. – Financial Statements and Supplementary Data,” which contain information on the comparability of the selected financial data and are both contained in this report. Discussion of material uncertainties is included in “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.” The following information may not be indicative of our future operating results.

	Year Ended December 31,
(Dollars in millions, except per share amounts)	2017			2016			2015			2014			2013
Statements of Operations Data:
Revenues	$	5,699		$	5,749		$	9,433		$	14,911		$	15,263
Operating Income (Loss)	(2,129		)	(2,251		)	(1,546		)	505			523
Net Loss Attributable to Weatherford	(2,813		)	(3,392		)	(1,985		)	(584		)	(345		)
Basic Loss Per Share Attributable To Weatherford	(2.84		)	(3.82		)	(2.55		)	(0.75		)	(0.45		)
Diluted Loss Per Share Attributable To Weatherford	(2.84		)	(3.82		)	(2.55		)	(0.75		)	(0.45		)
Balance Sheet Data:
Total Assets	$	9,747		$	12,664		$	14,760		$	18,854		$	21,937
Short-term Borrowings and Current Portion of Long-term Debt	148			179			1,582			727			1,653
Long-term Debt	7,541			7,403			5,852			6,762			7,021
Total Shareholders’ (Deficiency) Equity	(571		)	2,068			4,365			7,033			8,203
Cash Dividends Per Share	—			—			—			—			—

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used herein, the “Company,” “we,” “us” and “our” refer to Weatherford International plc (“Weatherford Ireland”), a public limited company organized under the laws of Ireland, and its subsidiaries on a consolidated basis, or for periods prior to June 17, 2014, to our predecessor, Weatherford International Ltd. (“Weatherford Switzerland”), a Swiss joint-stock corporation and its subsidiaries on a consolidated basis.

The following discussion should be read in conjunction with our Consolidated Financial Statements and Notes thereto included in “Item 8. – Financial Statements and Supplementary Data.” Our discussion includes various forward-looking statements about our markets, the demand for our products and services and our future results. These statements include certain risks and uncertainties. For information about these risks and uncertainties, refer to the section entitled “Forward-Looking Statements” and the section entitled “Item 1A. – Risk Factors.”

Overview

General

We conduct operations in approximately 90 countries and have service and sales locations in nearly all of the oil and natural gas producing regions in the world. Our operational performance is reviewed on a geographic basis, and we report the following as separate, distinct reporting segments: Western Hemisphere and Eastern Hemisphere.

Our principal business is to provide equipment and services to the oil and natural gas exploration and production industry, both onshore and offshore. Product and service include: (1) Production, (2) Completions, (3) Drilling and Evaluation and (4) Well Construction.

• Production offers production optimization services and a complete production ecosystem, featuring our artificial-lift portfolio, testing and flow-measurement solutions, and optimization software, to boost productivity and profitability.

• Completions is a suite of modern completion products, reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in deepwater, unconventional, and aging reservoirs.

• Drilling and Evaluation comprises a suite of services ranging from early well planning to reservoir management. The drilling services offer innovative tools and expert engineering to increase efficiency and maximize reservoir exposure. The evaluation services merge wellsite capabilities including wireline, logging while drilling, and surface logging with laboratory-fluid and core analyses to reduce reservoir uncertainty.

• Well Construction builds or rebuilds well integrity for the full life cycle of the well. Using conventional to advanced equipment, we offer safe and efficient tubular running services in any environment. Our skilled fishing and re-entry teams execute under any contingency from drilling to abandonment, and our drilling tools provide reliable pressure control even in extreme wellbores. We also include our land drilling rig business as part of Well Construction.

We may sell our products and services separately or may bundle them together to provide integrated solutions up to, and including, integrated well construction where we are responsible for the entire process of drilling, constructing and completing a well. Our customers include both exploration and production companies and other oilfield service companies. Depending on the service line, customer and location, our contracts vary in their terms, provisions and indemnities. We earn revenues under our contracts when products are delivered and services are performed. Typically, we provide products and services at a well site where our personnel and equipment may be located together with personnel and equipment of our customer and third parties, such as other service providers. Our services are usually short-term in nature, day-rate based and cancellable should our customer wish to alter the scope of work. Consequently, our backlog of firm orders is not material to the Company.

Industry Trends

The level of spending in the energy industry is heavily influenced by the current and expected future prices of oil and natural gas. Changes in expenditures result in an increased or decreased demand for our products and services. Rig count is an indicator of the level of spending for the exploration for and production of oil and natural gas reserves. The following chart sets forth certain statistics that reflect historical market conditions: 

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	WTI Oil (a)		Henry Hub Gas (b)		North American Rig Count (c)	International Rig Count (c)
2017	$	60.42	$	2.95	1,127	949
2016	53.72		3.68		770	925
2015	37.04		2.36		910	1,105

(a) Price per barrel of West Texas Intermediate (“WTI”) crude oil as of the last business day of the year indicated at Cushing Oklahoma – Source: Thomson Reuters

(b) Price per MM/BTU as of the last business day of the year indicated at Henry Hub Louisiana – Source: Thomson Reuters

(c) Quarterly average rig count – Source: Baker Hughes Rig Count

During 2017 WTI crude oil prices ranged from a high of $60.42 per barrel in late December to a low of $42.53 per barrel in mid-June on the New York Mercantile Exchange. Natural gas ranged from a high of $3.42 MM/BTU in mid-January to a low of $2.56 MM/BTU in mid-February. Factors influencing oil and natural gas prices during the period include hydrocarbon inventory levels, realized and expected global economic growth, realized and expected levels of hydrocarbon demand, level of production capacity and weather and geopolitical uncertainty.

Outlook

Our results for 2017 were challenged by the continued volatility in oil prices and severe market contraction for our products and services. Market weakness and contraction has materially reduced capital spending by our customers, which has reduced our revenue, both through lower activity levels and pricing. We believe our industry will remain within this ‘medium-for-longer’ price level paradigm for some time, until production growth is moderated. In the interim, we expect continuous short-term cyclical fluctuations. We will continue to push innovation, both from a technological and a business model perspective, and we will deliver operational excellence to bring the cost of production down to a point at which market participants can make a decent return. For us, this includes a significant transformation program which was started late in the fourth quarter of 2017 to generate cost savings through flattening our structure, driving process changes, improving the efficiency of our supply chain and sales organizations and continuing to rationalize our manufacturing footprint.

For 2018, we expect growth in the Western Hemisphere to be driven by completion systems, artificial lift, and drilling services as rig count increases, pricing power improves and supplies tighten. North America growth is expected to be led by the Permian Basis, and we believe that apart from increasing activity in Argentina, South America and Mexico will remain relatively subdued. In the Eastern Hemisphere, we continue to anticipate growth in the North Sea and in the Gulf Cooperation Council (“GCC”) countries as a result of market share gains and activity levels in Russia are also expected to increase while Africa, Asia and Europe are expected to remain stable. We believe certain deepwater markets in the Eastern Hemisphere have likely reached their bottom with no expected improvements in the near term.

With current industry conditions, steadier oil prices and an increase in spending and activity, we continue to believe that over the longer term the outlook for our businesses is favorable. As decline rates accelerate and reservoir productivity complexities increase, our clients will continue to face challenges associated with decreasing the cost of extraction activities and securing desired rates of production. These challenges increase our customers’ requirements for technologies that improve productivity and efficiency and therefore increase demand for our products and services. These factors provide us with a positive outlook for our businesses over the longer term. However, the level of improvement in our businesses in the future will depend heavily on pricing, volume of work and our ability to offer solutions to more efficiently extract hydrocarbons, control costs and penetrate new and existing markets with our newly developed technologies.

We continually seek opportunities to maximize efficiency and value through various transactions, including purchases or dispositions of assets, businesses, investments or joint ventures. We evaluate our disposition candidates based on the strategic fit within our business and/or our short and long-term objectives. It is also our intention to divest our remaining land drilling rigs business. Upon completion, the cash proceeds from any divestitures are expected to be used to for working capital or repay or repurchase debt. Any such debt reduction may include the repurchase of our outstanding senior notes prior to their maturity in the open market or through a privately negotiated transaction or otherwise.

The oilfield services industry growth is highly dependent on many external factors, such as our customers’ capital expenditures, world economic and political conditions, the price of oil and natural gas, member-country quota compliance within the Organization of Petroleum Exporting Countries and weather conditions and other factors, including those described in the section entitled “Forward-Looking Statements” and the section entitled “Item 1A. – Risk Factors.”

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Opportunities and Challenges

Our industry offers many opportunities and challenges. The cyclicality of the energy industry impacts the demand for our products and services. Certain of our products and services, such as our drilling and evaluation services, well construction and well completion services, depend on the level of exploration and development activity and the completion phase of the well life cycle. Other products and services, such as our production optimization and artificial lift systems, are dependent on the number wells and the type of production systems used. We have created a long-term strategy aimed at growing our businesses, servicing our customers, and most importantly, creating value for our shareholders. The success of our long-term strategy will be determined by our ability to manage effectively any industry cyclicality, including the ongoing and prolonged industry downturn and our ability to respond to industry demands and periods of over-supply or low oil prices, successfully maximize the benefits from our acquisitions and complete the disposition of our land drilling rigs business.

Overview of Significant Activities

Disposition of U.S. Pressure Pumping and Other Assets

On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash and recognized a $96 million gain on this sale. We sold our related facilities, field assets, and supplier and customer contracts related to these businesses. Proceeds from the sale were used to reduce outstanding indebtedness.

Reporting Segments

At the end of the third quarter of 2017, changes to Weatherford’s organization structure were internally announced to flatten the organization structure, reduce our costs and accelerate decision-making processes. During the fourth quarter of 2017, the Company's chief operating decision maker (its chief executive officer) changed the information he regularly reviews to allocate resources and assess performance and we realigned our reporting segments into two reportable segments, which are the Western Hemisphere segment and Eastern Hemisphere segment. Our Western Hemisphere segment represents the prior North America and Latin America segments as well as land drilling rigs operations in Colombia and Mexico. Our Eastern Hemisphere segment represents the prior MENA/Asia Pacific segment and Europe/SSA/Russia segment as well as land drilling rigs operations in the Eastern Hemisphere. Research and Development expenses are now included in the results of our Western and Eastern Hemisphere segments. We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation. Our corporate and other expenses that do not individually meet the criteria for segment reporting continue to be reported separately as Corporate expenses.

Summary of Operating Charges

For the year ended December 31, 2017 we had $928 million of long-lived asset impairments (of which $740 million was due to a write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $540 million inventory write-off and other related charges including excess and obsolete, $230 million in the write-down of Venezuelan receivables, $183 million of severance and restructuring charges and an $86 million warrant fair value adjustment gain.

For the year ended December 31, 2016 we had $710 million related to long-lived asset impairments, asset write-downs, receivables write-offs and other charges and credits, $280 million of severance and restructuring charges, $220 million of litigation charges, $219 million of inventory write-downs and $114 million of pressure pumping related charges related to the shutdown of our U.S. pressure pumping business.

For the year ended December 31, 2015 we had $638 million of long-lived asset impairments, $232 million of severance and restructuring charges, $223 million of inventory write-downs, $130 million of supply agreement charges, $116 million of litigation charges, $48 million of bad debt expense charges and $83 million of charges related to professional fees, divestiture related charges, facility closures, equity investment impairment and other charges.

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Long-lived Asset Impairments and Other Asset Charges

In the fourth quarter of 2017, we recognized long-lived asset impairments of $928 million, of which $923 million was related to property, plant and equipment (“PP&E”) impairments and $5 million was related to the impairment of intangible assets. The PP&E impairments in our Eastern Hemisphere segment include a $740 million write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs classified as held for sale, $135 million related to Western Hemisphere segment product line assets and $37 million related to other Eastern Hemisphere segment product line assets. In addition, we recognized $11 million of long-lived impairments charges related to Corporate assets. The impairments were due to the sustained downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. These long-lived asset impairments and other related charges are reported as “Long-Lived Asset Impairments, Write-Downs and Other Charges” on our Consolidated Statements of Operations.

In 2016, the prolonged downturn in the oil and gas industry contributed to continued lower exploration and production spending and continued low utilization of our land drilling rigs and certain asset groups. During 2016, based on our impairment tests, we recognized long-lived asset impairments of $436 million of which $388 million was related to product line PP&E impairments and $48 million was related to the impairment of intangible assets. The PP&E impairment charges were related to our Pressure Pumping and North America Well Construction, Drilling Services and Secure Drilling Service product lines. In 2016, we also recognized $114 million related to pressure pumping related charges in our North America segment. These long-lived asset impairments and other related charges are reported as “Long-Lived Asset Impairments, Write-Downs and Other Charges” on our Consolidated Statements of Operations.

In 2015, the weakness in crude oil prices contributed to lower exploration and production spending and a decline in the utilization of our land drilling rigs and certain U.S. asset groups. During 2015, based on our impairment tests, we recognized total long-lived impairment charges of $638 million with $383 million related to Pressure Pumping, Drilling Tools and Wireline assets in the in the Western Hemisphere and $255 million related to land drilling rigs assets in the Eastern Hemisphere. In 2015, we also recognized $130 million related to supply agreement charges in our Western Hemisphere segment. These long-lived asset impairments and other related charges are reported as “Long-Lived Asset Impairments, Write-Downs and Other Charges” on our Consolidated Statements of Operations. In connection with our long-lived asset impairments in 2015, we prepared an analysis to determine the fair value of our equity method investments. We assessed these declines in value as other than temporary and recognized an impairment loss of $25 million.

See “Note 8 – Long-Lived Asset Impairments,” “Note 9 – Goodwill” and “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the long-lived, other asset and goodwill impairments.

Recent Litigation Settlements

In August 2016, after a bench trial in Harris County, Texas, the court entered a judgment of $36 million against the Company in the case of Spitzer Industries, Inc. (“Spitzer”) vs. Weatherford U.S., L.P. in connection with Spitzer’s fabrication work on two mobile capture vessels used in the cleanup of marine oil spills. We agreed on a settlement and paid the settlement amount of $25 million during the fourth quarter of 2017.

In 2016, the SEC and DOJ continued to investigate certain accounting issues associated with the material weakness in our internal control over financial reporting for income taxes and the restatements of our historical financial statements in 2011 and 2012. During the first quarter 2016, we recorded a loss contingency in the amount of $65 million. In the second quarter 2016, we increased our loss contingency to $140 million reflecting our best estimate for the potential settlement of this matter which ultimately became the final settlement. As disclosed in a Form 8-K filed on September 27, 2016, the Company agreed to pay the SEC a total civil monetary penalty of $140 million to resolve the investigation. Our final payment for the civil monetary penalty was made in September 2017. For additional information about this resolution, see “Note 21 – Disputes, Litigation and Contingencies.”

On June 30, 2015, we settled a purported securities class action for $120 million in exchange for the dismissal with prejudice of the litigation and the unconditional release of all claims captioned Freedman v. Weatherford International Ltd., et al., that were filed in the Southern District of New York against us and certain current and former officers in March 2012. The settlement agreement was subject to notice to the class, approval by the U.S. District Court for the Southern District of New York and other conditions. The settlement amount was paid into escrow in August 2015. We are pursuing reimbursement from our insurance carriers and have recovered $26 million of the settlement amount to date. See “Note 21 – Disputes, Litigation and Contingencies” for additional information.

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Debt Transactions and Equity Issuances

On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024 (“Notes”). These Notes were issued as additional securities under an indenture pursuant to which we previously issued $540 million aggregate principal amount of our 9.875% senior notes due 2024.

During 2016, through a series of debt offerings we received net proceeds of $3.7 billion from the issuance of various unsecured debt instruments and a secured term loan. We used certain proceeds from our debt offerings to fund tender offers to buy back our senior notes with a principal balance of $1.9 billion and used the remaining proceeds to repay our revolving credit facility and for general corporate purposes. We recognized a cumulative loss of $78 million on the tender offers buyback transaction. See “Note 12 – Short-term Borrowings and Other Debt Obligations” and “Note 13 – Long-term Debt” for additional details of our financing activities.

During 2016, we received total cash proceeds of $1.1 billion from the issuance of 200 million ordinary shares of the Company. In addition, in November 2016 we issued one warrant that permits the holder to purchase 84.5 million ordinary shares on or prior to May 21, 2019 at an exercise price of $6.43 per ordinary share.

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Results of Operations

The following table contains selected financial data comparing our consolidated and segment results from operations for 2017, 2016 and 2015. See “Notes to Consolidated Financial Statements – Note 23 – Segment Information” for additional information regarding variances in operating income. 

										Percentage Change
	Year Ended December 31,									Favorable (Unfavorable)
(Dollars in millions, except per share data)	2017			2016			2015			2017 vs 2016		2016 vs 2015
Revenues:
Western Hemisphere	$	2,937		$	2,942		$	5,276		—	%	(44	)%
Eastern Hemisphere	2,762			2,807			4,157			(2	)%	(32	)%
Total Revenues	$	5,699		$	5,749		$	9,433		(1	)%	(39	)%
Operating Income (Loss):
Western Hemisphere	$	(115	)	$	(409	)	$	(180	)	72	%	(127	)%
Eastern Hemisphere	(143		)	(160		)	27			11	%	(693	)%
Total Segment Operating Loss	$	(258	)	$	(569	)	$	(153	)	55	%	(272	)%
Corporate General and Administrative	$	(130	)	$	(139	)	$	(194	)	6	%	28	%
Long-Lived Asset Impairments, Write-Downs and Other Charges	(1,664		)	(1,043		)	(768		)	(60	)%	(36	)%
Restructuring Charges	(183		)	(280		)	(232		)	35	%	(21	)%
Litigation Charges, Net	10			(220		)	(116		)	105	%	(90	)%
Goodwill and Equity Investment Impairment	—			—			(25		)	—	%	100	%
Gain (Loss) from Disposition of U.S. Pressure Pumping Assets and Businesses	96			—			(6		)	—	%	100	%
Other Items	—			—			(52		)	—	%	100	%
Total Operating Loss	$	(2,129	)	$	(2,251	)	$	(1,546	)	5	%	(46	)%
Interest Expense, Net	$	(579	)	$	(499	)	$	(468	)	(16	)%	(7	)%
Warrant Fair Value Adjustment	86			16			—			438	%	—	%
Bond Tender Premium, Net	—			(78		)	—			100	%	—	%
Currency Devaluation Charges	—			(41		)	(85		)	100	%	52	%
Other Income (Expense), Net	(34		)	(24		)	3			(42	)%	(900	)%
Income Tax (Provision) Benefit	(137		)	(496		)	145			72	%	(442	)%
Net Loss per Diluted Share	(2.84		)	(3.82		)	(2.55		)	26	%	(50	)%
Weighted Average Diluted Shares Outstanding	990			887			779			(12	)%	(14	)%
Depreciation and Amortization	801			956			1,200			16	%	20	%

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Revenues Percentage by Business Group

The following table contains the percentage distribution of our consolidated revenues by business groups for 2017, 2016 and 2015:

	Year Ended December 31,
	2017		2016		2015
Production	26	%	29	%	29	%
Completions	22		20		20
Drilling and Evaluation	24		22		22
Well Construction	28		29		29
Total	100	%	100	%	100	%

Consolidated and Segment Revenues

2017 vs 2016 Revenues

Consolidated revenues decreased $50 million, or 1%, in 2017 compared to 2016. Excluding revenues from U.S. pressure pumping operations and our Zubair project in Iraq, consolidated revenues increased 5% in 2017 compared to 2016.

• Western Hemisphere revenues declined slightly by $5 million in 2017 compared to 2016, primarily due to lower activity concentrated in Argentina, Venezuela and Brazil in Drilling and Evaluation and Completions, the impact of the shutdown of our U.S. pressure pumping operations in the fourth quarter of 2016, as well as the negative impact from the change in accounting for revenue on a cash basis in Venezuela. Western Hemisphere revenues, excluding U.S. pressure pumping operations, improved $245 million, or 9%, in 2017 compared to 2016. These improvements were driven by higher activity and sales in the U.S. and Canada related to the 46% increase in North American rig count since December 31, 2016 as well as improvements across all our product lines in Colombia benefiting from an increase in the number of operating rigs.

• Eastern Hemisphere revenues declined $45 million, or 2%, primarily due to lower activity related to the Zubair project, a non-renewal of a contract in the United Arab Emirates and overall lower demand for services and continued pricing pressures for Well Construction. Throughout the Asia markets we had a broad decline in demand across our product lines. Eastern Hemisphere revenues, excluding early production facility operations, improved $30 million, or 1%, in 2017 compared to 2016. This improvement was driven by improved customer activity in Russia for Drilling Services, Pressure Pumping and Well Construction operations, a full year for our Drilling Rigs contract in Algeria as well as overall improvements in Kuwait.

2016 vs 2015Revenues

Consolidated revenues decreased $3.7 billion, or 39%, in 2016 compared to 2015. Revenues decreased in 2016 compared to 2015 across all our segments as follows:

• Western Hemisphere segment revenues declined $2.3 billion, or 44%, in 2016 compared to 2015, due to the 20% decrease in Western Hemisphere rig count since December 31, 2015, continued customer pricing pressures and reduced exploration activity due to lower customer spending across our product lines. The significantly lower activity particularly impacted artificial lift, well construction, and pressure pumping in the U.S and Canada. Revenues declined in Brazil, Argentina, and Colombia due to customer pricing adjustments and budget spending reductions by our customers. All these geographic locations were negatively impacted by the reduced demand and pricing pressure, with managed-pressure drilling, well construction, and drilling services as the most negatively impacted product lines.

• Eastern Hemisphere segment revenues declined $1.4 billion, or 32%, in 2016 compared to 2015, due to the 10% decrease in Eastern Hemisphere rig count since December 31, 2015, continued customer pricing pressures and reduced activity from lower customer spending. The lower business activity negatively impacted revenue in most countries, particularly in Saudi Arabia, Kuwait, Iraq, Russia, the North Sea, Angola, Australia and Malaysia. Although many product lines were negatively impacted, the largest declines were in Well Construction, Tubular Running Services, and Completions. These declines were partly offset by an improvement from the recognition of revenue as part of the settlement agreement signed in the second quarter of 2016 for the Zubair project in Iraq.

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Consolidated and Segment Operating Loss

2017 vs 2016 Operating and Segment Results

Consolidated operating loss improved$122 million, or 5%, in 2017 compared to 2016 and segment operating loss improved $311 million, or 55%, in 2017 compared to 2016. Our consolidated operating loss improvement was primarily due to the following:

•Higher activity and productivity related to the increase in Western Hemisphere rig count;

• Higher utilization in our product lines, improved sales mix and the continued realization of savings from cost reduction measures related to headcount reductions and facility closures, and lower depreciation and amortization due to decreased capital spending.

• Long-lived asset impairments, write-downs and charges increased in 2017, offset by reduced litigation and restructuring charges;

•Reduced expenses from the shutdown of our U.S. pressure pumping operations; and

•A gain on sale of $96 million the U.S. pressure pumping and pump-down services assets.

The Western Hemisphere segment operating loss improved $294 million, or 72%, in 2017 compared to 2016. This improvement in operating income is due to increased activity levels in North America for Artificial Lift, Well Construction, Completions and Drilling Services, cost savings from facility closures and cost reductions as a result of the shutdown of our U.S. pressure pumping operations at the end of 2016. This improvement was partially offset by a deterioration of results in Venezuela as a result of the change in revenue accounting and a difficult geopolitical situation as well as lower revenue in Argentina and Brazil, suffering from pricing pressure and reduced demand for our products and services in most product lines.

The Eastern Hemisphere segment operating loss improved $17 million, or 11%, in 2017 compared to 2016. The improvements in 2017 were primarily due to higher activity and increased utilization rates in Russia, North Africa, parts of the Middle East, Continental Europe and the North Sea combined with lower costs related to the Zubair project in Iraq. These improvements were partially offset by a non-renewal of a contract in the United Arab Emirates, continued pricing pressure across most of our businesses as well as a decline in activity in offshore markets in Asia and Africa.

2016 vs 2015 Operating and Segment Results

Consolidated operating loss declined $705 million, or 46%, in 2016 compared to 2015. The operating loss degradation was due to low customer activity levels and pricing pressures from the low price of crude oil and increased impairment, litigation and restructuring charges. All segment operating results and product lines were impacted negatively, which was partly offset by cost savings from cost reduction efforts, minimizing operating losses despite large revenue declines.

Western Hemisphere segment operating loss declined $229 million, or 127%, in 2016 compared to 2015 due to lower activity related to decreased customer spending, customer pricing adjustments and pricing pressure impacting the U.S., Canada, Venezuela, Brazil and Colombia. The significantly lower activity particularly impacted operating results in Artificial Lift, Well Construction, and Pressure Pumping in the U.S and Canada. Operating income declined in Brazil, Argentina, and Colombia due to customer pricing adjustments and budget spending reductions by our customers.

Eastern Hemisphere segment operating loss declined $187 million, or 693%, in 2016 compared to 2015 due to a decline in customer activity and overall lower demand broadly impacted all product lines, particularly in Well Construction, Tubular Running Services, and Completions and were concentrated in Saudi Arabia, Kuwait, Iraq, Russia, the North Sea, Angola, Australia and Malaysia. The decline was partly offset by income recognized from the settlement of our Zubair project.

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Interest Expense, Net

Net interest expense was $579 million in 2017 compared to $499 million in 2016. This increase of $80 million, or 16%, in 2017 compared to 2016 is primarily from higher average borrowings and interest rates in 2017 compared to 2016.

Net interest expense was $499 million in 2016 compared to $468 million in 2015. This increase of $31 million, or 7%, in 2016 compared to 2015 was primarily due to higher interest rates on the senior notes and exchangeable notes issued in 2016.

Warrant Fair Value Adjustment

We had warrant fair value income of $86 million and $16 million in 2017 and 2016, respectively, related to the fair value adjustment to our warrant liability. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. The warrant valuation would be negatively affected due to an increase in the likelihood of a future stock issuance.

Other Income/Expense, Net

We had other expense of $34 million and $24 million in 2017 and 2016, respectively, and other income of $3 million in 2015. In 2017, other expense was primarily driven by foreign currency exchange losses, letter of credit and other financing fees. In 2016, other expense was primarily driven by losses on the repurchase of certain senior notes and by foreign currency exchange losses. Foreign exchange losses are typically due to the strengthening U.S. dollar compared to our foreign denominated operations. In 2015, other income of $3 million was primarily driven by gains on the repurchase of certain senior notes partially offset by foreign currency exchange losses.

Currency Devaluation Charges

Currency devaluation charges are included in current earnings in “Currency Devaluation Charges” on the accompanying Consolidated Statements of Operations. In 2016, currency devaluation charges of $41 million include charges related to the Angolan kwanza of $31 million and the Egyptian pound of $10 million. In 2015, currency devaluations charges of $85 million include charges related to the Angolan kwanza of $39 million, the Venezuelan bolivar of $26 million, the Argentina peso of $11 million and the Kazakhstani tenge of $9 million.

The devaluation of the Argentine peso in 2015 was due to the modification of currency control restrictions on purchasing of foreign currencies by the Argentine Central Bank. The depreciation of the Kazakhstani tenge during 2015 occurred after the National Bank of Kazakhstan abandoned its peg of the tenge to the U.S. dollar. The Venezuelan bolivar charge in 2015 reflects remeasurement charges due to currency devaluation in Venezuela.

Income Taxes

We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. We are exempt from Swiss cantonal and communal tax on income derived outside Switzerland, and are also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying investments in subsidiaries. We expect that the participation relief will result in a full exemption of participation income from Swiss federal income tax.

The relationship between our pre-tax income or loss from continuing operations and our income tax benefit or provision varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions, the impacts of tax planning activities and the resolution of tax audits. Our income derived in Switzerland is taxed at a rate of 7.83%; however, our effective rate is substantially above the Swiss statutory tax rate as the majority of our operations are taxed in jurisdictions with much higher tax rates.

For the year ended December 31, 2017, we had a tax expense of $137 million on a loss before income taxes of $2.7 billion. The primary driver of the tax expense was due to profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third party transactions. In addition, the Company concluded that it needed to record a valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized. The additional valuation allowance was partially offset by a one-time $52 million benefit as a result of the recent U.S tax reform. Our results for 2017 also include charges with no significant tax benefit principally related to asset write-downs and other charges including $928 million in long-lived asset impairments (of

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which $740 million related to a write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $540 million inventory charges including excess and obsolete, $230 million in the write-down of Venezuelan receivables and $66 million of other write-downs charges and credits, $183 million in restructuring charges and the warranty fair value adjustment of $86 million.

On December 22, 2017, the U.S. enacted into law a comprehensive tax reform bill (the “Tax Cuts and Jobs Act,” or “TCJA”). The TCJA significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, eliminating certain deductions, imposing a mandatory one-time tax on accumulated earnings of foreign subsidiaries as of 2017 held in cash and illiquid assets (with the latter taxed at a lower rate), and a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base, such as the base erosion and anti-abuse tax). The SEC has issued guidance that allow for a measurement period of up to one year after the enactment date of the legislation to finalize the recording of the related tax impacts. The Company believes that the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35% can reasonably be estimated to decrease the amount of the U.S. deferred tax assets and liabilities by $249 million with a decrease to the valuation allowance of $301 million for a net tax benefit of $52 million. The TCJA is not estimated to have other impacts on the Company’s effective tax rate because of the valuation allowance against the U.S. deferred tax assets. Any potential impact is offset by un-benefitted U.S. net operating loss carryforwards. As we do not have all the necessary information to analyze all effects of this tax reform, this is a provisional amount which we believe represents a reasonable estimate of the accounting implications of this tax reform. In addition, the various impacts of the TCJA may materially differ from the estimated impacts recognized in the fourth quarter due to regulatory guidance that may be issued in the future, tax law technical corrections, refined computations, and possible changes in the Company’s interpretations, assumptions, and actions as a result of the tax legislation. We will continue to evaluate tax reform, and adjust the provisional amounts as additional information is obtained. Any adjustment to these provisional amounts will be reported in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018.

Weatherford records deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operation conditions (particularly as related to prevailing oil prices and market demand for our products and services).

Operations in various jurisdictions continue to experience losses due to the delayed recovery in the demand for oil field services. Our expectations regarding the recovery are more measured due to continue volatility in oil prices and market contraction for our products and services. Also, the Company recorded significant long-lived asset impairments and established allowances for inventory and other assets in the fourth quarter of 2017. As a result of the continued losses, and limited objective positive evidence to overcome negative evidence, the Company concluded that it needed to record additional valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized.

The Company will continue to evaluate whether valuation allowances are needed in future reporting periods. Valuation allowances will remain until the Company can determine that net deferred tax assets are more likely than not to be realized. In the event that the Company were to determine that it would be able to realize the deferred income tax assets in the future as a result of significant improvement in earnings as a result of market conditions, the Company would adjust the valuation allowance, reducing the provision for income taxes in the period of such adjustment.

In 2017, the income tax provision was $137 million compared to a tax provision of $496 million in 2016 and to an income tax benefit of $145 million in 2015, respectively, which resulted in an effective tax rate of (5)%, (17)% and 7%, respectively. Our 2017 effective tax rate was driven by tax expense due to profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third party transactions, additional valuation allowance recorded on previously benefited deferred tax assets partially offset by the tax benefit from the U.S. tax reform. Results for the year ended December 31, 2017 also include charges with no significant tax benefit.

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In 2016, the income tax provision was $496 million compared to an income tax benefit of $145 million in 2015, which resulted in an effective tax rate of (17)% and 7%, respectively. Our 2016 effective tax rate was driven by the tax valuation allowance, tax provision on loss before income taxes and charges without a significant tax benefit. Results for the year ended December 31, 2016 also include charges with no significant tax benefit principally related to$436 million of long-lived asset impairments, $219 million of inventory write-downs, $140 million of settlement agreement charges, $114 million of pressure pumping related charges, $78 million of bond tender premium, and $76 million of PDVSA note receivable net adjustment, $62 million in accounts receivable reserves and write-offs, and $41 million of currency devaluation related to the Angolan kwanza and Egyptian pound. In addition, we recorded $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries.

Our effective tax rate for these periods was also negatively impacted by the taxing regimes in certain countries and our operating structure. Several of the countries in which we operate, primarily in our Eastern Hemisphere, tax us based on "deemed", rather than actual, profits. We are not currently profitable in certain of those countries, which results in us accruing and paying taxes based on a "deemed profit" instead of recognizing no tax expense or potentially recognizing a tax benefit. Our operating structure results in us paying withholding taxes on intercompany and third party transactions for items such as rentals, management fees, royalties, and interest as well as on applicable third party transactions. Such net withholding taxes were $43 million in 2017, $88 million in 2016 and $101 million in 2015 prior to possibly receiving a tax benefit in the jurisdiction of the payee. We also incur pre-tax losses in certain jurisdictions that do not have a corporate income tax and thus we are not able to recognize an income tax benefit on those losses.

We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. We anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $12 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.    

Restructuring Charges

Due to the ongoing levels of exploration and production spending, we continue to reduce our overall cost structure and workforce to better align with current activity levels of exploration and production. The cost reduction plan which began in 2016 and continued throughout 2017 (the “2016-17 Plan”), included a workforce reduction and other cost reduction measures initiated across our geographic regions. Prior plans, including the 2016 cost reduction plan (the “2016 Plan”) and 2015 cost reduction plan (the “2015 Plan”) also included a workforce reduction and other cost reduction measures initiated across our geographic regions. Other restructuring charges in each plan include contract termination costs, relocation and other associated costs.

In connection with the 2016-17 Plan, we recognized restructuring charges of $183 million in 2017, which include severance benefits of $109 million, other restructuring charges of $62 million and restructuring related asset charges of $12 million.

In connection with the 2016 Plan, we recognized restructuring charges of $280 million in 2016, which include severance benefits of $196 million, other restructuring charges of $44 million and restructuring related asset charges of $40 million.

The 2015 Plan commenced in the fourth quarter of 2014 and included a worldwide workforce reduction and other cost reduction measures. In connection with the 2015 Plan, we recognized restructuring charges of $232 million in 2015, which include severance benefits of $149 million, other restructuring charges of $19 million and restructuring related asset charges of$64 million.

Please see “Note 3 – Restructuring Charges” to our Consolidated Financial Statements for additional details of our charges by segment.

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Liquidity and Capital Resources

Cash Flows

At December 31, 2017, we had cash and cash equivalents of $613 million compared to $1.0 billion at December 31, 2016 and $467 million at December 31, 2015. The following table summarizes cash provided by (used in) each type of business activity, for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Net Cash Provided by (Used in) Operating Activities	$	(388	)	$	(304	)	$	715
Net Cash Used in Investing Activities	(62		)	(137		)	(659		)
Net Cash Provided by Financing Activities	20			1,061			3

Operating Activities

Cash used in operating activities was $388 million in 2017 compared to $304 million in 2016. The increased cash outflow in operating activities in 2017 compared to 2016 was primarily attributable to working capital outflows related to higher operating activities as well as increases in our cash payments for interest and litigation settlements.

Cash used in operating activities was $304 million in 2016 compared to cash provided by operating activities of $715 million in 2015. The declines in operating cash flow in 2016 compared to 2015 was attributable to a decline in operating income due to the significant decline in oil prices and drilling activity, partially offset by cash flow from working capital.

Cash provided by operating activities of $715 million in 2015 was primarily due to improved working capital inflows from the collection of receivables and cash from the sale of inventories.

Investing Activities

Our investing activities used cash of $62 million, $137 million and $659 million during 2017, 2016 and 2015, respectively. On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash. As part of this transaction, we sold our U.S. pressure pumping and pump-down perforating related facilities and supplier and customer contracts. In addition, during 2017, we received cash proceeds of $51 million from the disposition of other assets.

The primary drivers of cash used in investing activities are capital expenditures for PP&E and the purchase of assets held for sale. Capital expenditures were $225 million, $204 million and $682 million for 2017, 2016 and 2015, respectively. Additionally, in 2017 we purchased assets held for sale of $244 million related to certain leased equipment utilized in our North America pressure pumping operations. The amount we spend for capital expenditures varies each year based on the type of contracts into which we enter, our asset availability and our expectations with respect to industry activity levels in the following year. The increased capital expenditures in 2017 compared to 2016 is due to higher anticipated activity in the oil and gas industry related to greater volumes of work and increased rig count. The significant decline in capital expenditures in 2016 compared to 2015 is due to the continued price fluctuation of crude oil, continued weakness in demand and lower than expected exploration and production spending.

Investing activities in 2017 also included the purchase of held-to-maturity Angolan government bonds of $50 million, payments of $15 million to acquire intellectual property and other intangibles, and $7 million of business acquisition payments primarily related to our last installment payment for a 2015 business acquisition.

Investing activities in 2016 also included insurance proceeds of $39 million from the casualty loss of a rig in Kuwait, proceeds of $49 million from the disposition of assets and $30 million on the promissory note from the prior sale of our equity investment in Borets International Limited. These proceeds were partially offset by payments of $36 million for working capital adjustment payments related to the sale of our businesses and $15 million in payments related to acquisition of businesses and intangibles. See “Note 2 – Business Combinations and Divestitures” for additional information.

Investing activities in 2015 also included proceeds of $37 million from the disposition of assets, payments of $22 million to acquire businesses, intellectual property and other investing activity proceeds of $8 million.

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Financing Activities

During 2017, we received net proceeds of approximately $250 million from the June 2017 issuance of our 9.875% senior notes due in 2024. Long-term debt repayments in 2017 were $69 million. Net short-term debt borrowings were $128 million in 2017 were primarily for working capital, partially offset by the repayment of our 6.35% senior notes with a principal balance of $88 million.

During 2016, we received total cash proceeds of $1.1 billion from the issuance of 200 million ordinary shares of the Company. Our financing activities also consisted of the borrowing and repayment of short-term and long-term debt. During 2016, through a series of offerings and transactions, we received proceeds, net of underwriting fees, of $3.7 billion from the issuance of our $1.265 billion5.875% exchangeable senior notes, $750 million7.75% senior notes, $750 million8.25% senior notes, $540 million9.875% senior notes and $500 million secured term loan.

We used the proceeds of certain debt offerings to fund tender offers to buy back our 6.35% senior notes, 6.00% senior notes, 9.625% senior notes and 5.125% senior notes with a principal balance of $1.9 billion and used the remaining proceeds to repay our revolving credit facility, term loan and for general corporate purposes. We recognized a cumulative loss of $78 million on the tender offers buyback transaction. Financing activities during 2016 also included the payment of $87 million related to the purchase of previously leased rig equipment. See “Note 12 – Short-term Borrowings and Other Debt Obligations” and “Note 13 – Long-term Debt” for additional details of our financing activities.

Our 2015 financing activities primarily consisted of the borrowing and repayment of short-term and long-term debt. Our short-term borrowings, net of repayments, were $505 million and total net long-term repayments were $470 million. In 2015, through a series of open market transactions, we repurchased certain of our senior notes with a total book value of $527 million. We recognized a cumulative gain of $84 million on these transactions in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations. Our other financing activities in 2015 included dividends paid to noncontrolling partners in consolidated joint ventures of $49 million and proceeds from the exercise of stock options issued to our employees and directors of $26 million.

Sources of Liquidity

Our sources of available liquidity include cash and cash equivalent balances, cash generated by our operations, accounts receivable factoring, dispositions, and availability under committed lines of credit. We also historically have accessed banks for short-term loans from uncommitted borrowing arrangements and have accessed the capital markets with debt and equity offerings. From time to time we may and have entered into transactions to dispose of businesses or capital assets that no longer fit our long-term strategy.

Revolving Credit Facility and Secured Term Loan Agreement

We have a revolving credit facility (the “Revolving Credit Agreement”) maturing in July of 2019 and a secured term loan agreement (the “Term Loan Agreement” and collectively with the Revolving Credit Agreement, the “Credit Agreements”) maturing in July of 2020. Our Credit Agreements contain customary events of default, including our failure to comply with the financial covenants. As of December 31, 2017, we were in compliance with our financial covenants as defined in the Credit Agreements as well as under our indentures. Based on our current financial projections, we believe we will continue to remain in compliance with our covenants.

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At December 31, 2017, we had total commitments under the Revolving Credit Agreement of $1.0 billion and borrowings of $375 million under the Term Loan Agreement. At December 31, 2017, we had $890 million available under the Credit Agreements and the following table summarizes our borrowing availability under these agreements:

(Dollars in millions)	December 31, 2017
Facilities	$	1,375
Less Uses of Facilities:
Letters of Credit	110
Secured Term Loan Principal Borrowing	375
Borrowing Availability	$	890

In January 2018, our total commitments under the Revolving Credit Agreement was reduced from $1.0 billion to $900 million after the sale of our U.S. pressure pumping and pump-down perforating assets in accordance with the terms of the Credit Agreement.

Our Credit Agreements require that we maintain the following financial covenants, with terms as defined in the Credit Agreements:

1) Leverage ratio of no greater than 2.5 to 1, which measures our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities to the trailing four quarters consolidated adjusted earnings before interest, taxes, depreciation, amortization and other specified charges (“Adjusted EBITDA”);

2) Leverage and letters of credit ratio of no greater than 3.5 to 1, which is calculated as our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities and all letters of credit to the trailing four quarters Adjusted EBITDA; and

3) Asset coverage ratio of at least 4.0 to 1, which is calculated as our asset value to indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities.

Our Credit Agreements contain financial covenants, as defined in the agreements, and customary events of default, including our failure to comply with the financial covenants. As of December 31, 2017, we were in compliance with our financial covenants as defined in the Credit Agreements and in the covenants under our indentures. We also expect to remain in compliance with all of our covenants throughout 2018. Should circumstances arise where we are not in compliance with our covenants during any quarterly reporting period, we may have to seek a waiver from our lenders or take measures to reduce indebtedness under the Credit Agreements to a level that would comply with the covenants.

Other Short-Term Borrowings and Other Debt Activity

We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2017, we had $11 million in short-term borrowings under these arrangements. In 2016, we repaid $180 million borrowed under a credit agreement that matured in the first half of 2016.

Ratings Services’ Credit Ratings

Our Standard & Poor’s Global Ratings for our senior unsecured notes is B-, with a negative outlook. Our Moody’s Investors Services credit rating on our senior unsecured notes is currently Caa1 and our short-term rating is SGL-3, both with a negative outlook. We continue to have access and expect we will continue to have access to most credit markets.

Cash Requirements

During 2018, we anticipate our cash requirements will include payments for capital expenditures, repayment of debt, interest payments on our outstanding debt, severance payments and payments for short-term working capital needs. Our cash requirements may also include opportunistic debt repurchases, business acquisitions and other amounts to settle litigation related matters described in “Item 1A. – Risk Factors” and “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.” We anticipate funding these requirements from cash and cash equivalent balances, cash generated by our operations, availability under our credit facilities, accounts receivable factoring and proceeds from disposals of businesses or capital assets. We anticipate that cash generated from operations will be augmented by working capital improvements, increased activity and improved margins. We also historically have accessed banks for short-term

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loans from uncommitted borrowing arrangements and have accessed the capital markets with debt and equity offerings. From time to time we may and have entered into transactions to dispose of businesses or capital assets that no longer fit our long-term strategy.

Capital expenditures for 2018 are projected to be approximately $200 million to $250 million, excluding expenditures for our land drilling rigs business, compared to capital expenditures of $225 million in 2017 (excluding the purchase of certain leased equipment utilized in our North America pressure pumping operations for a total amount of $244 million in 2017) due to anticipated activity in the oil and gas business related to stabilizing active rig counts. The amounts we ultimately spend will depend on a number of factors including the type of contracts we enter into, asset availability and our expectations with respect to industry activity levels in 2018. Expenditures are expected to be used primarily to supporting ongoing activities of our core businesses and our sources of liquidity are anticipated to be sufficient to meet our needs.

Cash and cash equivalents of $599 million at December 31, 2017, are held by subsidiaries outside of Switzerland, the Company’s taxing jurisdiction.  Based on the nature of our structure, we are generally able to redeploy cash with no incremental tax. However, in 2016 we recorded tax expense of $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries and $265 million of expense in 2015 for a non-cash tax expense on distribution of subsidiary earnings.

As of December 31, 2017, $99 million of our cash and cash equivalents balance was denominated in Angolan kwanza. The National Bank of Angola supervises all kwanza exchange operations and has limited U.S. Dollar conversions. In January 2018, the Angolan National Bank announced a new currency exchange regime and the Angolan kwanza subsequently devalued approximately 19%. As a result, we anticipate recognizing currency devaluation charges in the first quarter of 2018. Sustained Angolan exchange limitations may further and has limited our ability to repatriate earnings and exposes us to additional exchange rate risk.

Accounts Receivable Factoring and Other Receivables

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. In 2017, we sold accounts receivable of $227 million, recognized a loss of $1 million and received cash proceeds totaling $223 million on these sales. In 2016, we sold accounts receivables of $156 million, recognized a loss of $0.7 million and received cash proceeds totaling $154 million on these sales. In 2015, we sold accounts receivables of $78 million, recognized a loss of $0.2 million and received cash proceeds totaling $77 million on these sales. Our factoring transactions were recognized as sales, and the proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows.

In the first quarter of 2017, Weatherford converted trade receivables of $65 million into a note from the customer with a face value of $65 million. The note had a three year term at a 4.625% stated interest rate. We reported the note as a trading security within “Other Current Assets” at fair value on the Condensed Consolidated Balance Sheets at its fair value of $58 million on March 31, 2017. The note fair value was considered a Level 2 valuation and was estimated using secondary market data for similar bonds. During the second quarter of 2017, we sold the note for $59 million.

During the second quarter of 2016, we accepted a note with a face value of $120 million from PDVSA in exchange for $120 million in net trade receivables. The note had a three year term at a 6.5% stated interest rate. We carried the note at lower of cost or fair value and recognized a loss in the second quarter of 2016 of $84 million to adjust the note to fair value. In the fourth quarter of 2016, we sold the economic rights in the note receivable for $44 million and recognized a gain of $8 million.

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Contractual Obligations

The following summarizes our contractual obligations and contingent commitments by period. The obligations we pay in future periods may vary due to certain assumptions including the duration of our obligations and anticipated actions by third parties.

	Payments Due by Period
(Dollars in millions)	2018		2019 and 2020		2021 and 2022		Thereafter		Total
Short-term Debt	$	11	$	—	$	—	$	—	$	11
Long-term Debt (a)	137		1,192		2,676		3,840		7,845
Interest on Long-term Debt	564		1,019		755		2,724		5,062
Noncancellable Operating Leases	176		181		84		192		633
Purchase Obligations	166		—		—		—		166
	$	1,054	$	2,392	$	3,515	$	6,756	$	13,717

(a) Amounts represent the expected cash payments of principal associated with our long-term debt. These amounts do not include the unamortized discounts or deferred gains on terminated interest rate swap agreements.

Due to the uncertainty with respect to the timing of future cash flows associated with our uncertain tax positions, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, to the respective taxing authorities. Therefore, $239 million in uncertain tax positions, including interest and penalties, have been excluded from the contractual obligations table above.

We have defined benefit pension and other post-retirement benefit plans covering certain of our U.S. and international employees. During 2017, we made contributions and paid direct benefits of approximately $23 million in connection with those plans and we anticipate funding approximately $5 million during 2018. Our projected benefit obligations for our defined benefit pension and other post-retirement benefit plans were $198 million as of December 31, 2017.

Derivative Instruments

Warrant

During the fourth quarter of 2016, in conjunction with the issuance of 84.5 million ordinary shares, we issued a warrant that gives the holder the option to acquire an additional 84.5 million ordinary shares. The exercise price on the warrant is $6.43 per share and is exercisable any time prior to May 21, 2019. The warrant is classified as a liability and carried at fair value with changes in its fair value reported through earnings. The fair value of the warrant was $70 million and $156 million on December 31, 2017 and 2016, respectively, generating an unrealized gain of $86 million in 2017. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. The warrant valuation would be negatively affected due to an increase in the likelihood of a future stock issuance. If exercised, we expect to receive an additional $543 million in cash proceeds. See “Note 15 – Derivative Instruments” for information related to the warrant.

Fair Value Hedges

We may use interest rate swaps to help mitigate exposures related to changes in the fair values of fixed-rate debt. As of December 31, 2017 and 2016, we had net unamortized premiums on fixed-rate debt of $4 million and $7 million, respectively, associated with fair value hedge terminations. These premiums are being amortized over the remaining term of the originally hedged debt as a reduction to interest expense included in “Interest Expense, Net” on the accompanying Consolidated Statements of Operations. See “Note 15 – Derivative Instruments” to our Consolidated Financial Statements for additional details.

Cash Flow Hedges

We may use interest rate swaps to mitigate our exposure to variability in forecasted cash flows due to changes in interest rates. In 2008, we entered into interest rate derivative instruments to hedge projected exposures to interest rates in anticipation of a debt offering. These hedges were terminated at the time of the issuance of the debt, and the associated loss is being amortized from Accumulated Other Comprehensive Loss to interest expense over the remaining term of the debt. As of December 31, 2017 and 2016, we had net unamortized losses of $9 million in both years, associated with our cash flow hedge terminations. As of December 31, 2017, we did not have any cash flow hedges designated.

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Other Derivative Instruments

We enter into contracts to hedge our exposure to currency fluctuations in various foreign currencies. At December 31, 2017 and 2016, we had outstanding foreign currency forward contracts with notional amounts aggregating $767 million and $1.6 billion, respectively. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. See “Note 15 – Derivative Instruments” for additional information.

Our foreign currency derivatives are not designated as hedges under ASC 815, and the changes in fair value of the contracts are recorded in each period in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations. See “Note 15 – Derivative Instruments” for additional information.

Off-Balance Sheet Arrangements

Guarantees

Weatherford Ireland guarantees the obligations of our subsidiaries Weatherford International Ltd. (“Weatherford Bermuda”) and Weatherford International, LLC (“Weatherford Delaware”), including the notes and credit facilities listed below.

The 6.80% senior notes of Weatherford Delaware were guaranteed by Weatherford Bermuda at December 31, 2017 and 2016. At December 31, 2016, Weatherford Bermuda also guaranteed the 6.35% senior notes of Weatherford Delaware.

The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at December 31, 2017 and 2016: (1) Revolving Credit Agreement, (2) Term Loan Agreement, (3) 6.50% senior notes, (4) 6.00% senior notes, (5) 7.00% senior notes, (6) 9.625% senior notes, (7) 9.875% senior notes due 2039, (8) 5.125% senior notes, (9) 6.75% senior notes, (10) 4.50% senior notes and (11) 5.95% senior notes (12) 5.875% exchangeable senior notes, (13) 7.75% senior notes, (14) 8.25% senior notes and (15) 9.875% senior notes due 2024.

Certain of these guarantee arrangements require us to present condensed consolidating financial information. See guarantor financial information presented in “Note 24 – Consolidating Financial Statements.”

Letters of Credit and Performance and Bid Bonds

We use letters of credit and performance and bid bonds in the normal course of our business. As of December 31, 2017, we had $485 million of letters of credit and performance and bid bonds outstanding, consisting of $375 million of letters of credit under various uncommitted facilities and $110 million of letters of credit under the Revolving Credit Agreement. At December 31, 2017, we have cash collateralized $82 million of our letters of credit, which is included in “Cash and Cash Equivalents” in the accompanying Consolidated Balance Sheets. We also have $15 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us. These obligations could be called by the beneficiaries should we breach certain contractual or performance obligations. If the beneficiaries were to call the letters of credit under our committed facilities, our available liquidity would be reduced by the amount called.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operation is based upon our Consolidated Financial Statements. We prepare these financial statements in conformity with U.S. GAAP. As such, we are required to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience, available information and various other assumptions we believe to be reasonable under the circumstances. On an on-going basis, we evaluate our estimates; however, actual results may differ from these estimates under different assumptions or conditions. The accounting policies we believe require management’s most difficult, subjective or complex judgments and are the most critical to our reporting of results of operations and financial position are as follows:

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Business Combinations and Goodwill

Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. Goodwill is allocated to Weatherford’s reporting units when initially acquired. Reporting units are operating segments or one level below the operating segment level. We revised our reporting units during the fourth quarter of 2017 in conjunction with an organization change and as of October 1, 2017, we performed a quantitative assessment under the revised reporting unit structure. Our reporting units are based on our regions and include North America, Latin America, Europe and Sub-Sahara Africa, Russia/China, Middle East/North Africa, and Asia.

Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative goodwill impairment test. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values.

If we perform the quantitative step, the fair value of our reporting units is determined using a combination of the income approach and the market approach. The income approach estimates fair value by discounting each reporting unit’s estimated future cash flows. The income approach requires us to make certain estimates and judgments. To arrive at our future cash flows, we use estimates of economic and market information, including growth rates in revenues and costs, working capital and capital expenditure requirements, and operating margins and tax rates. Several of the assumptions used in our discounted cash flow analysis are based upon our annual financial forecast. Our annual planning process takes into consideration many factors including historical results and operating performance, related industry trends, pricing strategies, customer analysis, operational issues, competitor analysis, and marketplace data, among others. Assumptions are also made for periods beyond the financial forecast period. The discount rate used in the income approach is determined using a weighted average cost of capital and reflects the risks and uncertainties in the cash flow estimates. The weighted average cost of capital includes a cost of debt and equity. The cost of equity is estimated using the capital asset pricing model, which includes inputs for a long-term risk-free rate, equity risk premium, country risk premium, and an asset beta appropriate for the assets in the reporting unit. The discount rates for our reporting units ranged from 10.25% to 13.0% as of our October 1, 2017 annual impairment test. The market approach estimates fair value as a multiple of each reporting unit’s actual and forecasted earnings based on market multiples of comparable publicly traded companies.

We used an independent valuation specialist for our annual impairment tests to assist us in our valuations under both methods. The final estimate of each reporting unit’s fair value is determined by using an appropriate weighting of the values from each method, where the income method was weighted heavier than the market method as we believe that the income method and assumptions therein are more reflective of a market participant’s view of fair value given current market conditions.

The fair values estimated using the income approach and the market approach cannot be directly compared to our market capitalization due to several factors, most importantly the premium that would be paid by a market participant to acquire a controlling interest in Weatherford, which is not reflected in the price of our publicly traded stock. The sum of the fair values of Weatherford’s reporting units’ implied a control premium of approximately 23% as of our October 1, 2017 testing date which is within the range of observable control premiums in market transactions.

The fair values of our reporting units that have goodwill were in excess of their carrying value as of our October 1, 2017 annual impairment test. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance.

Our estimates of fair value are sensitive to the aforementioned inputs to the valuation approaches. If any one of the above inputs changes, it could reduce the estimated fair value of the affected reporting unit and result in an impairment charge to goodwill. Some of the inputs, such as forecasts of revenue and earnings growth, are subject to change given their uncertainty. Other inputs, such as the discount rate used in the income approach and the valuation multiple used in the market approach, are subject to change as they are outside of our control. In the event that discount rates increased by more than 50 basis points for each of our reporting units with goodwill as of October 1, 2017, all else being equal, the resulting fair value would still exceed the reporting unit’s carrying value.

Based on the results of our impairment tests, we did not recognize a goodwill impairment charge in 2017, 2016 or 2015.

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For further analysis and discussion of goodwill refer to “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 9 – Goodwill” of this Form 10-K.

Long-Lived Assets

Long-lived assets, which include PP&E and definite-lived intangibles, comprise a significant amount of our assets. We must make estimates about the expected useful lives of the assets. The value of the long-lived assets is then amortized over its expected useful life. A change in the estimated useful lives of our long-lived assets would have an impact on our results of operations. We estimate the useful lives of our long-lived asset groups as follows:

	Estimated Useful Lives
Buildings and Leasehold Improvements	10 – 40 years or lease term
Rental and Service Equipment	2 – 20 years
Machinery and Other	2 – 12 years
Intangible Assets	2 – 20 years

In estimating the useful lives of our property, plant and equipment, we rely primarily on our actual experience with the same or similar assets. The useful lives of our intangible assets are determined by the years over which we expect the assets to generate a benefit based on legal, contractual or regulatory terms.

Long-lived assets to be held and used by us are reviewed to determine whether any events or changes in circumstances indicate that we may not be able to recover the carrying amount of the asset. Factors that might indicate a long-lived asset may not be recoverable may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions, or a reduction in cash flows driven by pricing pressure as a result of oversupply associated with the use of the long-lived asset. If these or other factors exist that indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flow analysis. The undiscounted cash flow analysis consists of estimating the future cash flows that are directly associated with, and are expected to arise from, the use and eventual disposition of the asset over its remaining useful life. These cash flows are inherently subjective and require estimates based upon historical experience and future expectations. If the undiscounted cash flows do not exceed the carrying value of the long-lived asset, the asset is not recoverable and impairment is recognized to the extent the carrying amount exceeds the estimated fair value of the asset. The fair value of the asset is measured using market prices, or in the absence of market prices, is based on an estimate of discounted cash flows. Cash flows are discounted at an interest rate commensurate with our weighted average cost of capital for a similar asset.

Assets are grouped at the lowest level at which cash flows are identifiable and independent. We generally group operating assets by product line of the respective region. We have long-lived assets, such as facilities, utilized by multiple operating divisions that do not have identifiable cash flows and impairment testing for these long-lived assets is based on the consolidated entity.

In the fourth quarter of 2017, we recognized long-lived asset impairment charges of $928 million, of which $923 million was related to PP&E impairments and $5 million was related to the impairment of intangible assets. The PP&E impairment charges of $740 million was attributable to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale, PP&E impairment charges related to our product lines of $135 million in the Western Hemisphere segment and $37 million in the Eastern Hemisphere segment. In addition, we recognized $11 million of long-lived impairment charges related to Corporate assets.

During 2016, we recognized long-lived asset impairment charges of $436 million, of which $388 million was related to product line PP&E impairments and $48 million was related to the impairment of intangible assets. The PP&E impairment charges were related to our Pressure Pumping in the Eastern Hemisphere segment and Well Construction, Drilling Services and Secure Drilling Service in the Western Hemisphere segment. In 2015, we recognized total long-lived asset impairment charges of $638 million with $383 million related to U.S. Pressure Pumping, Drilling Tools and Wireline product lines in the Western Hemisphere segment and $255 million related to land drilling rigs product line assets in the Eastern Hemisphere segment.

The long-lived assets impairment charges were due to the prolonged downturn in the oil and gas industry, whose recovery in the third quarter was not as strong as expected and whose recovery in the fourth quarter of 2016 and in 2017 was and is expected to be slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive

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negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives.

The decline and its impact on demand represent a significant adverse change in the business climate and an indication that some of our long-lived assets may not be recoverable. Based on the impairment indicators noted we performed an analysis of our long-lived assets in 2017, 2016 and 2015 and recorded long-lived and other asset impairment charges to adjust to fair value. See “Note 8 – Long-Lived Asset Impairments” for additional information regarding the long-lived assets impairment.

Management cannot predict the occurrence of future impairment-triggering events, so we continue to assess whether indicators of impairment to long-lived assets exist due to the current business conditions in the oilfield services industry.

Income Taxes

We take into account the differences between the financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Our income tax provision in 2017 was $137 million compared to an income tax provision of $496 million in 2016 and an income tax benefit of $145 million in 2015, respectively, which resulted in an effective tax rate of (5)%, (17)% and 7%, respectively.

We recognize the impact of an uncertain tax position taken or expected to be taken on an income tax return in the financial statements at the largestamount that is more likely than not to be sustained upon examination by the relevant taxing authority.

We operate in approximately 90 countries through hundreds of legal entities. As a result, we are subject to numerous tax laws in the jurisdictions, and tax agreements and treaties among the various taxing authorities. Our operations in these jurisdictions in which we operate are taxed on various bases: income before taxes, deemed profits (which is generally determined using a percentage of revenues rather than profits), withholding taxes based on revenue, and other alternative minimum taxes. The calculation of our tax liabilities involves consideration of uncertainties in the application and interpretation of complex tax regulations in a multitude of jurisdictions across our global operations. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. As of December 31, 2017, we had recorded reserves for uncertain tax positions of $217 million, excluding accrued interest and penalties of $61 million. The tax liabilities are reflected net of realized tax loss carryforwards. We adjust these reserves upon specific events; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is different from our current estimate of the tax liabilities.

If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when the contingency has been resolved and the liabilities are no longer necessary. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact upon the amount of income taxes that we provide during any given year.

Valuation Allowance for Deferred Tax Assets

We record a valuation allowance to reduce the carrying value of our deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will expire before realization of the benefit. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character and in the related jurisdiction in the future. In evaluating our ability to recover our deferred tax assets, we consider the available positive and negative evidence, including our past operating results, the existence of cumulative losses in the most recent years and our forecast of future taxable income. In estimating future taxable income, we develop assumptions, including the amount of future pre-tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment.

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We have considered various tax planning strategies that we would implement, if necessary, to enable the realization of our deferred tax assets; however, when the likelihood of the realization of existing deferred tax assets changes, adjustments to the valuation allowance are charged to our income tax provision in the period in which the determination is made.

As a result of the continued losses, and limited objective positive evidence to overcome negative evidence, the Company concluded that it needed to record additional valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized.

As of December 31, 2017, our gross deferred tax assets were $2.1 billion before a related valuation allowance of $1.9 billion. As of December 31, 2016, our gross deferred tax assets were $1.9 billion before a related valuation allowance of $1.7 billion. The gross deferred tax assets were also offset by gross deferred tax liabilities of $251 million and $259 million as of December 31, 2017 and 2016, respectively.

Allowance for Doubtful Accounts

We maintain an allowance for doubtful accounts in order to record accounts receivable at their net realizable value. Significant judgment is involved in recognizing this allowance. The determination of the collectability requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness to determine that collectability is reasonably assured, as well as consideration of the overall business and political climate in which our customers operate. Provisions for doubtful accounts are recorded when it becomes evident that customer accounts are uncollectible. At December 31, 2017,the total allowance for doubtful accounts was $329 million, which includes current allowance of $156 million, or 12% of total gross accounts receivable and long-term allowance of $173 million. At December 31, 2016, the allowance for doubtful accounts was $129 million, or 9%, of total gross accounts receivable. In 2017 and 2016, we recognized a charge for bad debt expense of $238 million and $69 million, respectively. In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela and reclassified $158 million of net accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets. In the fourth quarter of 2017, we recorded an allowance for uncollectible long-term receivables for the full net amount of $158 million. We believe that our allowance for doubtful accounts is adequate to cover bad debt losses under current conditions. However, uncertainties regarding changes in the financial condition of our customers, either adverse or positive, could impact the amount and timing of any additional provisions for doubtful accounts that may be required. A 5% change in the current allowance for doubtful accounts would have had an impact on loss before income taxes of approximately $8 million in 2017.

Inventory Reserves

Inventory represents a significant component of current assets and is stated at the lower of cost or market using either a first-in, first-out (“FIFO”) or average cost method. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. To determine these reserve amounts, we review inventory quantities on hand, future product demand, market conditions, production requirements and technological obsolesce. This review requires us to make judgments regarding potential future outcomes. At December 31, 2017 and 2016, inventory reserves totaled $682 million, or 36%, and $265 million, or 13%, of gross inventory, respectively. During 2017 and 2016, we recognized inventory write-off and other related charges, including excess and obsolete inventory charges totaling $540 million and $269 million, respectively. These charges were largely attributable to the downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand. We believe that our reserves are adequate to properly value excess, slow-moving and obsolete inventory under current conditions.

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Disputes, Litigation and Contingencies

As of December 31, 2017, we have accrued an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our legal department manages all pending or threatened claims and investigations on our behalf. The estimate of the probable costs related to these matters is developed in consultation with internal and outside legal counsel. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the issues. Whenever possible, we attempt to resolve these matters through settlements, mediation and arbitration proceedings if advantageous to us. If the actual settlement costs, final judgments or fines differ from our estimates, our future financial results may be adversely affected. For a more comprehensive discussion of our Disputes, Litigation and Contingencies, see “Item 8. – Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 21 – Disputes, Litigation and Contingencies.”

New Accounting Pronouncements

See “Note 1 – Summary of Significant Accounting Policies” to our Consolidated Financial Statements for additional information.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

We are currently exposed to market risk from changes in foreign currency and changes in interest rates. From time to time, we may enter into derivative financial instrument transactions to manage or reduce our market risk. A discussion of our market risk exposure in these financial instruments follows.

Foreign Currency Exchange Rates and Inflationary Impacts

We operate in virtually every oil and natural gas exploration and production region in the world. In some parts of the world, such as Latin America, the Middle East and Southeast Asia, the currency of our primary economic environment is the U.S. dollar, and we use the U.S. dollar as our functional currency. In other parts of the world, we conduct our business in currencies other than the U.S. dollar, and the functional currency is the applicable local currency.

Currency devaluation charges are included in current earnings in “Currency Devaluation Charges” on the accompanying Consolidated Statements of Operations. In 2017, we had no currency devaluation charges. In 2016 and 2015, currency devaluation charges were $41 million and $85 million, respectively, reflecting the impacts of the devaluation of several currencies. For additional details see “Currency Devaluation Charges” sub-heading under“Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Foreign Currency, Foreign Currency Forward Contracts and Cross-Currency Swaps

Assets and liabilities of entities for which the functional currency other than the U.S. dollar are translated into U.S. dollars using the exchange rates in effect at the balance sheet date result in translation adjustments that are reflected in Accumulated Other Comprehensive Loss in the Shareholders’ (Deficiency) Equity section on our Consolidated Balance Sheets. Foreign currency translation comprehensive loss improved $130 million in 2017 and decreased $12 million in 2016.

As of December 31, 2017 and 2016, we had outstanding foreign currency forward contracts with total notional amounts aggregating $767 million and $1.6 billion, respectively. These contracts were entered into in order to hedge our net monetary exposure to currency fluctuations in various foreign currencies. The total estimated fair value of these contracts and amounts owed associated with closed contracts at December 31, 2017 and 2016, resulted in a net asset of approximately $1 million and a net liability$7 million, respectively. These derivative instruments were not designated as hedges, and the changes in fair value of the contracts are recorded each period in current earnings.

Interest Rates

We are subject to interest rate risk on our long-term fixed-interest rate debt and variable-interest rate borrowings. Variable rate debt exposes us to short-term changes in market interest rates. Fixed rate debt exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at a higher rate. All other things being equal, the fair value of our fixed rate debt will increase or decrease inversely to changes in interest rates.

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Our senior notes outstanding at December 31, 2017 and 2016, and that were subject to interest rate risk consist of the following:

	December 31,
	2017				2016
(Dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
6.35% Senior Notes due 2017	—		—		89		89
6.00% Senior Notes due 2018	66		66		66		66
9.625% Senior Notes due 2019	488		516		489		518
5.125% Senior Notes due 2020	364		364		363		342
5.875% Exchangeable Senior Notes due 2021 (a)	1,170		1,221		1,147		1,199
7.75% Senior Notes due 2021	741		767		739		761
4.50% Senior Notes due 2022	643		587		642		565
8.250% Senior Notes due 2023	739		755		738		757
9.875% Senior Notes due 2024	780		840		528		575
6.50% Senior Notes due 2036	447		378		447		364
6.80% Senior Notes due 2037	255		214		255		213
7.00% Senior Notes due 2038	456		396		456		384
9.875% Senior Notes due 2039	245		267		245		250
6.75% Senior Notes due 2040	456		391		456		373
5.95% Senior Notes due 2042	368		298		368		283
Total	$	7,218	$	7,060	$	7,028	$	6,739

(a) The Exchangeable Senior Notes due 2021 have been separated into the exchange feature, which is reported in Capital in Excess of Par Value, and the debt component, which is reflected in the table above and is reported in long-term debt. The estimated fair value reflected above is for the debt component only. The estimated fair value as of December 31, 2017 for the entire Exchangeable Senior Notes, which have a principal value of $1.265 billion, is $1.358 billion.

On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024 (“Notes”). These Notes were issued as additional securities under an indenture pursuant to which we previously issued $540 million aggregate principal amount of our 9.875% senior notes due 2024. During 2016, through a series of offerings, we received proceeds net of underwriting fees of $3.7 billion from the issuance various unsecured debt instruments and a secured term loan. We used certain proceeds from our initial debt offering to fund tender offers to buy back our senior notes with a principal balance of $1.87 billion and used the remaining proceeds to repay our revolving credit facility and for general corporate purposes. We recognized a cumulative loss of $78 million on the tender offers buyback transaction. See “Note 12 – Short-term Borrowings and Other Debt Obligations” and “Note 13 – Long-term Debt” for additional details of our financing activities.

We have various capital lease and other long-term debt instruments of $460 million at December 31, 2017, but believe the impact of changes in interest rates in the near term will not be material to these instruments. The carrying value of our short-term borrowings of $11 million at December 31, 2017 approximates their fair value.

As it relates to our variable rate debt, if market interest rates increase by an average of 1% from the rates as of December 31, 2017, interest expense for 2017 would increase by less than $1 million. This amount was determined by calculating the effect of the hypothetical interest rate on our variable rate debt. For purposes of this sensitivity analysis, we assumed no changes in our capital structure.

Interest Rate Swaps and Derivatives

We manage our debt portfolio to limit our exposure to interest rate volatility and may employ interest rate derivatives as a tool to achieve that goal. The major risks from interest rate derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties in such transactions. The counterparties to our interest rate swaps are multinational commercial banks. We continually re-evaluate counterparty creditworthiness and modify our requirements accordingly.

47

Amounts paid or received upon termination of the interest rate swaps represent the fair value of the agreements at the time of termination. Derivative gains and losses are recognized each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge.

Item 8. Financial Statements and Supplementary Data

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

	PAGE
Reports of Independent Registered Public Accounting Firm	49
Consolidated Statements of Operations for each of the three years in the period ended December 31, 2017	51
Consolidated Statements of Comprehensive Loss for each of the three years in the period ended December 31, 2017	52
Consolidated Balance Sheets as of December 31, 2017 and 2016	53
Consolidated Statements of Shareholders’ (Deficiency) Equity for each of the three years in the period ended December 31, 2017	54
Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2017	55
Notes to Consolidated Financial Statements	56
Financial Statement Schedule II:
Valuation and Qualifying Accounts and Allowances	110

48

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Weatherford International plc:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Weatherford International plc and subsidiaries (the “Company”) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive loss, shareholders’ (deficiency) equity, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes and financial statement schedule II (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2018 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company’s auditor since 2013.

Houston, Texas

February 14, 2018

49

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Weatherford International plc:

Opinion on Internal Control Over Financial Reporting

We have audited Weatherford International plc and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive loss, shareholders’ (deficiency) equity, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes and financial statement scheduleII(collectively, the “consolidated financial statements”), and our report dated February 14, 2018 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Houston, Texas

February 14, 2018

50

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
	Year Ended December 31,
(Dollars and shares in millions, except per share amounts)	2017			2016			2015
Revenues:
Products	$	2,116		$	2,059		$	3,573
Services	3,583			3,690			5,860
Total Revenues	5,699			5,749			9,433
Costs and Expenses:
Cost of Products	2,142			2,143			3,433
Cost of Services	2,747			3,046			4,588
Research and Development	158			159			231
Selling, General and Administrative Attributable to Segments	910			970			1,353
Corporate General and Administrative	130			139			227
Long-Lived Asset Impairments, Write-Downs and Other Charges	1,664			1,043			768
Goodwill and Equity Investment Impairment	—			—			25
Restructuring Charges	183			280			232
Litigation Charges, Net	(10		)	220			116
(Gain) Loss from Disposition of U.S. Pressure Pumping Assets and Businesses	(96		)	—			6
Total Costs and Expenses	7,828			8,000			10,979
Operating Loss	(2,129		)	(2,251		)	(1,546		)
Other Income (Expense):
Interest Expense, Net	(579		)	(499		)	(468		)
Warrant Fair Value Adjustment	86			16			—
Bond Tender Premium, Net	—			(78		)	—
Currency Devaluation Charges	—			(41		)	(85		)
Other Income (Expense), Net	(34		)	(24		)	3
Loss Before Income Taxes	(2,656		)	(2,877		)	(2,096		)
Income Tax (Provision) Benefit	(137		)	(496		)	145
Net Loss	(2,793		)	(3,373		)	(1,951		)
Net Income Attributable to Noncontrolling Interests	20			19			34
Net Loss Attributable to Weatherford	$	(2,813	)	$	(3,392	)	$	(1,985	)
Loss Per Share Attributable to Weatherford:
Basic & Diluted	$	(2.84	)	$	(3.82	)	$	(2.55	)
Weighted Average Shares Outstanding:
Basic & Diluted	990			887			779

The accompanying notes are an integral part of these consolidated financial statements.

51

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Net Loss	$	(2,793	)	$	(3,373	)	$	(1,951	)
Foreign Currency Translation	130			(12		)	(789		)
Defined Benefit Pension Activity	(39		)	42			28
Other	—			1			1
Other Comprehensive Income (Loss)	91			31			(760		)
Comprehensive Loss	(2,702		)	(3,342		)	(2,711		)
Comprehensive Income Attributable to Noncontrolling Interests	20			19			34
Comprehensive Loss Attributable to Weatherford	$	(2,722	)	$	(3,361	)	$	(2,745	)

The accompanying notes are an integral part of these consolidated financial statements.

52

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	December 31,
(Dollars and shares in millions, except par value)	2017			2016
Current Assets:
Cash and Cash Equivalents	$	613		$	1,037
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016	1,103			1,383
Inventories, Net	1,234			1,802
Prepaid Expenses	237			263
Other Current Assets	332			402
Current Assets Held for Sale	359			23
Total Current Assets	3,878			4,910
Property, Plant and Equipment:
Land, Buildings and Leasehold Improvements	1,551			1,622
Rental and Service Equipment	6,481			7,975
Machinery and Other	2,138			2,245
Property, Plant and Equipment, Gross	10,170			11,842
Less: Accumulated Depreciation	7,462			7,362
Property, Plant and Equipment, Net	2,708			4,480
Goodwill	2,727			2,797
Intangible Assets, Net	213			248
Equity Investments	62			66
Other Non-current Assets	159			163
Total Assets	$	9,747		$	12,664
Current Liabilities:
Short-term Borrowings and Current Portion of Long-term Debt	$	148		$	179
Accounts Payable	856			845
Accrued Salaries and Benefits	308			291
Income Taxes Payable	228			255
Other Current Liabilities	690			858
Total Current Liabilities	2,230			2,428
Long-term Debt	7,541			7,403
Other Non-current Liabilities	547			765
Total Liabilities	10,318			10,596
Shareholders’ (Deficiency) Equity:
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 993 shares and 983 shares at December 31, 2017 and 2016, respectively	1			1
Capital in Excess of Par Value	6,655			6,571
Retained Deficit	(5,763		)	(2,950		)
Accumulated Other Comprehensive Loss	(1,519		)	(1,610		)
Weatherford Shareholders’ (Deficiency) Equity	(626		)	2,012
Noncontrolling Interests	55			56
Total Shareholders’ (Deficiency) Equity	(571		)	2,068
Total Liabilities and Shareholders’ (Deficiency) Equity	$	9,747		$	12,664

The accompanying notes are an integral part of these consolidated financial statements.

53

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ (DEFICIENCY) EQUITY
(Dollars in millions)	Par Value of Issued Shares		Capital In Excess of Par Value		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total Shareholders’ Equity (Deficiency)
Balance at December 31, 2014	$	1	$	5,411	$	2,427		$	(881	)	$	75		$	7,033
Net Income (Loss)	—		—		(1,985		)	—			34			(1,951		)
Other Comprehensive Loss	—		—		—			(760		)	—			(760		)
Dividends Paid to Noncontrolling Interests	—		—		—			—			(48		)	(48		)
Equity Awards Granted, Vested and Exercised	—		91		—			—			—			91
Balance at December 31, 2015	$	1	$	5,502	$	442		$	(1,641	)	$	61		$	4,365
Net Income (Loss)	—		—		(3,392		)	—			19			(3,373		)
Other Comprehensive Income	—		—		—			31			—			31
Dividends Paid to Noncontrolling Interests	—		—		—			—			(24		)	(24		)
Issuance of Common Shares	—		894		—			—			—			894
Issuance of Exchangeable Notes	—		97		—			—			—			97
Equity Awards Granted, Vested and Exercised	—		78		—			—			—			78
Balance at December 31, 2016	$	1	$	6,571	$	(2,950	)	$	(1,610	)	$	56		$	2,068
Net Income (Loss)	—		—		(2,813		)	—			20			(2,793		)
Other Comprehensive Income	—		—		—			91			—			91
Dividends Paid to Noncontrolling Interests	—		—		—			—			(21		)	(21		)
Equity Awards Granted, Vested and Exercised	—		84		—			—			—			84
Balance at December 31, 2017	$	1	$	6,655	$	(5,763	)	$	(1,519	)	$	55		$	(571	)

The accompanying notes are an integral part of these consolidated financial statements.

54

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Cash Flows From Operating Activities:
Net Loss	$	(2,793	)	$	(3,373	)	$	(1,951	)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation and Amortization	801			956			1,200
Long-Lived Asset Impairments and Other Charges	928			436			638
Venezuelan Receivables Write-Down	230			—			—
Inventory Write-off and Other Related Charges	540			269			244
Goodwill and Equity Investment Impairment	—			—			25
Restructuring and Other Asset Charges	38			194			194
Defined Benefit Pension Plan Gains	(47		)	—			—
Currency Devaluation Charges	—			41			85
Litigation Charges (Credits)	(10		)	214			122
Bond Tender Premium	—			78			—
Employee Share-Based Compensation Expense	70			87			73
Bad Debt Expense	8			69			48
(Gain) Loss on Sale of Assets and Businesses, Net	(91		)	(10		)	30
Deferred Income Tax Provision (Benefit)	(25		)	381			(448		)
Warrant Fair Value Adjustment	(86		)	(16		)	—
Other, Net	142			127			(32		)
Change in Operating Assets and Liabilities, Net of Effect of Businesses Acquired:
Accounts Receivable	(29		)	214			1,031
Inventories	(37		)	260			349
Other Current Assets	107			67			128
Accounts Payable	(2		)	(21		)	(813		)
Billings in Excess of Costs and Estimated Earnings	11			45			(1		)
Accrued Litigation and Settlements	(123		)	(94		)	(128		)
Other Current Liabilities	20			(201		)	(10		)
Other, Net	(40		)	(27		)	(69		)
Net Cash Provided by (Used in) Operating Activities	(388		)	(304		)	715
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(225		)	(204		)	(682		)
Acquisition of Assets Held for Sale	(244		)	—			—
Acquisitions of Businesses, Net of Cash Acquired	(7		)	(5		)	(14		)
Acquisition of Intellectual Property	(15		)	(10		)	(8		)
Insurance Proceeds Related to Asset Casualty Loss	—			39			—
Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net	(1		)	(6		)	8
Proceeds from Sale of Assets	51			49			37
Proceeds from Disposition of U.S. Pressure Pumping and Pump-Down Perforating Assets	430			—			—
Other Investing Activities	(51		)	—			—
Net Cash Used in Investing Activities	(62		)	(137		)	(659		)
Cash Flows From Financing Activities:
Borrowings of Long-term Debt	250			3,681			4
Repayments of Long-term Debt	(69		)	(1,963		)	(474		)
Borrowings (Repayments) of Short-term Debt, Net	(128		)	(1,512		)	505
Proceeds from Issuance of Ordinary Common Shares and Warrant	—			1,071			—
Bond Tender Premium	—			(78		)	—
Payment for Leased Asset Purchase	—			(87		)	—
Other Financing Activities, Net	(33		)	(51		)	(32		)
Net Cash Provided by Financing Activities	20			1,061			3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	6			(50		)	(66		)
Net Increase (Decrease) in Cash and Cash Equivalents	(424		)	570			(7		)
Cash and Cash Equivalents at Beginning of Year	1,037			467			474
Cash and Cash Equivalents at End of Year	$	613		$	1,037		$	467

The accompanying notes are an integral part of these consolidated financial statements.

55

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.  Summary of Significant Accounting Policies

Organization and Nature of Operations

Weatherford International plc (“Weatherford Ireland”), an Irish public limited company and Swiss tax resident, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a multinational oilfield service company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. We operate in approximately 90 countries, which are located in nearly all of the oil and natural gas producing regions in the world. Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years.

On June 17, 2014, we completed the change in our place of incorporation from Switzerland to Ireland, whereby Weatherford Ireland became the new public holding company and the parent of the Weatherford group of companies (the “Merger”). The Merger was effected through an agreement between Weatherford International Ltd. (“Weatherford Switzerland”) and Weatherford Ireland pursuant to which each registered share of Weatherford Switzerland was exchanged for the allotment of one ordinary share of Weatherford Ireland. The authorized share capital of Weatherford Ireland includes 1.356 billion ordinary shares with a par value of $0.001 per share. Our ordinary shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “WFT,” the same symbol under which Weatherford Switzerland registered shares were previously listed.

In February 2009, we completed a share exchange transaction in which Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and our then parent company, became a wholly owned subsidiary of Weatherford Switzerland, for purposes of changing the Company’s place of incorporation from Bermuda to Switzerland. Prior to 2002, our parent company was Weatherford International, Inc., a Delaware corporation (“Weatherford Delaware”), until we moved our incorporation to Bermuda in 2002. Weatherford Bermuda and Weatherford Delaware continue to be wholly owned subsidiaries of Weatherford Ireland. In 2013, Weatherford Delaware converted its corporate form and now exists as Weatherford International, LLC, a Delaware limited liability company.

Principles of Consolidation

We consolidate all wholly owned subsidiaries, controlled joint ventures and variable interest entities where the Company has determined it is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation.

Prior periods segment results, restructuring charges and certain other items have been reclassified for the change in our reportable segment presentation. Certain prior year amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders’ (deficiency) equity were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details.

Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. We recognize equity in earnings of unconsolidated affiliates in Selling, General and Administration attributable to segments in our Consolidated Statements of Operations (see “Note 11 – Equity Investments”).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

56

Disputes, Litigation and Contingencies

We accrue an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues.

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.

Allowance for Doubtful Accounts

We establish an allowance for doubtful accounts based on various factors including historical experience, the current aging status of our customer accounts, the financial condition of our customers and the business and political environment in which our customers operate. Provisions for doubtful accounts are recorded when it becomes probable that customer accounts are uncollectible.

Major Customers and Credit Risk

Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for potential credit losses, and actual losses have historically been within our expectations. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales have resulted in a concentration of receivables from certain national oil companies. As of December 31, 2017, the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017, our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017, 2016 and 2015, no individual customer accounted for more than 10% of our consolidated revenues.

Inventories

We value our inventories at lower of cost or market using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. Work in process and finished goods inventories include the cost of materials, labor and manufacturing overhead. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and record provisions for excess, slow moving and obsolete inventory. 

Property, Plant and Equipment

We carry our property, plant and equipment, both owned and under capital lease, at cost less accumulated depreciation. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable.

Our depreciation expense was $749 million, $896 million and $1.1 billion for the years ended December 31, 2017, 2016 and 2015, respectively. We classify our rig assets as “Rental and Service Equipment” on the Consolidated Balance Sheets.

57

The estimated useful lives of our major classes of PP&E are as follows:

Major Classes of Property, Plant and Equipment	Estimated Useful Lives
Buildings and leasehold improvements	10 – 40 years or lease term
Rental and service equipment	2 – 20 years
Machinery and other	2 – 12 years

Goodwill

Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative step of the impairment test. If it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, further testing is not required. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance.

Intangible Assets

Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. Intangible assets are amortized on a straight-line basis over their estimated economic lives generally ranging from two to 20 years, except for intangible assets with indefinite lives, which are not amortized. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable.

Long-Lived Assets

We initially record our long-lived assets at cost, and review on a regular basis to determine whether any events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Factors that might indicate a potential impairment may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions or a reduction in cash flows associated with the use of the long-lived asset. If these or other factors indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset at the lowest level that has an identifiable cash flow. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We estimate the fair value of the asset using market prices when available or, in the absence of market prices, based on an estimate of discounted cash flows or replacement cost. Cash flows are generally discounted using an interest rate commensurate with a weighted average cost of capital for a similar asset.

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Environmental Expenditures

Environmental expenditures that relate to the remediation of an existing condition caused by past operations and that do not contribute to future revenues are expensed. Liabilities for these expenditures are recorded when it is probable that obligations have been incurred and costs can be reasonably estimated. Estimates are based on available facts and technology, enacted laws and regulations and our prior experience in remediation of contaminated sites.

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Derivative Financial Instruments

We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge.

Foreign Currency

Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in Accumulated Other Comprehensive Loss, a component of shareholders’ (deficiency) equity.

For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “Note 15 – Derivative Instruments”) in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations. Devaluation charges on foreign currencies are reported in “Currency Devaluation Charges” on the accompanying Consolidated Statements of Operations..

At December 31, 2017 our net monetary asset position denominated in Angolan kwanza was approximately $99 million. 

Share-Based Compensation

We account for all share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of expected forfeitures, over the service period, which is usually the vesting period.

Income Taxes

Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority.

Revenue Recognition

Revenue is recognized when all of the following criteria have been met: (1) evidence of an arrangement exists; (2) delivery to and acceptance by the customer has occurred; (3) the price to the customer is fixed or determinable; and (4) collectability is reasonably assured.

Our services and products are generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue is recognized for products upon delivery and when the customers assume the risks and rewards of ownership. Revenue is recognized for services when they are rendered. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. We recognize revenue for day-rate contracts as the services are rendered.

Up-front payments for preparation and mobilization of equipment and personnel in connection with new drilling contracts are deferred along with any related incremental costs incurred directly related to preparation and mobilization. The deferred revenue and costs are recognized over the primary contract term using the straight-line method. Costs of relocating equipment without

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contracts are expensed as incurred. Demobilization fees received are recognized, along with any related expenses, upon completion of contracts.

We incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. We recognize the revenue associated with these rebillable expenses when reimbursed by customers as Product Revenues and all related costs as Cost of Products in the accompanying Consolidated Statements of Operations.

Revenue Recognition – Venezuela

In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela to record a discount reflecting the time value of money and accrete the discount as interest income over the expected collection period using the effective interest method. In connection with this development, we corrected this immaterial error for the three and six month periods ended June 30, 2017. The impact of the correction decreased revenue and increased interest income by approximately $31 million and $4 million, respectively, for the three month period ended June 30, 2017 and reduced accounts receivable by approximately $27 million as of June 30, 2017. To reflect the impact of payment delays and expectation that the time to collect may exceed one year, we reclassified $158 million of accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets.

In the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. In connection with this development, we recorded a charge equal to a full allowance on our accounts receivable for revenue earned prior to September 30, 2017 in Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Account for these customers in Venezuela. The impact of the charge was approximately $230 million for the three month period ended December 31, 2017 and reduced Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Accounts on the accompanying Condensed Consolidated Balance Sheets by approximately $158 million and $72 million, respectively, as of December 31, 2017.

We will continue to monitor our Venezuelan operations and will actively pursue collection of our outstanding invoices.

Percentage-of-Completion

Revenue from certain long-term construction type contracts is reported based on the percentage-of-completion method of accounting. This method of accounting requires us to calculate contract profit to be recognized in each reporting period for each contract based upon our projections of future outcomes, which include:

•estimates of the available revenue under the contracts;

•estimates of the total cost to complete the project;

•estimates of project schedule and completion date;

•estimates of the extent of progress toward completion; and

•change order amounts or claims included in revenue.

Measurements of progress are based on costs incurred to date as a percentage of total estimated costs or output related to physical progress. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project. Risks related to service delivery, usage, productivity and other factors are considered in the estimation process. We periodically evaluate the estimated costs, claims, change orders and percentage-of-completion at the contract level. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit multiplied by the current estimated percentage complete for the contract. There are many factors that impact future costs, including but not limited to weather, inflation, customer activity levels and budgeting constraints, labor and community disruptions, timely availability of materials, productivity and other factors.

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Earnings per Share

Basic earnings per share for all periods presented equals net income divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings per share is computed by dividing net income by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units.

Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method. Accordingly, we include our restricted share awards (“RSA”) and the outstanding warrant, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when diluted.

New Accounting Pronouncements

Accounting Changes

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies that modification accounting is required only if the fair value, the vesting conditions, or the classification of a share-based payment award changes as a result of changes in terms or conditions of the award. We have elected to early adopt ASU 2017-09 in the second quarter of 2017 and the adoption of this ASU had no impact on our Consolidated Financial Statements.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the goodwill impairment test requiring an entity to compute the implied fair value of goodwill. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We have elected to adopt ASU 2017-04 as of January 1, 2017 and the adoption of this ASU has no impact on our Consolidated Financial Statements.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 requires all income tax effects related to share-based payments at settlement (or expiration) be recorded through the income statement, including unrealized excess tax benefits. ASU 2016-09 also requires that all tax related cash flows resulting from share-based payments be presented as operating activities in the statement of cash flows. In addition, the guidance allows entities to increase the net-share settlement of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to estimate forfeitures or recognize them as they occur. Finally, the new guidance requires all cash payments made to a taxing authority on an employee’s behalf for shares withheld be presented as financing activities in the statement of cash flows.

We adopted ASU 2016-09 in the first quarter of 2017. We prospectively adopted the changes requiring all tax effects related to share-based payments to be recorded through the income statement and all tax related cash flows from share based payments to be presented as operating activities in the statement of cash flows. There is no cumulative effect as there is no impact from unrecognized excess tax benefits or minimum withholding requirements and prior periods have not been adjusted. We have also made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. We have retrospectively adopted the guidance to classify as a financing activity on the statement of cash flows all cash payments made to a taxing authority on an employee’s behalf for shares withheld for tax-withholding purposes. We have reclassified $10 million and $9 million from other operating activities to other financing activities in the Statements of Cash Flows for the years ended December 31, 2016 and 2015, respectively.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires inventory not measured using either the last in, first out or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We adopted ASU 2015-11 in the first quarter of 2017 prospectively with no impact on our Consolidated Financial Statements.

Accounting Standards Issued Not Yet Adopted

In July 2017, the FASB issued ASU 2017-11, which amends the accounting for certain equity-linked financial instruments and states a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an

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entity’s own stock. For an equity-linked financial instrument no longer accounted for as a liability at fair value, the amendments require a down round to be treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. The ASU is effective beginning with the first quarter of 2019, and early adoption is permitted. The ASU is required to be applied retrospectively to outstanding instruments. Weatherford has evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not impact the liability classification of our warrant instrument.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). The service cost component of net benefit cost will be bifurcated and presented with other employee compensation costs, while other components of net benefit costs will be presented separately outside of income from operations. The standard is required to be applied on a retrospective basis and will be effective beginning with the first quarter of 2018. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements, other than the $41 million income adjustment of non-service cost components from operating expenses to other income (expense) for 2017.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which eliminates a current exception in U.S. GAAP to the recognition of the income tax effects of temporary differences that result from intra-entity transfers of non-inventory assets. The intra-entity exception is being eliminated under the ASU. The standard is required to be applied on a modified retrospective basis and will be effective beginning with the first quarter of 2018.  We estimate that the impact that this new standard will have on our Consolidated Financial Statements will be a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes paid that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to recognize a lease asset and lease liability for most leases, including those classified as operating leases under existing U.S. GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors.

Under ASU 2016-02, we will revise our leasing policies to require most of the leases, where we are the lessee, to be recognized on the balance sheet as a lease asset and lease liability whereas currently we do not recognize operating leases on our balance sheet. Further, we will separate leases from other contracts where we are either the lessor or lessee when the rights conveyed under the contract indicate there is a lease, where we may not be required to do so under existing policies. While we cannot calculate the impact ASU 2016-02 will have on Weatherford’s financial statements, we anticipate that Weatherford’s assets and liabilities will increase by a significant amount. This standard will be effective for us beginning with the first quarter of 2019. We do not anticipate adopting ASU 2016-02 early, which is permitted under the standard. 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 will require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires a five-step approach to recognizing revenue: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. Subsequent to ASU 2014-09’s issuance, Topic 606 has been affected by other FASB updates that address certain aspects of Topic 606 or revised the effective date of the accounting changes.

Under ASU 2014-09, we will revise our revenue recognition policy to require revenue recognition when control passes. This is a change from current policies, which generally require revenue recognition when delivery has occurred and risk and rewards of ownership have passed.

We adopted ASU 2014-09 as of January 1, 2018. ASU 2014-09 permits two transition methods: the retrospective method or the modified retrospective method. Weatherford applied the modified retrospective method which requires the recognition of a cumulative effect as an adjustment to opening retained earnings on the initial date of adoption.

We have commenced our implementation of ASU 2014-09 and completed an assessment of the differences between ASU 2014-09 and current accounting practices (gap analysis). Our approach involved comparing existing accounting requirements to the requirements under Topic 606 for each of our product lines and reviewing a sample of contracts within each product line and region. We are currently in the process of establishing new policies, procedures, and controls, establishing appropriate presentation and disclosure changes and quantifying any adoption date adjustments. Although not finalized, based on the implementation efforts

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performed, management’s assessment is that ASU 2014-09 will not materially affect us. Any changes are not expected to have any impact to our cash flows.

2.  Business Combinations and Divestitures

Acquisitions

From time to time, we acquire businesses we believe are important to our long-term strategy. Results of operations for acquisitions are included in the accompanying Consolidated Statements of Operations from the date of acquisition. The purchase price for the acquisitions is allocated to the net assets acquired based upon their estimated fair values at the date of acquisition. We did not complete any material acquisitions during the year ended December 31, 2017 or 2016.

Divestitures

On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash. As part of this transaction, we disposed of our ownership of our U.S. pressure pumping and pump-down perforating related facilities and supplier and customer contracts. Proceeds from the sale were applied to reduce outstanding indebtedness.

The carrying amounts of the major classes of assets of U.S. pressure pumping and pump-down perforating divested are as follows:

	December 31,
(Dollars in millions)	2017
Assets:
Inventory, Net	$	7
Property, Plant and Equipment, Net	222
Goodwill	162
Total Assets	$	391
Liabilities:
Long-term Debt	$	9
Other Liabilities	52
Total Liabilities	$	61

Held for Sale

During the fourth quarter of 2017, we committed to a plan to divest our land drilling rigs assets. As such, we reclassified the carrying amounts of the assets we plan to divest as held for sale as of December 31, 2017, which include $276 million of PP&E and other assets and $64 million of inventory. As of December 31, 2017, we also had $19 million of other PP&E held for sale.

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3. Restructuring Charges

Due to the ongoing levels of exploration and production spending, we continue to reduce our overall cost structure and workforce to better align with current activity levels of exploration and production. The cost reduction plan which began in 2016 and continued throughout 2017 (the “2016-17 Plan”), included a workforce reduction and other cost reduction measures initiated across our geographic regions. Prior plans, including the 2016 cost reduction plan (the “2016 Plan”) and 2015 cost reduction plan (the “2015 Plan”) also included a workforce reduction and other cost reduction measures initiated across our geographic regions. Other restructuring charges in each plan include contract termination costs, relocation and other associated costs.

In connection with the 2016-17 Plan, we recognized restructuring charges of $183 million in 2017, which include severance benefits of $109 million, other restructuring charges of $62 million and restructuring related asset charges of $12 million.

In connection with the 2016 Plan, we recognized restructuring charges of $280 million in 2016, which include severance benefits of $196 million, other restructuring charges of $44 million and restructuring related asset charges of $40 million.

The 2015 Plan commenced in the fourth quarter of 2014 and included a worldwide workforce reduction and other cost reduction measures. In connection with the 2015 Plan, we recognized restructuring charges of $232 million in 2015, which include severance benefits of $149 million, other restructuring charges of $19 million and restructuring related asset charges of$64 million.

The following tables present the components of the restructuring charges by segment and plan for the years ended December 31, 2017, 2016 and 2015.

	Year Ended December 31, 2017
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016-17 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	42	$	28	$	70
Eastern Hemisphere	35		42		77
Corporate	32		4		36
Total	$	109	$	74	$	183

	Year Ended December 31, 2016
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	82	$	71	$	153
Eastern Hemisphere	62		13		75
Corporate	52		—		52
Total	$	196	$	84	$	280

	Year Ended December 31, 2015
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2015 Plan:	Charges		Charges		Other Charges
Western Hemisphere	$	68	$	26	$	94
Eastern Hemisphere	66		57		123
Corporate	15		—		15
Total	$	149	$	83	$	232

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The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below, and largely relate to the severance accrued as part of the 2016-17 Plan, the 2016 Plan and the 2015 Plan that will be paid pursuant to the respective arrangements and statutory requirements.

	At December 31, 2017
	2016-17 and 2016 Plans				2015 Plan				Total
									Severance
	Severance		Other		Severance		Other		and Other
(Dollars in millions)	Liability		Liability		Liability		Liability		Liability
Western Hemisphere	$	4	$	17	$	—	$	—	$	21
Eastern Hemisphere	7		18		—		5		30
Corporate	10		—		—		—		10
Total	$	21	$	35	$	—	$	5	$	61

The following table presents the restructuring accrual activity for the year ended December 31, 2017.

			Year Ended December 31, 2017
(Dollars in millions)	Accrued Balance at December 31, 2016		Charges		Cash Payments			Other			Accrued Balance at December 31, 2017
2016-17 and 2016 Plans:
Severance liability	$	52	$	109	$	(137	)	$	(3	)	$	21
Other restructuring liability	22		62		(26		)	(23		)	35
2015 Plan:
Severance liability	3		—		(3		)	—			—
Other restructuring liability	9		—		(1		)	(3		)	5
Total severance and other restructuring liability	$	86	$	171	$	(167	)	$	(29	)	$	61

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4.  Supplementary Information

Cash paid for interest and income taxes was as follows:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Interest paid	$	538	$	467	$	477
Income taxes paid, net of refunds	87		161		331

In 2017 and 2016, we had non-cash financing obligations related to financed insurance premium and capital lease of equipment of $24 million and $25 million, respectively. During 2017, we purchased $50 million of held-to-maturity Angolan government bonds maturing in 2020: The carrying value of these investments approximate their fair value.

5.  Percentage-of-Completion Contracts

We account for our long-term early production facility construction contracts in Iraq under the percentage-of-completion method. Our remaining contract in Zubair is in the final warranty stage. There has been no change to our cumulative estimated loss since December 31, 2016. Our net billings in excess of costs as of December 31, 2017 were $56 million and are shown in the “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets.

During 2016, we were break-even for our Zubair contract and cumulative estimated loss from the Iraq contracts was $532 million as of December 31, 2016. On May 26, 2016, we entered into an agreement with our customer containing the terms and conditions of the settlement on the Zubair contract. The settlement paid to us was a gross amount of $150 million, of which $62 million and $72 million was received in the second and third quarters of 2016, respectively. The settlement included variation order requests, claims for extension of time, payments of remaining contract milestones and new project completion timelines that resulted in relief from the liquidated damages provisions. We collected the remaining gross settlement of $16 million in January 2017.

As of December 31, 2016, we had no claims revenue, and our percentage-of-completion project estimate included a cumulative $25 million in approved change orders and $16 million of back charges. Our net billings in excess of costs as of December 31, 2016 were $45 million and are shown in the “Other Current Liabilities” on the Consolidated Balance Sheet. The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured.

During 2015, we recognized estimated project losses of $153 million related to our long-term early production facility construction contracts in Iraq accounted for under the percentage-of-completion method. Total estimated losses on these loss projects were $532 million at December 31, 2015. As of December 31, 2015, our percentage-of-completion project estimates include $116 million of claims revenue and $28 million of back charges. During 2015, an additional $32 million of claims revenue was included in our project estimates. Our costs in excess of billings as of December 31, 2015 were $6 million and are shown in the “Other Current Assets” on our Consolidated Balance Sheets. We also had a variety of unapproved contract change orders or claims that are not included in our revenues as of December 31, 2015. The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured.

6.  Accounts Receivable Factoring and Other Receivables

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. In 2017, we sold accounts receivable of $227 million, recognized a loss of $1 million and received cash proceeds totaling $223 million on these sales. In 2016, we sold accounts receivables of $156 million, recognized a loss of $0.7 million and received cash proceeds totaling $154 million on these sales. In 2015, we sold accounts receivables of $78 million, recognized a loss of $0.2 million and received cash proceeds totaling $77 million on these sales. Our factoring transactions were recognized as sales, and the proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows.

In the first quarter of 2017, Weatherford converted trade receivables of $65 million into a note from the customer with a face value of $65 million. The note had a three year term at a 4.625% stated interest rate. We reported the note as a trading security within “Other Current Assets” at fair value on the Condensed Consolidated Balance Sheets at its fair value of $58 million on March 31, 2017. The note fair value was considered a Level 2 valuation and was estimated using secondary market data for similar bonds. During the second quarter of 2017, we sold the note for $59 million.

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During the second quarter of 2016, we accepted a note with a face value of $120 million from PDVSA in exchange for $120 million in net trade receivables. The note had a three year term at a 6.5% stated interest rate. We carried the note at lower of cost or fair value and recognized a loss in the second quarter of 2016 of $84 million to adjust the note to fair value. In the fourth quarter of 2016, we sold the economic rights in the note receivable for $44 million and recognized a gain of $8 million.

7.  Inventories, Net

Inventories, net of reserves, by category were as follows:

	December 31,
(Dollars in millions)	2017		2016
Raw materials, components and supplies	$	144	$	168
Work in process	47		49
Finished goods	1,043		1,585
	$	1,234	$	1,802

Work in process and finished goods inventories include cost of materials, labor and manufacturing overhead. During 2017, 2016 and 2015, we recognized inventory write-off and other related charges, including excess and obsolete totaling $540 million, $269 million and $244 million, respectively. These charges were largely attributable to downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand.

8.  Long-Lived Asset Impairments

In the fourth quarter of 2017, we recognized long-lived asset impairments of $928 million, of which $923 million was related to PP&E impairments and $5 million was related to the impairment of intangible assets. The PP&E impairments in our Eastern Hemisphere segment include a $740 million write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs classified as held for sale, $135 million related to Western Hemisphere segment product line assets and $37 million related to other Eastern Hemisphere segment product line assets. In addition, we recognized $11 million of long-lived impairment charges related to Corporate assets. The 2017 impairments were due to the sustained downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination used in the impairment calculation.

During 2016, we recognized long-lived asset impairment charges of $436 million, of which $388 million was related to PP&E impairments and $48 million was related to the impairment of intangible assets. The PP&E impairment charges by segment were $251 million in the Western Hemisphere related to our Well Construction, Drilling Services and Managed Pressure Drilling assets and $137 million in the Eastern Hemisphere related to our Eastern Hemisphere Pressure Pumping assets. The intangible asset charge is related to the Well Construction and Completions businesses with $35 million attributable to the Western Hemisphere segment and $13 million related the Eastern Hemisphere segment.

The impairments in 2016 were due to the prolonged downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination used in the impairment calculation.

During 2015, we recognized long-lived asset impairment charges of $638 million, of which $124 million was related to Pressure Pumping assets in the Western Hemisphere, $259 million for equipment in our Pressure Pumping, Drilling Tools, and Wireline assets in the Western Hemisphere and $255 million related to our land drilling rigs product line assets in the Eastern Hemisphere. The impairments in 2015 were due to the continued weakness in crude oil prices contributing to lower exploration and production spending and a decline in the utilization of our assets. The decline in oil prices and its impact on demand represented a significant adverse change in the business climate and an indication that these long-lived assets may not be recoverable. Based

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on the presence of impairment indicators, we performed an analysis of these asset groups and recorded long-lived asset impairment charges to adjust the assets to fair value.

The fair value of our drilling tools, pressure pumping, and wireline assets were estimated using a combination of the income approach, the cost approach, and the market approach. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination.

9.  Goodwill

In 2017, 2016 and 2015, our annual goodwill impairment test indicated that goodwill was not impaired. Our cumulative impairment loss of goodwill was $771 million at December 31, 2017. The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016, are presented in the following table.

(Dollars in millions)	Western Hemisphere			Eastern Hemisphere			Total
Balance at December 31, 2015	$	2,040		$	763		$	2,803
Foreign currency translation	25			(31		)	(6		)
Balance at December 31, 2016	$	2,065		$	732		$	2,797
Disposals	(162		)	—			(162		)
Foreign currency translation	55			37			92
Balance at December 31, 2017	$	1,958		$	769		$	2,727

10.  Intangible Assets

The components of intangible assets were as follows:

	December 31, 2017							December 31, 2016
	Gross					Net		Gross					Net
	Carrying		Accumulated			Intangible		Carrying		Accumulated			Intangible
(Dollars in millions)	Amount		Amortization			Assets		Amount		Amortization			Assets
Acquired technology	$	390	$	(334	)	$	56	$	373	$	(300	)	$	73
Licenses	175		(168		)	7		177		(166		)	11
Patents	223		(144		)	79		215		(134		)	81
Customer Relationships and Contracts	197		(160		)	37		193		(144		)	49
Other	98		(64		)	34		91		(57		)	34
	$	1,083	$	(870	)	$	213	$	1,049	$	(801	)	$	248

Additions to intangible assets were $16 million and $11 million for the years ended December 31, 2017 and 2016, respectively. During 2016, we recognized $48 million of license and patent impairment charges related to the Well Construction and Completions businesses.

Amortization expense was $52 million, $60 million and $88 million for the years ended December 31, 2017, 2016 and 2015, respectively. Future estimated amortization expense for the carrying amount of intangible assets as of December 31, 2017 is expected to be as follows (dollars in millions): 

Period	Amount
2018	$	48
2019	42
2020	32
2021	20
2022	13

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11.  Equity Investments

Our equity investments in unconsolidated affiliates were $62 million and $66 million for the years ended December 31, 2017 and 2016, respectively. Equity in losses of unconsolidated affiliates for the year ended December 31, 2017 totaled $3 million and equity in earnings of unconsolidated affiliates for the years ended December 31, 2016 and 2015 totaled $2 million and $3 million, respectively.

During 2015, we determined that the fair values of certain equity investments were significantly below their carrying values. We assessed these declines in value to be other than temporary and recognized an impairment loss of $25 million. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination.

12.  Short-term Borrowings and Other Debt Obligations

Our short-term borrowings and current portion of long-term debt consists of the followings:

	December 31,
(Dollars in millions)	2017		2016
Other Short-term Loans	$	11	$	2
Current Portion of Long-term Debt	137		177
Short-term Borrowings and Current Portion of Long-term Debt	$	148	$	179

Revolving Credit Facility and Secured Term Loan Agreement

At December 31, 2017, we had total commitments under our revolving credit facility (the “Revolving Credit Agreement”) maturing in July of 2019 of $1.0 billion and borrowings of $375 million under our secured term loan agreement (the “Term Loan Agreement” and collectively with the Revolving Credit Agreement, the “Credit Agreements”) maturing in July of 2020. At December 31, 2017, we had $890 million available for borrowing under the Credit Agreements as summarized in the following table:

(Dollars in millions)	December 31, 2017
Facilities	$	1,375
Less Uses of Facilities:
Letters of Credit	110
Secured Term Loan Principal Borrowing	375
Borrowing Availability	$	890

Loans under the Credit Agreements are subject to varying rates of interest based on whether the loan is a Eurodollar loan or an alternate base rate loan. We also incur a quarterly facility fee on the amount of the Revolving Credit Agreement. See “Note 13 – Long-term Debt”, for information related to interest rate applicable for the Term Loan Agreement.

Eurodollar Loans. Eurodollar loans bear interest at the Eurodollar rate, which is LIBOR, plus the applicable margin. The applicable margin for Eurodollar loans under the Revolving Credit Agreement ranges from 1.925% to 3.7% depending on our leverage ratio.

Alternate Base Rate Loans. Alternate base rate loans bear interest at the alternate base rate plus the applicable margin. The applicable margin for alternate base rate loans under the Revolving Credit Agreement ranges from 0.925% to 2.70% depending on our leverage ratio.

For the year ended December 31, 2017, the interest rate for the Revolving Credit Agreement was LIBOR plus a margin rate of 2.80%. See “Note 13 – Long-term Debt” for the interest rate details for the Term Loan Agreement. Borrowings under our Revolving Credit Agreement may be repaid from time to time without penalty. Obligations under the Term Loan Agreement are secured by substantially all of our assets. In addition, obligations under the Credit Agreements are guaranteed by a material portion of our subsidiaries.

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Our Credit Agreements contain covenants including, among others, the following:

• a prohibition against incurring debt, subject to permitted exceptions;

• a restriction on creating liens on our assets and the assets of our operating subsidiaries, subject to permitted exceptions;

• restrictions on mergers or asset dispositions;

• restrictions on use of proceeds, investments, transactions with affiliates, or change of principal business; and

• maintenance of the following financial covenants, with terms as defined in the Credit Agreements:

1) Leverage ratio of no greater than 2.5 to 1, which measures our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities to the trailing four quarters consolidated adjusted earnings before interest, taxes, depreciation, amortization and other specified charges (“Adjusted EBITDA”);

2) Leverage and letters of credit ratio of no greater than 3.5 to 1, which is calculated as our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities and all letters of credit to the trailing four quarters Adjusted EBITDA; and

3) Asset coverage ratio of at least 4.0 to 1, which is calculated as our asset value to indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities.

Our Credit Agreements contain customary events of default, including our failure to comply with the financial covenants described above. As of December 31, 2017, we were in compliance with these financial covenants.

Other Short-Term Borrowings and Other Debt Activity

In June 2017, we repaid $88 million of our 6.35% Senior Notes on the maturity date. In 2016, we repaid $180 million, with a LIBOR-based weighted average interest rate of 1.95%, borrowed under a credit agreement that matured in the first half of 2016 and our 5.50% senior notes with a principal balance of $350 million.

We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2017, we had $11 million in short-term borrowings under these arrangements. In addition, we had $375 million of letters of credit under various uncommitted facilities and $110 million of letters of credit under the Revolving Credit Agreement. At December 31, 2017, we have cash collateralized $82 million of our letters of credit, which is included in “Cash and Cash Equivalents” in the accompanying Consolidated Balance Sheets. We have $15 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us at December 31, 2017.

At December 31, 2017, the current portion of long-term debt was primarily related to $66 million of our 6.00% Senior Notes due March 2018, the $50 million current portion of our secured term loan and $21 million of the current portion of capital leases and other debt.

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13. Long-term Debt

We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements. Our Long-term Debt consisted of the following:

	December 31,
(Dollars in millions)	2017		2016
6.35% Senior Notes due 2017	—		89
6.00% Senior Notes due 2018	66		66
9.625% Senior Notes due 2019	488		489
5.125% Senior Notes due 2020	364		363
5.875% Exchangeable Senior Notes due 2021	1,170		1,147
7.75% Senior Notes due 2021	741		739
4.50% Senior Notes due 2022	643		642
8.25% Senior Notes due 2023	739		738
9.875% Senior Notes due 2024	780		528
6.50% Senior Notes due 2036	447		447
6.80% Senior Notes due 2037	255		255
7.00% Senior Notes due 2038	456		456
9.875% Senior Notes due 2039	245		245
6.75% Senior Notes due 2040	456		456
5.95% Senior Notes due 2042	368		368
Secured Term Loan due 2020	372		420
4.82% secured borrowing	—		5
Capital and Other Lease Obligations	86		120
Other	2		7
Total Senior Notes and Other Debt	7,678		7,580
Less: Amounts Due in One Year	137		177
Long-term Debt	$	7,541	$	7,403

The accrued interest on our borrowings was $145 million and $127 million at December 31, 2017 and 2016, respectively. The following is a summary of scheduled Long-term Debt maturities by year (dollars in millions):

2018	$	137
2019	543
2020	643
2021	1,918
2022	651
Thereafter	3,786
	$	7,678

Secured Term Loan Agreement

As of December 31, 2017, our borrowings, net of repayments, under the Term Loan Agreement were $375 million. The interest rate under the Term Loan Agreement is variable and is determined by our leverage ratio as of the most recent fiscal quarter, as either (1) the one-month London Interbank Offered Rate (“LIBOR”) plus a variable margin rate ranging from 1.425% to 3.2% or (2) the alternate base rate plus the applicable margin ranging from 0.425% to 2.2%. For the year ended December 31, 2017, the interest rate for the Term Loan Agreement was LIBOR plus a margin rate of 2.3%. The Term Loan Agreement requires a principal repayment of $12.5 million on the last day of each quarter.

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Exchangeable Senior Notes, Senior Notes and Tender Offers

We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements.

Exchangeable Senior Notes

On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion and an interest rate of 5.875%. The notes have a conversion price of $7.74 per share and are exchangeable into a total of 163.4 million shares of the Company upon the occurrence of certain events on or after January 1, 2021. The notes mature on July 1, 2021. We have the choice to settle an exchange of the notes in any combination of cash or shares. As of December 31, 2017, the if-converted value did not exceed the principal amount of the notes.

The exchange feature is reported with a carrying amount of $97 million in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets. The debt component of the exchangeable notes has been reported separately in “Long-term Debt” on the accompanying Consolidated Balance Sheets with a carrying value of $1.170 billion at December 31, 2017, net of remaining unamortized discount and debt issuance costs of $95 million. The discount on the debt component is being amortized over the remaining maturity of the exchangeable notes at an effective interest rate of 8.4%. During 2017, interest expense on the notes was $97 million, of which $74 million related to accrued interest and $23 million related to amortization of the discount.

Senior Notes

On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024 (“Notes”). These Notes were issued as additional securities under an indenture pursuant to which we previously issued $540 million aggregate principal amount of our 9.875% senior notes due 2024.

On November 18, 2016, we issued $540 million in aggregate principal amount of 9.875% notes due 2024. On June 17, 2016, we issued $750 million in aggregate principal amount of 7.75% senior notes due 2021 and $750 million in aggregate principal amount of 8.25% senior notes due 2023.

Tender Offers and Early Retirement of Senior Notes

We commenced a cash tender offer on June 1, 2016 (and amended the offer on June 8, 2016 and June 10, 2016), which included an early tender option with an early settlement date of June 17, 2016 and an expiration date of June 30, 2016 with a final settlement date of July 1, 2016 to repurchase a portion of our 6.35% senior notes due 2017, 6.00% senior notes due 2018, 9.625% senior notes due 2019, and 5.125% senior notes due 2020. On June 17, 2016, we settled the early tender offers in cash in the amount of $1.972 billion, retiring an aggregate face value of senior notes tendered of $1.87 billion and accrued interest of $27 million. We recognized a cumulative loss of $78 million on these transactions in “Bond Tender Premium, Net” on the accompanying Consolidated Statements of Operations. On June 30, 2016, we accepted additional tenders of $2 million of debt, which we settled in cash on July 1, 2016.

In 2015, through a series of open market transactions, we repurchased certain of our 4.50% senior notes, 5.125% senior notes, 5.95% senior notes, 6.50% senior notes, 6.75% senior notes, 6.80% senior notes and 7.00% senior notes with a total book value of $527 million. We recognized a cumulative gain of approximately $84 million on these transactions in the line captioned “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations.

14.  Fair Value of Financial Instruments, Assets and Equity Investments

Financial Instruments Measured and Recognized at Fair Value

We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three level hierarchy, from highest to lowest level of observable inputs. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own judgment and assumptions used to measure assets and liabilities at fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Other than the

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derivative instruments discussed in “Note 15 – Derivative Instruments,” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at December 31, 2017 and 2016.

Fair Value of Other Financial Instruments

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying value of our cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy.

The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will generally exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will generally be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets.

The fair value and carrying value of our senior notes were as follows: 

	December 31,
(Dollars in millions)	2017		2016
Fair Value	$	7,060	$	6,739
Carrying Value	7,218		7,028

Non-recurring Fair Value Measurements - Impairments

During the fourth quarter of 2017, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the assets were determined using an income approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks.

During the third quarter of 2016, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using either an income approach or a market approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks. The market approach considered unobservable estimates of market sales values, which in most cases was a scrap of salvage value estimate. During the second quarter of 2016, we adjusted a note for our largest customer in Venezuela to its estimated fair value. The Level 3 fair value was estimated based on unobservable pricing indications.

During 2015, long-lived assets related to pressure pumping, drilling tools, wireline, and land drilling rigs were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using a combination of the income approach, the cost approach and the market approach, which used inputs that included replacement costs (unobservable), physical deterioration estimates (unobservable), projections of estimated future operating cash flows (unobservable), discount rates for the applicable assets and market sales data for comparable assets. Also during 2015, an equity method investment was impaired and written down to its fair value. The equity investment Level 3 fair value was determined using an income based approach utilizing estimates of future cash flow, discount rate, long-term growth rate, and marketability discount, all of which were unobservable.

15.  Derivative Instruments

From time to time, we may enter into derivative financial instrument transactions to manage or reduce our market risk. We manage our debt portfolio to achieve an overall desired position of fixed and floating rates, and we may employ interest rate swaps as a tool to achieve that goal. We enter into foreign currency forward contracts and cross-currency swap contracts to economically hedge our exposure to fluctuations in various foreign currencies. The major risks from interest rate derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates, changes in foreign exchange rates and the creditworthiness of the counterparties in such transactions.

We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates.

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Warrant

During the fourth quarter of 2016, in conjunction with the issuance of 84.5 million ordinary shares, we issued a warrant that gives the holder the option to acquire an additional 84.5 million ordinary shares. The exercise price on the warrant is $6.43 per share and is exercisable any time prior to May 21, 2019. The warrant is classified as a liability and carried at fair value with changes in its fair value reported through earnings. The warrant participates in dividends and other distributions as if the shares subject to the warrants were outstanding. In addition, the warrant permits early redemption due to a change in control.

The warrant fair value is considered a Level 3 valuation and is estimated using a combination of the Black Scholes option valuation model and Monte-Carlo simulation. Inputs to these models include Weatherford’s share price and volatility and the risk free interest rate. The valuation also considers the probabilities of future share issuances and anticipated issuance discounts, which are considered Level 3 inputs. The fair value of the warrant was $70 million and $156 million on December 31, 2017 and 2016, respectively, generating an unrealized gain of $86 million in 2017. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. The warrant valuation would be negatively affected due to an increase in the likelihood of a future stock issuance.

Fair Value Hedges

We may use interest rate swaps to help mitigate exposures related to changes in the fair values of the fixed-rate debt. The interest rate swap is recorded at fair value with changes in fair value recorded in earnings. The carrying value of fixed-rate debt would be adjusted for changes in interest rates, with the changes in value recorded in earnings. After termination of the hedge, any discount or premium on the fixed-rate debt is amortized to interest expense over the remaining term of the debt. As of December 31, 2017, we did not have any fair value hedges designated.

 As of December 31, 2017 and 2016, we had net unamortized premiums on fixed-rate debt of $4 million and $7 million, respectively, associated with fair value hedge terminations. These premiums are being amortized over the remaining term of the originally hedged debt as a reduction in interest expense included in “Interest Expense, Net” on the accompanying Consolidated Statements of Operations.

Cash Flow Hedges

In 2008, we entered into interest rate derivative instruments to hedge projected exposures to interest rates in anticipation of a debt offering. These hedges were terminated at the time of the issuance of the debt, and the associated loss is being amortized from “Accumulated Other Comprehensive Loss” to interest expense over the remaining term of the debt. As of December 31, 2017 and 2016, we had net unamortized losses of $9 million in both years, associated with our cash flow hedge terminations. As of December 31, 2017, we did not have any cash flow hedges designated.

Foreign Currency and Warrant Derivative Instruments

At December 31, 2017 and 2016, we had outstanding foreign currency forward contracts with notional amounts aggregating to $767 million and $1.6 billion, respectively. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates.

Our foreign currency derivatives are not designated as hedges under ASC 815, and the changes in fair value of the contracts are recorded each period in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations.

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The total estimated fair values of our foreign currency forward contracts and warrant derivative are as follows:

	December 31,
(Dollars in millions)	2017			2016			Classifications
Derivative Assets not Designated as Hedges:
Foreign Currency Forward Contracts	$	5		$	7		Other Current Assets
Derivative Liabilities not Designated as Hedges:
Foreign Currency Forward Contracts	(4		)	(14		)	Other Current Liabilities
Warrant on Weatherford Shares	(70		)	(156		)	Other Non-current Liabilities

The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below.

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015			Classification
Foreign Currency Forward Contracts	$	(25	)	$	(25	)	$	(115	)	Other Income (Expense), Net
Cross-currency Swap Contracts	—			—			13			Other Income (Expense), Net
Warrant on Weatherford Shares	86			16			—			Warrant Fair Value Adjustment

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16.  Shareholders’ (Deficiency) Equity

Changes in our ordinary shares issued during the years ended December 31, 2017, 2016 and 2015, were as follows:

(Shares in millions)	Issued
Balance at December 31, 2014	774
Equity Awards Granted, Vested and Exercised	5
Balance at December 31, 2015	779
Share Issuance	200
Equity Awards Granted, Vested and Exercised	4
Balance at December 31, 2016	983
Equity Awards Granted, Vested and Exercised	10
Balance at December 31, 2017	993

In March 2016, we issued 115 million ordinary shares, and the amount in excess of par value of $623 million is reported in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets.

On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion. The exchange feature carrying value of $97 million is included in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets.

On November 21, 2016, we issued 84.5 million ordinary shares at a price of $5.40 per ordinary share, and a warrant to purchase 84.5 million ordinary shares on or prior to May 21, 2019 at an exercise price of $6.43 per ordinary share to a selected institutional investor. The amount in excess of par value for the ordinary shares net of warrant was $271 million and is reported in “Capital in Excess of Par Value.” At December 31, 2017, the fair value of the warrant of $70 million is classified as “Other Non-current Liabilities” on the accompanying Consolidated Balance Sheets.

Accumulated Other Comprehensive Loss

The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2017 and 2016:

(Dollars in millions)	Currency Translation Adjustment			Defined Benefit Pension			Deferred Loss on Derivatives			Total
Balance at December 31, 2015	$	(1,602	)	$	(29	)	$	(10	)	$	(1,641	)
Other Comprehensive (Loss) Income before Reclassifications	(12		)	41			—			29
Reclassifications	—			1			1			2
Net Activity	(12		)	42			1			31
Balance at December 31, 2016	(1,614		)	13			(9		)	(1,610		)
Other Comprehensive Income before Reclassifications	130			1			—			131
Reclassifications	—			(40		)	—			(40		)
Net Activity	130			(39		)	—			91
Balance at December 31, 2017	$	(1,484	)	$	(26	)	$	(9	)	$	(1,519	)

For the year ended December 31, 2017, the defined benefit pension reclassifications represent the amortization of unrecognized net gains associated primarily with our supplemental executive retirement plan. For the year ended December 31, 2016, the defined benefit pension component of other comprehensive income before reclassifications relates primarily to a net actuarial gain resulting from the revaluation of the pension obligation associated with our supplemental executive retirement plan.

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17.  Earnings per Share

Basic earnings per share for all periods presented equals net income (loss) divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units.

The following discloses basic and diluted weighted average shares outstanding:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Basic and Diluted Weighted Average Shares Outstanding	990	887	779

Our basic and diluted weighted average shares outstanding for the years ended December 31, 2017, 2016 and 2015, are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the years ended December 31, 2017, 2016 and 2015, exclude potential shares for stock options, restricted shares, performance units, exchangeable notes, warrants outstanding and the Employee Stock Purchase Plan (“ESPP”) as we have net losses for those periods and their inclusion would be anti-dilutive. The following table discloses the number of anti-dilutive shares excluded:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Anti-dilutive Potential Shares	250	104	3

18. Share-Based Compensation

We have share-based compensation plans that permit the grant of options, stock appreciation rights, RSAs, restricted share units (“RSUs”), performance share awards, performance unit awards (“PUs”), other share-based awards and cash-based awards to any employee, non-employee directors and other individual service providers or any affiliate. In addition, we also have share-based compensation provisions under our Employee Share Purchase Plan (“ESPP”). For RSAs and RSUs, compensation expense is recognized on a straight-line basis over the requisite service period for the separately vesting portion of each award. For PUs, compensation expense is recognized on a straight-line basis over the requisite service period for the entire award.

The provisions of each award vary based on the type of award granted and are determined by the Compensation Committee of our Board of Directors. Those awards, such as stock options that are based on a specific contractual term, will be granted with a term not to exceed 10 years. Upon grant of an RSA, the recipient has the rights of a shareholder, including but not limited to the right to vote such shares and the right to receive any dividends paid on such shares, but not the right to disposition prior to vesting. Recipients of RSUs do not have the rights of a shareholder until such date as the shares are issued or transferred to the recipient. As of December 31, 2017, approximately 33 million shares were available for grant under our share-based compensation plans.

Share-Based Compensation Expense

We recognized the following share-based compensation expense during each of the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Share-based Compensation	$	70	$	87	$	73
Related Tax (Provision) Benefit	—		—		14

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Options

Stock options were granted with an exercise price equal to or greater than the fair market value of our shares as of the date of grant. We used the Black-Scholes option pricing model to determine the fair value of stock options awarded. The estimated fair value of our stock options was expensed over their vesting period, which was generally one to four years. There were no stock options granted during 2017, 2016 or 2015. During 2017 and 2016, no stock options were exercised. The intrinsic value of stock options exercised during 2015 was $15 million. All options were fully vested.

A summary of option activity for the year ended December 31, 2017, is presented below:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
	(In thousands)					(In thousands)
Outstanding at December 31, 2016	598		$	12.59	0.91 years	$	—
Exercised	—		—
Expired	(398	)	10.42
Outstanding and Vested at December 31, 2017	200		16.92		0.89 years	—
Exercisable at December 31, 2017	—		—		0.00 years	—

Restricted Share Awards and Restricted Share Units

RSAs and RSUs vest based on continued employment, generally over a three-year period. The fair value of RSAs and RSUs is determined based on the closing price of our shares on the date of grant. The total fair value, less assumed forfeitures, is expensed over the vesting period. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2017, 2016 and 2015 was $4.26, $6.20 and $11.94, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2017, 2016 and 2015 was $30 million, $38 million and $37 million, respectively. As of December 31, 2017, there was $59 million of unrecognized compensation expense related to unvested RSAs and RSUs, which is expected to be recognized over a weighted average period of two years. A summary of RSA and RSU activity for the year ended December 31, 2017 is presented below:

	RSA		Weighted Average Grant Date Fair Value		RSU		Weighted Average Grant Date Fair Value
	(In thousands)				(In thousands)
Non-Vested at December 31, 2016	137		$	17.42	12,794		$	9.15
Granted	—		—		10,876		4.26
Vested	(86	)	17.35		(5,946	)	9.56
Forfeited	(11	)	16.35		(2,455	)	8.63
Non-Vested at December 31, 2017	40		17.87		15,269		5.58

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Performance Units

The performance units we granted in 2017, 2016 and 2015 vest over three years and the performance units we granted prior to 2015 vest at the end of a three-year period assuming continued employment and the Company’s achievement of certain market-based performance goals. Depending on the performance levels achieved in relation to the predefined targets, shares may be issued for up to 200% of the units awarded. If the established performance goals are not met, the performance units will expire unvested and no shares will be issued. The grant date fair value of the performance units we have granted was determined through use of the Monte Carlo simulation method. The assumptions used in the Monte Carlo simulation during the year ended December 31, 2017, included a weighted average risk-free rate of 1.17%, volatility of 67.0% and a zero dividend yield. The weighted-average grant date fair value of the performance units we granted during the years ended December 31, 2017, 2016 and 2015 was $6.06, $5.11 and $10.45, respectively. For the year ended December 31, 2017, 145 thousand shares were issued for the performance units related to the departure of a former executive officer. The total fair value of these shares was $1 million. For the years ended December 31, 2016 and 2015 we did not issue any shares. As of December 31, 2017, there was $9 million of unrecognized compensation expense related to performance units, which is expected to be recognized over a weighted average period of one year.

A summary of performance unit activity for the year ended December 31, 2017, is presented below:

	Performance Units		Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested at December 31, 2016	1,932		$	7.08
Granted	3,070		6.06
Vested	(145	)	6.25
Forfeited	(1,767	)	7.15
Non-vested at December 31, 2017	3,090		6.07

Employee Stock Purchase Plan

In June 2016, our shareholders adopted our ESPP and approved 12 million shares to be reserved for issuance under the plan. The ESPP permits eligible employees to make payroll deductions to purchase Weatherford stock.  Each offering period has a six-month duration beginning on either March 1 or September 1. Shares are purchased at 90% of the lower of the closing price for our common stock on the first or last day of the offering period.  We issued 3 million shares under the ESPP as of December 31, 2017.   

19.  Retirement and Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $24 million, $30 million and $66 million in 2017, 2016 and 2015, respectively. The decrease in employer contributions in 2017 and 2016 relates primarily to headcount reductions and the suspension of employer matching contributions to our U.S. 401(k) savings plan and other contribution plans sponsored by the Company.

We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees.  Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit income/cost related to these plans totaled $38 million of income in 2017 due primarily to amortization of the unrecognized net gain associated with our supplemental executive retirement plan and $9 million of cost in 2016 and 2015, respectively. The projected benefit obligations on a consolidated basis were $198 million and $205 million as of December 31, 2017 and 2016, respectively. The decrease year over year is due primarily to settlements offset by increases related to currency fluctuations in Euro and British Pound denominated plans. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $133 million and $118 million as of December 31, 2017 and 2016, respectively. The increase in plan assets year over year is also due primarily to the Euro and British Pound currency fluctuations. As of December 31, 2017, the net underfunded obligation was substantially all recorded within Other Non-current Liabilities. As of December 31, 2016, the net underfunded obligation was primarily recorded within Other Non-current Liabilities with approximately $22 million recorded in Accrued Salaries and Benefits. Additionally, consolidated pre-tax amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost were loss of $35 million and income of $3 million as of December 31, 2017 and 2016,

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respectively. The change in other comprehensive income (loss) year over year is due primarily to the amortization of the unrecognized net gain mentioned above.

The weighted average assumption rates used for benefit obligations were as follows:

	Year Ended December 31,
	2017	2016
Discount rate:
United States Plans	3.00% - 3.50%	1.00% - 4.00%
International Plans	1.60% - 6.75%	1.90% - 7.50%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 3.50%	2.00% - 3.50%

During 2017 and 2016, we made contributions and paid direct benefits of $23 million and $6 million, respectively, in connection with our defined benefit pension and other post-retirement benefit plans. In 2018, we expect to fund approximately $5 million related to those plans.

20. Income Taxes

We are exempt from Swiss cantonal and communal tax on income derived outside Switzerland, and we are also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying investments in subsidiaries. We expect that the participation relief will result in a full exemption of participation income from Swiss federal income tax.

We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure.

Our income tax (provision) benefit from continuing operations consisted of the following:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Total Current Provision	$	(162	)	$	(115	)	$	(303	)
Total Deferred (Provision) Benefit	25			(381		)	448
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Weatherford records deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operation conditions (particularly as related to prevailing oil prices and market demand for our products and services).

Operations in various jurisdictions continue to experience losses due to the delayed recovery in the demand for oil field services. Our expectations regarding the recovery are more measured due to continue volatility in oil prices and market contraction for our products and services. Also, the Company recorded significant long-lived asset impairments and established allowances for inventory and other assets in the fourth quarter of 2017. As a result of the continued losses, and limited objective positive

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evidence to overcome negative evidence, the Company concluded that it needed to record additional valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized.

The Company will continue to evaluate whether valuation allowances are needed in future reporting periods. Valuation allowances will remain until the Company can determine that net deferred tax assets are more likely than not to be realized. In the event that the Company were to determine that it would be able to realize the deferred income tax assets in the future as a result of significant improvement in earnings as a result of market conditions, the Company would adjust the valuation allowance, reducing the provision for income taxes in the period of such adjustment.

The difference between the income tax (provision) benefit at the Swiss federal income tax rate and the income tax (provision) benefit attributable to “Loss Before Income Taxes” for each of the three years ended December 31, 2017, 2016 and 2015 is analyzed below:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Swiss Federal Income Tax Rate at 7.83%	$	208		$	225		$	164
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate	123			319			411
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets	(249		)	—			—
Non-cash Tax Expense on Distribution of Subsidiary Earnings	—			(137		)	(265		)
Change in Valuation Allowance Attributed to U.S. Tax Reform	301			—			—
Change in Valuation Allowance	(459		)	(872		)	(159		)
Change in Uncertain Tax Positions	(61		)	(31		)	(6		)
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Our income tax provision in 2017 was $137 million on a loss before income taxes of $2.7 billion. The primary driver of the tax expense was due to profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third party transactions. In addition, the Company concluded that it needed to record a valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized. The additional valuation allowance was partially offset by a one-time $52 million benefit as a result of the recent U.S tax reform. Our results for 2017 also include charges with no significant tax benefit principally related to asset write-downs and other charges including $928 million in long-lived asset impairments, $540 million inventory charges including excess and obsolete, $230 million in the write-down of Venezuelan receivables and $66 million of other write-downs charges and credits, $183 million in restructuring charges and the warranty fair value adjustment of $86 million.

On December 22, 2017, the U.S. enacted into law a comprehensive tax reform bill (the “Tax Cuts and Jobs Act,” or “TCJA”). The TCJA significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, eliminating certain deductions, imposing a mandatory one-time tax on accumulated earnings of foreign subsidiaries as of 2017 held in cash and illiquid assets (with the latter taxed at a lower rate), and a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base, such as the base erosion and anti-abuse tax). The SEC has issued guidance that allow for a measurement period of up to one year after the enactment date of the legislation to finalize the recording of the related tax impacts. The Company believes that the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35% can reasonably be estimated to decrease the amount of the U.S. deferred tax assets and liabilities by $249 million with a decrease to the valuation allowance of $301 million for a net tax benefit of $52 million. The TCJA is not estimated to have other impacts on the Company’s effective tax rate because of the valuation allowance against the U.S. deferred tax assets. Any potential impact is offset by un-benefitted U.S. net operating loss carryforwards. As we do not have all the necessary information to analyze all effects of this tax reform, this is a provisional amount which we believe represents a reasonable estimate of the accounting implications of this tax reform. In addition, the various impacts of the TCJA may materially differ from the estimated impacts recognized in the fourth quarter due to regulatory guidance that may be issued in the future, tax law technical corrections, refined computations, and possible changes in the Company’s interpretations, assumptions, and actions as a result of the tax legislation. We will continue to evaluate tax reform, and adjust the provisional amounts as additional information is obtained. Any adjustment to these provisional amounts will be reported in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018.

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Our income tax provision in 2016 was $496 million on a loss before income taxes of $2.9 billion. The primary component of the tax expense relates to the Company’s conclusion that certain deferred tax assets that had previously been benefited are not more likely than not to be realized. Our results for 2016 also include charges with no significant tax benefit principally related to $436 million of long-lived asset impairments, $219 million of inventory write-downs, $140 million of settlement agreement charges, $41 million of currency devaluation related to the Angolan kwanza and Egyptian pound, $78 million of bond tender premium, and $76 million of PDVSA note receivable net adjustment, $62 million in accounts receivable reserves and write-offs, and $114 million in pressure pumping related charges. In addition, we recorded $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries.

In 2015, we had a tax benefit of $145 million on a loss before income taxes of $2.1 billion. The tax benefit was favorably impacted by a U.S. loss, which included restructuring, impairment charges and a worthless stock deduction. Our results for 2015 include $255 million of Land Drilling Rig impairment charges, $232 million of restructuring charges, $116 million of litigation settlements, $153 million of legacy project losses, $85 million of currency devaluation and related losses and $25 million of equity investment impairment, all with no significant tax benefit. In addition, we recorded a tax charge of $265 million for a non-cash tax expense on distribution of subsidiary earnings.

Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations.

The components of the net deferred tax asset (liability) attributable to continuing operations were as follows: 

	December 31,
(Dollars in millions)	2017			2016
Net Operating Losses Carryforwards	$	1,208		$	1,258
Accrued Liabilities and Reserves	266			200
Tax Credit Carryforwards	99			102
Employee Benefits	39			34
Inventory	129			75
Other Differences between Financial and Tax Basis	346			252
Valuation Allowance	(1,887		)	(1,738		)
Total Deferred Tax Assets	200			183
Deferred Tax Liabilities:
Property, Plant and Equipment	(49		)	(13		)
Intangible Assets	(131		)	(212		)
Deferred Income	—			(9		)
Undistributed Subsidiary Earnings	—			—
Other Differences between Financial and Tax Basis	(71		)	(25		)
Total Deferred Tax Liabilities	(251		)	(259		)
Net Deferred Tax Asset (Liability)	$	(51	)	$	(76	)

The increase in the valuation allowance in 2017 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United Kingdom and Argentina. The overall increase in the valuation allowance in 2016 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United States, Brazil, and Colombia.

Deferred income taxes generally have not been recognized on the cumulative undistributed earnings of our non-Swiss subsidiaries because they are considered to be indefinitely reinvested or they can be distributed on a tax free basis. Distribution of these earnings in the form of dividends or otherwise may result in a combination of income and withholding taxes payable in various countries. In 2016 the company recorded a tax charge of $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries. As of December 31, 2017, the pool of positive undistributed earnings of our non-Swiss subsidiaries that are considered indefinitely reinvested and may be subject to tax if distributed amounts to approximately $2.9 billion. Due to

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complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes and the related dividend withholding taxes associated with these undistributed earnings.

At December 31, 2017, we had approximately $5.0 billion of NOLs in various jurisdictions, $1.9 billion of which were generated by certain U.S. subsidiaries. Loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2033 through 2037 and at various dates from 2018 through 2037 for non-U.S. subsidiaries. At December 31, 2017, we had $98 million of tax credit carryovers, of which $82 million is for U.S. subsidiaries. The U.S. credits primarily consists of $30 million of research and development tax credit carryforwards which expire from 2026 through 2036, and $52 million of foreign tax credit carryforwards which expire from 2018 through 2036.

A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Balance at Beginning of Year	$	208		$	195		$	235
Additions as a Result of Tax Positions Taken During a Prior Period	65			30			28
Reductions as a Result of Tax Positions Taken During a Prior Period	(1		)	(1		)	(9		)
Additions as a Result of Tax Positions Taken During the Current Period	12			20			5
Reductions Relating to Settlements with Taxing Authorities	(29		)	(19		)	(46		)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(38		)	(12		)	(7		)
Foreign Exchange Effects	—			(5		)	(11		)
Balance at End of Year	$	217		$	208		$	195

Substantially all of the uncertain tax positions, if recognized in future periods, would impact our effective tax rate. To the extent penalties and interest would be assessed on any underpayment of income tax, such amounts have been accrued and classified as a component of income tax expense and other non-current liabilities in the Consolidated Financial Statements in accordance with our accounting policy. We recorded an expense of $10 million, an expense of $2 million and a benefit of $4 million of interest and penalty for the years ended December 31, 2017, 2016 and 2015, respectively. The amounts in the table above exclude cumulative accrued interest and penalties of $61 million, $51 million, and $50 million at December 31, 2017, 2016 and 2015, respectively, which are included in other liabilities.

We are subject to income tax in many of the approximately 90 countries where we operate. As of December 31, 2017, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: 

Canada	2009 - 2017
Mexico	2007 - 2017
Russia	2015 - 2017
Switzerland	2010 - 2017
United States	2014 - 2017

We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. We anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $12 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

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21.  Disputes, Litigation and Contingencies

Shareholder Litigation

In 2010, three shareholder derivative actions were filed, purportedly on behalf of the Company, asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the United Nations oil-for-food program governing sales of goods into Iraq, the Foreign Corrupt Practices Act of 1977 and trade sanctions related to the U.S. government investigations disclosed in our SEC filings since 2007. Those shareholder derivative cases were filed in Harris County, Texas state court and consolidated under the caption Neff v. Brady, et al., No. 2010040764 (collectively referred to as the “Neff Case”). Other shareholder demand letters covering the same subject matter were received by the Company in early 2014, and a fourth shareholder derivative action was filed, purportedly on behalf of the Company, also asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the same subject matter as the Neff Case. That case, captioned Erste-Sparinvest KAG v. Duroc-Danner, et al., No. 201420933 (Harris County, Texas) was consolidated into the Neff Case in September 2014. A motion to dismiss was granted May 15, 2015, and an appeal was filed on June 15, 2015. Following briefing and oral argument, on June 29, 2017, the Texas Court of Appeals denied in part and granted in part the shareholders’ appeal. The Court ruled that the shareholders lacked standing to bring claims that arose prior to the Company’s redomestication to Switzerland in 2009, and upheld the dismissal of those claims. The Court reversed as premature the trial court’s dismissal of claims arising after the redomestication and remanded to the trial court for further proceedings. On February 1, 2018, the individual defendants and nominal defendant Weatherford filed a motion for summary judgment on the remaining claims in the case. We cannot reliably predict the outcome of the remaining claims, including the amount of any possible loss.

Securities Class Action Settlement

On June 30, 2015, we signed a stipulation to settle a shareholder securities class action captioned Freedman v. Weatherford International Ltd., et al., No. 1:12-cv-02121-LAK (S.D.N.Y.) for $120 million subject to notice to the class and court approval. The Freedman lawsuit had been filed in the U.S. District Court for the Southern District of New York in March 2012, and alleged that we and certain current and former officers of Weatherford violated the federal securities laws in connection with the restatements of the Company’s historical financial statements announced on February 21, 2012 and July 24, 2012. On November 4, 2015, the U.S. District Court for the Southern District of New York entered a final judgment and an order approving the settlement. Pursuant to the settlement, we were required to pay $120 million, which was partially funded by insurance proceeds. There was no admission of liability or fault by a party in connection with the settlement. We are pursuing reimbursement from our insurance carriers and have recovered $26 million of the settlement amount to date.

On January 30, 2015, the U.S. District Court for the Southern District of New York approved the settlement of a purported shareholder securities class action captioned Dobina v. Weatherford International Ltd., et al., No. 1:11-cv-01646-LAK (S.D.N.Y.) for $53 million. The action named Weatherford and certain current and former officers as defendants. It alleged violation of the federal securities laws in connection with the material weakness in our internal controls over financial reporting for income taxes, and restatement of our historical financial statements announced in March 2011. The settlement was entirely funded by our insurers. There was no admission of liability or fault by any party in connection with the settlement.

U.S. Government and Other Investigations

The SEC and the U.S. Department of Justice (“DOJ”) investigated certain accounting issues associated with the material weakness in our internal control over financial reporting for income taxes that was disclosed in a notification of late filing on Form 12b-25 filed on March 1, 2011 and in current reports on Form 8-K filed on February 21, 2012 and on July 24, 2012 and the subsequent restatements of our historical financial statements. During the first quarter 2016, we recorded a loss contingency in the amount of $65 million, and increased it to $140 million in the second quarter to reflect our best estimate of the potential settlement. As disclosed in the Form 8-K filed on September 27, 2016, the Company settled with the SEC without admitting or denying the findings of the SEC, by consenting to the entry of an administrative order that requires the Company to cease and desist from committing or causing any violations and any future violations of the anti-fraud provisions of the Securities Act of 1933 (as amended, the “Securities Act”), and the anti-fraud, reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), and the rules promulgated thereunder. As part of the terms of the SEC settlement, the Company agreed to pay a total civil monetary penalty of $140 million. In addition, certain reports and certifications regarding our internal controls over accounting for income taxes must be delivered to the SEC during the two years following the settlement. We have completed two of three such reports and expect the final report to be delivered by April 2018. A payment of $50 million was made during the fourth quarter of 2016, and a payment of $30 million was made in each of January and May 2017. A final payment for the civil monetary penalty of $30 million was made in September 2017.

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Spitzer Industries Litigation

In August 2016, after a bench trial in Harris County, Texas, the court entered a judgment of $36 million against the Company in the case of Spitzer Industries, Inc. (“Spitzer”) vs. Weatherford U.S., L.P. in connection with Spitzer’s fabrication work on two mobile capture vessels used in the cleanup of marine oil spills. We agreed on a settlement and paid the settlement amount of $25 million during the fourth quarter of 2017.

Rapid Completions and Packers Plus Litigation

Several subsidiaries of the Company are defendants in a patent infringement lawsuit filed by Rapid Completions LLC (“RC”) in U.S. District Court for the Eastern District of Texas on July 31, 2015. RC claims that we and other defendants are liable for infringement of seven U.S. patents related to specific downhole completion equipment and the methods of using such equipment. These patents have been assigned to Packers Plus Energy Services, Inc., a Canadian corporation (“Packers Plus”), and purportedly exclusively licensed to RC. The litigation is currently stayed pending resolution of inter partes reviews of each of the patents-in-suit, which are pending before the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office (“USPTO”). RC is seeking a permanent injunction against further alleged infringement, unspecified damages for infringement, supplemental and enhanced damages, and additional relief such as attorneys’ fees. The Company has filed a counterclaim against Packers Plus, seeking declarations of non-infringement, invalidity, and unenforceability of the patents-in-suit on the grounds of inequitable conduct before the USPTO. The Company is seeking attorneys’ fees and costs incurred in the lawsuit.

On October 14, 2015, Packers Plus and RC filed suit in Federal Court in Toronto, Canada against the Company and certain subsidiaries alleging infringement of a related Canadian patent and seeking unspecified damages and an accounting of the Company’s profits. Trial on the validity of the Canadian patent was completed in March 2017. On November 3, 2017, the Federal Court issued its decision, wherein it concluded that the defendants proved that the patent-in-suit was invalid and dismissed Packers Plus and RC’s claims of infringement. On January 5, 2018, Packers Plus and RC filed their Notice of Appeal.

If one or more negative outcomes were to occur in either case, the impact to our financial position, results of operations, or cash flows could be material.

Other Disputes and Litigation

Additionally, we are aware of various disputes and potential claims and are a party in various litigation involving claims against us, including as a defendant in various employment claims alleging our failure to pay certain classes of workers overtime in compliance with the Fair Labor Standards Act for which an agreement was reached and settled during 2016. Some of these disputes and claims are covered by insurance. For claims, disputes and pending litigation in which we believe a negative outcome is probable and a loss can be reasonably estimated, we have recorded a liability for the expected loss. These liabilities are immaterial to our financial condition and results of operations.

In addition we have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, that would result in liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these matters, the aggregate impact to our financial condition could be material.

Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016 were $51 million and $181 million, respectively.

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22.  Commitments and Other Contingencies

We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Future minimum commitments under noncancellable operating leases are as follows (dollars in millions):

2018	$	176
2019	112
2020	69
2021	52
2022	32
Thereafter	192
	$	633

Total rent expense incurred under operating leases was approximately $217 million, $324 million and $426 million for the years ended December 31, 2017, 2016 and 2015, respectively. The future rental commitment table above does not include leases that are short-term in nature or can be cancelled with notice of less than three months.

Other Contingencies

The contractual residual value guarantee balance of of $28 million in “Other Non-Current Liabilities” on the accompanying Consolidated Balance Sheets at December 31, 2016 was extinguished after the underlying leased equipment in our North America pressure pumping operations was purchased during the first quarter of 2017.

We have minimum purchase commitments related to supply contracts and maintain a liability at December 31, 2017 of $69 million for expected penalties to be paid, of which $22 millionis recorded in “Other Current Liabilities” and $47 million is recorded in “Other Non-Current Liabilities” on our Consolidated Balance Sheets.

23. Segment Information

Reporting Segments

At the end of the third quarter of 2017, changes to the Company’s organization structure were internally announced by the Company’s management. During the fourth quarter of 2017, the Company's chief operating decision maker (its chief executive officer) changed the information he regularly reviews to allocate resources and assess performance. Implementation of these changes commenced in the beginning of the fourth quarter of 2017, and, as a result, we realigned our reporting segments into two reportable segments which are the Western Hemisphere segment and Eastern Hemisphere segment. Our Western Hemisphere segment represents the prior North America and Latin America segments as well as land drilling rigs operations in Colombia and Mexico. Our Eastern Hemisphere segment represents the prior MENA/Asia Pacific segment and Europe/SSA/Russia segment as well as land drilling rigs operations in the Eastern Hemisphere. Research and Development expenses are now included in the results of our Western and Eastern Hemisphere segments. We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation.

These reportable segments are based on management’s organization and view of Weatherford’s business when making operating decisions and assessing performance. The purpose of the change is to flatten the organization structure, reduce our costs and accelerate decision-making processes. Our corporate and other expenses that do not individually meet the criteria for segment reporting continue to be reported separately as Corporate expenses.

Financial information by segment is summarized below. Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. The accounting policies of the segments are the same as those described in “Note 1 – Summary of Significant Accounting Policies.” Included in the 2016 and 2015 income (loss) from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq accounted for under the percentage-of-completion method as described in “Note 5 – Percentage of Completion Contracts.”

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	Year Ended December 31, 2017
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,937	$	(115	)	$	352	$	70
Eastern Hemisphere	2,762		(143		)	443		130
	5,699		(258		)	795		200
Corporate General and Administrative			(130		)	6		25
Long-Lived Asset Impairments, Write-Downs and Other Charges (a)			(1,664		)
Restructuring Charges (b)			(183		)
Litigation Charges, Net			10
Gain from Disposition of U.S. Pressure Pumping Assets (c)			96
Total	$	5,699	$	(2,129	)	$	801	$	225

(a) During 2017, impairments, asset write-downs and other include $928 million in long-lived asset impairments (of which $740 million relates to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $506 million of asset write-downs, charges and credits and $230 million in the write-down of Venezuelan receivables.

(b) Includes restructuring charges of $183 million: $70 million in Western Hemisphere, $77 million in Eastern Hemisphere and $36 million in Corporate.

(c) In the fourth quarter of 2017, we recognized a gain on the disposition of our U.S. pressure pumping and pump-down perforating assets.

	Year Ended December 31, 2016
(Dollars in millions)	Net Operating Revenues		Loss from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,942	$	(409	)	$	446	$	55
Eastern Hemisphere	2,807		(160		)	501		134
	5,749		(569		)	947		189
Corporate General and Administrative			(139		)	9		15
Long-Lived Asset Impairment and Other Related Charges (d)			(1,043		)
Restructuring Charges (e)			(280		)
Litigation Charges			(220		)
Total	$	5,749	$	(2,251	)	$	956	$	204

(d) Includes $710 million related to long-lived asset impairments, asset write-downs, receivable write-offs and other charges and credits, $219 million in inventory write-downs and $114 million of pressure pumping related charges.

(e) Includes restructuring charges of $280 million: $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate.

87

	Year Ended December 31, 2015
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations (f)			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	5,276	$	(180	)	$	621	$	390
Eastern Hemisphere	4,157		27			563		273
	9,433		(153		)	1,184		663
Corporate General and Administrative			(194		)	16		19
Long-Lived Asset Impairments (g)			(768		)
Goodwill Impairment			(25		)
Restructuring Charges (h)			(232		)
Litigation Charges			(116		)
Loss on Sale of Businesses, Net			(6		)
Other Items (i)			(52		)
Total	$	9,433	$	(1,546	)	$	1,200	$	682

(f) Includes inventory write-downs of $223 million attributable to the reporting segments as follows: $127 million in the Western Hemisphere and $96 million in the Eastern Hemisphere. Also includes bad debt expense of $48 million of which $31 million was taken in the fourth quarter attributable to our reporting segments as follows: $29 million in the Western Hemisphere and $19 million in the Eastern Hemisphere.

(g) Includes $638 million of long-lived asset impairment charges, supply agreement charges related to a non-core business divestiture of $67 million, and pressure pumping related charges of $63 million.

(h) Includes restructuring charges of $232 million: $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate.

(i) Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges.

The following table presents total assets by segment at December 31:

	Total Assets at December 31,
(Dollars in millions)	2017		2016
Western Hemisphere	$	4,933	$	6,167
Eastern Hemisphere	4,311		5,491
Corporate	503		1,006
Total	$	9,747	$	12,664

Total assets in the United States, part of our Western Hemisphere segment, were $2.9 billion and $3.3 billion as of December 31, 2017 and 2016, respectively.

Products and Services

We are one of the world’s leading providers of equipment and services used in the production, completion, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product service line group is as follows:

	Year Ended December 31,
	2017		2016		2015
Production	26	%	29	%	29	%
Completions	22		20		20
Drilling and Evaluation	24		22		22
Well Construction	28		29		29
Total	100	%	100	%	100	%

88

Geographic Areas

Financial information by geographic area within the hemispheres is summarized below. Revenues from customers and long-lived assets in Ireland were nil in each of the years presented. Long-lived assets exclude goodwill and intangible assets as well as deferred tax assets of $36 million and $81 million at December 31, 2017 and 2016, respectively.

	Revenues						Long-lived Assets
(Dollars in millions)	2017		2016		2015		2017		2016
United States	$	1,555	$	1,523	$	2,864	$	870	$	1,008
Latin America	890		1,064		1,782		575		903
Canada	492		355		630		118		140
Western Hemisphere	$	2,937	$	2,942	$	5,276	$	1,563	$	2,051
Middle East & North Africa	$	1,464	$	1,513	$	1,843	$	528	$	1,595
Europe/Sub-Sahara Africa/Russia	999		939		1,613		532		629
Asia	299		355		701		270		354
Eastern Hemisphere	$	2,762	$	2,807	$	4,157	$	1,330	$	2,578
Total	$	5,699	$	5,749	$	9,433	$	2,893	$	4,629

89

24. Consolidating Financial Statements

Weatherford Ireland, a public limited company organized under the laws of Ireland, a Swiss tax resident, and the ultimate parent of the Weatherford group, guarantees the obligations of our subsidiaries – Weatherford Bermuda and Weatherford Delaware, including the notes and credit facilities listed below.

The 6.80% senior notes of Weatherford Delaware were guaranteed by Weatherford Bermuda at December 31, 2017 and 2016. At December 31, 2016, Weatherford Bermuda also guaranteed the 6.35% senior notes of Weatherford Delaware.

The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at December 31, 2017 and 2016: (1) Revolving Credit Agreement, (2) Term Loan Agreement, (3) 6.50% senior notes, (4) 6.00% senior notes, (5) 7.00% senior notes, (6) 9.625% senior notes, (7) 9.875% senior notes due 2039, (8) 5.125% senior notes, (9) 6.75% senior notes, (10) 4.50% senior notes and (11) 5.95% senior notes (12) 5.875% exchangeable senior notes, (13) 7.75% senior notes, (14) 8.25% senior notes and (15) 9.875% senior notes due 2024.

As a result of certain of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The accompanying guarantor financial information is presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for our share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions.

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2017

(Dollars in Millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,699		$	—		$	5,699
Costs and Expenses	(19		)	45			2			(7,856		)	—			(7,828		)
Operating Income (Loss)	(19		)	45			2			(2,157		)	—			(2,129		)
Other Income (Expense):
Interest Expense, Net	—			(583		)	(38		)	24			18			(579		)
Intercompany Charges, Net	12			148			(192		)	(103		)	135			—
Equity in Subsidiary Income	(2,891		)	(878		)	(437		)	—			4,206			—
Other Income (Expense), Net	85			(19		)	5			(11		)	(8		)	52
Income (Loss) Before Income Taxes	(2,813		)	(1,287		)	(660		)	(2,247		)	4,351			(2,656		)
(Provision) for Income Taxes	—			—			—			(137		)	—			(137		)
Net Income (Loss)	(2,813		)	(1,287		)	(660		)	(2,384		)	4,351			(2,793		)
Net Income Attributable to Noncontrolling Interests	—			—			—			20			—			20
Net Income (Loss) Attributable to Weatherford	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,404	)	$	4,351		$	(2,813	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,722	)	$	(1,307	)	$	(700	)	$	(2,312	)	$	4,319		$	(2,722	)

90

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,749		$	—		$	5,749
Costs and Expenses	(151		)	(3		)	5			(7,851		)	—			(8,000		)
Operating Income (Loss)	(151		)	(3		)	5			(2,102		)	—			(2,251		)
Other Income (Expense):
Interest Expense, Net	—			(465		)	(49		)	4			11			(499		)
Intercompany Charges, Net	(76		)	4			(196		)	(274		)	542			—
Equity in Subsidiary Income	(3,181		)	(2,403		)	(944		)	—			6,528			—
Other Income (Expense), Net	16			(38		)	43			(78		)	(70		)	(127		)
Income (Loss) Before Income Taxes	(3,392		)	(2,905		)	(1,141		)	(2,450		)	7,011			(2,877		)
Benefit for Income Taxes	—			—			(154		)	(342		)	—			(496		)
Net Income (Loss)	(3,392		)	(2,905		)	(1,295		)	(2,792		)	7,011			(3,373		)
Net Income Attributable to Noncontrolling Interests	—			—			—			19			—			19
Net Income (Loss) Attributable to Weatherford	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,811	)	$	7,011		$	(3,392	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(3,361	)	$	(3,081	)	$	(1,425	)	$	(2,780	)	$	7,286		$	(3,361	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	9,433		$	—	$	9,433
Costs and Expenses	(101		)	(7		)	2			(10,873		)	—		(10,979		)
Operating Income (Loss)	(101		)	(7		)	2			(1,440		)	—		(1,546		)
Other Income (Expense):
Interest Expense, Net	—			(398		)	(57		)	(13		)	—		(468		)
Intercompany Charges, Net	(83		)	(110		)	(282		)	(403		)	878		—
Equity in Subsidiary Income	(1,801		)	(1,868		)	(492		)	—			4,161		—
Other Income (Expense), Net	—			51			11			(144		)	—		(82		)
Income (Loss) Before Income Taxes	(1,985		)	(2,332		)	(818		)	(2,000		)	5,039		(2,096		)
(Provision) Benefit for Income Taxes	—			—			114			31			—		145
Net Income (Loss)	(1,985		)	(2,332		)	(704		)	(1,969		)	5,039		(1,951		)
Net Income Attributable to Noncontrolling Interests	—			—			—			34			—		34
Net Income (Loss) Attributable to Weatherford	$	(1,985	)	$	(2,332	)	$	(704	)	$	(2,003	)	$	5,039	$	(1,985	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,745	)	$	(2,610	)	$	(754	)	$	(2,762	)	$	6,126	$	(2,745	)

91

Condensed Consolidating Balance Sheet

December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	195	$	—	$	418	$	—		$	613
Other Current Assets	1			—		516		3,298		(550		)	3,265
Total Current Assets	1			195		516		3,716		(550		)	3,878
Equity Investments in Affiliates	(460		)	7,998		8,009		530		(16,077		)	—
Intercompany Receivables, Net	—			—		—		4,213		(4,213		)	—
Other Assets	—			8		4		5,857		—			5,869
Total Assets	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	128	$	—	$	20	$	—		$	148
Accounts Payable and Other Current Liabilities	10			183		—		2,439		(550		)	2,082
Total Current Liabilities	10			311		—		2,459		(550		)	2,230
Long-term Debt	—			7,127		166		159		89			7,541
Intercompany Payables, Net	87			242		3,884		—		(4,213		)	—
Other Long-term Liabilities	70			146		136		332		(137		)	547
Total Liabilities	167			7,826		4,186		2,950		(4,811		)	10,318
Weatherford Shareholders’ (Deficiency) Equity	(626		)	375		4,343		11,311		(16,029		)	(626		)
Noncontrolling Interests	—			—		—		55		—			55
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747

92

Condensed Consolidating Balance Sheet

December 31, 2016

(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	586	$	4	$	447	$	—		$	1,037
Other Current Assets	1		—		512		3,891		(531		)	3,873
Total Current Assets	1		586		516		4,338		(531		)	4,910
Equity Investments in Affiliates	2,415		8,669		8,301		1,037		(20,422		)	—
Intercompany Receivables, Net	—		—		—		3,762		(3,762		)	—
Other Assets	2		13		—		7,751		(12		)	7,754
Total Assets	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	53	$	94	$	32	$	—		$	179
Accounts Payable and Other Current Liabilities	105		198		—		2,488		(542		)	2,249
Total Current Liabilities	105		251		94		2,520		(542		)	2,428
Long-term Debt	—		6,944		148		204		107			7,403
Intercompany Payables, Net	145		224		3,393		—		(3,762		)	—
Other Long-term Liabilities	156		152		146		457		(146		)	765
Total Liabilities	406		7,571		3,781		3,181		(4,343		)	10,596
Weatherford Shareholders’ Equity	2,012		1,697		5,036		13,651		(20,384		)	2,012
Noncontrolling Interests	—		—		—		56		—			56
Total Liabilities and Shareholders’ Equity	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664

93

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,384	)	$	4,351		$	(2,793	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(12		)	(148		)	192			103			(135		)	—
Equity in (Earnings) Loss of Affiliates	2,891			878			437			—			(4,206		)	—
Deferred Income Tax Provision (Benefit)	—			—			—			(25		)				(25		)
Other Adjustments	(278		)	1,236			66			1,416			(10		)	2,430
Net Cash Provided by (Used in) Operating Activities	(212		)	679			35			(890		)	—			(388		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(225		)	—			(225		)
Acquisition of Assets Held for Sale	—			—			—			(244		)	—			(244		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(7		)	—			(7		)
Acquisition of Intellectual Property	—			—			—			(15		)	—			(15		)
Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net	—			—			—			(1		)	—			(1		)
Proceeds from Sale of Assets and U.S. Pressure Pumping and Pump-Down Perforating Assets and Other Assets	—			—			—			481			—			481
Other Investing Activities	—			—			—			(51		)	—			(51		)
Net Cash Used in Investing Activities	—			—			—			(62		)	—			(62		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(17		)	—			(111		)	—			(128		)
Borrowings (Repayments) Long-term Debt, Net	—			200			(94		)	75			—			181
Borrowings (Repayments) Between Subsidiaries, Net	212			(1,253		)	55			986			—			—
Other, Net	—			—			—			(33		)	—			(33		)
Net Cash Provided by Financing Activities	212			(1,070		)	(39		)	917			—			20
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			6			—			6
Net Increase (Decrease) in Cash and Cash Equivalents	—			(391		)	(4		)	(29		)	—			(424		)
Cash and Cash Equivalents at Beginning of Year	—			586			4			447			—			1,037
Cash and Cash Equivalents at End of Year	$	—		$	195		$	—		$	418		$	—		$	613

94

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,792	)	$	7,011		$	(3,373	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	76			(4		)	196			274			(542		)	—
Equity in (Earnings) Loss of Affiliates	3,181			2,403			944			—			(6,528		)	—
Deferred Income Tax Provision (Benefit)	—			—			26			355			—			381
Other Adjustments	1,230			75			257			1,067			59			2,688
Net Cash Provided by (Used in) Operating Activities	1,095			(431		)	128			(1,096		)	—			(304		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(204		)	—			(204		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(5		)	—			(5		)
Acquisition of Intellectual Property	—			—			—			(10		)	—			(10		)
Insurance Proceeds Related to Insurance Casualty Loss	—			—			—			39			—			39
Proceeds from Sale of Assets	—			—			—			49			—			49
Proceeds (Payment) Related to Sale of Business and Equity Investment, Net	—			—			—			(6		)	—			(6		)
Net Cash Used in Investing Activities	—			—			—			(137		)	—			(137		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(1,497		)	—			(15		)	—			(1,512		)
Borrowings (Repayments) Long-term Debt, Net	—			2,299			(516		)	(65		)	—			1,718
Borrowings (Repayments) Between Subsidiaries, Net	(1,095		)	213			370			512			—			—
Proceeds from Issuance of Ordinary Common Shares and Warrant	—			—			—			1,071			—			1,071
Other, Net	—			—			—			(216		)	—			(216		)
Net Cash Provided by Financing Activities	(1,095		)	1,015			(146		)	1,287			—			1,061
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(50		)	—			(50		)
Net Increase in Cash and Cash Equivalents	—			584			(18		)	4			—			570
Cash and Cash Equivalents at Beginning of Year	—			2			22			443			—			467
Cash and Cash Equivalents at End of Year	$	—		$	586		$	4		$	447		$	—		$	1,037

95

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,985	)	$	(2,332	)	$	(704	)	$	(1,969	)	$	5,039		$	(1,951	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	83			110			282			403			(878		)	—
Equity in (Earnings) Loss of Affiliates	1,801			1,868			492			—			(4,161		)	—
Deferred Income Tax (Provision) Benefit	—			—			14			(462		)	—			(448		)
Other Adjustments	(35		)	210			(86		)	3,025			—			3,114
Net Cash Provided by (Used in) Operating Activities	(136		)	(144		)	(2		)	997			—			715
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(682		)	—			(682		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(14		)	—			(14		)
Acquisition of Intellectual Property	—			—			—			(8		)	—			(8		)
Proceeds Related to Sale of Businesses and Equity Investment, Net	—			—			—			8			—			8
Proceeds from Sale of Assets	—			—			—			37			—			37
Net Cash Used in Investing Activities	—			—			—			(659		)	—			(659		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			535			—			(30		)	—			505
Borrowings (Repayments) Long-term Debt, Net	—			(411		)	(31		)	(28		)	—			(470		)
Borrowings (Repayments) Between Subsidiaries, Net	135			22			33			(190		)	—			—
Other, Net	—			—			—			(32		)	—			(32		)
Net Cash Provided by Financing Activities	135			146			2			(280		)	—			3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			(66		)	—			(66		)
Net Increase in Cash and Cash Equivalents	(1		)	2			—			(8		)	—			(7		)
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	2		$	22		$	443		$	—		$	467

96

26. Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2017 and 2016 are presented in the following tables. In the following tables, the sum of basic and diluted “Loss Per Share” for the four quarters may differ from the annual amounts due to the required method of computing weighted average number of shares in the respective periods. Additionally, due to the effect of rounding, the sum of the individual quarterly earnings per share amounts may not equal the calculated year earnings per share amount.

	2017 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,386			$	1,363			$	1,460			$	1,490			$	5,699
Gross Profit	180				174				264				192				810
Net Loss Attributable to Weatherford	(448		)	(a)	(171		)	(b)	(256		)	(c)	(1,938		)	(d)	(2,813		)
Basic & Diluted Loss Per Share	(0.45		)		(0.17		)		(0.26		)		(1.95		)		(2.84		)

(a) Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.

(b) Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.

(c) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.

(d) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.

	2016 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,585			$	1,402			$	1,356			$	1,406			$	5,749
Gross Profit	111				164				126				159				560
Net Loss Attributable to Weatherford	(498		)	(e)	(565		)	(f)	(1,780		)	(g)	(549		)	(h)	(3,392		)
Basic & Diluted Loss Per Share	(0.61		)		(0.63		)		(1.98		)		(0.59		)		(3.82		)

(e) Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.

(f) Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.

(g) Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.

(h) Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

97

Item 9. Changes in and Disagreement with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. This information is collected and communicated to management, including our Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosures. Our management, under the supervision of and with the participation of our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures at December 31, 2017. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, 2017.

Management’s Annual Report on Internal Controls Over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rules 13a-15(f) of the Exchange Act. The Company’s internal controls are designed to provide reasonable, but not absolute, assurance as to the reliability of its financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.

Our management, including our CEO and CFO, does not expect that our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a system of internal control over financial reporting, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control system is also based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2017 using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – An Integrated Framework (2013). As a result of this assessment management concluded that as of December 31, 2017, our internal control over financial reporting was effective based on these criteria.

KPMG LLP has issued an attestation report dated February 14, 2018, on our internal control over financial reporting, which is contained in this Annual Report on Form 10-K.

Evaluation of Disclosure Controls and Procedures

At the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation, under the supervision of and with the participation of management, including the CEO and the CFO, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon that evaluation, our CEO and CFO have concluded our disclosure controls and procedures were effective, as of December 31, 2017, to provide reasonable assurance that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms.

Changes in Internal Controls

Our management, identified no change in our internal control over financial reporting that occurred during the fourth quarter ended December 31, 2017, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

98

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

See “Item 1. – Business – Executive Officers of Weatherford” of this report for Item 10 information regarding executive officers of Weatherford. Pursuant to General Instructions G(3), information on directors of the Registrant and corporate governance matters is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

The Company has adopted a code of ethics entitled “Code of Business Conduct,” which applies to all our employees, officers and directors and our board of directors has also adopted a separate “Supplemental Code of Business Conduct” for our senior officers. Copies of these codes can also be found at www.weatherford.com.

We intend to satisfy the requirement under Item 5.05 of Form 8-K to disclose any amendments to our Code of Business Conduct and any waiver from any provision of our Code of Business Conduct by posting such information on our web site at www.weatherford.com.

Item 11. Executive Compensation

Pursuant to General Instructions G(3), information on executive compensation is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Pursuant to General Instructions G(3), information on security ownership of certain beneficial owners is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

Item 12(b). Security Ownership of Management

Pursuant to General Instructions G(3), information on security ownership of management is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

Item 12(c). Changes in Control

Not applicable.

99

Item 12(d). Securities Authorized for Issuance under Equity Compensation Plans

The following table provides information as of December 31, 2017, about the number of shares to be issued upon vesting or exercise of equity awards as well as the number of shares remaining available for issuance under our equity compensation plans.

Plan Category (Shares in thousands, except share prices)	Numbers of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights	Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (a)		Number of Securities Available for Future Issuance Under Equity Compensation Plans (b)
Equity compensation plans approved by shareholders (c) (d)	18,359	$	—	32,802
Equity compensation plans not approved by shareholders (e)	200	16.92		—
Total	18,559	16.92		32,802

(a) The weighted average price does not take into account the shares issuable upon vesting of outstanding PUs or RSUs, which have no exercise price.

(b) Excluding shares reflected in the first column of this table.

(c) Includes our Omnibus Plan, which was approved by our shareholders in May 2006, our 2010 Omnibus Plan, as amended, which was approved by our shareholders in June 2010, and our Employee Stock Purchase Plan, which was approved by our shareholders in June 2016.

(d) Number of securities to be issued includes PUs calculated at target.

(e) Includes our 1998 Employee Stock Option Plan that was not approved by our shareholders. No awards have been issued under this plan since May 2006 when our Omnibus Plan was approved. The unapproved plan and other individual compensation arrangements that were not approved by our shareholders with significant shares to be issued are described below:

Our 1998 Employee Stock Option Plan (“1998 Plan”) provides for the grant of nonqualified options to purchase our shares to employees or employees of our affiliates, as determined by the Compensation Committee of our Board of Directors. The price at which shares may be purchased is based on the market price of the shares and cannot be less than the aggregate par value of the shares on the date the option was granted. Unless otherwise provided in an option agreement, no option may be exercised after one day less than 10 years from the date of vesting. All options under this plan are vested. Subsequent to the shareholder approval of our Omnibus Plan in May 2006, awards are no longer granted under the 1998 Plan.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Pursuant to General Instruction G(3), information on certain relationships and related transactions and director independence is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

Item 14. Principal Accounting Fees and Services

Pursuant to General Instruction G(3), information on principal accounting fees and services is incorporated by reference from our Proxy Statement for the 2018 Annual General Meeting of Shareholders to be held on April 27, 2018.

100

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a) The following documents are filed as part of this report or incorporated by reference:

1. The Consolidated Financial Statements of the Company listed on page 48 of this report.

2. The financial statement schedule on page 110 of this report.

3. The exhibits of the Company listed below under Item 15(b); all exhibits are incorporated herein by reference to a prior filing as indicated, unless designated by a dagger (†) or double dagger (††).

(b)     Exhibits:

Exhibit Number	Description	Original Filed Exhibit	File Number
2.1	Merger Agreement, dated April 2, 2014, between Weatherford Switzerland and Weatherford Ireland	Exhibit 2.1 of the Company's Current Report on Form 8-K filed April 2, 2014	File No. 1-34258
3.1	Memorandum and Articles of Association of Weatherford International public limited company	Exhibit 3.1 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
4.1	Indenture, dated October 1, 2003, among Weatherford Bermuda, Weatherford Delaware, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed October 2, 2003	File No. 1-31339
4.2	First Supplemental Indenture, dated March 25, 2008, among Weatherford Bermuda, Weatherford Delaware and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed March 25, 2008	File No. 1-31339
4.3	Second Supplemental Indenture, dated as of January 8, 2009, among Weatherford Bermuda Weatherford Delaware, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed January 8, 2009	File No. 1-31339
4.4	Third Supplemental Indenture, dated as of February 26, 2009, among Weatherford Bermuda, Weatherford Delaware, Weatherford Switzerland and Deutsche Bank Trust Company Americas	Exhibit 4.2 to the Company's Current Report on Form 8-K filed February 26, 2009	File No. 1-34258
4.5	Fourth Supplemental Indenture, dated as of September 23, 2010, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 filed November 2, 2010	File No. 1-34258
4.6	Fifth Supplemental Indenture, dated as of April 4, 2012, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed April 4, 2012	File No. 1-34258
4.7	Sixth Supplemental Indenture, dated as of August 14, 2012, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 14, 2012	File No. 1-34258

101

Exhibit Number	Description	Original Filed Exhibit	File Number
4.8	Seventh Supplemental Indenture, dated as of March 31, 2013, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed May 3, 2013	File No. 1-34258
4.9	Eighth Supplemental Indenture, dated June 17, 2014, among Weatherford Ireland, Weatherford Bermuda, Weatherford Delaware and Deutsche Bank Trust Company Americas, as trustee, to the indenture dated as of October 1, 2003	Exhibit 4.1 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
4.10	Ninth Supplemental Indenture dated June 7, 2016 among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), and Weatherford International LLC (Delaware) and Deutsche Bank Trust Company Americas, as trustee, to the indenture dated as of October 1, 2003	Exhibit 4.1 of the Company's Current Report on Form 8-K filed June 7, 2016	File No. 1-36504
4.11	Tenth Supplemental Indenture, dated June 17, 2016, among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), Weatherford International, LLC, (Delaware) and Deutsche Bank Trust Company Americas, as trustee	Exhibit 4.1 of the Company's Current Report on Form 8-K filed June 17, 2016	File No. 1-36504
4.12	Eleventh Supplemental Indenture, dated November 18, 2016, by and among Weatherford International Ltd., as issuer, Weatherford International plc, as guarantor, Weatherford International, LLC, as guarantor, and Deutsche Bank Trustee Company Americas, as trustee.	Exhibit 4.1 of the Company's Current Report on Form 8-K filed November 21, 2016	File No. 1-36504
4.13	Form of Warrant	Exhibit 4.3 of the Company's Current Report on Form 8-K filed November 21, 2016	File No. 1-36504
4.14	Indenture, dated June 18, 2007, among Weatherford Delaware, Weatherford Bermuda and Deutsche Bank Trust Company Americas	Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 18, 2007	File No. 1-31339
4.15	First Supplemental Indenture, dated June 18, 2007, among Weatherford Delaware, Weatherford Bermuda, and Deutsche Bank Trust Company Americas (including forms of notes)	Exhibit 4.2 to the Company's Current Report on Form 8-K filed on June 18, 2007	File No. 1-31339
4.16	Second Supplemental Indenture, dated as of February 26, 2009, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.3 to the Company's Current Report on Form 8-K filed February 26, 2009	File No. 1-31339
4.17	Third Supplemental Indenture, dated as of August 14, 2012, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland and Deutsche Bank Trust Company Americas	Exhibit 4.2 to the Company's Current Report on Form 8-K filed August 14, 2012	File No. 1-34258
4.18	Fourth Supplemental Indenture, dated as of March 31, 2013, among Weatherford Delaware, Weatherford Bermuda, Weatherford Switzerland, and Deutsche Bank Trust Company Americas	Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed May 3, 2013	File No. 1-34258

102

Exhibit Number	Description	Original Filed Exhibit	File Number
4.19	Fifth Supplemental Indenture, dated June 17, 2014, among Weatherford Ireland, Weatherford Bermuda, Weatherford Delaware and Deutsche Bank Trust Company Americas	Exhibit 4.2 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
4.20	Officer’s Certificate, dated August 7, 2006, establishing the series of 6.50% Senior Notes due 2036	Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 7, 2006	File No. 1-31339
4.21	Form of $500,000,000 global note for 6.50% Senior Notes due 2036	Exhibit 4.2 to the Company's Current Report on Form 8-K filed August 7, 2006	File No. 1-31339
4.22	Form of $100,000,000 global note for 6.50% Senior Notes due 2036	Exhibit 4.3 to the Company's Current Report on Form 8-K filed August 7, 2006	File No. 1-31339
4.23	Form of Global Note for 6.35% Senior Notes due 2017	Exhibit A of Exhibit 4.2 to the Company's Current Report on Form 8-K filed June 18, 2007	Reg. No. 333-146695
4.24	Form of global note for 6.80% Senior Notes due 2037	Exhibit A of Exhibit 4.2 to the Company's Current Report on Form 8-K filed June 18, 2007	Reg. No. 333-146695
4.25	Form of global note for 6.00% Senior Notes due 2018	Exhibit 4.3 to the Company's Current Report on Form 8-K filed March 25, 2008	File No. 1-31339
4.26	Form of global note for 7.00% Senior Notes due 2038	Exhibit 4.4 to the Company's Current Report on Form 8-K filed March 25, 2008	File No. 1-31339
4.27	Form of global note for 9.625% Senior Notes due 2019	Exhibit A of Exhibit 4.1 to the Company's Current Report on Form 8-K filed January 8, 2009	File No. 1-31339
4.28	Form of global note for 9.875% Senior Notes due 2039	Exhibit A of Exhibit 4.1 to the Company's Current Report on Form 8-K filed January 8, 2009	File No. 1-31339
4.29	Form of global note for 5.125% Senior Notes due 2020	Exhibit A-1 of Exhibit 4.1 to the Company's Current Report on Form 8-K filed September 22, 2010	File No. 1-34258
4.30	Form of global note for 6.750% Senior Notes due 2040	Exhibit A-2 of Exhibit 4.1 to the Company's Current Report on Form 8-K filed September 22, 2010	File No. 1-34258
4.31	Form of global note for 4.50% Senior Notes due 2022	Exhibit A-1 of Exhibit 4.1 to the Company's Current Report on Form 8-K filed April 4, 2012	File No. 1-34258
4.32	Form of global note for 5.95% Senior Notes due 2042	Exhibit A-2 of Exhibit 4.1 to the Company's Current Report on Form 8-K filed April 4, 2012	File No. 1-34258

103

Exhibit Number	Description	Original Filed Exhibit	File Number
4.33	Form of global note for 5.875% Exchangeable Senior Notes due 2021	Exhibit A of Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 7, 2016	File No. 1-36504
4.34	Form of global note for 7.75% Senior Notes due 2021	Annex A of Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 17, 2016	File No. 1-36504
4.35	Form of global note for 8.25% Senior Notes due 2023	Annex B of Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 17, 2016	File No. 1-36504
4.36	Form of guarantee notation	Exhibit B of Exhibit 4.1 to the Company's Current Report on Form 8-K filed September 22, 2010	File No. 1-34258
4.37	Form of guarantee notation	Exhibit B of Exhibit 4.1 to the Company's Current Report on Form 8-K filed April 4, 2012	File No. 1-34258
*10.1	Weatherford International Ltd. Nonqualified Executive Retirement Plan, amended and restated effective December 31, 2008	Exhibit 10.8 to the Company's Current Report on Form 8-K filed December 31, 2008	File No. 1-31339
*10.2	Weatherford International Ltd. Non-Employee Director Retirement Plan, as amended and restated effective December 31, 2008	Exhibit 10.6 to the Company's Current Report on Form 8-K filed December 31, 2008	File No. 1-31339
*10.3	Weatherford International Ltd. Supplemental Executive Retirement Plan, effective January 1, 2010	Exhibit 10.2 to the Company's Current Report on Form 8-K filed December 31, 2009	File No. 1-34258
*10.4	First Amendment to the Weatherford International Ltd. Supplemental Executive Retirement Plan, effective March 31, 2010	Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 23, 2010	File No. 1-34258
*10.5	Second Amendment to the Weatherford International Ltd. Supplemental Executive Retirement Plan, effective April 8, 2010	Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 9, 2010	File No. 1-34258
*10.6	Third Amendment to the Weatherford International Ltd. Supplemental Executive Retirement Plan (as amended on June 16, 2014)	Exhibit 10.10 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.7	Weatherford International, Inc. 1998 Employee Stock Option Plan, as amended, including form of agreement for officers	Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2003 filed March 10, 2004	File No. 1-31339
*10.8	Deed Poll of Assumption, dated June 16, 2014, executed by Weatherford Ireland	Exhibit 10.3 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504

104

Exhibit Number	Description	Original Filed Exhibit	File Number
*10.9	Weatherford International plc 2006 Omnibus Incentive Plan (as amended and restated, conformed as of June 16, 2015)	Exhibit 10.2 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed July 24, 2015	File No. 1-36504
*10.10	Form of Restricted Share Unit Award Agreement pursuant to Weatherford International plc 2006 Omnibus Incentive Plan	Exhibit 10.5 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.11	Form of Stock Option Agreement for Officers pursuant to Weatherford International plc 2006 Omnibus Incentive Plan	Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2006 filed February 23, 2007	File No. 1-31339
*10.12	Weatherford International, Inc. Executive Deferred Compensation Stock Ownership Plan, as amended and restated effective December 31, 2008	Exhibit 10.3 to the Company's Current Report on Form 8-K filed December 31, 2008	File No. 1-31339
*10.13	First Amendment to the Weatherford International, Inc. Executive Deferred Compensation Stock Ownership Plan	Exhibit 10.1 of the Company's Current Report on Form 8-K filed April 2, 2014	File No. 1-34258
*10.14	Weatherford International Ltd. Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective December 31, 2008	Exhibit 10.5 to the Company's Current Report on Form 8-K filed December 31, 2008	File No. 1-31339
*10.15	Weatherford International plc 2010 Omnibus Incentive Plan (as amended and restated)	Exhibit 10.6 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.16	First Amendment to Weatherford International plc 2010 Omnibus Incentive Plan	Annex A of the Company's Definitive Proxy Statement on Schedule 14A filed April 29, 2015	File No. 1-36504
*10.17	Second Amendment to Weatherford International plc 2010 Omnibus Incentive Plan	Annex A of the Company's Definitive Proxy Statement on Schedule 14A filed April 25, 2017	File No. 1-36504
*10.18	Form of Restricted Share Unit Award Agreement pursuant to Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.7 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.19	Form of Performance Unit Award Agreement pursuant to Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed April 24, 2015	File No. 1-36504
*10.20	Form of Restricted Share Units Award Agreement (CIC - Officer) pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.21 of the Company Annual Report on Form 10-K filed February 16, 2016	File No. 1-36504

105

Exhibit Number	Description	Original Filed Exhibit	File Number
*10.21	Form of Restricted Share Units Award Agreement (CIC - Director) pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.5 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed July 24, 2015	File No. 1-36504
*10.22	Form of addendum for use with certain equity grants under the Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.26 to the Company's Annual Report on Form 10-K filed February 18, 2015	File No. 1-36504
*10.23	Form of Restricted Share Unit Award Agreement - U.K. pursuant to Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.9 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.24	Form of Performance Unit Award Agreement pursuant to Weatherford International plc 2010 Omnibus Incentive Plan (Shareholder Return)	Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 4, 2014	File No. 1-34258
*10.25	Form of Performance Units Award Agreement (CIC) pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.28 of the Company's Annual Report on Form 10-K filed February 16, 2016	File No. 1-36504
*10.26	Form of Restricted Share Units Award Agreement (CIC: Retirement - Director) pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan	Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 31, 2017, filed November 1, 2017	File No. 1-36504
†*10.27	Form of Restricted Share Units Award Agreement (CIC - Officer 2018 ) pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan		File No. 1-36504
†*10.28	Form of Performance Share Unit Award Agreement pursuant to Weatherford International plc 2010 Omnibus Incentive Plan (Relative Shareholder Return)		File No. 1-36504
†*10.29	Form of Performance Share Unit Award Agreement pursuant to Weatherford International plc 2010 Omnibus Incentive Plan (ROCE)		File No. 1-36504
*10.30	Weatherford International Ltd. (Switzerland) Executive Non-Equity Incentive Compensation Plan (as amended and restated, February 27, 2014) to be effective January 1, 2014	Exhibit 10.1 of the Company's Current Report on Form 8-K filed March 4, 2014	File No. 1-34258
*10.31	Employment Letter, dated March 3, 2017, between Weatherford International plc and Mark A. McCollum	Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed April 28, 2017	File No. 1-36504

106

Exhibit Number	Description	Original Filed Exhibit	File Number
*10.32	Executive Employment Agreement, dated June 20, 2013, between Weatherford International Ltd. and Douglas M. Mills	Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed July 31, 2013	File No. 1-34258
*10.33	Executive Employment Agreement, dated November 4, 2013, between Weatherford International Ltd. and Krishna Shivram	Exhibit 10.1 to the Company's Current Report on Form 8-K filed November 4, 2013	File No. 1-34258
*10.34	Letter Agreement, dated January 5, 2017, between Weatherford International plc and Krishna Shivram	Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed April 28, 2017	File No. 1-36504
†*10.35	Severance Agreement, Waiver and Release entered into by Mario Ruscev on September 18, 2017		File No. 1-36504
*10.36	Form of Change of Control Agreement, entered into by Mark McCollum (April 24, 2017) Christina Ibrahim (May 4, 2015), Karl Blanchard (August 21, 2017) and Christoph Bausch (December 13, 2016)	Exhibit 10.1 of the Company's Current Report on Form 8-K filed December 15, 2016	File No. 1-36504
*10.37	Form of Deed of Indemnity of Weatherford Ireland entered into by each director of Weatherford Ireland and each of the following executive officers of Weatherford Ireland: Mark McCollum (April 24, 2017), Douglas M. Mills (June 17, 2014), Christina Ibrahim (May 4, 2015), Karl Blanchard (August 21, 2017) and Christoph Bausch (December 13, 2016)	Exhibit 10.11 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.38	Form of Deed of Indemnity of Weatherford Bermuda entered into by each director of Weatherford Ireland and each of the following executive officers of Weatherford Ireland: Mark McCollum (April 24, 2017), Douglas M. Mills, (June 17, 2014), Christina Ibrahim (May 4, 2015) and Christoph Bausch (December 13, 2016)	Exhibit 10.12 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
*10.39	Deed of Indemnity of Weatherford Bermuda entered into by Karl Blanchard (August 21, 2017)	Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed November 1, 2017	File No. 1-36504
*10.40	Form of Employment Agreement Assignment Letter by Weatherford Management Company Switzerland LLC, Weatherford Switzerland, Weatherford Ireland and the following executive officers of Weatherford Ireland: Krishna Shivram and Douglas M. Mills (June 16, 2014)	Exhibit 10.13 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504

107

Exhibit Number	Description	Original Filed Exhibit	File Number
*10.41	Form of Secondment Letter entered into by Weatherford Management Company Switzerland LLC, Weatherford U.S., L.P. and the following executive officers of Weatherford Ireland: Krishna Shivram and Douglas M. Mills (June 16, 2014)	Exhibit 10.14 of the Company's Current Report on Form 8-K12B filed June 17, 2014	File No. 1-36504
10.42	Amendment and Restatement Agreement, dated May 4, 2016, by and among Weatherford International plc (Ireland), Weatherford International Ltd. (Bermuda), as the Borrower, Weatherford International, LLC (Delaware), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.1 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504
10.43	Amended and Restated Credit Agreement, effective as of May 9, 2016, by and among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), the other borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.2 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504
10.44	Amendment No. 1 to Amended and Restated Credit Agreement, dated July 19, 2016, among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.1 of the Company's Current Report on Form 8-K filed July 22, 2016	File No. 1-36504
10.45	Amendment No. 2 to Amended and Restated Credit Agreement, dated April 17, 2017, among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.1 of the Company's Current Report on Form 8-K filed April 17, 2017	File No. 1-36504
10.46	Term Loan Agreement, dated May 4, 2016, by and among Weatherford International Ltd. (Bermuda), as the borrower, Weatherford International plc, (Ireland), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the lenders	Exhibit 10.3 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504
10.47	Amendment No. 1 to Term Loan Agreement, dated July 19, 2016, among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.2 of the Company's Current Report on Form 8-K filed July 22, 2016	File No. 1-36504
10.48	Amendment No. 2 to Term Loan Agreement, dated April 17, 2017, among Weatherford International Ltd. (Bermuda), Weatherford International plc (Ireland), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Exhibit 10.2 of the Company's Current Report on Form 8-K filed April 17, 2017	File No. 1-36504
10.49	U.S. Pledge and Security Agreement, dated as of May 9, 2016, by and among the subsidiary parties thereto and JPMorgan Chase Bank, N.A., as administrative agent of the Term Loan Agreement, dated May 4, 2016	Exhibit 10.4 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504

108

Exhibit Number	Description	Original Filed Exhibit	File Number
10.50	Guaranty Agreement, dated as of May 9, 2016, by Weatherford International plc (Ireland) and certain subsidiary parties thereto, as guarantors, in favor of JPMorgan Chase Bank, N.A., as administrative agent of the Amended and Restated Credit Agreement, effective as of May 9, 2016	Exhibit 10.5 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504
10.51	Guaranty Agreement, dated as of May 9, 2016, by Weatherford International plc (Ireland) and certain subsidiary parties thereto, as guarantors, in favor of JPMorgan Chase Bank, N.A., as administrative agent of the Term Loan Agreement, dated as of May 4, 2016	Exhibit 10.6 of the Company's Current Report on Form 8-K filed May 10, 2016	File No. 1-36504
†*10.52	Asset Purchase Agreement Between Schlumberger Technology Corporation and Weatherford U.S. Holdings L.L.C., dated as of December 29, 2017		File No. 1-36504
†12.1	Ratio of Earnings to Fixed Charges
†21.1	Subsidiaries of Weatherford International plc
†23.1	Consent of KPMG LLP
†31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
†31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
††32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
††32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
**101	The following materials from Weatherford International plc's Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Operations, (3) the Consolidated Statements of Comprehensive Income (Loss), (4) the Consolidated Statements of Shareholders' (Deficiency) Equity, (5) the Consolidated Statements of Cash Flows, and (6) the related notes to the Consolidated Financial Statements

* Management contract or compensatory plan or arrangement.

** Submitted pursuant to Rule 405 and 406T of Regulation S-T.

† Filed herewith.

†† Furnished herewith.

As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized under any of such instruments does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. We will furnish a copy of any of such instruments to the Securities and Exchange Commission upon request.

We will furnish to any requesting shareholder a copy of any of the above named exhibits upon the payment of our reasonable expenses of obtaining, duplicating and mailing the requested exhibits. All requests for copies of exhibits should be made in writing to our U.S. Investor Relations Department at 2000 St James Place, Houston, TX 77056.

109

Financial Statement Schedules

1. Valuation and qualifying accounts and allowances.

SCHEDULE II

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS AND ALLOWANCES

FOR THE THREE YEARS ENDED DECEMBER 31, 2017

	Balance at		(Recovery)				Balance at
	Beginning		and				End of
(Dollars in millions)	of Period	Expense (a)	Additions		Other (b) (c)		Period
Year Ended December 31, 2017:
Current Allowance for Uncollectible Accounts Receivable	129	80	—		(53	)	156
Long-term Allowance for Uncollectible Accounts Receivable	—	158	—		15		173
Total Allowance for Uncollectible Accounts Receivable	129	238	—		(38	)	329
Valuation Allowance on Deferred Tax Assets	1,738	158	—		(9	)	1,887
Year Ended December 31, 2016:
Allowance for Uncollectible Accounts Receivable	113	69	—		(53	)	129
Valuation Allowance on Deferred Tax Assets	868	872	—		(2	)	1,738
Year Ended December 31, 2015:
Allowance for Uncollectible Accounts Receivable	108	48	(1	)	(42	)	113
Valuation Allowance on Deferred Tax Assets	732	159	—		(23	)	868

(a) In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela and reclassified $158 million of net accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets. In the fourth quarter of 2017, we recorded an allowance for uncollectible long-term receivables for the full net amount of $158 million.

(b) Other within the allowance for uncollectible accounts receivable as of December 2017 includes write-offs and amounts reclassified to long-term.

(c) Other in 2017 for valuation allowance on deferred taxes primarily due to currency translation.

All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes.

Item 16. Form 10-K Summary

None.

110

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 14, 2018.

Weatherford International plc

/s/ Mark A. McCollum

Mark A. McCollum

President and Chief Executive Officer

(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signatures	Title	Date
/s/ Mark A. McCollum	President, Chief Executive Officer  and Director	February 14, 2018
Mark A. McCollum	(Principal Executive Officer)
/s/ Christoph Bausch	Executive Vice President and	February 14, 2018
Christoph Bausch	Chief Financial Officer
	(Principal Financial Officer)
/s/ Douglas M. Mills	Vice President and	February 14, 2018
Douglas M. Mills	Chief Accounting Officer
	(Principal Accounting Officer)
/s/ Mohamed A. Awad	Director	February 14, 2018
Mohamed A. Awad
/s/ David J. Butters	Director	February 14, 2018
David J. Butters
/s/ Roxanne J. Decyk	Director	February 14, 2018
Roxanne J. Decyk
/s/John D. Gass	Director	February 14, 2018
John D. Gass
/s/Francis S. Kalman	Director	February 14, 2018
Francis S. Kalman
/s/ David S. King	Director	February 14, 2018
David S. King
/s/ William E. Macaulay	Chairman of the Board and Director	February 14, 2018
William E. Macaulay
/s/ Robert K. Moses, Jr.	Director	February 14, 2018
Robert K. Moses, Jr.
/s/Guillermo Ortiz	Director	February 14, 2018
Guillermo Ortiz
/s/ Emyr Jones Parry	Director	February 14, 2018
Emyr Jones Parry

111

EX-10.27

Exhibit 10.27

WEATHERFORD INTERNATIONAL PLC

2010 OMNIBUS INCENTIVE PLAN

(as amended and restated on June 17, 2014)

RESTRICTED SHARE UNITS AWARD AGREEMENT

THIS RESTRICTED SHARE UNITS AWARD AGREEMENT, including any country-specific terms set forth to an appendix attached hereto (this “Agreement”) is made and entered into by and between Weatherford International plc, an Irish public limited company (the “Company”), and the individual who has signed or electronically accepted this Agreement (the “Holder”), effective as of [l], 20 [l], pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan, as amended and restated on June 17, 2014, and as further amended from time to time.

Whereas, the Company desires to grant to the Holder restricted share units of the Company (the “Units”) under the Plan, subject to the terms and conditions of this Agreement and the Plan; and

Whereas, the Holder desires to have the opportunity to hold the Units subject to the terms and conditions of this Agreement and the Plan;

Now therefore, in consideration of the premises, mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1. Definitions. For purposes of this Agreement, “Forfeiture Restrictions” shall mean any prohibitions and restrictions set forth herein or in the Plan with respect to the sale or other disposition of the Units and the obligation to forfeit such Units to the Company. Capitalized terms not otherwise defined in this Agreement shall have the meanings given to such terms in the Plan.

2. Grant of Units. Effective as of the date of this Agreement and subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to the Holder the number of Units specified in this Agreement or as stated in the Holder’s online account with the Company’s designated broker/stock plan administrator. The Company and the Holder agree that this Agreement (including any country-specific appendix thereto) shall complete the terms of the Units.

3. Transfer Restrictions. Except as specified herein or in the Plan, the Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of. Any such attempted sale,

assignment, pledge, exchange, hypothecation, transfer, encumbrance or disposition in violation of this Agreement or the Plan shall be void, and the Company shall not be bound thereby.

4. Vesting or Forfeiture.

(a) Except as specified otherwise in this Section 4, the Units shall be subject to Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Units that are granted hereby in accordance with the schedule set forth in the Holder’s online account with the Company’s designated broker/stock plan administrator (each such date being a “Vesting Date”), provided that the Units have not been forfeited to the Company prior to such date pursuant to Section 4(c).

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(b) Notwithstanding Section 4(a), if (i) the Holder’s Employment with the Company and its Affiliates is terminated prior to one or more Vesting Dates due to the death or Disability of the Holder, then, in such event, all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date of the termination of the Holder’s Employment or (ii) there is a Change of Control prior to one or more Vesting Dates, then all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date immediately preceding such Change of Control. For purposes of this Agreement, “Change of Control” shall have the meaning ascribed thereto in the Plan, except that if the Holder is party to or covered by any change of control agreement or arrangement with the Employer (as defined in Section 8), then “Change of Control” shall have the meaning set forth in such agreement or arrangement to the extent permitted by and otherwise consistent with the Plan.

(c) If the Holder’s Employment is terminated prior to any Vesting Date (other than a termination described in Section 4(b)), then any Forfeiture Restrictions that have not previously lapsed pursuant to the provisions of this Section 4 shall not lapse, and any Units with respect to which the Forfeiture Restrictions have not lapsed shall be forfeited to the Company on the date of the termination of the Holder’s Employment. In the event any Units are forfeited to the Company pursuant to this Agreement, the Company will not be obligated to pay the Holder any consideration whatsoever for the forfeited Units or the underlying Shares (as defined in Section 5), and the Holder will have no rights to receive any consideration for the forfeited Units.

5. No Dividend Equivalents. If during the period the Holder holds any Units awarded hereby the Company pays a dividend in cash, securities or otherwise with respect to the Company’s outstanding ordinary shares, nominal value $0.001 per share (the “Shares”), the Holder shall receive no dividend equivalent payment with respect to the Holder’s Units.

6. Delivery of Shares. Upon the lapse of any Forfeiture Restrictions on each applicable Vesting Date under Section 4, the Company shall deliver or cause to be delivered a number of Shares equal to the number of Units with respect to which the Forfeiture Restrictions have lapsed (subject to the satisfaction by the Holder of any Tax-Related Items arising under Section 8 of this Agreement).

7. Capital Adjustments and Reorganizations. The existence of the Units shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any acquisition, merger,

amalgamation or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference shares ahead of or affecting the Shares or the rights thereof, or the winding up, dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise, including a Change of Control (as defined in the Plan).An adjustment under this provision may have the effect of reducing the price at which Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum equal to the Shortfall and to apply that sum in paying up that amount on the Shares.

8. Responsibility for Taxes & Withholding. The Holder acknowledges that, regardless of any action taken by the Company or any Affiliate of the Company, as applicable, to the extent the Holder is employed by or seconded

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to any such Affiliate (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Holder’s participation in the Plan and legally applicable to the Holder or deemed by the Company or the Employer in its discretion to be an appropriate charge to the Holder even if legally applicable to the Company or the Employer (“Tax-Related Items”), is and remains the Holder’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Holder further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including, but not limited to, the grant, vesting or settlement of the Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Holder’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Holder is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Holder acknowledges that the Company and/or the Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, the Holder agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Holder authorizes the Company and/or its Affiliates, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(a) withholding from the Holder’s wages or other cash compensation paid to the Holder by the Company and/or its Affiliates; or

(b) withholding from proceeds of the Shares acquired following the lapse of the Forfeiture Restrictions either through a voluntary sale or through a mandatory sale arranged by the Company (on the Holder’s behalf pursuant to this authorization without further consent); or

(c) withholding in Shares to be delivered upon the lapse of the Forfeiture Restrictions unless the Committee, in its sole discretion, indicates that this method of withholding is not available prior to the applicable taxable or tax withholding event and further provided, that if the Holder is a Section 16 officer of the Company under the U.S. Securities and Exchange Act of 1934, as amended, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish the

method of withholding from alternatives (a)-(c) herein and, if the Committee does not exercise its discretion prior to the Tax-Related Items withholding event, then the Holder shall be entitled to elect the method of withholding from the alternatives above.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Holder will receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Holder is deemed to have been issued the full number of Shares subject to the vested Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

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Finally, the Holder agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Holder’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Holder fails to comply with his or her obligations in connection with the Tax-Related Items.

9. Employment or Affiliation Relationship. The grant of Units and the Holder’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract or other affiliation with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate the Holder’s Employment. For purposes of this Agreement, the Holder shall be considered to be in the employment of, or affiliated with, the Company, the Employer or its Affiliates as long as the Holder has an active employment or affiliation relationship with the Company, the Employer or any Affiliate. The Committee shall determine any questions as to whether and when there has been a termination of the Holder’s Employment, and the cause of such termination, under the Plan and the Committee’s determination shall be final and binding on all persons.

10. Voting and Other Rights. The Holder shall have no rights as a shareholder of the Company in respect of the Units, including the right to vote and to receive dividends and other distributions, until delivery of Shares in satisfaction of such Units.

11. Data Privacy. The Holder hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Holder’s personal data as described in this Agreement and any other grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing the Holder’s participation in the Plan. The Holder understands that the Company and the Employer may hold certain personal information about the Holder, including, but not limited to, the Holder’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder’s favor, for the exclusive purpose of implementing, administering and managing the Plan. The Holder understands that Data will be transferred to Merrill Lynch, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Holder understands that the recipients of the Data may be located in Ireland, the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Holder’s country. The Holder understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Holder authorizes the Company, Merrill Lynch and any other possible recipients which may assist the

Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. The Holder understands that Data will be held only as long as is necessary to implement, administer and manage the Holder’s participation in the Plan. The Holder understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her

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local human resources representative. Further, the Holder understands that he or she is providing the consents herein on a purely voluntary basis. If the Holder does not consent, or if the Holder later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the Holder’s consent is that the Company would not be able to grant the Holder Units or other equity awards or administer or maintain such awards. Therefore, the Holder understands that refusing or withdrawing his or her consent may affect the Holder’s ability to participate in the Plan. For more information on the consequences of the Holder’s refusal to consent or withdrawal of consent, the Holder understands that he or she may contact his or her local human resources representative.

Finally, upon request of the Company or the Employer, the Holder agrees to provide an executed data privacy consent form (or any other agreements or consents that may be required by the Company and/or the Employer) that the Company and/or the Employer may deem necessary to obtain from the Holder for the purpose of administering the Holder's participation in the Plan in compliance with the data privacy laws in the Holder's country, either now or in the future. The Holder understands and agrees that the Holder will not be able to participate in the Plan if the Holder fails to provide any such consent or agreement requested by the Company and/or the Employer.

12. Notices. Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by facsimile, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the address indicated below on the execution page of this Agreement, and to the Holder at the Holder’s address indicated in the Company’s register of Plan participants, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

13. Amendment and Waiver. This Agreement may be amended from time to time by the Committee in its discretion in any manner that it deems appropriate and that is consistent with the terms of the Plan. However, no such amendment shall adversely affect in a material manner any right of the Holder without his/her written consent. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions effective. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Holder. The

failure of any party at any time or times to require performance of any provisions hereof shall in no manner affect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the breach of any other term or condition.

14. Governing Law and Severability. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable United States federal law and the laws of the State of Texas, without regard to any conflict of laws principles, except to the extent that the laws of Ireland mandatorily apply. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect.

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15. Successors and Assigns. Subject to the limitations which this Agreement and the Plan impose upon the transferability of the Units, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and to the Holder, his permitted assigns and, upon the Holder’s death, the Holder’s estate and beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents, and legal and personal representatives.

16. Electronic Delivery and Execution. The Holder hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Holder understands that, unless revoked by the Holder by giving written notice to the Company pursuant to the Plan, this consent will be effective for the duration of the Agreement. The Holder also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Holder hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agree that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Holder hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

17. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument.

18. Acknowledgements. The Holder acknowledges and agrees to the following:

(a) The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b) the grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units, even if Units have been granted in the past;

(c) all decisions with respect to future Unit or other grants, if any, will be at the sole discretion of the Company;

(d) the Holder is voluntarily participating in the Plan;

(e) the Units and the Shares subject to the Units are not intended to replace any pension rights or compensation;

(f) the Units and the Shares subject to the Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

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(g) the future value of the Shares underlying the Units is unknown, indeterminable and cannot be predicted with certainty;

(h) no claim or entitlement to compensation or damages shall arise from forfeiture of the Units resulting from the termination of the Holder’s Employment (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Holder is employed or the terms of any employment agreement or arrangement in such jurisdiction, if any), and in consideration of the grant of the Units to which the Holder is otherwise not entitled, the Holder irrevocably agrees never to institute any claim against the Company,any of its Affiliates or the Employer, waives his or her ability, if any, to bring any such claim, and releases the Company,its Affiliatesand the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Holder shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim;

(i) for purposes of the Units and unless otherwise expressly provided in this Agreement or determined by the Company, the Holder’s right to vest in the Units under the Plan, if any, will terminate as of such termination date as determined by the Committee pursuant to Section 9 of this Agreement and will not be extended by any notice period (e.g., Holder’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Holder is employed or the terms of the Holder’s employment agreement or arrangement in such jurisdiction, if any); the Committee shall have the exclusive discretion to determine when the Holder is no longer actively providing services for purposes of the Unit grant (including whether Holder may still be considered to be providing services while on a leave of absence);

(j) unless otherwise provided in the Plan or by the Company in its discretion, the Units and the benefits evidenced by this Agreement do not create any entitlement to have the Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting Shares;

(k) the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Holder’s participation in the Plan, or the Holder’s acquisition or sale of the underlying Shares. The Holder is hereby advised to consult with his or her own personal tax,

legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan; and

(l) the following provisions apply only if the Holder is providing services outside the United States:

(i) the Units and the Shares subject to the Units are not part of normal or expected compensation or salary for any purpose;

(ii) The Holder acknowledges and agrees that neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Holder’s local currency and the United States Dollar that may affect the value of the Units or of any amounts due to the

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Holder pursuant to the settlement of the Units or the subsequent sale of any Shares acquired upon settlement.

19. Section 409A.

(a) The delivery of the Holder’s Shares as described in Section 6 shall be made in accordance with such Section, provided that with respect to delivery due to termination of Employment for reasons other than death, the delivery at such time can be characterized as a “short-term deferral” for purposes of Section 409A or as otherwise exempt from the provisions of Section 409A, or if any portion of the delivery cannot be so characterized, and the Holder is a “specified employee” under Section 409A, such portion of the delivery shall be delayed until the earlier to occur of the Holder’s death or the date that is six months and one day following the Holder’s termination of Employment. For purposes of this Agreement, the terms “terminates,” “terminated,” “termination,” “termination of employment,” and variations thereof, as used in this Agreement to refer to the Holder’s termination of Employment, are intended to mean a termination of employment that constitutes a “separation from service” under Section 409A.

(b) This Agreement and the Units provided hereunder are intended to comply with Section 409A to the extent applicable thereto. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be interpreted and construed consistent with this intent. Although the Company and the Committee intend to administer this Agreement so that it will comply with the requirements of Section 409A, to the extent applicable, neither the Company nor the Committee represents or warrants that this Agreement will comply with Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Company or its Affiliates, nor their respective directors, officers, employees or advisers shall be liable to any Holder (or any other individual claiming a benefit through the Holder) for any tax, interest, or penalties the Holder might owe as a result of participation in the Plan, and the Company and its Affiliates shall have no obligation to indemnify or otherwise protect any Holder from the obligation to pay any taxes pursuant to Section 409A.

20. Language.If the Holder has received this Agreement, or any other document related to the Units and/or the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control.

21. Appendix. Notwithstanding any provisions in this Agreement, the Units shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for the Holder’s country. Moreover, if the Holder relocates to one of the countries included in the Appendix, the special terms and conditions for such country

will apply to the Holder, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

22. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Holder’s participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

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23. Waiver. The Holder acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Holder or any other Plan participants.

24. Entire Agreement. This Agreement (and the Plan) represents the entire understanding and

agreement between the parties with respect to the subject matter of this Agreement and supersedes and replaces all previous agreements, arrangements, understandings, rights, obligations and liabilities between the parties in respect of such matters including any employment agreements between the Holder and the Company and/or its Affiliates.

By the Holder’s execution or electronic acceptance of this Agreement (including the country-specific appendix attached hereto) in the manner specified in the Holder’s online account with the Company’s designated broker/stock plan administrator, the Holder and the Company have agreed that the Units are granted under and governed by the terms and conditions of this Agreement (including any country-specific appendix attached hereto) and the Plan.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Holder has executed this Agreement, all as of the date first above written.

WEATHERFORD INTERNATIONAL PLC

ADDRESS:

Weststrasse 1

Baar 6340, Switzerland

Attn: Corporate Secretary

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EX-10.28

Exhibit 10.28

WEATHERFORD INTERNATIONAL PLC

2010 OMNIBUS INCENTIVE PLAN

(as amended and restated on June 17, 2014)

PERFORMANCE SHARE UNITS AWARD AGREEMENT

(Relative TSR)

THIS PERFORMANCE SHARE UNITS AWARD AGREEMENT,including Appendix A and any other country-specific terms set forth to an Appendix attached hereto (this “Agreement”) is made and entered into by and between Weatherford International plc, an Irish public limited company (the “Company”), and the individual who has signed or electronically accepted this Agreement (the “Holder”) effective as of January 31, 2018, pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan, as amended and restated onJune 17, 2014, and as further amended from time to time (the “Plan”), which is incorporated by reference herein in its entirety.

Whereas, the Company desires to grant to the Holder Performance Share Unit Awards (the “Units”) under the Plan, subject to the terms and conditions of this Agreement and the Plan; and

Whereas, the Holder desires to have the opportunity to hold the Units subject to the terms and conditions of this Agreement and the Plan;

Now, therefore, in consideration of the premises, mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1. Definitions. For purposes of this Agreement, “Forfeiture Restrictions” shall mean any prohibitions and restrictions set forth herein or in the Plan with respect to the sale or other disposition of the Units and the obligation to forfeit such Units to the Company. Capitalized terms not otherwise defined in this Agreement shall have the meanings given to such terms in the Plan.

2. Grant of Units. Effective as of the date of this Agreement and subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to the Holder the number of Units specified in this Agreement or as stated in the Holder’s online account with the Company’s designated broker/stock plan administrator. Each Unit shall, upon vesting pursuant to Section 4 and subject to the Performance Goal set out in Appendix A to this Agreement, be convertible into between 0.0 and 2.0 Shares (as defined in Section 5) (such amount being the “Performance Multiplier”), depending on the level of achievement of the Performance Goal during the Performance Measurement Period. The Company and the Holder agree that this Agreement, (including Appendix A and any country-specific appendix thereto) shall complete the terms of the Units. As used herein, “Performance Measurement Period” means the period commencing on January 1, 2018 and ending on December 31, 2020, provided, however, that if any Vesting Date (as defined in Section 4(a) below) occurs pursuant to Section 4(b), then the last day of the Performance Measurement Period shall be the first trading date immediately preceding the Vesting Date and the Performance Goal and Performance Multiplier shall be calculated as of such date (except where the Vesting Date occurs as a result of a Change of Control pursuant to Section 4(b)(ii), in which case the Performance Multiplier shall be equal to 2.0).

3. Transfer Restrictions. Except as specified herein or in the Plan, the Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of. Any such attempted sale,

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assignment, pledge, exchange, hypothecation, transfer, encumbrance or disposition in violation of this Agreement or the Plan shall be void, and the Company shall not be bound thereby.

4. Vesting or Forfeiture.

(a) Except as specified otherwise in this Section 4, the Units shall be subject to Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Units that are granted herein as of December 31, 2020 (the “Vesting Date”), provided that the Units have not been forfeited to the Company prior to such date pursuant to Section 4(c).

(b) Notwithstanding Section 4(a), if (i) the Holder’s Employment with the Company and its Affiliates is terminated prior to the Vesting Date due to the death or Disability of the Holder, then, in such event, all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date of the termination of the Holder’s Employment or (ii) there is a Change of Control prior to the Vesting Date, then all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date immediately preceding such Change of Control; provided, that the foregoing provisions under clauses (i) and (ii) shall only apply following the completion of one year of a performance period, unless otherwise allowed under the terms of the Plan.For purposes of this Agreement, “Change of Control” shall have the meaning ascribed thereto in the Plan, except that if the Holder is party to or covered by any change of control agreement or arrangement with the Employer (as defined in Section 8), then “Change of Control” shall have the meaning set forth in such agreement or arrangement to the extent permitted by and otherwise consistent with the Plan.

(c) If the Holder’s Employment is terminated prior to the Vesting Date (other than a termination described in Section 4(b)), then any Forfeiture Restrictions that have not previously lapsed pursuant to the provisions of this Section 4 shall not lapse, and any Units with respect to which the Forfeiture Restrictions have not lapsed shall be forfeited to the Company on the date of the termination of the Holder’s Employment. In the event any Units are forfeited to the Company pursuant to this Agreement, the Company will not be obligated to pay the Holder any consideration whatsoever for the forfeited Units or the underlying Shares, and the Holder will have no rights to receive any consideration for the forfeited Units.

5. No Dividend Equivalents. If during the period the Holder holds any Units awarded hereby and the Company pays a dividend in cash, securities or otherwise with respect to the Company’s outstanding ordinary shares, nominal value $0.001 per share (the “Shares”), the Holder shall receive no dividend equivalent payment with respect to the Holder’s Units.

6. Delivery of Shares. Subject to Section 19, upon the lapse of any Forfeiture Restrictions on the applicable Vesting Date described under Section 4, the Company shall deliver or cause to be delivered a number of Shares equal to the number of Units with respect to which the Forfeiture Restrictions have lapsed multiplied by the applicable Performance Multiplier (subject to the satisfaction by the Holder of any Tax-Related Items arising under Section 8 of this Agreement); provided, that if the Performance Multiplier is 0.0, then the Units shall be deemed forfeited on the applicable Vesting Date; provided further, that if the Vesting Date occurs under (i) Section 4(a), any Shares to be delivered shall be delivered between January 1, 2021 - March 1, 2021; and (ii) Section 4(b), any Shares to be delivered shall be delivered within sixty (60) days following the applicable Vesting Date described under Section 4(b).

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7. Capital Adjustments and Reorganizations. The existence of the Units shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any acquisition, merger, amalgamation or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference shares ahead of or affecting the Shares or the rights thereof, or the winding up, dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise, including a Change of Control (as defined in the Plan). An adjustment under this provision may have the effect of reducing the price at which Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum equal to the Shortfall and to apply that sum in paying up that amount on the Shares.

8. Responsibility for Taxes & Withholding. The Holder acknowledges that, regardless of any action taken by the Company or any Affiliate of the Company, as applicable, to the extent the Holder is employed by or seconded to any such Affiliate (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Holder’s participation in the Plan and legally applicable to the Holder or deemed by the Company or the Employer in its discretion to be an appropriate charge to the Holder even if legally applicable to the Company or the Employer (“Tax-Related Items”), is and remains the Holder’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Holder further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including, but not limited to, the grant, vesting or settlement of the Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Holder’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Holder is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Holder acknowledges that the Company and/or the Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, the Holder agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Holder authorizes the Company and/or its Affiliates, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(a) withholding from the Holder’s wages or other cash compensation paid to the Holder by the Company and/or its Affiliates; or

(b) withholding from proceeds of the Shares acquired following the lapse of the Forfeiture Restrictions either through a voluntary sale or through a mandatory sale arranged by the Company (on the Holder’s behalf pursuant to this authorization without further consent); or

(c) withholding in Shares to be delivered upon the lapse of the Forfeiture Restrictions unless the Committee, in its sole discretion, indicates that this method of withholding is not available prior to the applicable taxable or tax withholding event and further provided, that if the Holder is a Section 16

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officer of the Company under the U.S. Securities and Exchange Act of 1934, as amended, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish the method of withholding from alternatives (a)-(c) herein and, if the Committee does not exercise its discretion prior to the Tax-Related Items withholding event, then the Holder shall be entitled to elect the method of withholding from the alternatives above.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Holder may receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Holder is deemed to have been issued the full number of Shares subject to the vested Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Finally, the Holder agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Holder’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Holder fails to comply with his or her obligations in connection with the Tax-Related Items.

9. Employment or Affiliation Relationship. The grant of Units and the Holder’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract or other affiliation with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate the Holder’s Employment. For purposes of this Agreement, the Holder shall be considered to be in the employment of, or affiliated with, the Company, the Employer or its Affiliates as long as the Holder has an active employment or affiliation relationship with the Company, the Employer or any Affiliate. The Committee shall determine any questions as to whether and when there has been a termination of the Holder’s Employment, and the cause of such termination, under the Plan and the Committee’s determination shall be final and binding on all persons.

10. Voting and Other Rights. The Holder shall have no rights as a shareholder of the Company in respect of the Units, including the right to vote and to receive dividends and other distributions, until delivery of Shares in satisfaction of such Units.

11. Data Privacy. The Holder hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Holder’s personal data as described in this Agreement and any other grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing the Holder’s participation in the Plan. The Holder understands that the Company and the Employer may hold certain personal information about the Holder, including, but not limited to, the Holder’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder’s favor, for the exclusive purpose of implementing, administering and managing the Plan. The Holder understands that Data will be transferred to Merrill Lynch, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Holder understands that the recipients of the Data may be located in Ireland, the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Holder’s country. The Holder understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.

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The Holder authorizes the Company, Merrill Lynch or other broker/stock plan administrator designated by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. The Holder understands that Data will be held only as long as is necessary to implement, administer and manage the Holder’s participation in the Plan. The Holder understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Holder understands that he or she is providing the consents herein on a purely voluntary basis. If the Holder does not consent, or if the Holder later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the Holder’s consent is that the Company would not be able to grant the Holder Units or other equity awards or administer or maintain such awards. Therefore, the Holder understands that refusing or withdrawing his or her consent may affect the Holder’s ability to participate in the Plan. For more information on the consequences of the Holder’s refusal to consent or withdrawal of consent, the Holder understands that he or she may contact his or her local human resources representative.

12. Notices. Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by facsimile, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the address indicated below on the execution page of this Agreement, and to the Holder at the Holder’s address indicated in the Company’s register of Plan participants, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

13. Amendment and Waiver. This Agreement may be amended from time to time by the Committee in its discretion in any manner that it deems appropriate and that is consistent with the terms of the Plan. However, no such amendment shall adversely affect in a material manner any right of the Holder without his/her written consent. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions effective. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Holder. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner affect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the breach of any other term or condition.

14. Governing Law and Severability. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable United States federal law and the laws of the State of Texas, without regard to any conflict of laws principles, except to the extent that

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the laws of Ireland mandatorily apply. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect

15. Successors and Assigns. Subject to the limitations which this Agreement and the Plan impose upon the transferability of the Units, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and to the Holder, his permitted assigns and, upon the Holder’s death, the Holder’s estate and beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents, and legal and personal representatives.

16. Electronic Delivery and Execution. The Holder hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Holder understands that, unless revoked by the Holder by giving written notice to the Company pursuant to the Plan, this consent will be effective for the duration of this Agreement. The Holder also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Holder hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agree that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Holder hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

17. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument.

18.Acknowledgements. The Holder acknowledges and agrees to the following:

a. The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

b. the grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units, even if Units have been granted in the past;

c. all decisions with respect to future Unit or other grants, if any, will be at the sole discretion of the Company;

d. the Holder is voluntarily participating in the Plan;

e. the Units and the Shares subject to the Units are not intended to replace any pension rights or compensation;

f. the Units and the Shares subject to the Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination,

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redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

g. the future value of the Shares underlying the Units is unknown, indeterminable and cannot be predicted with certainty;

h. no claim or entitlement to compensation or damages shall arise from forfeiture of the Units resulting from the termination of the Holder’s Employment (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Holder is employed or the terms of any employment agreement or arrangement in such jurisdiction, if any), and in consideration of the grant of the Units to which the Holder is otherwise not entitled, the Holder irrevocably agrees never to institute any claim against the Company,any of its Affiliates or the Employer, waives his or her ability, if any, to bring any such claim, and releases the Company,its Affiliatesand the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Holder shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim;

i. for purposes of the Units and unless otherwise expressly provided in this Agreement or determined by the Company, the Holder’s right to vest in the Units under the Plan, if any, will terminate as of such termination date as determined by the Committee pursuant to Section 4 of this Agreement and will not be extended by any notice period (e.g., Holder’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Holder is employed or the terms of the Holder’s employment agreement or arrangement in such jurisdiction, if any); the Committee shall have the exclusive discretion to determine when the Holder is no longer actively providing services for purposes of the Unit grant (including whether Holder may still be considered to be providing services while on a leave of absence);

j. unless otherwise provided in the Plan or by the Company in its discretion, the Units and the benefits evidenced by this Agreement do not create any entitlement to have the Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting Shares;

k. the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Holder’s participation in the Plan, or the Holder’s acquisition or sale of the underlying Shares. The Holder is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan; and

l. the following provisions apply only if the Holder is providing services outside the United States:

(i)the Units and the Shares subject to the Units are not part of normal or expected compensation or salary for any purpose;

(ii)The Holder acknowledges and agrees that neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Holder’s local currency and the United

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States Dollar that may affect the value of the Units or of any amounts due to the Holder pursuant to the settlement of the Units or the subsequent sale of any Shares acquired upon settlement.

19.Section 409A.

(a) The delivery of the Holder’s Shares as described in Section 6 shall be made in accordance with such Section, provided that with respect to delivery due to termination of Employment for reasons other than death, the delivery at such time can be characterized as a “short-term deferral” for purposes of Section 409A or as otherwise exempt from the provisions of Section 409A, or if any portion of the delivery cannot be so characterized, and the Holder is a “specified employee” under Section 409A, such portion of the delivery shall be delayed until the earlier to occur of the Holder’s death or the date that is six months and one day following the Holder’s termination of Employment. For purposes of this Agreement, the terms “terminates,” “terminated,” “termination,” “termination of employment,” and variations thereof, as used in this Agreement to refer to the Holder’s termination of Employment, are intended to mean a termination of employment that constitutes a “separation from service” under Section 409A, to the extent applicable.

(b) This Agreement and the Units provided hereunder are intended to comply with Section 409A to the extent applicable thereto. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be interpreted and construed consistent with this intent. Although the Company and the Committee intend to administer this Agreement so that it will comply with the requirements of Section 409A, to the extent applicable, neither the Company nor the Committee represents or warrants that this Agreement will comply with Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Company or its Affiliates, nor their respective directors, officers, employees or advisers shall be liable to any Holder (or any other individual claiming a benefit through the Holder) for any tax, interest, or penalties the Holder might owe as a result of participation in the Plan, and the Company and its Affiliates shall have no obligation to indemnify or otherwise protect any Holder from the obligation to pay any taxes pursuant to Section 409A, or otherwise.

20. Language.If the Holder has received this Agreement, or any other document related to the Units and/or the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control.

21. Appendix. Notwithstanding any provisions in this Agreement, the Units shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for the Holder’s country. Moreover, if the Holder relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Holder, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

22. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Holder’s participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

23. Waiver. The Holder acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Holder or any other Plan participants.

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24. Entire Agreement. This Agreement (and the Plan) represents the entire understanding and agreement between the parties with respect to the subject matter of this Agreement and supersedes and replaces all previous agreements, arrangements, understandings, rights, obligations and liabilities between the parties in respect of such matters including any employment agreements between the Holder and the Company and/or its Affiliates.

By the Holder’s execution or electronic acceptance of this Agreement (including the country-specific appendix attached hereto) in the manner specified in the Holder’s online account with the Company’s designated broker/stock plan administrator, the Holder and the Company have agreed that the Units are granted under and governed by the terms and conditions of this Agreement (including any country-specific appendix attached hereto) and the Plan.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Holder has executed this Agreement, all as of the date first above written.

WEATHERFORD INTERNATIONAL PLC

ADDRESS:

Weststrasse 1

Baar 6340, Switzerland

Attn: Corporate Secretary

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Appendix A - Performance Goal

The number of Units to which the Holder will be eligible to receive if the Holder satisfies the applicable service requirements under Section 4 of this Agreement will be calculated by the Committee based on the Company’s “Relative Total Shareholder Return” (as defined below). Specifically, the Committee shall calculate the number of vested Units for the Holder, if the Holder satisfies the applicable service requirements under Section 4 of this Agreement, by multiplying the Holder’s number of Units by the applicable Performance Multiplier determined as set forth below based on the Company’s Relative Total Shareholder Return results for the Performance Measurement Period. As noted under Section 4 of this Agreement, special rules apply under certain circumstances, such as termination on account of death or Disability and on account of a Change of Control. All calculations shall be made by the Committee in its sole discretion and such calculations shall be final and binding on the Holder.

The following table shall apply for calculating this Award:

Relative Total Shareholder Return Over the Performance Measurement Period

Relative Total Shareholder Return Percentile Ranking	Performance Multiplier
*	0.0
*	0.5
*	1.0
*	2.0
*	2.0

The maximum Performance Multiplier cannot exceed 2.0. Further, notwithstanding the Relative Total Shareholder Return, if the Company’s Total Shareholder Return (defined below) during the Performance Measurement Period (i) is greater than thirty three percent (33%), then the minimum Performance Multiplier shall be 0.5; and (ii) is equal to or less than zero percent (0%), then the maximum Performance Multiplier shall not be greater than 1.0.

If the Company’s Relative Total Shareholder Return performance falls between designated levels of performance set forth in the above table, the Performance Multiplier by which the Units is multiplied will be calculated by linear interpolation.

The percentile ranking of the Company’s Relative Total Shareholder Return shall be that fraction which is calculated by dividing the number of companies in the Comparator Group (defined below) whose Comparator Total Shareholder Return (defined below) performance is exceeded by the Company’s Total Shareholder Return, by the total number of companies in the Comparator Group.

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Definitions and Additional Terms

“Comparator Group” shall mean those companies that are included in the PHLX Oil Service Sector Index (OSX) (which currently includes fifteen companies, including the Company which have at least a three-year trading history as of the commencement of the Performance Measurement Period).

“Comparator Total Shareholder Return” for an applicable company in the Comparator Group shall mean the percentage rate of growth during the Performance Measurement Period of an investment of $1,000 in shares of the common stock of the applicable company in the Comparator Group, assuming reinvestment of all dividends paid during the Performance Measurement Period and adjusted in an equitable manner for any material stock splits, reverse stock splits or similar transactions.

“Relative Total Shareholder Return” shall mean the Company’s Total Shareholder Return measured relative to each company in the Comparator Group's Comparator Total Shareholder Return during the Performance Measurement Period.

Company Total Shareholder Return” for the Company shall mean the percentage rate of growth during the Performance Measurement Period of an investment of $1,000 in Shares during the Performance Measurement Period, assuming reinvestment of all dividends paid during the Performance Measurement Period and adjusted in an equitable manner for any material stock splits, reverse stock splits or similar transactions.

The Company’s Total Shareholder Return or any applicable Comparator Total Shareholder Return for any applicable company in the Comparator Group shall be measured based on the average Fair Market Value of the applicable share of stock for the last twenty (20) trading days prior to the commencement of the Performance Measurement Period as compared to the average Fair Market Value of the same shares for the last twenty (20) trading days of the Performance Measurement Period. The Fair Market Value of the Company’s Shares or of a share of the common stock of a company in the Comparator Group shall mean the closing price of a share of that stock on the New York Stock Exchange or other national stock exchange on which that stock is actively traded for that date as reported in the Wall Street Journal, Eastern Edition or such other standard reference service as the Committee may select.

All adjustments will be prepared using the underlying audited financial data used for the Company’s public filings.

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EX-10.29

Exhibit 10.29

WEATHERFORD INTERNATIONAL PLC

2010 OMNIBUS INCENTIVE PLAN

(as amended and restated on June 17, 2014)

PERFORMANCE SHARE UNITS AWARD AGREEMENT

(3-Year Average ROCE)

THIS PERFORMANCE SHARE UNITS AWARD AGREEMENT,including Appendix A and any other country-specific terms set forth to an Appendix attached hereto (this “Agreement”) is made and entered into by and between Weatherford International plc, an Irish public limited company (the “Company”), and the individual who has signed or electronically accepted this Agreement (the “Holder”) effective as of January 31, 2018, pursuant to the Weatherford International plc 2010 Omnibus Incentive Plan, as amended and restated onJune 17, 2014, and as further amended from time to time (the “Plan”), which is incorporated by reference herein in its entirety.

Whereas, the Company desires to grant to the Holder Performance Share Unit Awards (the “Units”) under the Plan, subject to the terms and conditions of this Agreement and the Plan; and

Whereas, the Holder desires to have the opportunity to hold the Units subject to the terms and conditions of this Agreement and the Plan;

Now, therefore, in consideration of the premises, mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1. Definitions. For purposes of this Agreement, “Forfeiture Restrictions” shall mean any prohibitions and restrictions set forth herein or in the Plan with respect to the sale or other disposition of the Units and the obligation to forfeit such Units to the Company. Capitalized terms not otherwise defined in this Agreement shall have the meanings given to such terms in the Plan.

2. Grant of Units. Effective as of the date of this Agreement and subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to the Holder the number of Units specified in this Agreement or as stated in the Holder’s online account with the Company’s designated broker/stock plan administrator. Each Unit shall, upon vesting pursuant to Section 4 and subject to the Performance Goal set out in Appendix A to this Agreement, be convertible into between 0.0 and 2.0 Shares (as defined in Section 5) (such amount being the “Performance Multiplier”), depending on the level of achievement of the Performance Goal during the Performance Measurement Period. The Company and the Holder agree that this Agreement, (including Appendix A and any country-specific appendix thereto) shall complete the terms of the Units. As used herein, “Performance Measurement Period” means the period commencing on January 1, 2018 and ending on December 31, 2020, provided, however, that if any Vesting Date (as defined in Section 4(a) below) occurs pursuant to Section 4(b), then the last day of the Performance Measurement Period shall be the first business day immediately preceding the Vesting Date and the Performance Goal and Performance Multiplier shall be calculated as of such date (except where the Vesting Date occurs as a result of a Change of Control pursuant to Section 4(b)(ii), in which case the Performance Multiplier shall be equal to 2.0).    

3. Transfer Restrictions. Except as specified herein or in the Plan, the Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of. Any such attempted sale,

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assignment, pledge, exchange, hypothecation, transfer, encumbrance or disposition in violation of this Agreement or the Plan shall be void, and the Company shall not be bound thereby.

4. Vesting or Forfeiture.

(a) Except as specified otherwise in this Section 4, the Units shall be subject to Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Units that are granted herein as of December 31, 2020 (the “Vesting Date”), provided that the Units have not been forfeited to the Company prior to such date pursuant to Section 4(c).

(b) Notwithstanding Section 4(a), if (i) the Holder’s Employment with the Company and its Affiliates is terminated prior to the Vesting Date due to the death or Disability of the Holder, then, in any such event, all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date of the termination of the Holder’s Employment or (ii) there is a Change of Control prior to the Vesting Date, then all remaining Forfeiture Restrictions shall immediately lapse and the Vesting Date shall be deemed to be the date immediately preceding such Change of Control; provided, that the foregoing provisions under clauses (i) and (ii) shall only apply following the completion of one year of a performance period, unless otherwise allowed under the terms of the Plan. For purposes of this Agreement, “Change of Control” shall have the meaning ascribed thereto in the Plan, except that if the Holder is party to or covered by any change of control agreement or arrangement with the Employer (as defined in Section 8), then “Change of Control” shall have the meaning set forth in such agreement or arrangement to the extent permitted by and otherwise consistent with the Plan.

(c) If the Holder’s Employment is terminated prior to the Vesting Date (other than a termination described in Section 4(b)), then any Forfeiture Restrictions that have not previously lapsed pursuant to the provisions of this Section 4 shall not lapse, and any Units with respect to which the Forfeiture Restrictions have not lapsed shall be forfeited to the Company on the date of the termination of the Holder’s Employment. In the event any Units are forfeited to the Company pursuant to this Agreement, the Company will not be obligated to pay the Holder any consideration whatsoever for the forfeited Units or the underlying Shares, and the Holder will have no rights to receive any consideration for the forfeited Units.

5. No Dividend Equivalents. If during the period the Holder holds any Units awarded hereby and the Company pays a dividend in cash, securities or otherwise with respect to the Company’s outstanding ordinary shares, nominal value $0.001 per share (the “Shares”), the Holder shall receive no dividend equivalent payment with respect to the Holder’s Units.

6. Delivery of Shares. Subject to Section 19, upon the lapse of any Forfeiture Restrictions on the applicable Vesting Date described under Section 4, the Company shall deliver or cause to be delivered a number of Shares equal to the number of Units with respect to which the Forfeiture Restrictions have lapsed multiplied by the applicable Performance Multiplier (subject to the satisfaction by the Holder of any Tax-Related Items arising under Section 8 of this Agreement); provided, that if the Performance Multiplier is 0.0, then the Units shall be deemed forfeited on the applicable Vesting Date; provided further, that if the Vesting Date occurs under (i) Section 4(a), any Shares to be delivered shall be delivered between January 1, 2021 - March 1, 2021; and (ii) Section 4(b), any Shares to be delivered shall be delivered within sixty (60) days following the applicable Vesting Date described under Section 4(b).

7. Capital Adjustments and Reorganizations. The existence of the Units shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations,

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reorganizations or other changes in the Company’s capital structure or its business, or any acquisition, merger, amalgamation or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference shares ahead of or affecting the Shares or the rights thereof, or the winding up, dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise, including a Change of Control (as defined in the Plan). An adjustment under this provision may have the effect of reducing the price at which Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum equal to the Shortfall and to apply that sum in paying up that amount on the Shares.

8. Responsibility for Taxes & Withholding. The Holder acknowledges that, regardless of any action taken by the Company or any Affiliate of the Company, as applicable, to the extent the Holder is employed by or seconded to any such Affiliate (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Holder’s participation in the Plan and legally applicable to the Holder or deemed by the Company or the Employer in its discretion to be an appropriate charge to the Holder even if legally applicable to the Company or the Employer (“Tax-Related Items”), is and remains the Holder’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Holder further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including, but not limited to, the grant, vesting or settlement of the Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Holder’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Holder is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Holder acknowledges that the Company and/or the Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, the Holder agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Holder authorizes the Company and/or its Affiliates, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

(a) withholding from the Holder’s wages or other cash compensation paid to the Holder by the Company and/or its Affiliates; or

(b) withholding from proceeds of the Shares acquired following the lapse of the Forfeiture Restrictions either through a voluntary sale or through a mandatory sale arranged by the Company (on the Holder’s behalf pursuant to this authorization without further consent); or

(c) withholding in Shares to be delivered upon the lapse of the Forfeiture Restrictions unless the Committee, in its sole discretion, indicates that this method of withholding is not available prior to the applicable taxable or tax withholding event and further provided, that if the Holder is a Section 16 officer of the Company under the U.S. Securities and Exchange Act of 1934, as amended, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish the method of withholding from alternatives (a)-(c) herein and, if the Committee does not exercise its

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discretion prior to the Tax-Related Items withholding event, then the Holder shall be entitled to elect the method of withholding from the alternatives above.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Holder may receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Holder is deemed to have been issued the full number of Shares subject to the vested Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Finally, the Holder agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Holder’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Holder fails to comply with his or her obligations in connection with the Tax-Related Items.

9. Employment or Affiliation Relationship. The grant of Units and the Holder’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract or other affiliation with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate the Holder’s Employment. For purposes of this Agreement, the Holder shall be considered to be in the employment of, or affiliated with, the Company, the Employer or its Affiliates as long as the Holder has an active employment or affiliation relationship with the Company, the Employer or any Affiliate. The Committee shall determine any questions as to whether and when there has been a termination of the Holder’s Employment, and the cause of such termination, under the Plan and the Committee’s determination shall be final and binding on all persons.

10. Voting and Other Rights. The Holder shall have no rights as a shareholder of the Company in respect of the Units, including the right to vote and to receive dividends and other distributions, until delivery of Shares in satisfaction of such Units.

11. Data Privacy. The Holder hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Holder’s personal data as described in this Agreement and any other grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing the Holder’s participation in the Plan. The Holder understands that the Company and the Employer may hold certain personal information about the Holder, including, but not limited to, the Holder’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder’s favor, for the exclusive purpose of implementing, administering and managing the Plan. The Holder understands that Data will be transferred to Merrill Lynch, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Holder understands that the recipients of the Data may be located in Ireland, the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Holder’s country. The Holder understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.

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The Holder authorizes the Company, Merrill Lynch or other broker/stock plan administrator designated by the

Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. The Holder understands that Data will be held only as long as is necessary to implement, administer and manage the Holder’s participation in the Plan. The Holder understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Holder understands that he or she is providing the consents herein on a purely voluntary basis. If the Holder does not consent, or if the Holder later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the Holder’s consent is that the Company would not be able to grant the Holder Units or other equity awards or administer or maintain such awards. Therefore, the Holder understands that refusing or withdrawing his or her consent may affect the Holder’s ability to participate in the Plan. For more information on the consequences of the Holder’s refusal to consent or withdrawal of consent, the Holder understands that he or she may contact his or her local human resources representative.

12. Notices. Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by facsimile, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the address indicated below on the execution page of this Agreement, and to the Holder at the Holder’s address indicated in the Company’s register of Plan participants, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

13. Amendment and Waiver. This Agreement may be amended from time to time by the Committee in its discretion in any manner that it deems appropriate and that is consistent with the terms of the Plan. However, no such amendment shall adversely affect in a material manner any right of the Holder without his/her written consent. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions effective. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Holder. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner affect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the breach of any other term or condition.

14. Governing Law and Severability. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable United States federal law and the laws of the State of Texas, without regard to any conflict of laws principles, except to the extent that the laws of Ireland mandatorily apply. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect.

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15. Successors and Assigns. Subject to the limitations which this Agreement and the Plan impose upon the transferability of the Units, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and to the Holder, his permitted assigns and, upon the Holder’s death, the Holder’s estate and beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents, and legal and personal representatives.

16. Electronic Delivery and Execution. The Holder hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Holder understands that, unless revoked by the Holder by giving written notice to the Company pursuant to the Plan, this consent will be effective for the duration of this Agreement. The Holder also understands that he or she will have the right at any time to request that the Company deliver written copies of any and all materials referred to above. The Holder hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agree that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Holder hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

17. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument.

18.Acknowledgements. The Holder acknowledges and agrees to the following:

a. The Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

b. the grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units, even if Units have been granted in the past;

c. all decisions with respect to future Unit or other grants, if any, will be at the sole discretion of the Company;

d. the Holder is voluntarily participating in the Plan;

e. the Units and the Shares subject to the Units are not intended to replace any pension rights or compensation;

f. the Units and the Shares subject to the Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

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g. the future value of the Shares underlying the Units is unknown, indeterminable and cannot be predicted with certainty;

h. no claim or entitlement to compensation or damages shall arise from forfeiture of the Units resulting from the termination of the Holder’s Employment (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Holder is employed or the terms of any employment agreement or arrangement in such jurisdiction, if any), and in consideration of the grant of the Units to which the Holder is otherwise not entitled, the Holder irrevocably agrees never to institute any claim against the Company,any of its Affiliates or the Employer, waives his or her ability, if any, to bring any such claim, and releases the Company,its Affiliatesand the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Holder shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim;

i. for purposes of the Units and unless otherwise expressly provided in this Agreement or determined by the Company, the Holder’s right to vest in the Units under the Plan, if any, will terminate as of such termination date as determined by the Committee pursuant to Section 4 of this Agreement and will not be extended by any notice period (e.g., Holder’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Holder is employed or the terms of the Holder’s employment agreement or arrangement in such jurisdiction, if any); the Committee shall have the exclusive discretion to determine when the Holder is no longer actively providing services for purposes of the Unit grant (including whether Holder may still be considered to be providing services while on a leave of absence);

j. unless otherwise provided in the Plan or by the Company in its discretion, the Units and the benefits evidenced by this Agreement do not create any entitlement to have the Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting Shares;

k. the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Holder’s participation in the Plan, or the Holder’s acquisition or sale of the underlying Shares. The Holder is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan; and

l. the following provisions apply only if the Holder is providing services outside the United States:

(i)    the Units and the Shares subject to the Units are not part of normal or expected compensation or salary for any purpose;

(ii)    The Holder acknowledges and agrees that neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Holder’s local currency and the United States Dollar that may affect the value of the Units or of any amounts due to the Holder pursuant to the settlement of the Units or the subsequent sale of any Shares acquired upon settlement.

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19.Section 409A.

(a) The delivery of the Holder’s Shares as described in Section 6 shall be made in accordance with such Section, provided that with respect to delivery due to termination of Employment for reasons other than death, the delivery at such time can be characterized as a “short-term deferral” for purposes of Section 409A or as otherwise exempt from the provisions of Section 409A, or if any portion of the delivery cannot be so characterized, and the Holder is a “specified employee” under Section 409A, such portion of the delivery shall be delayed until the earlier to occur of the Holder’s death or the date that is six months and one day following the Holder’s termination of Employment. For purposes of this Agreement, the terms “terminates,” “terminated,” “termination,” “termination of employment,” and variations thereof, as used in this Agreement to refer to the Holder’s termination of Employment, are intended to mean a termination of employment that constitutes a “separation from service” under Section 409A, to the extent applicable.

(b) This Agreement and the Units provided hereunder are intended to comply with Section 409A to the extent applicable thereto. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be interpreted and construed consistent with this intent. Although the Company and the Committee intend to administer this Agreement so that it will comply with the requirements of Section 409A, to the extent applicable, neither the Company nor the Committee represents or warrants that this Agreement will comply with Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Company or its Affiliates, nor their respective directors, officers, employees or advisers shall be liable to any Holder (or any other individual claiming a benefit through the Holder) for any tax, interest, or penalties the Holder might owe as a result of participation in the Plan, and the Company and its Affiliates shall have no obligation to indemnify or otherwise protect any Holder from the obligation to pay any taxes pursuant to Section 409A, or otherwise.

20. Language.If the Holder has received this Agreement, or any other document related to the Units and/or the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control.

21. Appendix. Notwithstanding any provisions in this Agreement, the Units shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for the Holder’s country. Moreover, if the Holder relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Holder, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

22. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Holder’s participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

23. Waiver. The Holder acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Holder or any other Plan participants.

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24. Entire Agreement. This Agreement (and the Plan) represents the entire understanding and agreement between the parties with respect to the subject matter of this Agreement and supersedes and replaces all previous agreements, arrangements, understandings, rights, obligations and liabilities between the parties in respect of such matters including any employment agreements between the Holder and the Company and/or its Affiliates.

By the Holder’s execution or electronic acceptance of this Agreement (including the country-specific appendix attached hereto) in the manner specified in the Holder’s online account with the Company’s designated broker/stock plan administrator, the Holder and the Company have agreed that the Units are granted under and governed by the terms and conditions of this Agreement (including any country-specific appendix attached hereto) and the Plan.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Holder has executed this Agreement, all as of the date first above written.

WEATHERFORD INTERNATIONAL PLC

ADDRESS:

Weststrasse 1

Baar 6340, Switzerland

Attn: Corporate Secretary

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Appendix A - Performance Goal

The number of Units to which the Holder will be eligible to receive if the Holder satisfies the applicable service requirements under Section 4 of this Agreement will be calculated by the Committee based on the Company’s “Average Return on Capital Employed” (as defined below) over the Performance Measurement Period. Specifically, the Committee shall calculate the number of vested Units for the Holder, if the Holder satisfies the applicable service requirements under Section 4 of this Agreement, by multiplying the Holder’s number of Units by the applicable Performance Multiplier determined as set forth below based on the Company’s Average Return on Capital Employed results for the Performance Measurement Period. As noted under Section 4 of this Agreement, special rules apply under certain circumstances, such as termination on account of death or Disability and on account of a Change of Control. All calculations shall be made by the Committee in its sole discretion and such calculations shall be final and binding on the Holder.

The following table shall apply for calculating this Award:

Average Return on Capital Employed Over the Performance Measurement Period

Average Return on Capital Employed Over Performance Measurement Period	Performance Multiplier
*	0.0
*	0.5
*	1.0
*	2.0
*	2.0

The maximum Performance Multiplier cannot exceed 2.0. If the Company’s Average Return on Capital Employed performance falls between designated levels of performance set forth in the above table, the Performance Multiplier by which the Units is multiplied will be calculated by linear interpolation.

Definitions and Additional Terms

“Adjustments” shall mean adjustments for a given fiscal year during the Performance Measurement Period to reflect exceptional charges and credits as reported in the Company’s quarterly or annual earnings releases as determined by the Committee.  For any Adjustments a “matching” principle shall apply whereby any Adjustments that are made to EBIT (e.g., for inventory impairments) shall be offset, to the extent applicable, by a corresponding adjustment to Average Capital Employed (e.g., to inventory balance).   

“Adjusted EBIT” shall mean EBIT plus or minus any applicable Adjustments. 

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“AdjustedAverage Capital Employed” shall mean Average Capital Employed plus or minus any applicable Adjustments.      

“Average Capital Employed” shall mean for a given fiscal year during the Performance Measurement Period, the sum of the Company’s average beginning and ending: (i) accounts receivable; plus (ii) inventory; minus (iii) accounts payable; plus (iv) net fixed and intangible assets; plus (v) investments in Affiliates.

“Average Return on Capital Employed” shall mean the percentage calculated by dividing the Total Return on Capital Employed by three (3).

“EBIT” shall mean for a given fiscal year during the Performance Measurement Period, the Company’s earnings before interest and taxes plus any income from Affiliates.

“Return on Capital Employed” shall mean for a given fiscal year during the Performance Measurement Period, the Adjusted EBIT for such fiscal year divided by the Adjusted Average Capital Employed for such fiscal year. 

“Total Return on Capital Employed” shall mean the sum of the Company’s Return on Capital Employed for each fiscal year during the Performance Measurement Period.

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EX-10.35

Exhibit 10.35

SEVERANCE AGREEMENT, WAIVER, AND RELEASE OF CLAIMS

This Severance Agreement, Waiver and Release of Claims (“Agreement”) is made between Mario Ruscev (“Executive”) and Weatherford International plc (“Employer”).

WHEREAS, the Employer has employed Executive to perform strategic, executive-level services for Employer; and

WHEREAS, the Employer and Executive have agreed to terminate their employment relationship and desire to set forth the circumstances under which they have agreed to the termination of Executive’s employment;

NOW, THEREFORE, in consideration of the mutual promises contained herein, the receipt and adequacy of which is hereby acknowledged, the Employer and Executive hereby agree as follows:

1.Termination of Employment. Effective August 10, 2017, Executive will be released from his duties as EVP, President Product Lines and Chief Technology Officer, including but not limited to his role as an officer of the Employer (“Termination Date”) and his employment relationship and all other relationships with the Employer shall end.

2.Benefits. Unless otherwise expressly specified by the terms of any employee benefit plan or program maintained by the Employer (collectively “Benefit Plans”), Executive’s coverage under all of the Employer’s Benefit Plans will terminate on the Termination Date.

3.Consideration for the Execution of this Agreement. Executive acknowledges and agrees that he is not entitled to any severance benefits solely as a result of the termination of his employment under any plan, program, policy or arrangement, whether formal or informal, written or unwritten. However, in consideration for the release and waiver of claims set forth herein, as well as the other covenants and promises set forth herein, the Employer shall (a) pay Executive the total gross sum of One million, one hundred twenty-five thousand and 00/100 Dollars ($1,125,000.00), less applicable taxes and withholdings and (b) accelerate and vest 179,600 outstanding restricted share units under that Restricted Share Units Award Agreement granted by the Employer on November 6, 2015 (“Severance Payment”), 14 days after the receipt of this Agreement signed by Executive.

4.Waiver and Release.

a.General Waiver and Release. In consideration of the Severance Payment, Executive (on his own behalf and on behalf of his heirs, executors, and administrators) agrees to and hereby does unconditionally waive, release and forever discharge, Employer, Employer’s parent companies, subsidiaries, affiliates, predecessors and successors, and any and all current or former directors, officers, employees, agents and

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attorneys of all the foregoing entities (collectively, the “Released Parties”) from any and all Released Claims (as defined in this Paragraph 4.a.). Released Claims include any and all claims, demands, causes of action, damages, suits, judgments, charges, and liabilities whatsoever, both known and unknown, in law or in equity, and particularly, without limiting the generality of the foregoing, all matters relating to or arising out of or relating to: (i) Executive’s employment with or separation from the Employer; and (ii) any events that have transpired prior to and including the date on which this Agreement is executed, including, without limitation, any causes of action or releasable claims for unlawful employment practices arising under or based on the Labor Management Relations Act, 29 U.S.C. § 151 et. seq.; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000 et seq.; the Civil Rights Act of 1991; the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act, as amended, 29 U.S.C. § 621 et seq.; Section 1981 of the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Equal Pay Act of 1963, 29 U.S.C. § 201 et seq.; Section 1985(3); the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., as amended; Executive Order 11246; the Executive Retirement Income Security Act of 1974 as amended, 29 U.S.C. § 1001 et seq.; the Health Insurance Portability and Accountability Act, 42 U.S.C. § 1320d et seq.; the Sarbanes-Oxley Act, 18 U.S.C. § 1514A; the Texas Commission on Human Rights Act, Chapter 451.001 et seq. of the Texas Labor Code; the Texas Workers’ Compensation Act, and any other federal, state or local law, statute, public policy, order, regulation or ordinance, and any and all suits under common law, whether tort, contract, or otherwise.

b. Exception. Released Claims shall not include any claims which, by law, cannot be waived or released, such as the right to file, assist with, or participate in an investigation conducted by an administrative agency, such as the U.S. Equal Employment Opportunity Commission, the Texas Workforce Commission, or the National Labor Relations Board. Executive is waiving, however, the right to monetary recovery or other personal relief in connection with any such charge, claim, or complaint filed by Executive or anyone else with any administrative agency.

c.Acknowledgment. By signing this Agreement, Executive acknowledges and confirms:

(i)that Executive was advised by the Employer to consult with an attorney prior to signing this Agreement and to have such attorney explain the terms of this Agreement; and

(ii)that, as set forth in Paragraph 16 below, Executive was given twenty-one (21) calendar days from receipt of this Agreement in which to consider the terms of the Agreement and that he has seven (7) days from the date this Agreement is executed to revoke or rescind the portions of this Agreement related to Executive’s release of claims under the Age Discrimination in Employment Act and Older Workers Benefit Protection Act, by providing written notice of such revocation to Employer by the seventh calendar day following execution; and

(iii) that Executive is providing the waiver and release set forth herein in exchange for consideration in addition to anything of value to which Executive may already have been entitled; and

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(iv) that Executive acknowledges, represents, and agrees that he is acting with full and complete capacity, authority, and understanding, that he is entering this Agreement voluntarily, without coercion, fraud, or duress, and that he intends to forever settle and waive any and all Released Claims he may have arising on or prior to the Termination Date or on or prior to the execution of this Agreement; and

5.Non-solicitation.In consideration of the Severance Payment, and in light of the confidential information of Employer to which Executive had access during his employment with Employer, Executive further agrees that for one (1) year after the Termination Date, Executive will not directly or indirectly (a) solicit, entice, persuade, or induce any employee of the Employer to (i) terminate or negatively alter his or her employment relationship with the Employer, or (ii) become employed by or enter into contractual relations with any individual or entity other than the Employer; or (b) hire as an employee, consultant, independent contractor, or otherwise, any employee of the Employer.

6.Non-competition.Executive acknowledges that, during his employment with the Employer, and in order to carry out his duties as an executive for the Employer, the Employer provided him with, and he otherwise had access to, the Employer’s confidential and propriety information, including without limitation, information regarding the Employer’s current and future business strategy. In order to protect such confidential and proprietary information, including its inevitable disclosure, and in consideration of the Severance Payment, Executive agrees that for nine (9) months after the Termination Date, Executive will not engage or participate in, work for, become employed by, provide services to, or assist in any manner (whether as an employee, consultant, independent contractor, proprietor, partner, director, officer, equity owner, agent or otherwise) any person, firm, corporation or other business entity that engages in a “Competing Business” in the “Restricted Territory” to the extent that Executive engaged or participated in a similar activity or function for or on behalf of the Employer.

As used herein, the terms:

a.“Competing Business” shall mean any business or prospective business (whether conducted by a natural person, partnership, corporation or other entity) that provides or seeks to provide oilfield services that are competitive to the Employer.

b.“Restricted Territory” shall mean the United States and any other country in which the Employer conducts the Business on the Termination Date.

7.Non-disparagement; Confidentiality.

a.Executive agrees to refrain from communicating, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically (i) any defamatory comment concerning the Employer or the Released Parties or (ii) any other comment that could reasonably be expected to be detrimental to the commercial or financial prospects of the Employer or the Released Parties.

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b.Executive agrees that the terms of this Agreement are confidential and that Executive will not disclose any of such terms to any other person other than his attorney, financial and/or tax advisor, spouse, or state and federal taxing authorities or as otherwise required by law. Notwithstanding anything to the contrary set forth herein, the parties acknowledge and agree that any obligations of confidentiality will not require Executive to violate any legal requirement be it court order, statute, regulation, or the like.

8.Remedies. Without limiting the remedies otherwise available to the Employer, Executive acknowledges that a breach of any of the covenants contained in Paragraphs 5, 6, 7 or 9 f this Agreement will result in material irreparable injury to the Employer and the Released Parties for which there is no adequate remedy at law, that in the event of such a breach or threat thereof, the Employer and the Released Parties shall be entitled to seek a temporary restraining order and/or preliminary or permanent injunctions restraining Executive from engaging in activities prohibited by Paragraphs 5, 6 or 7 of this Agreement, or requiring compliance as set forth in Paragraph 9, or such other relief as may be required to specifically enforce these paragraphs. Such injunctive relief is in addition to any other remedies to which the Employer and the Released Parties may be entitled.

9.Cooperation with the Employer. Executive agrees to fully cooperate with the Employer and the Released Parties and to provide information and history regarding information learned and actions taken while an Executive or agent of the Employer and the Released Parties (collectively “Requested Assistance”) at mutually agreeable times and locations which do not unreasonably interfere with Executive’s subsequent employment.

10.Successors, Heirs and Assigns. This Agreement and the covenants contained herein shall be binding upon and inure to the benefit of Executive’s assigns, heirs, executors, and administrators and to the predecessors, successors, and assigns of the Employer and the Released Parties, to the extent permitted by applicable law.

11.Severability. Each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

13.Counterparts. This Agreement may be executed in two or more counterparts, each counterpart of which shall be deemed to be an original of the agreement.

14.Complete Agreement. Executive hereby affirms that the entirety of the agreement between Executive and the Employer, including consideration for his execution of this Agreement, is expressly set forth in this Agreement, and that no other promise or agreement of any kind has been made to, or with, Executive by any person or entity whatsoever to cause Executive to execute this Agreement. Executive fully

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understands that this Agreement is a complete general waiver and release of any and all claims Executive may have against the Employer and the Released Parties as set forth in Paragraph 4. Executive further agrees and acknowledges that this Agreement may not be amended, supplemented or otherwise modified or terminated except by a writing expressly stating the parties’ intent to amend, supplement, modify or terminate this Agreement that is signed by both Executive and the Employer’s Executive Director.

15.Choice of Law/Venue. This Agreement shall be exclusively interpreted and enforced in accordance with the laws of the State of Texas, excluding any reference to conflict of law principles. Exclusive venue of any dispute arising from or related to this Agreement, Executive’s employment with and/or separation from the Employer or the Released Parties shall lie in Harris County, Texas.

16.Voluntary Execution of Agreement. Executive represents that he is acting knowingly and voluntarily without duress or undue influence in executing this Agreement, and that he was given twenty-one (21) calendar days from receipt of this Agreement in which to consider the terms of the Agreement, and a reasonable and adequate opportunity for study and review by legal counsel of Executive’s choice. Executive further agrees that he has seven (7) days from the date this Agreement is executed to revoke or rescind the portions of this Agreement related to Executive’s release of claims under the Age Discrimination in Employment Act and the OlderWorkers Benefit Protection Act, by providing written notice of such revocation to by the seventh calendar day following execution. Executive understands that after such seven (7) day revocation period, this Agreement is effective, enforceable, and irrevocable. Executive understands that, if Executive does not accept this Agreement by signing and returning it to Employer within twenty-one (21) days following his receipt of this Agreement, it is null and void.

17.Affirmations. Executive affirms that he has no known workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act and/or any other federal, state, or local leave law. Executive affirms and represents that he did not engage in any conduct that would constitute a fraud on the Employer or the Released Parties and that he is not aware of any fraudulent activity on the part of the Employer or the Released Parties.

18.Notices. Any and all notices under this Agreement will be sent by certified mail and electronic mail to the parties hereto at the following address or such other addresses as the parties may designate in writing:

James Lukey

VP Human Resources

Weatherford

2000 St. James Place

Houston, Texas 77056

James.Lukey@ap.weatherford.com

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Mario Ruscev

5642 Willers Way

Houston, Texas 77056

Mario.Ruscev@wanadoo.fr

By:	/s/ James Lukey	Date:	September 19, 2017
	Weatherford
	James Lukey
	VP Human Resources
By:	/s/ Mario Ruscev	Date:	September 18, 2017
	Mario Ruscev

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EX-10.52

Exhibit 10.52

Execution Copy

ASSET PURCHASE AGREEMENT

BETWEEN

SCHLUMBERGER TECHNOLOGY CORPORATION

AND

WEATHERFORD U.S. HOLDINGS, L.L.C.

Dated as of December 29, 2017

TABLE OF CONTENTS			Page
ARTICLE I. DEFINITIONS			1
	1.1	Certain Definitions	1
	1.2	Terms Defined Elsewhere in this Agreement	9
	1.3	Other Definitional and Interpretive Matters	10
ARTICLE II. ORGANIZATION OF THE COMPANY			11
	2.1	Consideration	11
	2.2	Payment of Purchase Price	11
	2.3	Allocation of Purchase Price and Purchase Price Allocation Forms	11
ARTICLE III. PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES			12
	3.1	Purchase and Sale of Assets	12
	3.2	Excluded Assets	13
	3.3	Assumption of Liabilities	13
	3.4	Excluded Liabilities	14
	3.5	Further Conveyances and Assumptions; Consent of Third Parties	14
	3.6	Use of Marks	16
ARTICLE IV. CLOSING AND TERMINATION			16
	4.1	Closing Date	16
	4.2	Deliveries by Weatherford at the Closing	16
	4.3	Deliveries by Schlumberger at the Closing	16
ARTICLE V. REPRESENTATIONS AND WARRANTIES OF WEATHERFORD			17
	5.1	Organization and Good Standing	17
	5.2	Authorization of Agreement	17
	5.3	Conflicts; Consents of Third Parties	18
	5.4	Title to Contributed Assets; Sufficiency; Condition	18
	5.5	No Material Changes	18
	5.6	Taxes	19
	5.7	Real Property	19
	5.8	Tangible Personal Property	21
	5.9	Material Contracts	21
	5.10	Employee Benefits	22
	5.11	Labor	23
	5.12	Litigation	24
	5.13	Compliance with Laws; Permits	24
	5.14	Environmental Matters	24
	5.15	Anti-Corruption	25
	5.16	Compliance with Trade Laws	25
	5.17	Financial Advisors	25
	5.18	No Other Representations or Warranties; Schedules	25
ARTICLE VI. REPRESENTATIONS AND WARRANTIES OF SCHLUMBERGER			26
	6.1	Organization and Good Standing	26
	6.2	Authorization of Agreement	26
	6.3	Conflicts; Consents of Third Parties	26
	6.4	Litigation	27
	6.5	Financial Advisor	27
	6.6	“AS IS” Transaction	27
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TABLE OF CONTENTS
(Continued)			Page
ARTICLE VII. COVENANTS			28
	7.1	Consents	28
	7.2	Use of Name	28
	7.3	Preservation of Records	28
	7.4	Publicity	28
	7.5	Non-solicit; Confidential Information	29
	7.6	Tax Matters	30
	7.7	Schlumberger Purchase under Certain Excluded Contracts	32
	7.8	Know-how	32
	7.9	Confidentiality	33
	7.10	No Warranties	34
ARTICLE VIII. [RESERVED]			34
ARTICLE IX. INDEMNIFICATION			34
	9.1	Survival of Representations and Warranties	34
	9.2	Indemnifications	34
	9.3	Indemnification Procedures	35
	9.4	Limitations on Indemnification for Breaches of Representations and Warranties	36
	9.5	Tax Indemnification	37
	9.6	No Consequential Damages	37
	9.7	Exclusive Remedy; Negligence of Indemnified Parties	38
ARTICLE X. MISCELLANEOUS			38
	10.1	Expenses	38
	10.2	Waiver of Jury Trial; Submission to Jurisdiction; Consent to Service of Process	40
	10.3	Entire Agreement; Amendments and Waivers	40
	10.4	Governing Law	41
	10.5	Notices	68
	10.6	Severability	69
	10.7	Binding Effect; Assignment	69
	10.8	Counterparts	70
ii

TABLE OF CONTENTS		Page
(Continued)
Schedules
1.1(a)	Weatherford Employees
1.1(b)	Excluded Contracts
1.1(c)	Knowledge
1.1(d)	Indebtedness
3.1(k)	Purchased Assets
5.5	No Material Changes
5.7	Real Property
5.8	Personal Property
5.9	Material Contracts
5.11	Labor
Exhibits
A	Terms of Purchase Under Certain Excluded Contracts
iii

ASSET PURCHASE AGREEMENT

This ASSET PURCHASE AGREEMENT, dated as of December 29, 2017 (the “Agreement”), between Schlumberger Technology Corporation, a Texas corporation(“Schlumberger”) and WEATHERFORD U.S. HOLDINGS, L.L.C., a Delaware limited liability company.

WITNESSETH:

WHEREAS, Weatherford presently conducts the Business in the Territory;

WHEREAS, Weatherford desires to transfer and assign, directly and indirectly, to Schlumberger all of the Purchased Assets and Assumed Liabilities of Weatherford related to the Business, all as more specifically provided herein;

WHEREAS, all of the Purchased Assets covered by this Agreement are included within and are a subset of the assets that would have been contributed to a U.S. joint venture by Weatherford pursuant to the MFA (as defined herein) for which Schlumberger N.V. submitted a Notification and Report Form under the HSR Act and received early termination of the HSR waiting period on November 22, 2017 (Transaction Identification Number 20171045), and therefore, no further HSR filings or amendments to HSR filings are required for the transactions contemplated by the Agreement; and

WHEREAS, certain terms used in this Agreement are defined in Section 1.1;

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:

ARTICLE I.

DEFINITIONS

1.1    Certain Definitions.

For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1:

“Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.

“Antitrust Law” shall mean the Sherman Antitrust Act, the Clayton Antitrust Act, the HSR Act, the Federal Trade Commission Act and all other United States, federal or state or foreign or multinational statutes, rules, regulations, orders, decrees, administrative or judicial doctrines or other Laws, including merger

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control Laws, that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of lessening or negatively impacting competition, monopolization or restraint of trade.

“Business” shall mean, collectively, Weatherford’s Pressure Pumping Business and Weatherford’s Pump Down Perforating Business, in each case within the Territory.

“Business Day” shall mean any day of the year on which national banking institutions in Houston, Texas are open to the public for conducting business and are not required or authorized to close.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Contract” shall mean any written contract, lease, license, purchase order, commitment or other arrangement or agreement.

“Disclosure Schedules” shall mean the Schedules dated and delivered the date of this Agreement and containing exceptions to the representations, warranties and covenants hereof and certain other information called for hereby.

“Documents” shall mean all files, documents, instruments, papers, books, reports, records, tapes, photographs,letters, budgets, forecasts, ledgers, journals, title policies, customer lists, regulatory filings, operating data and plans, technical documentation (design specifications, functional requirements, operating instructions, logic manuals, flow charts, etc.), user documentation (installation guides, user manuals, training materials, release notes, working papers, etc.), marketing documentation (sales brochures, flyers, pamphlets, web pages, etc.), and other similar materials related primarily to the Business or the Purchased Assets in each case whether or not in electronic form.

“Employee Benefit Plans” shall mean any plan, program, policy, agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive compensation, incentive or other bonus plan, all pension, retirement, profit-sharing, savings, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, deferred stock unit, or other equity based compensation plan or arrangement, medical, hospitalization, vision, dental, health, life, disability or accident insurance, sick leave, vacation or paid time off plan or program, and any severance, salary continuation, or termination of employment plans, arrangements or agreements, including any “employee benefit plan” as defined in Section 3(3) of ERISA.

“Employee Matters Agreement” shall mean the agreement bearing such name to be executed and delivered by the parties at Closing.

“End User Know-how” shall mean all product manuals, data sheets, marketing materials and other materials normally delivered to the end user of a Licensed Product and Service Offering or used in the Ordinary Course of Business to enable or facilitate the use of the Licensed Product and Service Offering within the Territory for the Business.

“Environmental Costs and Liabilities” shall mean, with respect to any Person, all liabilities, obligations, responsibilities, Remedial Actions, losses, damages, punitive damages, consequential damages,

2

treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigation and feasibility studies, and environmental studies), fines, penalties, sanctions and interest incurred as a result of any claim or demand by any other Person or in response to any noncompliance or alleged noncompliance with an Environmental Law or Environmental Permit, the presence, Release or threatened Release of Hazardous Materials, the presence, storage, transportation, treatment disposal or recycling of Hazardous Materials at any location, whether known or unknown, accrued or contingent, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to any Environmental Law, Environmental Permit, order or agreement with any Governmental Body or other person, which relates to any environmental, health or safety condition, noncompliance with Environmental Law or the presence, Release or threatened Release of Hazardous Materials.

“Environmental Law” shall mean any foreign, federal, provincial, state, municipal or local statute, regulation,ordinance, code, decree, judgment, directive, Order, rule or common law relating to pollution, or the protection of human health, welfare and safety of the environment or natural resources, or the manufacture, processing, distribution, use, treatment, storage, Release, threatened Release, transport, management, disposal or handling of Hazardous Materials, including the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601 et seq.), the Oil Pollution Act of 1990 (33 U.S.C. § 2701 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. App. § 1801 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Clean Water Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. § 136 et seq.), the Emergency Planning and Community Right-to-Know Act (42 U.S.C. §§ 11001 et seq.), the Pipeline Safety Act (49 U.S.C. §§ 60101 et seq.), and the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), all as amended, and the regulations promulgated pursuant thereto and all applicable other federal, state, provincial, local and municipal laws analogous to any of the above.

“Environmental Permit” shall mean any Permit, variance, exemption or other authorization required under any Environmental Law.

“Equipment” shall mean all equipment and vehicles owned or used by Weatherford, primarily in connection with the Business, including mobile pressure pumping equipment, trucks (including both wireline and field support trucks), trailers, pressure control equipment and gun loading equipment.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

“ERISA Affiliate” shall mean with respect to any Person, any trade or business, whether or not incorporated, which together with such Person would be deemed a “single employer” within the meaning of Section 414(b), (c) or (m) of the Code.

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“Excluded Contracts” shall mean the Contracts related to the Business and listed on Schedule 1.1(b).

“Field Operations Know-how” shall mean all technical information and materials (but excluding human resources) used by operators in the field in the Ordinary Course of Business to deploy, perform or install the Licensed Product and Service Offerings for the end user or end client within the Territory for the Business, including but not limited to operating manuals, installation procedures, and training materials for operators (as applicable). The inclusion of training materials in this definition does not include training services.

“Furniture” shall mean all furniture, fixtures, furnishings, leasehold improvements, and other tangible personal property owned or used by Weatherford, primarily in the conduct of the Business and located on the Leased Real Property or the Owned Real Property, including all such artwork, desks, chairs, tables, Hardware, copiers, telephone lines and numbers, telecopy machines and other telecommunication equipment, cubicles and miscellaneous office furnishings andsupplies.

“GAAP” shall mean generally accepted accounting principles in the United States as of the date hereof.

“Government Official” shall mean any (i) officer or employee of any Governmental Body, including any entities owned or controlled by any Governmental Body, such as state-owned or state-operated companies; (ii) officer or employee of a public international organization such as the United Nations or the World Bank; (iii) individual acting in an official capacity for or on behalf of a Governmental Body; and (iv) political party, party official, or candidate for public office.

“Governmental Body” shall mean any government or governmental or regulatory body thereof, or political subdivision thereof, whether domestic, multinational, foreign, federal, provincial, state, municipal or local, or any agency, instrumentality or authority thereof, or any court or arbitrator (public or private).

“Hardware” shall mean any and all computer and computer-related hardware, including, but not limited to, computers, file servers, facsimile servers, scanners, color printers, laser printers and networks.

“Hazardous Material” shall mean any substance, material or waste which is regulated by any Governmental Body pursuant to Environmental Laws, including petroleum and its derivatives any by-products, asbestos, and polychlorinated biphenyls, and any material, waste or substance which is defined as a “hazardous waste,” “hazardous substance,” “hazardous material,” “restricted hazardous waste,” “industrial waste,” “solid waste,” “contaminant,” “pollutant,” “toxic waste” or “toxic substance” under any provision of Environmental Law.

“HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

“Inbound IP License Agreement” shall mean the Patent License Agreement executed and delivered

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by Weatherford or its applicable Affiliate and Schlumberger at the Closing, pursuant to which Weatherford or its applicable Affiliate will grant to Schlumberger a license to certain Intellectual Property in the Territory.

“Indebtedness” of any Person shall mean, without duplication, (i) the principal of and premium (if any) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable and other accrued current liabilities arising in the Ordinary Course of Business); (iii) all obligations of such Person under leases required to be capitalized in accordance with GAAP, other than the leases set forth on Schedule 1.1(d); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; (v) all obligations of the type referred to in clauses (i) through (iv) of other Persons for the payment of which such Person is responsible or liable, directly or indirectly, as obligor, guarantor, surety or otherwise, including guarantees of such obligations; and (vi) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person).

“Intellectual Property” shall mean all intellectual property rights, including rights arising from or in respect of the following: (i) all patents and applications therefor, including renewals, extensions, continuations, divisionals, continuations-in-part, or reissue patent applications and patents issuing thereon, (ii) all trademarks, service marks, trade names, service names, brand names, all trade dress rights, logos, Internet domain names and corporate names and general intangibles of a like nature (whether registered or unregistered), together with the goodwill associated with any of the foregoing, and all applications, registrations and renewals thereof (collectively, “Marks”), (iii) all copyrights (whether registered or unregistered) and registrations and applications therefor and works of authorship, integrated circuit topography rights, and mask work rights; (iv) all trade secrets and rights in confidential information; and (v) all Software and Technology.

“Knowledge” shall mean, with respect to Weatherford, the actual knowledge of those Persons identified on Schedule 1.1(c).

“Law” shall mean any multinational, federal, provincial, state, local, municipal or foreign law, statute, code, ordinance, rule or regulation.

“Legal Proceeding” shall mean any judicial, administrative or arbitral actions, suits or proceedings (public or private) by or before a Governmental Body.

“Liability” shall mean any debt, liability or obligation (whether direct or indirect, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due), and including all costs and expenses relating thereto.

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“Licensed Product and Service Offerings” shall mean the following products and services: Pump Down Perforating Services, Fracturing Services, WaterSure, SpearHead and TBlockSure.

“Lien” shall mean any lien, encumbrance, pledge, mortgage, deed of trust, security interest, claim, lease, charge, option, right of first refusal, easement, servitude, royalty interest, profit sharing interest, working interest or transfer restriction.

“Manufacturing Know-how” shall mean the technical information and materials (excluding human resources) necessary for manufacturing the Licensed Product and Service Offerings, including but not limited to: drawing files; 2D and 3D models; manufacturing standards, procedures, processes, and sub-processes (e.g., heat treatment, material hardening, and other sub-processes that are inputs to the manufacturing process); material standards (e.g., elastomer seal standards, material selection standards, and other standards referenced in the drawing files or manufacturing files); engineering files including validation testing information and results, design rationale, and qualification process information and results; and manufacturing files including bills of materials, parts lists, tooling information, and standard work instructions.

“Material Adverse Effect” shall mean with respect to the Business (i) a material adverse effect on the business, assets, properties, results of operations or financial condition of the Business (taken as a whole) or (ii) a material adverse effect on the ability of Weatherford to consummate the transactions contemplated by this Agreement, other than an effect resulting from an Excluded Matter. “Excluded Matter” means any one or more of the following: (i) the effect of any change in the United States’ economies or securities or financial markets in general; (ii) the effect of any change that generally affects any industry in which Weatherford operates; (iii) the effect of any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing or underway as of the date hereof; (iv) the effect of any action taken by Schlumberger with respect to the transactions contemplated hereby or with respect to Weatherford; (v) the effect of any changes in applicable Laws or accounting rules; or (vi) any effect resulting from the public announcement of this Agreement, compliance with terms of this Agreement or the consummation of the transactions contemplated by this Agreement.

“Order” shall mean any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of a Governmental Body.

“Ordinary Course of Business” shall mean the ordinary and usual course of normal day-to-day operations of the Business as such operations are conducted as of the date hereof and for that period predating the date hereof to January 1, 2017.

“Pension Benefit Plan” shall mean every benefit plan subject to Title IV of ERISA or the minimum funding requirements of Section 302 of ERISA.

“Permits” shall mean any approvals, authorizations, consents, licenses, permits or certificates of a Governmental Body.

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“Permitted Exceptions” shall mean (i) Liens for Taxes that are not yet due and payable, or are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP; (ii) workers’ or unemployment compensation Liens arising in the Ordinary Course of Business; (iii) mechanics’, materialmen’s, suppliers’, vendors’ or similar Liens arising in the Ordinary Course of Business for amounts not yet due and payable or which are being contested in good faith; (iv) utility easements or any right of way, highway, watercourse, right of water, public easement or other easement granted or acquired under any Law in force, not materially impairing the use or value of the burdened property (but not any violation thereof or encroachment thereon); (v) zoning, entitlement, building and other land use regulations which do not materially impair, prohibit or restrict the occupancy or current use of the real property which they encumber (but not any violation thereof or encroachment thereon); (vi) covenants, conditions, restrictions, easements and other similar matters of record affecting title to the real property or matters that may be disclosed by a survey of the real property which do not materially impair, prohibit or restrict the occupancy or current use of the real property which they encumber (but not any violation thereof or any encroachment thereon); and (vii) Liens which, in the aggregate, are not reasonably likely to impair, in any material respect, the continued use of such asset or property (or interest therein) as it is presently used.

“Person” shall mean any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Body or other entity.

“Pressure Pumping Business” shall mean hydraulic fracturing (including proppant fracturing and acid fracturing, but excluding low rate acidizing) and perforating gun pump down services and expressly excluding cementing, acidizing, sand control gravel packing, related types of miscellaneous pressure pumping services, and coiled-tubing related services.

“Products” shall mean any and all products developed, manufactured, marketed or sold by Weatherford primarily in connection with the Business, whether work in progress or in final form.

“Prohibited Payment” shall mean the corrupt payment, offer, promise to pay, or authorization of the offer, promise or payment, directly or indirectly (i.e., through one or more intermediaries), of any money or anything of value to (i) any Government Official for the purpose of influencing any act or decision of, or for securing any improper advantage from, such Government Official; (ii) any Person to improperly assist in any way in obtaining or retaining business for or with, or directing business to, any Person or entity or gaining any improper business advantage; or (iii) any Government Official or other Person or entity if such payment, offer, promise or authorization would violate the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), the UK Bribery Act 2010, as amended or any other applicable Law related to anti-corruption.

“Pump Down Perforating Business” shall mean wireline conveyed perforating services where fluid flow is used to transfer a plug and perforation assembly into a horizontal unconventional completion,

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including associated depth control logging services, including toe preparation products and services, except when toe preparation products and services are combined with logging (in advance of completion).

“Purchased Contracts” shall mean all Contracts, other than Excluded Contracts, to which Weatherford or any of its Affiliates is a party or otherwise bound that are primarily related to the Business.

“Release” shall mean any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor or outdoor environment.

“Remedial Action” shall mean all actions to (i) clean up, remove, treat, store, manage or in any other way address any Hazardous Material, (ii) prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii) perform pre remedial studies and investigations or post-remedial monitoring and care and (iv) correct a condition of non-compliance with Environmental Laws.

“Software” shall mean, except to the extent generally available for purchase from a third Person, any and all (i) computer programs, including any and all software implementations of algorithms, models and methodologies, whether in source code or object code, (ii) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (iii) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons, and (iv) all documentation including user manuals and other training documentation related to any of the foregoing.

“Subsidiary” shall mean any Person of which a majority of the outstanding voting securities or other voting equity interests are owned, directly or indirectly, by another Person.

“Tax Authority” shall mean any federal, state, provincial, local or municipal government, or agency, instrumentality or employee thereof, charged with the administration of any law or regulation relating to Taxes.

“Tax Return” shall mean all returns, declarations, reports, estimates, claims for refund, information returns and statements relating to any Taxes, including any schedule or attachment thereto, and including any amendment thereof.

“Taxes” shall mean (i) all federal, state, provincial, local or foreign taxes, charges, fees, imposts, levies or other assessments, including all net income, gross receipts, margin, capital, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, real property, personal property, escheat, unclaimed property and estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, and (ii) all interest, penalties, fines, additions to tax or additional amounts imposed by any Tax Authority in connection with any item described in clause (i).

“Technology” shall mean, collectively, all designs, formulae, algorithms, procedures, methods, techniques, ideas, trade secrets, know-how, research and development, technical data, programs, subroutines, tools, materials, specifications, processes, inventions (whether patentable or unpatentable and whether or

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not reduced to practice), apparatus, creations, improvements, works of authorship and other similar materials, unpublished research and development information, and all recordings, graphs, drawings, reports, analyses, and other writings, and other tangible embodiments of the foregoing, in any form.

“Territory” shall mean the lower contiguous forty-eight states of the United States of America, and expressly excluding all offshore markets.

“Transfer Documents” shall mean the documents necessary to transfer the Purchased Assets to Schlumberger and for Schlumberger to assume the Assumed Liabilities, including a bill of sale, assignment and assumption agreement, conveyance documents for Owned Real Property, assignment and assumption of leases for each Real Property Leases, and assignments of Contracts, in each case in a form mutually agreed upon by the parties.

“Transferred Employees” shall mean each of the Weatherford Employees who accept an offer of employment from Schlumberger in connection with the Closing or as contemplated under the Employee Matters Agreement.

“Transition Services Agreement” shall mean the agreement bearing the name to be executed and delivered by Weatherford and Schlumberger at or prior to Closing.

“Treasury Regulations” shall mean the regulations (including temporary regulations) promulgated by the United States Department of the Treasury pursuant to and in respect of provisions of the Code. All references herein to Sections of the Treasury Regulations shall include any corresponding provision or provisions of succeeding, similar or substitute, temporary or final Treasury Regulations.

“Weatherford” shall mean Weatherford U.S. Holdings, L.L.C., a Delaware limited liability company, and, as the context requires, each of its Affiliates that owns any portion of the Purchased Assets.

“Weatherford Benefit Plan” shall mean every Employee Benefit Plan sponsored, maintained, or contributed to, or required to be contributed to, by Weatherford, or any ERISA Affiliate of Weatherford, for the benefit of current or former employees of the Business.

“Weatherford Employees” shall mean all individuals, as of the date hereof, who are employed by Weatherford primarily in connection with the Business and listed on Schedule 1.1(a).

1.2    Terms Defined Elsewhere in this Agreement. For purposes of this Agreement, the following terms have meanings set forth in the sections indicated:

Term	Section
Agreement	Recitals
Allocation	2.3
Assumed Liabilities	3.3
Basket	9.4(a)
Cap	9.4(b)

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Claim	9.3(a)
Closing	4.1
Closing Date	4.1
Confidential Information	7.5(b)
Excluded Assets	3.2
Excluded Liabilities	3.4
Expenses	9.2(a)(iv)
FCPA	1.1 (in Prohibited Payments definition)
Fundamental Representations	9.1
Leased Real Property	5.7(a)(i)
Losses	9.2(a)(i)
Marks	1.1 (in Intellectual Property definition)
Material Contracts	5.9(a)
MFA	10.3
Nonassignable Assets	3.5(c)
Other Real Property Rights	5.7(a)(i)
Owned Real Property	5.7(a)(i)
Personal Property Leases	5.8(b)
Purchase Price	2.1
Purchased Assets	3.1
Real Property Lease	5.7(b)
Schlumberger	Recitals
Schlumberger Documents	6.2
Schlumberger Indemnified Parties	9.2(a)
Straddle Period Tax Returns	7.6(a)(vi)
Survival Period	9.1
Tax Matter	7.6(a)(vii)
Third Party Claims	3.2(h)
Transfer Taxes	7.6(b)
Weatherford Documents	5.2
Weatherford Indemnified Parties	9.2(b)
Weatherford Joint Facility	5.7(c)
Weatherford Marks	7.2
Willful Breach	9.7

1.3    Other Definitional and Interpretive Matters

(a)Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply:

Calculation of Time Period. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.

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Dollars. Any reference in this Agreement to $ shall mean U.S. dollars.

Exhibits/Schedules. The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any matter or item disclosed on one schedule shall be deemed to have been disclosed on each other schedule to which the applicability of such matter or item is readily apparent from the context. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be defined as set forth in this Agreement.

Gender and Number. Any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa.

Headings. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this Agreement to any “Section” are to the corresponding Section of this Agreement unless otherwise specified.

Herein. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

Including. The words “including,” “include” or any variation thereof means “including, withoutlimitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.

(b)The parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

ARTICLE II.

CONSIDERATION

2.1Consideration. The aggregate consideration for the Purchased Assets shall be (a) an amount in cash equal to Four Hundred Thirty Million U.S. Dollars $430,000,000 (the “Purchase Price”) and (b) the assumption by Schlumberger of the Assumed Liabilities.

2.2    Payment of Purchase Price. On the Closing Date, Schlumberger shall pay the Purchase Price to Weatherford, which shall be paid by wire transfer of immediately available funds into an account designated by Weatherford.

2.3    Allocation of Purchase Price and Purchase Price Allocation Forms. Within forty-five (45) days after the Closing, Schlumberger and Weatherford shall engage Deloitte to determine an allocation of the Purchase Price and the Assumed Liabilities among the Purchased Assets in accordance with Section

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1060 of the Code and the Treasury Regulations promulgated thereunder (and any similar provision of state, local or foreign law, as appropriate) (the “Allocation”), the cost of which shall be borne by Schlumberger. If the Purchase Price is adjusted pursuant to the terms of this Agreement, the Allocation shall be adjusted in a manner consistent with the procedures set forth above. Schlumberger and Weatherford shall file all Tax Returns (including, but not limited to, Internal Revenue Service Form 8594) consistent with the Allocation. Neither Schlumberger nor Weatherford shall take any Tax position inconsistent with the Allocation and neither Schlumberger nor Weatherford shall agree to any proposed adjustment to the Allocation by any Taxing authority without first giving the other party prior written notice; provided, however, that nothing contained herein shall prevent Schlumberger or Weatherford from settling any proposed deficiency or adjustment by any Tax Authority based upon or arising out of the Allocation, and neither Schlumberger nor Weatherford shall be required to litigate before any court any proposed deficiency or adjustment by any Tax Authority challenging the Allocation.

ARTICLE III.

PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES

3.1    Purchase and Sale of Assets. The parties agree that the “Purchased Assets” shall mean each of the following assets of Weatherford to the extent primarily related to the Business:

(a)    all inventory, raw materials, work-in-process, finished goods, purchased goods, materials and supplies, including in-transit inventories, spare parts and stores, used or intended to be used primarily in connection with the Business, including all Products;

(b)    all deposits (including customer deposits andsecurity deposits for rent, electricity, telephone or otherwise) and prepaid charges and expenses;

(c)    all rights to Owned Real Property, Leased Real Property and Other Real Property Rights, together with all improvements, fixtures and other appurtenances thereto and rights in respect thereof;

(d)    the Furniture and the Equipment;

(e)    the Purchased Contracts;

(f)    all Documents that are used in, held for use in or intended to be used in, or that arise primarily out of, the Business, including Documents relating to End User Know-how (subject to the first sentence of Section 7.8), Products, services, marketing, advertising, promotional materials, personnel files for Transferred Employees and all files, customer files and documents (including credit information), customer and supplier lists, records, Tax Returns that are related exclusively to the Purchased Assets or the Business, literature and correspondence, whether or not physically located on any of the premises referred to in clause (c) above, but excluding (i) personnel files for Weatherford Employees who are not Transferred Employees (provided that Weatherford shall be entitled to retain a copy of all Documents that are not used exclusively in the Business for continued use outside of the Business) and (ii) tangible embodiments of Weatherford’s or its Affiliates’ Intellectual Property;

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(g)    all Permits used exclusively in connection with the Business;

(h)    all rights under non-disclosure or confidentiality, non-compete, or non-solicitation agreements with Weatherford Employees and agents or with third parties to the extent relating to the Business or the Purchased Assets (or any portion thereof);

(i)    all rights under or pursuant to all warranties, representations and guarantees made by suppliers, manufacturers and contractors to the extent relating to products sold, or services provided, or to the extent affecting any Purchased Assets;

(j)    all goodwill associated with the Business (excluding any goodwill connected with the use of and symbolized by any Marks of Weatherford or its Affiliates); and

(k)    the assets set forth on Schedule 3.1(k).

3.2    Excluded Assets. Nothing herein contained shall be deemed to sell, transfer, assign or convey the Excluded Assets to Schlumberger, and Weatherford shall retain all right, title and interest to, in and under the Excluded Assets. “Excluded Assets” shall mean all assets, properties, interests and rights of Weatherford other than the Purchased Assets, including each of the following assets:

(a)    all cash, cash equivalents, bank deposits or similar cash items of Weatherford;

(b)    all accounts receivable of Weatherford;

(c)    the Excluded Contracts;

(d)    the name “Weatherford”;

(e)    any and all Intellectual Property of Weatherford and its Affiliates;

(f)    all insurance policies and contracts (including those issued by captive insurance companies) maintained by Weatherford or its Affiliates and all rights, Claims and causes of action under such insurance policies and contracts;

(g)    all assets arising out of, relating to or with respect to the Weatherford Benefit Plans; and

(h)all rights, claims, credits, causes of action or rights of set-off of Weatherford against any third party (the “Third Party Claims”) to the extent related or attributable to, periods prior to the Closing Date (including claims for adjustments or refunds), in each case whether or not the Third Party Claims are pending or threatened as of the date hereof or the Closing Date.

3.3    Assumption of Liabilities. On the terms and subject to the conditions set forth in this Agreement, at the Closing, Schlumberger shall assume, effective as of the Closing, and shall timely perform and discharge in accordance with their respective terms, subject to Section 3.4(c), all Liabilities of Weatherford

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under the Purchased Contracts that arise out of or relate to the period from and after the Closing, including all Liabilities to customers under purchase or service orders that constitute Purchased Contracts for the Purchased Assets that have not yet been delivered or serviced (collectively, the “Assumed Liabilities”).

3.4    Excluded Liabilities. Schlumberger will not assume or be liable for any Excluded Liabilities. The parties agree that the “Excluded Liabilities” shall mean all Liabilities of Weatherford arising out of and relating to the Business on or before the Closing Date, other than the Assumed Liabilities, which Excluded Liabilities include the following Liabilities:

(a)    all Environmental Costs and Liabilities, to the extent arising out of or otherwise related to (i) the ownership or operation by Weatherford of (A) the Owned Real Property or Leased Real Property (or any condition thereon) on or prior to the Closing Date (including (i) the presence, Release or threatened Release (if existing as of the Closing) of any Hazardous Material, regardless of by whom or (ii) any noncompliance or alleged noncompliance with Environmental Laws), (B) the Business on or prior to the Closing Date, (C) the Excluded Assets or any other real property formerly owned, operated, leased or otherwise used by Weatherford or (ii) from the transportation, storage, management disposal, treatment or recycling of Hazardous Material generated by and taken offsite by or on behalf of Weatherford prior to and through the Closing Date;

(b)    except to the extent specifically provided in the Employee Matters Agreement, all Liabilities arising out of, relating to or with respect to (i) the employment or performance of services, or termination of employment or services by Weatherford of any individual on or before the Closing Date, (ii) workers’ compensation claims against Weatherford that relate to the period on or before the Closing Date, irrespective of whether such claims are made prior to or after the Closing or (iii) any Employee Benefit Plan sponsored, maintained, or contributed to, or required to be contributed to, by Weatherford or its Subsidiaries;

(c)    all Liabilities arising out of, under or in connection with Contracts that are not Purchased Contracts and, with respect to Purchased Contracts, Liabilities in respect of a breach by or default of Weatherford accruing under, and until the date hereof, such Contracts with respect to any period prior to Closing;

(d)    all Liabilities arising out of, under or in connection with any Indebtedness of Weatherford;

(e)    all Liabilities in respect of any pending or threatened Legal Proceeding, or any claim arising out of, relating to or otherwise in respect of (i) the operation of the Business to the extent such Legal Proceeding or claim relates to such operation on or prior to the Closing Date or (ii) any Excluded Asset; and

(f)    all Liabilities in respect of any and all Products sold or services performed by Weatherford on or before the Closing Date.

3.5    Further Conveyances and Assumptions; Consent of Third Parties.

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(a)    From time to time following the Closing, Weatherford shall, or shall cause its Affiliates to, make available to Schlumberger such non-confidential data in personnel records of Transferred Employees as is reasonably necessary for Schlumberger to transition such Transferred Employees into Schlumberger’s records.

(b)    From time to time following the Closing, Weatherford and Schlumberger shall, and shall cause their respective Affiliates to, execute, acknowledge and deliver all such further conveyances, notices, assumptions, releases and acquaintances and such other instruments, and shall take such further actions, as may be reasonably necessary or appropriate to assure fully to Schlumberger and its respective successors or assigns, all of theproperties, rights, titles, interests, estates, remedies, powers and privileges intended to be conveyed to Schlumberger under this Agreement and to assure fully to Weatherford and its Affiliates and their successors and assigns, the assumption of the liabilities and obligations intended to be assumed by Schlumberger under this Agreement, and to otherwise make effective the transactions contemplated hereby and thereby.

(c)    Nothing in this Agreement nor the consummation of the transactions contemplated hereby shall be construed as an attempt or agreement to assign any Purchased Asset, including any Contract, Permit, certificate, approval, authorization or other right, which by its terms or by Law is nonassignable without the consent of a third party or a Governmental Body or is cancelable by a third party in the event of an assignment (“Nonassignable Assets”) unless and until such consent shall have been obtained. With respect to Purchased Contracts or Permits that are material for the Business as a going concern after the Closing Date, Weatherford shall use its commercially reasonable efforts to cooperate with Schlumberger at its request for up to 180 days following the Closing Date in endeavoring to obtain such consents promptly; provided, however, that such efforts shall not require Weatherford to incur any expenses or Liabilities or provide any financial accommodation or to remain secondarily or contingently liable for any Assumed Liability to obtain any such consent. Schlumberger and Weatherford, as applicable, shall use their respective commercially reasonable efforts to obtain, or cause to be obtained, any consent, substitution, approval or amendment required to novate all Liabilities under any and all Purchased Contracts or other Liabilities that constitute Assumed Liabilities or to obtain in writing the unconditional release of Weatherford, so that, in any such case, Schlumberger shall be solely responsible for such Assumed Liabilities. To the extent permitted by applicable Law, and the terms of such Nonassignable Asset, in the event consents to the assignment thereof cannot be obtained, such Nonassignable Assets shall be held, as of and from the Closing Date, by Weatherford in trust for Schlumberger and the covenants and obligations thereunder shall be performed by Schlumberger in Weatherford’s name and all benefits and obligations existing thereunder shall be for Schlumberger’s account. Weatherford shall take or cause to be taken at Schlumberger’s expense such actions in its name or otherwise as Schlumberger may reasonably request so as to provide Schlumberger with the benefits of the Nonassignable Assets and to effect collection of money or other consideration that becomes due and payable under the Nonassignable Assets, and Weatherford shall promptly pay over to Schlumberger all money or other consideration received by it in respect of all Nonassignable Assets. As of and from the Closing Date,

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Weatherford on behalf of itself and its Affiliates authorize Schlumberger, to the extent permitted by applicable Law and the terms of the Nonassignable Assets, at Schlumberger’s expense, to perform all the obligations and receive all the benefits of Weatherford or its Affiliates under the Nonassignable Assets and appoints Schlumberger its attorney-in-fact to act in its name on its behalf or in the name of its applicable Affiliate and on such Affiliate’s behalf with respect thereto, and Schlumberger agrees to indemnify and hold Weatherford and its Affiliates, agents, successors and assigns harmless from and against any and all Liabilities and Losses based upon, arising out of or relating to Schlumberger’s performance of, or failure to perform, such obligations under the Nonassignable Assets.

3.6    Use of Marks. For the avoidance of doubt, except as set forth in Section 7.2, Schlumberger shall not use any Marks owned by Weatherford or any of its Affiliates.

ARTICLE IV.

CLOSING AND TERMINATION

4.1    Closing Date. The closing of the sale of the Purchased Assets and the assumption of the Assumed Liabilities provided for in Article II and Article III hereof (the “Closing”) shall take place at the offices of Baker & Hostetler LLP located at 811 Main Street, Suite 1100, Houston, Texas 77002 (or at such other place as the parties may designate in writing), and shall be effective as of 12:01 a.m. (Central time), on the date of this Agreement. The date on which the Closing shall be held is referred to in this Agreement as the “Closing Date.”

4.2    Deliveries by Weatherford at the Closing. At or before the Closing, Weatherford will deliver to Schlumberger:

(a)    evidence that all Liens on the Purchased Assets granted in connection with that certain Term Loan Agreement, dated May 4, 2016, among Weatherford International Ltd., Weatherford International plc, the lenders named therein and JPMorgan Chase Bank, N.A., as amended, have been released and satisfied in full;        

(b)    each of the Transfer Documents duly executed by Weatherford;

(c)    the Inbound IP License Agreement duly executed by Weatherford or its applicable Affiliate;

(d)    the Employee Matters Agreement duly executed by Weatherford;

(e)    the Transition Services Agreement duly executed by Weatherford; and

(f)    certificate of non-foreign status of Weatherford meeting the requirements of Treasury Regulations Section 1.1445-2(b)(2).

4.3    Deliveries by Schlumberger at the Closing. At or before the Closing, Schlumberger will deliver to Weatherford:

(a)    The Purchase Price, in immediately available funds wired to an account designated by Weatherford;

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(b)    each of the Transfer Documents to which Schlumberger is a party duly executed by Schlumberger;

(c)    the Inbound IP License Agreement duly executed by Schlumberger;

(d)    the Employee Matters Agreement duly executed by Schlumberger; and

(e)    the Transition Services Agreement duly executed by Schlumberger.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES OF WEATHERFORD

Except as set forth in the corresponding Section of the Disclosure Schedules, it being understood that any such disclosure set forth in the applicable Section of the Disclosure Schedules shall be deemed to be part of each applicable corresponding representation and warranty hereunder, Weatherford hereby represents and warrants to Schlumberger that:

5.1    Organization and Good Standing. Weatherford is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted. Weatherford is duly qualified or authorized to do business as a foreign corporation and is in good standing under the laws of each jurisdiction in which it owns or leases real property in connection with the Business and each other jurisdiction in which the conduct of the Business or the ownership of its properties related to the Business requires such qualification or authorization, except where the failure to be so qualified, authorized or in good standing would not have a Material Adverse Effect.

5.2    Authorization of Agreement. Weatherford has all requisite power, authority and legal capacity to execute and deliver this Agreement and each other agreement, document, or instrument or certificate contemplated by this Agreement or to be executed by Weatherford in connection with the consummation of the transactions contemplated by this Agreement (the “Weatherford Documents”), to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Weatherford Documents and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite limited liability company action on the part of Weatherford. This Agreement has been, and each of the Weatherford Documents will be at or prior to the Closing, duly and validly executed and delivered by Weatherford and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and each of the Weatherford Documents when so executed and delivered will constitute, legal, valid and binding obligations of Weatherford enforceable against Weatherford in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

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5.3    Conflicts; Consents of Third Parties.

(a)    None of the execution and delivery by Weatherford of this Agreement or the Weatherford Documents, the consummation of the transactions contemplated hereby or thereby, or compliance by Weatherford with any of the provisions hereof or thereof will conflict with, subject to Section 3.5(c), or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to acceleration of rights or obligations, or a right of termination or cancellation under any provision of (i) the certificate of formation and company agreement of Weatherford; (ii) any Contract or Permit related to the Purchased Assets to which Weatherford is a party or by which any of the Purchased Assets are bound; (iii) any Order of any Governmental Body applicable to Weatherford or by which any of the Purchased Assets are bound; or (iv) any applicable Law, other than, in the case of clauses (ii), (iii) and (iv), such conflicts, violations, defaults, terminations or cancellations that would not have a Material Adverse Effect.

(b)    No consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification to, any Person or Governmental Body is required on the part of Weatherford in connection with the execution and delivery of this Agreement or the Weatherford Documents, the compliance by Weatherford with any of the provisions hereof or thereof, or the consummation of the transactions contemplated hereby or thereby, or the taking by Weatherford of any other action contemplated hereby or thereby, except for (i) compliance with the applicable requirements of Antitrust Law, and (ii) for such other consents, waivers, approvals, Orders, Permits, authorizations, declarations, filings and notifications, the failure of which to be obtained or made would not have a Material Adverse Effect.

5.4    Title to Purchased Assets; Sufficiency.

(a)    Weatherford and its Affiliates own and have good title to or a valid and enforceable leasehold interest in each of the Purchased Assets, free and clear of all Liens other than Permitted Exceptions.

(b)    The Purchased Assets, together with the services being provided under the Transition Services Agreement, those assets, services and rights that are expected to be available and obtained in the ordinary course of business consistent with the Ordinary Course of Business and that are not material to the Business and the Intellectual Property licensed under the Inbound IP License Agreement, and excluding any Marks and any assets, services and rights previously provided pursuant to the Excluded Contracts, constitute all property and other rights owned, leased, licensed or used by Weatherford primarily in connection with the Business.

5.5    No Material Changes. Except as set forth on Schedule 5.5, since December 31, 2016, (i) Weatherford has conducted the Business in the Ordinary Course of Business; (ii) there has not been any damage, destruction or loss, whether or not covered by insurance, with respect to the Purchased Assets having a replacement cost of more than $1,000,000 for any single loss or $5,000,000 for all such losses; (iii) Weatherford has not amended, modified, canceled, terminated, relinquished, waived or released any material Contract to which Weatherford or any of its Affiliates is a party or otherwise bound that primarily relates to the Business, except in the Ordinary Course of Business; (iv) Weatherford has not sold, assigned, transferred,

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conveyed, leased or otherwise disposed of any of its assets that primarily relate to the Business, except for assets sold, assigned, transferred, conveyed, leased or otherwise disposed of in the Ordinary Course of Business and excluding any transfers of Intellectual Property and (v) Weatherford has not committed, pursuant to any Purchased Contract, to make any capital expenditures primarily related to the Business that, after the Closing Date, represent commitments outstanding in excess of $1,000,000 individually or $5,000,000 in the aggregate.

5.6    Taxes.

(a)    Weatherford and its Affiliates have filed all material Tax Returns they were required to file with respect to the Business. All such Tax Returns were true, correct, and complete in all material respects. All material Taxes due and owing with respect to the Business have been paid. Neither Weatherford nor any of its Affiliates is currently the beneficiary of any extension of time within which to file any income Tax Return with respect to the Business. There are no Liens for Taxes (other than Permitted Encumbrances) upon any of the Purchased Assets. Weatherford and its Affiliates have, to the extent relating to the Business, withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder, or other third party, and all Forms W-2 and 1099 required with respect thereto have been properly completed and timely filed.

(b)    There is no material dispute or claim concerning any Tax liability of Weatherford or its Affiliates with respect to the Business claimed or raised by any Tax Authority in writing.

(c)Neither Weatherford nor any of its Affiliates have waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency with respect to the Business.

(d)Neither Weatherford nor any of its Affiliates is a party to or bound by any Tax allocation or sharing agreement with respect to the Business (other than provisions in agreements entered into in the Ordinary Course of Business and not primarily concerning Taxes).

(e)The representations and warranties in this Section 5.6 and Section 5.10 are the exclusive representations and warranties by Weatherford relating to Tax matters.

5.7    Real Property.

(a)    Title.

(i)Set forth in Schedule 5.7 is a correct and complete list as of the date hereof of (1) all owned real property included in the Purchased Assets (the “Owned Real Property”), (2) all leasehold estates in all leased real property included in the Purchased Assets (the “Leased Real Property”) and (3) all licenses, occupancy or possessory interests and other real property interests included in the Purchased Assets (the “Other Real Property Rights”). Schedule 5.7 also identifies all Owned Real Property, Leased Real Property and Other Real Property Rights that also are used as of the date hereof by other businesses of Weatherford or its Affiliates and describes the nature of such use by such other businesses of Weatherford or its Affiliates,

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and such use does not interfere with the Business. No Owned Real Property is leased to any third party, Weatherford has not granted any third party any license, possessory or occupancy right or other similar right therein other than Permitted Exceptions, and no Leased Real Property is subleased to any third party. Weatherford or a Subsidiary thereof has (A) good and indefeasible fee title to all Owned Real Property, (B) good and valid title to the leasehold estates in all Leased Real Property and (C) good and valid title to all Other Real Property Rights, in the case of each of clauses (A), (B) and (C) above, free and clear of all Liens, subject only to Permitted Exceptions.

(ii)There are no outstanding options, rights of first offer or rights of first refusal to purchase any of the Owned Real Property or any portion of or any interest therein.

(b)    Real Property Leases. Each of the leases relating to the Leased Real Property (each, a “Real Property Lease”) is in full force and effect and constitutes the legal, valid and binding obligations of Weatherford and, to the Knowledge of Weatherford, the other parties thereto, enforceable against Weatherford and, to the Knowledge of Weatherford, the other parties thereto, in accordance with their respective terms. No Real Property Lease has been amended, modified or supplemented except as described in Schedule 5.7. No party to any Real Property Lease has repudiated any provision thereof, and neither Weatherford nor, to the Knowledge of Weatherford, any other party thereto, is in breach of any of its respective obligations thereunder, and no event has occurred (including the failure to obtain any consent) which, with notice or lapse of time or both, would constitute a breach or default thereunder.

(c)    Joint Use Facilities. Schedule 5.7 sets forth a correct and complete list as of the date hereof of all material owned or leased real property of Weatherford that is not being included in the Purchased Assets but which is used by the Business (each, a “Weatherford Joint Facility”).

(d)    No Other Realty. Except for the Owned Real Property, the Leased Real Property and the Other Real Property Rights, neither Weatherford nor any Affiliate thereof owns or leases any real property used or held for use primarily in or related primarily to or necessary for the operation or conduct of the Business or has any options to acquire any fee interest or leasehold interest in any real property for use primarily in or related primarily to or necessary for the operation or conduct of the Business.

(e)    No Claims. There are no pending or, to the Knowledge of Weatherford, threatened condemnation, eminent domain, expropriation or similar proceedings, or any pending, contemplated or threatened Legal Proceedings or any unsatisfied claims or judgments which could in any manner adversely affect the use or market value, affecting the Owned Real Property, the Leased Real Property or the Other Real Property Rights. There are no existing public improvements which may reasonably be expected to result in any special assessment against the Owned Real Property.

(f)    Title Exceptions. All utility easements, rights of access and other easements and similar rights serving the Owned Real Property are legally enforceable to permit the operation of the Business in substantially the manner in which the Business is currently operated. Other than Permitted Exceptions, there are no encroachments upon the Owned Real Property and no encroachments of any improvements composing

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the Owned Real Property onto adjacent property, except for such encroachments as have not had and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on a particular item of real property. The improvements to the Owned Real Property (and the current uses thereof) do not violate set-back, building or side lines, or any applicable land use covenants, zoning regulations, or similar enforceable restrictions, nor do they encroach on any easements located on the Owned Real Property.

5.8    Tangible Personal Property.

(a)    Schedule 5.8(a) sets forth an accurate and complete list, in all material respects, of all fixed assets of Weatherford that are included in the Purchased Assets, including a description, location and net book value for each fixed asset.

(b)    Schedule 5.8(b) sets forth all leases of personal property by Weatherford primarily related to the Business (“Personal Property Leases”) involving annual payments in excess of $1,000,000. To the Knowledge of Weatherford, Weatherford has not received any written notice of any default or event that with notice or lapse of time or both would constitute a default by Weatherford under any of the Personal Property Leases.

5.9    Material Contracts.

(a)    Schedule 5.9 sets forth all of the following Contracts to which Weatherford is a party or by which it is bound and that are primarily related to the Business or by which the Purchased Assets may be bound or affected and that are Purchased Contracts (collectively, the “Material Contracts”):

(i)    any Contract with any Affiliate or current or former officer or director of Weatherford;

(ii)    any collective bargaining agreements or other Contract with any labor union or association representing any Weatherford Employee;

(iii)    any joint venture, partnership or similar organizational Contract involving a sharing of profits or losses related to all or any portion of the Business;

(iv)    any Contract granting to any Person a right of first refusal or option to purchase or acquire any Purchased Asset or group of Purchased Assets;

(v)    any agency, sponsor, consultant or commission agreement where any Person is providing such services to or on behalf of the Business;

(vi)    any guarantee (other than any indemnification Contract) with respect to which Weatherford or any of its Affiliates is the obligor in respect of an obligation that exceeds $1,000,000;

(vii)    any Contract or consent decree which imposes or could by its terms impose any material restrictions on Schlumberger with respect to their geographical areas of operations or scope or type of business;

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(viii)    any Contract involving swaps, futures, derivatives or similar instruments, regardless of value, except such Contracts entered into as a hedging activity in the Ordinary Course of Business consistent with Weatherford’s past practice and internal policy guidelines;

(ix)    any Contract for the sale of any of the assets of Weatherford, other than in the Ordinary Course of Business, for consideration in excess of $1,000,000;

(x)    any Contract relating to the acquisition by Weatherford of any operating business or the capital stock of any other Person;

(xi)    any Contract relating to incurrence of Indebtedness, or the making of any loans;

(xii)    any Contract expected to involve the receipt of more than $5,000,000; or

(xiii)    any Contract which is expected to involve the expenditure of more than $5,000,000 in the aggregate or require performance by any party more than one year from the date hereof that, in either case, is not terminable by Weatherford without penalty on notice of ninety (90) days or less.

(b)    Weatherford and its Affiliates have duly performed and complied in all material respects with their respective obligations under each Material Contract. None of Weatherford or any of its Affiliates has received any notice of termination or default from any other party to such Material Contract. To the Knowledge of Weatherford, no other party to such Material Contract is in default of its obligations thereunder. Each such Material Contract may be assigned to Schlumberger without the consent of any other party thereto. Weatherford has delivered or otherwise made available to Schlumberger true, correct and complete copies of all of the Material Contracts, together with all amendments, modifications or supplements thereto.

5.10    Employee Benefits.

(a)    Copies of Documents. Weatherford has furnished to Schlumberger summaries of each Weatherford Benefit Plan and the following items relating to each Weatherford Benefit Plan: (i) the governing plan documents, including all amendments thereto; (ii) the most recent summary plan description and any summary of material modifications; (iii) the most recent Form 5500 Annual Report filed with the Department of Labor, together with attachments thereto or similar reports filed in non-U.S. jurisdictions; and (iv) if applicable, the most recent actuarial report.

(b)    Pension Plans. Each Weatherford Benefit Plan that is a Pension Benefit Plan has satisfied the minimum funding standards of Section 412 of the Code, and no liability (including contingent liability) has been incurred, directly or indirectly, to or on account of any such Pension Benefit Plan pursuant to Title IV of ERISA (excluding liability for benefit Claims and funding obligations payable in the Ordinary Course of Business and liability for U.S. Pension Benefit Guaranty Corporation insurance premiums payable in the Ordinary Course of Business). No proceedings have been instituted to terminate any Weatherford Benefit Plan that is a Pension Benefit Plan, and no condition exists that presents a material risk to Weatherford

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or any ERISA Affiliate of Weatherford of incurring a liability to or on account of a Pension Benefit Plan pursuant to Title IV of ERISA (excluding liability for benefit Claims and funding obligations payable in the Ordinary Course of Business and liability for U.S. Pension Benefit Guaranty Corporation insurance premiums payable in the Ordinary Course of Business). None of the Purchased Assets is the subject of any Lien arising under Section 302(f) of ERISA or Section 412(n) of the Code.

(c)    Compliance with Applicable Laws. Each Weatherford Benefit Plan and all related trusts, insurance Contracts and funds have been maintained, funded and administered in material compliance with all Laws applicable thereto. No Claims with respect to Weatherford Benefit Plans (other than routine Claims for benefits) or with respect to any fiduciary or other Person dealing with any Weatherford Benefit Plan are pending or, to the Knowledge of Weatherford, threatened. Weatherford and all ERISA Affiliates of Weatherford have complied in all material respects with the requirements of Sections 4980B and 4980D of the Code with respect to employees and former employees of the Business.

(d)    No Multiemployer Plan. Neither Weatherford nor any ERISA Affiliate of Weatherford has any obligation to contribute to or has any liability or potential liability (including, but not limited to, actual or potential withdrawal liability) with respect to any “multiemployer plan,” as such term is defined in Section 3(37) of ERISA, or with respect to any employee benefit plan of the type described in Sections 4063 and 4064 of ERISA or Section 413(c) of the Code, in each case, that is a Weatherford Benefit Plan.

(e)    No Excess Parachute Payments. No Weatherford Benefit Plan provides, and neither Weatherford nor any ERISA Affiliate of Weatherford is otherwise obligated to provide, any amount constituting an excess parachute payment (as defined in Section 280G of the Code) with respect to any current or former employee of the Business that will become a liability of Schlumberger.

(f)    The representations and warranties in this Section 5.10 are the exclusive representations and warranties by Weatherford relating to employee benefit matters.

5.11    Labor.Schedule 5.11 sets forth a correct and complete list as of the date hereof of all agreements with labor organizations, works councils, unions or associations applicable to the Weatherford Employees. There are no material discrimination complaints, employment-related complaints or any other kind of labor related disputes against Weatherford in connection with the Business pending before or, to the Knowledge of Weatherford, threatened before any Governmental Body, and, to the Knowledge of Weatherford, no material dispute respecting minimum wage or overtime Claims exists. The Business has not experienced any material labor disputes or any work stoppage due to labor disagreements within the past three years. With respect to the Business: (i) there is no unfair labor practice charge or complaint against Weatherford actually pending or, to the Knowledge of Weatherford, threatened before the National Labor Relations Board or similar agencies in non-U.S. jurisdictions; (ii) there is no labor strike, slowdown or stoppage actually pending or, to the Knowledge of Weatherford, threatened against or affecting Weatherford; and (iii) no attempt to organize any of the Weatherford Employees has resulted in an election within the past three years or, to the Knowledge of Weatherford, is threatened respecting any of the Weatherford Employees. The Business is not now, and has not at any time within the past three years been, subject to any collective

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bargaining agreement, Contract, letter of understanding or other similar arrangement with any labor organizations, works councils, unions or associations. Weatherford has complied in all material respects with all Laws pertaining to the employment or termination of employment of their employees, including all Laws relating to labor relations, privacy and protection of personal information, equal employment opportunities fair employment practices, prohibited discrimination, applicable information and consultation obligations, occupational safety and health standards, terms and conditions of employment, payment of wages, workers’ compensation, immigration and visa requirements and other similar employment activities. Each Weatherford Employee has been paid all wages, income and any other sum due and owing to such employee by Weatherford.

5.12    Litigation. There are no Legal Proceedings pending or, to the Knowledge of Weatherford, threatened against or affecting Weatherford or any of its Affiliates (i) seeking to prevent or delay the Closing or (ii) relating to the Business, except in each case for such Legal Proceedings as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Business.

5.13    Compliance with Laws; Permits.

(a)    The Purchased Assets are being operated by Weatherford in compliance with all Laws applicable thereto, except for such noncompliance as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Business. Neither Weatherford nor any of its Affiliates have received any notice from any Governmental Body that the operations of the Business are being conducted in violation of any Law or are the subject of any investigation or review pending or threatened by any Governmental Body relating to any alleged violation. There is no outstanding Order of any Governmental Body against Weatherford or its Affiliates that relates to the Purchased Assets.

(b)    Weatherford currently has all Permits which are required for the operation of the Business as presently conducted, except where the absence of which would not have a Material Adverse Effect. Weatherford is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of any Permit to which it is a party, except where such default or violation would not have a Material Adverse Effect.

5.14    Environmental Matters. The representations and warranties contained in this Section 5.14 are the sole and exclusive representations and warranties of Weatherford pertaining or relating to any environmental, health or safety matters, including any arising under any Environmental Laws. Except in each case as would not have a Material Adverse Effect:

(a)    the operations of the Business are in compliance with all applicable Environmental Laws and all Permits issued pursuant to Environmental Laws or otherwise;

(b)    Weatherford has obtained all Permits required under all applicable Environmental Laws necessary to operate the Business;

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(c)    Weatherford is not the subject of any outstanding Order or Contract with any Governmental Body related to the Business respecting (i) Environmental Laws, (ii) Remedial Action or (iii) any Release or threatened Release of a Hazardous Material;

(d)    Weatherford has not received any written communication alleging Weatherford may be in violation of any Environmental Law, or any Permit issued pursuant to Environmental Law, or may have any liability under any Environmental Law, in each case, as related to the Business;

(e)    to the Knowledge of Weatherford, there are no investigations of the Business pending or threatened which would reasonably be expected to result in the imposition of any liability pursuant to any Environmental Law; and

(f)    there is not located at any of the properties of Weatherford used in connection with the Business any (i) asbestos containing material or (ii) equipment containing polychlorinated biphenyls.

5.15    Anti-Corruption. Neither Weatherford nor any director, manager, officer, employee, or, to the Knowledge of Weatherford, any agent or other Person associated with or acting on behalf of Weatherford has made or received a Prohibited Payment in connection with the Business. To the Knowledge of Weatherford, there are no governmental investigations related to the Business or any director, manager, officer, employee or agent or other Person associated with or acting on behalf of the Business in any way related to compliance with the FCPA or any other applicable Laws related to anti-corruption.

5.16    Compliance with Trade Laws. Weatherford has complied in all material respects with all Laws applicable to the Business relating to customs (import and export), export control, antiboycott, trade sanctions, embargoes and money laundering.

5.17    Financial Advisors. No Person has acted, directly or indirectly, as a broker, finder or financial advisor for Weatherford in connection with the transactions contemplated by this Agreement for which Schlumberger would be obligated to pay any fee or commission in respect thereof.

5.18    No Other Representations or Warranties; Schedules. Except for the representations and warranties contained in this Article V (as modified by the Schedules hereto), neither Weatherford nor any other Person makes any other express or implied representation or warranty with respect to Weatherford, the Business, the Purchased Assets, the Assumed Liabilities or the transactions contemplated by this Agreement, and Weatherford disclaims any other representations or warranties, whether made by Weatherford, any Affiliate of Weatherford or any of their respective officers, directors, employees, agents or representatives. Except for the representations and warranties contained in Article V hereof (as modified by the Schedules hereto), Weatherford (i) expressly disclaims and negates any other representation or warranty, expressed or implied, at common law, by statute, or otherwise, relating to the condition of the Purchased Assets (including any implied or expressed warranty of merchantability or fitness for a particular purpose, or of conformity to

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models or samples of materials) and (ii) hereby disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement, or information made, communicated, or furnished (orally or in writing) to Schlumberger or representatives thereof (including any opinion, information, projection, or advice that may have been or may be provided to Schlumberger by any director, officer, employee, agent, consultant, or representative of Weatherford or any of its Affiliates). The disclosure of any matter or item in any Schedule hereto shall not be deemed to constitute an acknowledgment that any such matter is required to be disclosed.

ARTICLE VI.

REPRESENTATIONS AND WARRANTIES OF SCHLUMBERGER

Except as set forth in the corresponding Section of the Disclosure Schedules, it being understood that any such disclosure set forth in the applicable Section of the Disclosure Schedules shall be deemed to be part of each applicable corresponding representation and warranty hereunder, Schlumberger hereby represents and warrants to Weatherford that:

6.1    Organization and Good Standing. Schlumberger is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.

6.2    Authorization of Agreement. Schlumberger has all requisite power, authority and legal capacity to execute and deliver this Agreement and each other agreement, document, or instrument or certificate contemplated by this Agreement or to be executed by Schlumberger in connection with the consummation of the transactions contemplated by this Agreement (the “Schlumberger Documents”), to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Schlumberger Documents and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Schlumberger. This Agreement has been, and each of the Schlumberger Documents will be at or prior to the Closing, duly and validly executed and delivered by Schlumberger and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and each of the Schlumberger Documents when so executed and delivered will constitute, legal, valid and binding obligations of Schlumberger enforceable against Schlumberger in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

6.3    Conflicts; Consents of Third Parties.

(a)    None of the execution and delivery by Schlumberger of this Agreement or the Schlumberger Documents, the consummation of the transactions contemplated hereby or thereby, or compliance by Schlumberger with any of the provisions hereof or thereof will conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to acceleration of

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rights or obligations, or a right of termination or cancellation under any provision of (i) the certificate of incorporation and by-laws of Schlumberger; (ii) any Contract or Permit to which Schlumberger is bound; (iii) any Order of any Governmental Body applicable to Schlumberger; or (iv) any applicable Law, other than, in the case of clauses (ii), (iii) and (iv), such conflicts, violations, defaults, terminations or cancellations that would not have a Material Adverse Effect.

(b)    No consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification to, any Person or Governmental Body is required on the part of Schlumberger in connection with the execution and delivery of this Agreement or the Schlumberger Documents, the compliance by Schlumberger with any of the provisions hereof or thereof, or the consummation of the transactions contemplated hereby or thereby, or the taking by Schlumberger of any other action contemplated hereby or thereby, except for (i) compliance with the applicable requirements of Antitrust Law, and (ii) for such other consents, waivers, approvals, Orders, Permits, authorizations, declarations, filings and notifications, the failure of which to be obtained or made would not have a Material Adverse Effect.

6.4    Litigation. There are no Legal Proceedings pending or, to the knowledge of Schlumberger, threatened that are reasonably likely to prohibit or restrain the ability of Schlumberger to enter into this Agreement or consummate the transactions contemplated hereby.

6.5    Financial Advisors. No Person has acted, directly or indirectly, as a broker, finder or financial advisor for Schlumberger in connection with the transactions contemplated by this Agreement for which Weatherford would be obligated to pay any fee or commission in respect thereof.

6.6    “AS IS” Transaction. Weatherford shall convey to Schlumberger the tangible assets included in the Purchased Assets, all in their present condition and state of repair, with all faults, limitations and defects (hidden and apparent) and except for those representations and warranties set forth in Article V hereof or as otherwise expressly provided herein, without any guarantees or warranties (whether express or implied), as to their title, quality, merchantability or their fitness for Schlumberger’s intended use or purpose or a particular use or purpose or any use or purpose whatsoever or as to the validity, sufficiency, availability, ownership or non-infringement of any Intellectual Property. Schlumberger agrees to accept the tangible assets included in the Purchased Assets “as is”, “where is” in their present condition and state of repair, with all faults, limitations and defects (hidden and apparent) and, except for those representations and warranties set forth in Article V hereof or as otherwise expressly provided herein, without any guarantees or warranties (whether express or implied), as to their title, quality, merchantability or their fitness for Schlumberger’s intended use or purpose or a particular use or purpose or any use or purpose whatsoever. All representations and warranties (whether express or implied) other than those representations and warranties set forth in Article V hereof or otherwise expressly set forth herein are excluded. Weatherford disclaims all liability and responsibility for any other representation, warranty, statement or information made or communicated (whether orally or in writing) to

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Schlumberger, including with respect to the Purchased Assets or the Assumed Liabilities. Schlumberger acknowledges and agrees that it had the opportunity to inspect the Purchased Assets and conduct such investigation as it considered appropriate. In making its decision to enter into this Agreement and to consummate the transactions contemplated herein, Schlumberger represents that it has been permitted to conduct all due diligence inspections and reviews that it desired to conduct and relied solely on its own independent investigation and evaluation of the condition of the tangible assets included in the Purchased Assets.Weatherford and Schlumberger agree that, to the extent required by applicable Law to be effective, the disclaimers of certain representations and warranties contained in this Section 6.5 are “conspicuous” disclaimers for the purpose of any applicable Law.

ARTICLE VII.

COVENANTS

7.1    Consents. To the extent required by Section 3.5(c), Weatherford shall use its commercially reasonable efforts, and Schlumberger shall cooperate with Weatherford, to obtain at the earliest practicable date all consents and approvals required to assign and transfer the Nonassignable Assets; provided, however, that Weatherford shall not be obligated to take any action or incur any expense pursuant to this Section 7.1 that it is not required to take or incur pursuant to Section 3.5(c).

7.2    Use of Name. Schlumberger agrees that it shall as soon as practicable after the Closing Date and in any event within ninety (90) days following the Closing Date, cease to make any use of the name “Weatherford” or any of its Marks, including any name or mark confusingly similar thereto (collectively, the “Weatherford Marks”). In furtherance thereof, as promptly as practicable but in no event later than ninety (90) days following the Closing Date, Schlumberger shall remove, strike over or otherwise obliterate all Weatherford Marks from all assets and materials including any vehicles, equipment, business cards, schedules, stationery, packaging materials, displays, signs, promotional materials, manuals, forms, computer software and other assets and materials. In the event that Schlumberger breaches this Section 7.2, Weatherford shall be entitled to seek specific performance and injunctive relief against further violations, as well as any other remedies available at law or in equity.

7.3    Preservation of Records. Weatherford and Schlumberger agree that each of them shall preserve and keep the records held by it or its Affiliates relating to the Business for a period of seven (7) years from the Closing Date and shall make such records and personnel available to the other as may be reasonably required by such party in connection with, among other things, any insurance claims by, legal proceedings or Tax audits against or governmental investigations of Weatherford or Schlumberger or any of their respective Affiliates or in order to enable Weatherford or Schlumberger to comply with their respective obligations under this Agreement and each other agreement, document or instrument contemplated hereby or thereby. In the event Weatherford or Schlumberger wishes to destroy such records after that time, such party shall first give ninety (90) days prior written notice to the other party and such other party shall have the right at its option and expense, upon prior written notice given to such party within that ninety (90) day period, to take possession of the records within one hundred and eighty (180) days after the date of such notice.

7.4    Publicity.

(a)    Weatherford or Schlumberger may issue any press release or public announcement concerning this Agreement or the transactions contemplated hereby or thereby without obtaining the prior written approval of the other party; provided, however, that Weatherford and Schlumberger shall provide the

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other party with a draft of any such press release or public announcement and consider such party’s comment to the same prior to the release of such.

(b)    Each of Weatherford and Schlumberger agrees that the terms of this Agreement shall not be disclosed or otherwise made available to the public and that copies of this Agreement shall not be publicly filed or otherwise made available to the public, except where such disclosure, availability or filing is required by applicable Law and only to the extent required by such Law.

7.5    Non-solicit; Confidential Information.

(a)    Non-solicit of Employees. For a period of one (1) year from and after the Closing Date, Weatherford shall not, and shall cause its Affiliates not to, directly or indirectly, hire or solicit, or encourage any other Person to hire or solicit, any Transferred Employee or encourage any such individual to leave the employment of Schlumberger. This Section 7.5(a) shall not prevent Weatherford from soliciting any Transferred Employee who responds to a general solicitation that is a public solicitation of prospective employees and not directed specifically to any Transferred Employee.

(b)    Confidential Information. From and after the Closing Date, Weatherford shall not and shall cause its Affiliates not to, directly or indirectly, disclose, reveal, divulge or communicate to any Person other than authorized officers, directors and employees of Schlumberger or use or otherwise exploit for its own benefit or for the benefit of anyone other than Schlumberger, any Confidential Information (as defined below). Weatherford shall not have any obligation to keep confidential (or cause its officers, directors or Affiliates to keep confidential) any Confidential Information if and to the extent disclosure thereof is specifically required by applicable Law or court order; provided, however, that in the event disclosure is required by applicable Law, Weatherford shall, to the extent reasonably possible and permitted by Law or court order, provide Schlumberger with prompt notice of such requirement prior to making any disclosure so that Schlumberger may seek an appropriate protective order. “Confidential Information” shall mean any confidential information with respect to the Business, including, methods of operation, customers, customer lists, products, prices, fees, costs, inventions, know-how, software, marketing methods, plans, personnel, suppliers, competitors, markets or other specialized information or proprietary matters. “Confidential Information” does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement or (ii) becomes generally available to the public other than as a result of a disclosure not otherwise permissible hereunder, or (iii) is Weatherford’s or its Affiliates’ proprietary information to the extent not included within the Purchased Assets.

(c)    Blue Pencil. If any court of competent jurisdiction determines that any of the covenants set forth in this Section 7.5, or any part thereof, is unenforceable because of the duration of such provision, such court shall have the power to modify any such unenforceable provision in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,

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deleting any or all of the offending provision, adding additional language to this Section 7.5 or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by applicable Law. The parties hereto expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them.

(d)    Equitable Relief. The covenants and undertakings contained in this Section 7.5 relate to matters which are of a special, unique and extraordinary character and a violation of any of the terms of this Section 7.5 may cause irreparable injury to the parties, the amount of which will be impossible to estimate or determine and which cannot be adequately compensated. Therefore, Schlumberger will be entitled to seek an injunction, restraining order or other equitable relief from any court of competent jurisdiction in the event of any breach of this Section 7.5. The rights and remedies provided by this Section 7.5 are cumulative and in addition to any other rights and remedies which Schlumberger may have hereunder or at law or in equity. In the event that Schlumberger were to seek damages for any breach of this Section 7.5, the portion of the consideration delivered to Weatherford hereunder which is allocated by the parties to the foregoing covenant shall not be considered a measure of or limit on such damages.

7.6    Tax Matters

(a)    Unless Schlumberger and Weatherford otherwise agree, Schlumberger, Weatherford and their respective Affiliates shall cooperate as set forth below with respect to Tax matters for time periods ending on or before the Closing.

(i)    Schlumberger and Weatherford shall cooperate fully, as and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns (including Tax Returns in respect of Transfer Taxes) and any audit, litigation or other proceeding or matter with respect to Taxes of or with respect to the Business, Purchased Assets or Allocation. Such cooperation shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such audit, litigation or other proceeding or matter and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.

(ii)    Each party shall retain all books and records with respect to Tax matters pertinent to the Business, Purchased Assets or Allocation until the expiration of the applicable statute of limitations (and, to the extent notified by the other party, any extensions thereof) and shall, at such time, if the other party so requests, allow the other party to take possession of any such books and records that are exclusively related to the Business or Purchased Assets.

(iii)    Schlumberger shall be entitled to all refunds of Taxes (whether received by payment, credit, offset or otherwise) for which Schlumberger is liable under this Agreement, and Weatherford shall be entitled to all refunds of Taxes (whether received by payment, credit, offset or otherwise) for which Weatherford is liable under this Agreement. Each party shall use its commercially reasonable efforts to obtain any refund of Taxes to which any other party may be entitled pursuant to this Agreement and, upon receipt of any such refund, shall promptly transmit such amount to the party entitled thereto.

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(iv)    Each party shall use its commercially reasonable efforts to obtain, when requested by another party, any certificate or other document from any Governmental Body.

(v)    Weatherford shall prepare and timely file, or cause to be prepared and timely filed (taking into account all applicable extensions), all Tax Returns of or relating to the Business or the Purchased Assets for all Tax periods ending on or before the Closing Date.

(vi)    All Tax Returns of or relating to the Business or the Purchased Assets for all Tax periods beginning on or before the Closing Date and ending after the Closing Date (“Straddle Period Tax Returns”) shall be prepared and timely filed by Schlumberger if Schlumberger or any of its Affiliates is responsible for filing such Tax Return pursuant to applicable Law. All other Straddle Period Tax Returns shall be prepared and timely filed by Weatherford. To the extent permitted by applicable Law, all Straddle Period Tax Returns shall be prepared in a manner consistent with past practice. The party preparing a Straddle Period Tax Return shall deliver to the other party a draft of the portions of such Straddle Period Tax Return that relate to the Business or the Purchased Assets at least fifteen (15) days prior to the due date thereof (taking into account any extension) and shall not unreasonably reject any comments thereto received from such other party at least five (5) days prior to the due date thereof (taking into account any extension). For the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, Schlumberger shall have no right to prepare, file, review or comment on any income Tax Returns of Weatherford or any of its Affiliates.

(vii)    To the extent the same are subject to indemnification pursuant to Section 9.5, Schlumberger and its Affiliates shall promptly notify Weatherford upon receipt by such party of written notice of any inquiries, claims, assessments, audits or similar events with respect to Taxes of or with respect to the Business or Purchased Assets and relating to any Tax period beginning on or before the Closing Date (any such inquiry, claim, assessment, audit or similar event, a “Tax Matter”). Any failure to so notify the other party of any Tax Matter shall not relieve such other party of any liability with respect to such Tax Matters except to the extent such party was actually and prejudiced as a result thereof.

(viii)    Weatherford shall have sole control of the conduct of all Tax Matters, including any settlement or compromise thereof, provided, however, that Weatherford shall keep Schlumberger reasonably informed of the progress of any Tax Matter and shall not effect any such settlement or compromise that would reasonably be expected to adversely impact Schlumberger in any Tax period ending after the Closing Date without obtaining Schlumberger’s prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed.

(ix)    The parties agree that any expenses incurred by a party in connection with the cooperation described in this Section 7.6(a) shall be the responsibility of the party incurring the cost and no reimbursement shall be sought from the requesting party.

(b)    Notwithstanding anything to the contrary herein, all transfer, stamp, documentary, sales, use, registration, value-added and other similar Taxes (including all applicable real estate transfer

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Taxes) incurred in connection with this Agreement and the transactions contemplated hereby (“Transfer Taxes”) will be borne by Schlumberger. Weatherford and Schlumberger further agree to use commercially reasonable efforts to mitigate, reduce or eliminate any such Transfer Taxes.

(c)    Schlumberger and Weatherford shall reasonably cooperate, as and to the extent reasonably requested by the other party, in connection with the filing of applications for exemptions in respect of Taxes that may result as a consequence of this Agreement and the transactions contemplated hereby.

(d)    If at any time a Governmental Body, the Code or other applicable Law requires a Person under this Agreement to make any withholding or deduction in respect of any payments made by the Person to a recipient pursuant this Agreement:

(i)    not less than ten (10) days prior to making any such withholding or deduction, such Person shall provide written notice to the recipient identifying the amount of and applicable Law requiring such withholding or deduction, and the Person shall cooperate in good faith with the recipient to the extent reasonable to obtain reduction of or relief from such obligation to make such deduction or withholding;

(ii)    such Person shall withhold or deduct the amount required from the payment otherwise payable to the recipient;

(iii)    the amount withheld or deducted shall be remitted to the relevant Governmental Body within the time prescribed by Law;

(iv)    the Person shall promptly provide copies of any applicable remittance documentation with the Government Body to the recipient; and

(v)    such amount that is withheld or deducted shall be considered for the purposes of this Agreement to have been paid to the recipient by such Person in respect of the payment.

7.7    Schlumberger Purchase under Certain Excluded Contracts. Weatherford and Schlumberger agree that Schlumberger shall, in accordance with the terms and conditions set forth on Exhibit A hereto, purchase the products listed on Exhibit A hereto under (i) the Supply Agreement, dated September 29, 2011, between Weatherford Artificial Lift Systems, LLC and Black Horse, LLC and (ii) the Supply Agreement, dated December 31, 2014, between Weatherford International plc and The Lubrizol Corporation.

7.8    Know-how. Schlumberger acknowledges and agrees that Weatherford shall have five (5) Business Days after the Closing Date to deliver to Schlumberger the Documents included in the Purchased Assets relating to End User Know-how. In the event that, during the one (1) year period following the Closing Date, Schlumberger identifies any Field Operations Know-how or other End User Know-how owned by Weatherford or its Affiliates as of the Closing Date and used and necessary for the conduct of the Business in the Territory as conducted in the Ordinary Course of Business, Schlumberger shall so notify Weatherford and Weatherford or its applicable Affiliate shall disclose and license royalty-free such Field Operations Know-

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how or End User Know-how (as applicable) to Schlumberger to make, have made, use, sell, offer for sale, or deploy any Licensed Product and Service Offering solely for the conduct of the Business and inside the Territory, on terms commensurate with the Inbound IP License Agreement. Such license shall be granted retroactively, as if such Field Operations Know-how or End User Know-how (as applicable) had been licensed as of the Closing Date. For the avoidance of doubt, in no event shall Weatherford be required to disclose or license any Manufacturing Know-how pursuant to this Section.

7.9    Confidentiality.

(a)    In the event that any license to Field Operations Know-how is granted pursuant to Section 7.8, Schlumberger shall, for a period of twenty (20) years after the effective date of such license, maintain the Field Operations Know-how in confidence and not disclose Field Operations Know-how without Weatherford’s prior written consent, provided, however, that Schlumberger may disclose Field Operations Know-how to Schlumberger’s employees and contractors who:

(i)    have a need to know Field Operations Know-how for purposes of Schlumberger’s exercise of its rights under Section 7.8;

(ii)    have been apprised of this restriction; and

(iii)    are themselves bound by written nondisclosure agreements at least as restrictive as those set forth in this Section 7.9, provided further that Schlumberger shall be responsible for ensuring its employees’ and contractors’ compliance with, and shall be liable for any breach by its employees and contractors of, this Section 7.9.

(b)    Schlumberger shall use reasonable care, at least as protective as the efforts it uses for its own confidential information, to safeguard Field Operations Know-how licensed pursuant to Section 7.8 from use or disclosure other than as permitted under Sections 7.8 and 7.9(a).

(c)    If Schlumberger becomes legally compelled to disclose any Field Operations Know-how licensed pursuant to Section 7.8, then Schlumberger shall:

(i)    provide prompt written notice to Weatherford so that Weatherford may seek a protective order or other appropriate remedy or waive their rights under this Section 7.9; and

(ii)    disclose only the portion of Field Operations Know-how that it is legally required to furnish.

(d)    Schlumberger’s obligations of confidentiality in this Section 7.9 shall not extend to or include Field Operations Know-how that:

(i)    before receipt by Schlumberger from Weatherford or its Affiliates was (x) publicly available or (y) obtained by Schlumberger from a source other than Weatherford or its Affiliates, or was otherwise in Schlumberger’s possession, free of any restrictions on its use or disclosure;

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(ii)    after Schlumberger’s receipt thereof (x) becomes publicly available without the fault of or breach of this Agreement by Schlumberger or (y) is acquired by Schlumberger from a source other than Weatherford or its Affiliates, free of any restrictions owed to Weatherford or its Affiliates on its use or disclosure; or

(iii)    is independently developed by an employee of Schlumberger who did not have access to the Field Operations Know-how.

7.10    No Warranties. Weatherford does not warrant the accuracy of any Field Operations Know-how or End User Know-how, nor does Weatherford warrant that Licensed Product and Service Offerings performed in accordance with such Field Operations Know-how or End User Know-how will be free from claims of infringement of the patents, copyrights or other intellectual property rights of any third party. Weatherford shall not incur any liability arising out of the supply of Field Operations Know-how or End User Know-how under, in connection with, or as a result of this Agreement, whether pursuant to warranty, contract, negligence, or otherwise.

ARTICLE VIII.

[RESERVED]

ARTICLE IX.

INDEMNIFICATION

9.1    Survival of Representations and Warranties. The representations and warranties of the parties contained in this Agreement shall survive the Closing through and including the eighteen (18) month anniversary of the Closing Date; provided, however, that (i) the representations and warranties of Weatherford set forth in Sections 5.1, 5.2, 5.4(a), 5.6, 5.10, and 5.15 and the representations and warranties of Schlumberger set forth in in Sections 6.1 and 6.2 (collectively, the “Fundamental Representations”) shall survive the Closing until ninety (90) days following the expiration of the applicable statute of limitations with respect to the particular matter that is the subject matter thereof and (ii) the representations and warranties of Weatherford set forth in Section 5.14 (Environmental) shall survive the Closing through and including the 24 month anniversary of the Closing Date (in each case, the “Survival Period”); provided, further, however, that any obligations to indemnify and hold harmless shall not terminate with respect to any Losses as to which the Person to be indemnified shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to the indemnifying party in accordance with Section 9.3(a) before the termination of the applicable Survival Period.

9.2    Indemnifications.

(a)    Subject to Sections 9.1, 9.4 and 9.6 hereof, Weatherford hereby agrees to indemnify and hold Schlumberger and its directors, officers, employees, Affiliates, agents, attorneys, representatives, successors and permitted assigns (collectively, the “Schlumberger Indemnified Parties”) harmless from and against:

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(i)    any and all losses, liabilities, obligations and damages (individually, a “Loss” and, collectively, “Losses”) based upon, attributable to or resulting from the failure of any representations or warranty of Weatherford set forth in this Agreement to be true and correct in all respects at the Closing Date;

(ii)    any and all Losses based upon, attributable to or resulting from the breach of any covenant or other agreement on the part of Weatherford under this Agreement or any Weatherford Document;

(iii)    any and all Losses based upon or arising directly from any Excluded Asset or any Excluded Liability; and

(iv)    any and all notices, actions, suits, proceedings, claims, demands, assessments, judgments, costs, penalties and expenses, including attorneys’ and other professionals’ fees and disbursements (collectively, “Expenses”) incident to any and all Losses with respect to which indemnification is provided hereunder or Section 9.5(a).

(b)    Subject to Sections 9.1, 9.4 and 9.6 hereof, Schlumberger hereby agrees to indemnify and hold Weatherford and its directors, officers, employees, Affiliates, agents, attorneys, representatives, successors and permitted assigns (collectively, the “Weatherford Indemnified Parties”) harmless from and against:

(i)    any and all Losses based upon, attributable to or resulting from the failure of any representations or warranty of Schlumberger set forth in this Agreement to be true and correct in all respects at the Closing Date;

(ii)    any and all Losses based upon, attributable to or resulting from the breach of any covenant or other agreement on the part of Schlumberger under this Agreement or any Schlumberger Document; and

(iii)    any and all Expenses incident to any and all Losses with respect to which indemnification is provided hereunder or Section 9.5(b).

9.3    Indemnification Procedures.

(a)    In the event that any Legal Proceedings shall be instituted or that any claim or demand (“Claim”) shall be asserted by a third party in respect of which payment may be sought under Section 9.2 hereof (regardless of the limitations set forth in Section 9.4), the indemnified party shall reasonably and promptly cause written notice of the assertion of any Claim of which it has knowledge which is covered by this indemnity to be forwarded to the indemnifying party. The indemnifying party shall have the right, at its sole option and expense, to be represented by counsel of its choice, which must be reasonably satisfactory to the indemnified party, and to defend against, negotiate, settle or otherwise deal with any Claim which relates to any Losses indemnified against hereunder. If the indemnifying party elects to defend against, negotiate, settle or otherwise deal with any Claim which relates to any Losses indemnified against hereunder, it shall within fifteen (15) days (or sooner, if the nature of the Claim so requires) notify the indemnified party of its intent to do so. If the indemnifying party elects not to defend against, negotiate, settle or otherwise deal

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with any Claim which relates to any Losses indemnified against hereunder, the indemnified party may defend against, negotiate, settle or otherwise deal with such Claim at the expense of the indemnifying party. If the indemnifying party shall assume the defense of any Claim, the indemnified party may participate, at his or its own expense, in the defense of such Claim. The parties hereto agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such Claim. Notwithstanding anything in this Section 9.3 to the contrary, neither the indemnifying party nor the indemnified party shall, without the written consent of the other party, settle or compromise any indemnifiable Claim or permit a default or consent to entry of any judgment unless the claimant and such party provide to such other party an unqualified release from all liability in respect of the indemnifiable Claim. Notwithstanding the foregoing, if a settlement offer solely for money damages is made by the applicable third party claimant, and the indemnifying party notifies the indemnified party in writing of the indemnifying party’s willingness to accept the settlement offer and, subject to the applicable limitations of Sections9.4, pay the amount called for by such offer, and the indemnified party declines to accept such offer, the indemnified party may continue to contest such indemnifiable Claim, free of any participation by the indemnifying party, and the amount of any ultimate liability with respect to such indemnifiable Claim that the indemnifying party has an obligation to pay hereunder shall be limited to the lesser of (A) the amount of the settlement offer that the indemnified party declined to accept plus the Losses of the indemnified party relating to such indemnifiable Claim through the date of its rejection of the settlement offer or (B) the aggregate Losses of the indemnified party with respect to such indemnifiable Claim. If the indemnifying party makes any payment on any indemnifiable Claim, the indemnifying party shall be subrogated, to the extent of such payment, to all rights and remedies of the indemnified party to any insurance benefits or other Claims of the indemnified party with respect to such indemnifiable Claim.

(b)    After any final judgment or award shall have been rendered by a Governmental Body of competent jurisdiction and the expiration of the time in which to appeal therefrom, or a settlement shall have been consummated, or the indemnified party and the indemnifying party shall have arrived at a mutually binding agreement with respect to a Claim hereunder, the indemnified party shall forward to the indemnifying party notice of any sums due and owing by the indemnifying party pursuant to this Agreement with respect to such matter.

9.4    Limitations on Indemnification for Breaches of Representations and Warranties.

(a)    An indemnifying party shall not have any liability under Section 9.2(a)(i)or Section 9.2(b)(i) hereof unless the aggregate amount of Losses and Expenses to the indemnified parties finally determined to arise thereunder based upon, attributable to or resulting from the failure of any representation or warranty to be true and correct, other than the Fundamental Representations, exceeds $4,000,000 (the “Basket”) and, in such event, the indemnifying party shall be required to pay only that amount that Weatherford’s or Schlumberger’s respective indemnity obligations exceed the Basket, subject to the Cap.

(b)    Neither Weatherford nor Schlumberger shall be required to indemnify any Person under Sections 9.2(a)(i), 9.2(a)(ii), 9.2(b)(i) or 9.2(b)(ii) for an aggregate amount of Losses or Expenses exceeding $43,000,000 (the “Cap”) in connection with Losses or Expenses related to the breach of any representation and warranty of Weatherford or Schlumberger in Articles V and VI, respectively other than

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for the breach of any Fundamental Representation; provided, however, that if a Loss is subject to indemnification under both (x) Section 9.2(a)(i) and (y) Section 9.2(a)(iii), then the Cap shall not apply.

(c)    For purposes of calculating Losses hereunder, any materiality or Material Adverse Effect qualifications in the representations, warranties, covenants and agreements shall be ignored.

(d)    The parties shall have a duty to use their commercially reasonable efforts to mitigate any Losses to which a right of indemnity applies hereunder.

9.5    Tax Indemnification.

(a)    Weatherford hereby agrees to be liable for and to indemnify and hold the Schlumberger Indemnified Parties harmless from and against any and all Losses and Expenses in respect of (i) all Taxes relating to the Business or the Purchased Assets with respect to any Taxable period, or portion thereof, ending on or before the Closing Date; and (ii) all Taxes of Weatherford or any member of a consolidated, combined or unitary group of which Weatherford is or was a member, pursuant to Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under state, local or foreign Law). Notwithstanding anything to the contrary contained in this Agreement, Weatherford shall not indemnify nor hold the Schlumberger Indemnified Parties harmless from and against any Losses or Expenses in respect of Taxes relating to the Business or the Purchased Assets with respect to any Taxable period, or portion thereof, beginning after the Closing Date.

(b)    Schlumberger hereby agrees to be liable for and to indemnify and hold the Weatherford Indemnified Parties harmless from and against any and all Losses and Expenses in respect of (i) all Taxes relating to the Business or the Purchased Assets with respect to any Taxable period, or portion thereof, beginning after the Closing Date; (ii) all Transfer Taxes allocated to Schlumberger pursuant to Section 7.6(b); and (iii) any failure by Schlumberger to timely pay any and all Taxes or Transfer Taxes required to be borne by Schlumberger pursuant to this Agreement.

(c)    For purposes of Section 7.6 and this Section 9.5, in the case of a taxable period that includes the Closing Date, Taxes shall be allocated to the periods before and after the Closing Date as follows: (i) in the case of Taxes such as property taxes, such Taxes shall be allocated to periods before and after the Closing Date on a per diem basis and (ii) in the case of Taxes based on net or gross income, or transactional taxes such as sales taxes, the portion of such Taxes allocable to the period before the Closing Date shall be computed on the assumption that the taxable period ended on the Closing Date.

9.6    No Consequential Damages. Notwithstanding anything to the contrary elsewhere in this Agreement, no party shall, in any event, be liable to any other Person for any consequential, incidental, indirect, special or punitive damages of such other Person, including loss of future revenue, income or profits, diminution of value or loss of business reputation or opportunity relating to the breach or alleged breach hereof, except for an indemnifying party’s obligation to an indemnified party for consequential, incidental, indirect, special or punitive damages of any third party.

9.7    Exclusive Remedy; Negligence of Indemnified Parties.Except for either party’s ability to seek equitable relief under Section 7.2 and Section 7.5, the indemnification obligations of the parties under this Article IX shall be the exclusive remedy for any claim by any party against any other party based on the transactions contemplated by this Agreement, and shall be effective regardless of by whom asserted, and regardless of whether any Claim or Loss results solely or in part from the active, passive or concurrent negligence (but not gross negligence) of any of the parties to be indemnified; provided,

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however, and notwithstanding anything to the contrary set forth in this Agreement, that this Section 9.7 shall not apply to liability for fraud or Willful Breach (it being understood that, for purposes of this Agreement, “Willful Breach” shall mean a material breach that is the consequence of an omission by, or act undertaken by or caused by, the breaching party with the knowledge that the omission or taking or causing of such act would cause a breach of this Agreement). The parties acknowledge that this statement complies with the Express Negligence Rule and is conspicuous.

ARTICLE X.

MISCELLANEOUS

10.1    Expenses. Except as otherwise provided in this Agreement, each of Weatherford and Schlumberger shall bear their own expenses incurred in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the transactions contemplated hereby and thereby.

10.2    Waiver of Jury Trial; Submission to Jurisdiction; Consent to Service of Process.

(a)    EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

(b)    The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby, whether in contract, tort or otherwise, shall be brought in the United States District Court for the Southern District of Texas or in any State court located in Houston, Harris County, Texas, so long as one of such courts shall have subject-matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of

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business in the State of Texas. Each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Each of the parties hereto agrees that a judgment in any such action may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

(c)    Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding by the delivery of a copy thereof in accordance with the provisions of Section 10.5.

10.3    Entire Agreement; Amendments and Waivers. This Agreement (including the schedules and exhibits hereto) represents the entire understanding and agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements, including that certain Master Formation Agreement, dated March 24, 2017, by and among Schlumberger, Schlumberger Canada Limited, Weatherford and Weatherford Canada Ltd., and all Schedules and Exhibits thereto (the “MFA”), understandings, negotiations and discussions, whether oral or written, of the parties pertaining to the subject matter hereof and the MFA. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by the party against whom enforcement of any such amendment, supplement, modification or waiver is sought. No action taken pursuant to this Agreement shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

10.4    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas applicable to contracts made and performed in such State.

10.5    Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered personally by hand (with written confirmation of receipt), (ii) when sent by e-mail (with written confirmation of transmission) or (iii) one business day following the day sent by overnight courier (with written confirmation of receipt), in each case at the following addresses and facsimile numbers (or to such other address or facsimile number as a party may have specified by notice given to the other party pursuant to this provision):

39

If to Weatherford, to:

Weatherford International plc
2000 St. James Place
Houston, Texas 77056
Attention:	General Counsel Attention, Legal.M&A@weatherford.com

With a copy (which shall not constitute notice) to:

Latham & Watkins LLP
811 Main Street, Suite 3700
Houston, Texas 77002
Attention:	Ryan J. Maierson, ryan.maierson@lw.com
	John M. Greer, john.greer@lw.com

If to Schlumberger, to:

Schlumberger Technology Corporation
5599 San Felipe, 3rd Floor
Houston, Texas 77056
Attention:	Senior Legal Counsel , Kwilson4@slb.com

With a copy (which shall not constitute notice) to:

Baker & Hostetler LLP
811 Main Street, Suite 1100
Houston, Texas 77002
Attention:	W. Robert Shearer, rshearer@bakerlaw.com
	John M. Greer, john.greer@lw.com

10.6    Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy, all other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

10.7    Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Nothing inthis Agreement shall create or be deemed to create any third party beneficiary rights in any person or entity not a party to this Agreement except as provided below. No assignment of this Agreement or of any rights or obligations hereunder may be made by either Weatherford or Schlumberger, directly or indirectly (by operation of law or otherwise), without the prior written consent of the other parties hereto and any attempted assignment without the required

40

consents shall be void. No assignment of any obligations hereunder shall relieve the parties hereto of any such obligations. Upon any such permitted assignment, the references in this Agreement to Schlumberger shall also apply to any such assignee unless the context otherwise requires.

10.8    Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

(signature page to follow)

41

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first written above.

WEATHERFORD U.S. HOLDINGS, L.L.C.
By:	/s/ Charity R. Kohl
Name:	Charity R. Kohl
Title:	Vice President

SCHLUMBERGER TECHNOLOGY CORPORATION
By:	/s/ Judith McGlaughlin
Name:	Judith McGlaughlin
Title:	Vice President

42

Exhibit A

TERMS OF PURCHASE

UNDER CERTAIN EXCLUDED CONTRACTS

43

EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

	Year Ended December 31,
(Dollars in millions except ratios)	2017			2016			2015			2014			2013
Income (Loss) from continuing operations before income taxes (a)	$	(2,653	)	$	(2,868	)	$	(2,099	)	$	(261	)	$	(207	)
Fixed charges:
Interest expense (b)	595			506			474			507			524
Capitalized Interest	1			1			1			5			4
Interest factor portion of rentals (c)	52			86			114			132			131
Total fixed charges	648			593			589			644			659
Less: Capitalized Interest	(1		)	(1		)	(1		)	(5		)	(4		)
Earnings (loss) before income taxes and fixed charges	$	(2,006	)	$	(2,276	)	$	(1,511	)	$	378		$	448
Ratio of earnings to fixed charges (d)	—			—			—			—			—

(a) Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned persons.

(b) Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs.

(c) Interest factor portion of rentals is estimated to be one-third of rental expense.

(d) For the years ended December 31, 2017, 2016, 2015, 2014 and 2013, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $2.7 billion, $2.9 billion, $2.1 billion, $266 million and $211 million, respectively.

EX-21.1

Exhibit 21.1

Significant Subsidiaries

Listed below are the significant subsidiaries of the Registrant as of December 31, 2017, and the states or jurisdictions in which they are incorporated or organized. The names of other subsidiaries have been omitted from the list below, since they would not constitute, in the aggregate, a significant subsidiary as of December 31, 2017.

Name of Company	Jurisdiction
Key International Drilling Company Limited	Bermuda
PD Oilfield Services Mexicana, S. de R.L. de C.V.	Mexico
Precision Drilling Services M.E.W.L.L.	United Arab Emirates
Precision Energy Services Saudi Arabia Co. Ltd.	Saudi Arabia
PT. Weatherford Indonesia	Indonesia
Reeves Wireline Technologies Limited	England
Weatherford (Malaysia) Sdn. Bhd.	Malaysia
Weatherford Al-Rushaid Co. Ltd.	Saudi Arabia
Weatherford Artificial Lift Systems, LLC	Delaware
Weatherford Asia Pacific Pte Ltd	Singapore
Weatherford Australia Pty. Limited	Australia
Weatherford Bermuda Holdings Ltd.	Bermuda
Weatherford Canada Ltd.	Canada
Weatherford de Mexico, S. de R.L. de C.V.	Mexico
Weatherford Drilling International (BVI) Ltd.	British Virgin Islands
Weatherford Drilling International Holdings (BVI) Ltd.	British Virgin Islands
Weatherford Holding GmbH	Germany
Weatherford Industria e Comercio Ltda.	Brazil
Weatherford International de Argentina S.A.	Argentina
Weatherford International Ltd.	Bermuda
Weatherford International, LLC	Delaware
Weatherford Latin America, S.C.A.	Venezuela
Weatherford Management Company Switzerland Sarl	Switzerland
Weatherford Oil Tool GmbH	Germany
Weatherford Oil Tool Middle East Limited	British Virgin Islands
Weatherford Products GmbH	Switzerland
Weatherford Services and Rentals Ltd.	British Virgin Islands
Weatherford Services, Ltd.	Bermuda
Weatherford Switzerland Trading and Development GmbH	Switzerland
Weatherford U.S., L.P.	Louisiana
Weatherford U.S. Holdings, L.L.C.	Delaware
Weatherford, LLC	Russia
WEUS Holding, LLC	Delaware
WFO S.A. de C.V.	Mexico

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors

Weatherford International plc:

We consent to the incorporation by reference in the registration statement (No. 333-216034) on Form S-3 and (Nos. 333-36598, 333-48320, 333-81678, 333-81676, 333-134425, 333-167959, 333-181664, 333-212094, 333-205025 and 333-219215) on Form S-8 and (No. 333-220023) on Form S-4 of Weatherford International plc of our reports dated February 14, 2018, with respect to the consolidated balance sheet of Weatherford International plc as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive loss, shareholders’ (deficiency) equity, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes and financial statement schedule II (collectively, the “consolidated financial statements”), and the effectiveness of internal control over financial reporting as of December 31, 2017, which reports appear in the December 31, 2017 annual report on Form 10-K of Weatherford International plc.

/s/ KPMG LLP

Houston, Texas

February 14, 2018

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Mark A. McCollum, certify that:

1. I have reviewed this annual report on Form 10-K of Weatherford International plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2018

/s/ Mark A. McCollum

Mark A. McCollum

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Christoph Bausch, certify that:

1. I have reviewed this annual report on Form 10-K of Weatherford International plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2018

/s/ Christoph Bausch

Christoph Bausch

Executive Vice President and

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Weatherford International plc (the "Company") for the period ended December 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark A. McCollum, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Mark A. McCollum
Name:	Mark A. McCollum
Title:	President and Chief Executive Officer
Date:	February 14, 2018

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The certification the registrant furnishes in this exhibit is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  Registration Statements or other documents filed with the Securities and Exchange Commission shall not incorporate this exhibit by reference, except as otherwise expressly stated in such filing.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Weatherford International plc (the "Company") for the period ended December 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christoph Bausch, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Christoph Bausch
Name:	Christoph Bausch
Title:	Executive Vice President and Chief Financial Officer
Date:	February 14, 2018

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The certification the registrant furnishes in this exhibit is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  Registration Statements or other documents filed with the Securities and Exchange Commission shall not incorporate this exhibit by reference, except as otherwise expressly stated in such filing.

XML

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 05, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Weatherford International plc
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3.4
Entity Common Stock, Shares Outstanding		993,615,897
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Products	$ 2,116	$ 2,059	$ 3,573
Services	3,583	3,690	5,860
Total Revenues	5,699	5,749	9,433
Costs and Expenses:
Cost of Products	2,142	2,143	3,433
Cost of Services	2,747	3,046	4,588
Research and Development	158	159	231
Selling, General and Administrative Attributable to Segments	910	970	1,353
Corporate General and Administrative	130	139	227
Asset Write Down and Other	1,664	1,043	768
Goodwill and Equity Investment Impairment	0	0	25
Restructuring Charges	183	280	232
Litigation Charges, Net	10	(220)	(116)
(Gain) Loss from Disposition of U.S. Pressure Pumping Assets and Businesses	(96)	0	6
Total Costs and Expenses	7,828	8,000	10,979
Operating Loss	(2,129)	(2,251)	(1,546)
Other Income (Expense):
Interest Expense, Net	(579)	(499)	(468)
Fair Value Adjustment of Warrants	86	16	0
Bond Tender Premium, Net	0	(78)	0
Currency Devaluation Charges	0	(41)	(85)
Other Income (Expense), Net	(34)	(24)	3
Loss Before Income Taxes	(2,656)	(2,877)	(2,096)
Income Tax (Provision) Benefit	(137)	(496)	145
Net Loss	(2,793)	(3,373)	(1,951)
Net Income Attributable to Noncontrolling Interests	20	19	34
Net Loss Attributable to Weatherford	$ (2,813)	$ (3,392)	$ (1,985)
Loss Per Share Attributable to Weatherford:
Earnings Per Share, Basic and Diluted	$ (2.84)	$ (3.82)	$ (2.55)
Weighted Average Shares Outstanding:
Basic & Diluted (in shares)	990	887	779

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Loss	$ (2,793)	$ (3,373)	$ (1,951)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	130	(12)	(789)
Defined Benefit Pension Activity	(39)	42	28
Other	0	1	1
Other Comprehensive Income (Loss), Net of Tax	91	31	(760)
Comprehensive Loss	(2,702)	(3,342)	(2,711)
Comprehensive Income Attributable to Noncontrolling Interests	(20)	(19)	(34)
Comprehensive Loss Attributable to Weatherford	$ (2,722)	$ (3,361)	$ (2,745)

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and Cash Equivalents	$ 613	$ 1,037
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016	1,103	1,383
Inventories, Net	1,234	1,802
Prepaid Expenses	237	263
Other Current Assets	332	402
Disposal Group, Including Discontinued Operation, Assets, Current	359	23
Total Current Assets	3,878	4,910
Land, Buildings and Leasehold Improvements	1,551	1,622
Rental and Service Equipment	6,481	7,975
Machinery and Other	2,138	2,245
Property, Plant and Equipment, Gross	10,170	11,842
Less: Accumulated Depreciation	7,462	7,362
Property, Plant and Equipment, Net	2,708	4,480
Goodwill	2,727	2,797
Intangible Assets, Net	213	248
Equity Investments	62	66
Other Non-current Assets	159	163
Total Assets	9,747	12,664
Current Liabilities:
Short-term Borrowings and Current Portion of Long-term Debt	148	179
Accounts Payable	856	845
Accrued Salaries and Benefits	308	291
Income Taxes Payable	228	255
Other Current Liabilities	690	858
Total Current Liabilities	2,230	2,428
Long-term Debt and Capital Lease Obligations	7,541	7,403
Other Non-current Liabilities	547	765
Total Liabilities	10,318	10,596
Shareholders’ (Deficiency) Equity:
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 993 shares and 983 shares at December 31, 2017 and 2016, respectively	1	1
Capital in Excess of Par Value	6,655	6,571
Retained Deficit	(5,763)	(2,950)
Accumulated Other Comprehensive Loss	(1,519)	(1,610)
Weatherford Shareholders’ (Deficiency) Equity	(626)	2,012
Noncontrolling Interests	55	56
Total Shareholders’ (Deficiency) Equity	(571)	2,068
Total Liabilities and Shareholders’ (Deficiency) Equity	$ 9,747	$ 12,664

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current Assets:
Allowance for Uncollectible Accounts	$ 156	$ 129
Shareholders' Equity:
Common Shares, Par Value (in USD per share)	$ 0.001	$ 0.001
Common Shares, Authorized (in shares)	1,356	1,356
Common Shares, Issued (in shares)	993	983
Common Shares, Outstanding (in shares)	993	983

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Shares Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]
Balance, beginning balance at Dec. 31, 2014	$ 7,033	$ 1	$ 5,411	$ 2,427	$ (881)	$ 75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(1,951)	0	0	(1,985)	0	34
Other Comprehensive Loss	(760)	0	0	0	(760)	0
Dividends Paid to Noncontrolling Interests	(48)	0	0	0	0	(48)
Equity Awards Granted, Vested and Exercised	(91)	0	(91)	0	0	0
Balance, ending balance at Dec. 31, 2015	4,365	1	5,502	442	(1,641)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(3,373)	0	0	(3,392)	0	19
Other Comprehensive Loss	31	0	0	0	31	0
Dividends Paid to Noncontrolling Interests	(24)	0	0	0	0	(24)
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature	97	0	97	0	0	0
Equity Awards Granted, Vested and Exercised	(78)	0	(78)	0	0	0
Balance, ending balance at Dec. 31, 2016	2,068	1	6,571	(2,950)	(1,610)	56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stocks, Including Additional Paid in Capital	894	0	894	0	0	0
Warrants and Rights Outstanding	156
Net Loss	(2,793)	0	0	(2,813)	0	20
Other Comprehensive Loss	91				91
Dividends Paid to Noncontrolling Interests	(21)					(21)
Equity Awards Granted, Vested and Exercised	(84)		(84)
Balance, ending balance at Dec. 31, 2017	(571)	$ 1	$ 6,655	$ (5,763)	$ (1,519)	$ 55
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrants and Rights Outstanding	$ 70

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based compensation	$ 70	$ 87	$ 73
Cash Flows from Operating Activities:
Net Loss	(2,793)	(3,373)	(1,951)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation and Amortization	801	956	1,200
Long-Lived Asset Impairments and Other Charges	928	436	638
Allowance for Doubtful Accounts Receivable, Write-offs	230	0	0
Inventory Write-down	540	269	244
Goodwill and Equity Investment Impairment	0	0	25
Restructuring and Other Asset Charges	38	194	194
Increase (Decrease) in Obligation, Pension Benefits	(47)	0	0
Currency Devaluation Charges	0	41	85
Litigation Settlement, Expense	(10)	214	122
Bond Tender Premium, Net	0	78	0
Bad Debt Expense	8	69	48
(Gain) Loss on Sale of Assets and Businesses, Net	(91)	(10)	30
Deferred Income Tax Provision (Benefit)	(25)	381	(448)
Fair Value Adjustment of Warrants	(86)	(16)	0
Other, Net	142	127	(32)
Change in Operating Assets and Liabilities, Net of Effect of Businesses Acquired:
Accounts Receivable	(29)	214	1,031
Inventories	(37)	260	349
Other Current Assets	107	67	128
Accounts Payable	(2)	(21)	(813)
Billings in Excess of Costs and Estimated Earnings	11	45	(1)
Increase (Decrease) in Accrued Litigation and Settlements	(123)	(94)	(128)
Other Current Liabilities	20	(201)	(10)
Other, Net	(40)	(27)	(69)
Net Cash Provided by (Used in) Operating Activities	(388)	(304)	715
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(225)	(204)	(682)
Increase (Decrease) in Assets Held-for-sale	(244)	0	0
Acquisitions of Businesses, Net of Cash Acquired	(7)	(5)	(14)
Acquisition of Intellectual Property	(15)	(10)	(8)
Proceeds from Insurance Settlement, Investing Activities	0	39	0
Proceeds (payments) from sale of businesses and equity investment, net	(1)	(6)	8
Proceeds from Sale of Property, Plant, and Equipment	51	49	37
Proceeds from Sale of Other Assets, Investing Activities	430	0	0
Payments for (Proceeds from) Other Investing Activities	(51)	0	0
Net Cash Used in Investing Activities	(62)	(137)	(659)
Cash Flows From Financing Activities:
Borrowings of Long-term Debt	250	3,681	4
Repayments of Long-term Debt	(69)	(1,963)	(474)
Borrowings (Repayments) of Short-term Debt, Net	(128)	(1,512)	505
Proceeds from Issuance of Common Stock	0	1,071	0
Payments for Bond Tender Premium	0	(78)	0
Payments to Acquire Equipment on Lease	0	(87)	0
Other Financing Activities, Net	(33)	(51)	(32)
Net Cash Provided by Financing Activities	20	1,061	3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	6	(50)	(66)
Net Increase (Decrease) in Cash and Cash Equivalents	(424)	570	(7)
Cash and Cash Equivalents at Beginning of Year	1,037	467	474
Cash and Cash Equivalents at End of Year	$ 613	$ 1,037	$ 467

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Organization and Nature of Operations

Weatherford International plc (“Weatherford Ireland”), an Irish public limited company and Swiss tax resident, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a multinational oilfield service company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. We operate in approximately 90 countries, which are located in nearly all of the oil and natural gas producing regions in the world. Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years.

On June 17, 2014, we completed the change in our place of incorporation from Switzerland to Ireland, whereby Weatherford Ireland became the new public holding company and the parent of the Weatherford group of companies (the “Merger”). The Merger was effected through an agreement between Weatherford International Ltd. (“Weatherford Switzerland”) and Weatherford Ireland pursuant to which each registered share of Weatherford Switzerland was exchanged for the allotment of one ordinary share of Weatherford Ireland. The authorized share capital of Weatherford Ireland includes 1.356 billion ordinary shares with a par value of $0.001 per share. Our ordinary shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “WFT,” the same symbol under which Weatherford Switzerland registered shares were previously listed.

In February 2009, we completed a share exchange transaction in which Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and our then parent company, became a wholly owned subsidiary of Weatherford Switzerland, for purposes of changing the Company’s place of incorporation from Bermuda to Switzerland. Prior to 2002, our parent company was Weatherford International, Inc., a Delaware corporation (“Weatherford Delaware”), until we moved our incorporation to Bermuda in 2002. Weatherford Bermuda and Weatherford Delaware continue to be wholly owned subsidiaries of Weatherford Ireland. In 2013, Weatherford Delaware converted its corporate form and now exists as Weatherford International, LLC, a Delaware limited liability company.

Principles of Consolidation

We consolidate all wholly owned subsidiaries, controlled joint ventures and variable interest entities where the Company has determined it is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation.

Prior periods segment results, restructuring charges and certain other items have been reclassified for the change in our reportable segment presentation. Certain prior year amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders’ (deficiency) equity were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details.

Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. We recognize equity in earnings of unconsolidated affiliates in Selling, General and Administration attributable to segments in our Consolidated Statements of Operations (see “Note 11 – Equity Investments”).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Disputes, Litigation and Contingencies

We accrue an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues.

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.

Allowance for Doubtful Accounts

We establish an allowance for doubtful accounts based on various factors including historical experience, the current aging status of our customer accounts, the financial condition of our customers and the business and political environment in which our customers operate. Provisions for doubtful accounts are recorded when it becomes probable that customer accounts are uncollectible.

Major Customers and Credit Risk

Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for potential credit losses, and actual losses have historically been within our expectations. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales have resulted in a concentration of receivables from certain national oil companies. As of December 31, 2017, the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017, our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017, 2016 and 2015, no individual customer accounted for more than 10% of our consolidated revenues.

Inventories

We value our inventories at lower of cost or market using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. Work in process and finished goods inventories include the cost of materials, labor and manufacturing overhead. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and record provisions for excess, slow moving and obsolete inventory. 

Property, Plant and Equipment

We carry our property, plant and equipment, both owned and under capital lease, at cost less accumulated depreciation. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable.

Our depreciation expense was $749 million, $896 million and $1.1 billion for the years ended December 31, 2017, 2016 and 2015, respectively. We classify our rig assets as “Rental and Service Equipment” on the Consolidated Balance Sheets.

The estimated useful lives of our major classes of PP&E are as follows:

Major Classes of Property, Plant and Equipment	Estimated Useful Lives
Buildings and leasehold improvements	10 – 40 years or lease term
Rental and service equipment	2 – 20 years
Machinery and other	2 – 12 years

Goodwill

Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative step of the impairment test. If it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, further testing is not required. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance.

Intangible Assets

Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. Intangible assets are amortized on a straight-line basis over their estimated economic lives generally ranging from two to 20 years, except for intangible assets with indefinite lives, which are not amortized. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable.

Long-Lived Assets

We initially record our long-lived assets at cost, and review on a regular basis to determine whether any events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Factors that might indicate a potential impairment may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions or a reduction in cash flows associated with the use of the long-lived asset. If these or other factors indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset at the lowest level that has an identifiable cash flow. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We estimate the fair value of the asset using market prices when available or, in the absence of market prices, based on an estimate of discounted cash flows or replacement cost. Cash flows are generally discounted using an interest rate commensurate with a weighted average cost of capital for a similar asset.

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Environmental Expenditures

Environmental expenditures that relate to the remediation of an existing condition caused by past operations and that do not contribute to future revenues are expensed. Liabilities for these expenditures are recorded when it is probable that obligations have been incurred and costs can be reasonably estimated. Estimates are based on available facts and technology, enacted laws and regulations and our prior experience in remediation of contaminated sites.

Derivative Financial Instruments

We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge.

Foreign Currency

Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in Accumulated Other Comprehensive Loss, a component of shareholders’ (deficiency) equity.

For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “Note 15 – Derivative Instruments”) in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations. Devaluation charges on foreign currencies are reported in “Currency Devaluation Charges” on the accompanying Consolidated Statements of Operations..

At December 31, 2017 our net monetary asset position denominated in Angolan kwanza was approximately $99 million. 

Share-Based Compensation

We account for all share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of expected forfeitures, over the service period, which is usually the vesting period.

Income Taxes

Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority.

Revenue Recognition

Revenue is recognized when all of the following criteria have been met: (1) evidence of an arrangement exists; (2) delivery to and acceptance by the customer has occurred; (3) the price to the customer is fixed or determinable; and (4) collectability is reasonably assured.

Our services and products are generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue is recognized for products upon delivery and when the customers assume the risks and rewards of ownership. Revenue is recognized for services when they are rendered. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. We recognize revenue for day-rate contracts as the services are rendered.

Up-front payments for preparation and mobilization of equipment and personnel in connection with new drilling contracts are deferred along with any related incremental costs incurred directly related to preparation and mobilization. The deferred revenue and costs are recognized over the primary contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized, along with any related expenses, upon completion of contracts.

We incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. We recognize the revenue associated with these rebillable expenses when reimbursed by customers as Product Revenues and all related costs as Cost of Products in the accompanying Consolidated Statements of Operations.

Revenue Recognition – Venezuela

In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela to record a discount reflecting the time value of money and accrete the discount as interest income over the expected collection period using the effective interest method. In connection with this development, we corrected this immaterial error for the three and six month periods ended June 30, 2017. The impact of the correction decreased revenue and increased interest income by approximately $31 million and $4 million, respectively, for the three month period ended June 30, 2017 and reduced accounts receivable by approximately $27 million as of June 30, 2017. To reflect the impact of payment delays and expectation that the time to collect may exceed one year, we reclassified $158 million of accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets.

In the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. In connection with this development, we recorded a charge equal to a full allowance on our accounts receivable for revenue earned prior to September 30, 2017 in Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Account for these customers in Venezuela. The impact of the charge was approximately $230 million for the three month period ended December 31, 2017 and reduced Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Accounts on the accompanying Condensed Consolidated Balance Sheets by approximately $158 million and $72 million, respectively, as of December 31, 2017.

We will continue to monitor our Venezuelan operations and will actively pursue collection of our outstanding invoices.

Percentage-of-Completion

Revenue from certain long-term construction type contracts is reported based on the percentage-of-completion method of accounting. This method of accounting requires us to calculate contract profit to be recognized in each reporting period for each contract based upon our projections of future outcomes, which include:

•estimates of the available revenue under the contracts;

•estimates of the total cost to complete the project;

•estimates of project schedule and completion date;

•estimates of the extent of progress toward completion; and

•change order amounts or claims included in revenue.

Measurements of progress are based on costs incurred to date as a percentage of total estimated costs or output related to physical progress. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project. Risks related to service delivery, usage, productivity and other factors are considered in the estimation process. We periodically evaluate the estimated costs, claims, change orders and percentage-of-completion at the contract level. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit multiplied by the current estimated percentage complete for the contract. There are many factors that impact future costs, including but not limited to weather, inflation, customer activity levels and budgeting constraints, labor and community disruptions, timely availability of materials, productivity and other factors.

Earnings per Share

Basic earnings per share for all periods presented equals net income divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings per share is computed by dividing net income by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units.

Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method. Accordingly, we include our restricted share awards (“RSA”) and the outstanding warrant, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when diluted.

New Accounting Pronouncements

Accounting Changes

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies that modification accounting is required only if the fair value, the vesting conditions, or the classification of a share-based payment award changes as a result of changes in terms or conditions of the award. We have elected to early adopt ASU 2017-09 in the second quarter of 2017 and the adoption of this ASU had no impact on our Consolidated Financial Statements.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the goodwill impairment test requiring an entity to compute the implied fair value of goodwill. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We have elected to adopt ASU 2017-04 as of January 1, 2017 and the adoption of this ASU has no impact on our Consolidated Financial Statements.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 requires all income tax effects related to share-based payments at settlement (or expiration) be recorded through the income statement, including unrealized excess tax benefits. ASU 2016-09 also requires that all tax related cash flows resulting from share-based payments be presented as operating activities in the statement of cash flows. In addition, the guidance allows entities to increase the net-share settlement of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to estimate forfeitures or recognize them as they occur. Finally, the new guidance requires all cash payments made to a taxing authority on an employee’s behalf for shares withheld be presented as financing activities in the statement of cash flows.

We adopted ASU 2016-09 in the first quarter of 2017. We prospectively adopted the changes requiring all tax effects related to share-based payments to be recorded through the income statement and all tax related cash flows from share based payments to be presented as operating activities in the statement of cash flows. There is no cumulative effect as there is no impact from unrecognized excess tax benefits or minimum withholding requirements and prior periods have not been adjusted. We have also made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. We have retrospectively adopted the guidance to classify as a financing activity on the statement of cash flows all cash payments made to a taxing authority on an employee’s behalf for shares withheld for tax-withholding purposes. We have reclassified $10 million and $9 million from other operating activities to other financing activities in the Statements of Cash Flows for the years ended December 31, 2016 and 2015, respectively.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires inventory not measured using either the last in, first out or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We adopted ASU 2015-11 in the first quarter of 2017 prospectively with no impact on our Consolidated Financial Statements.

Accounting Standards Issued Not Yet Adopted

In July 2017, the FASB issued ASU 2017-11, which amends the accounting for certain equity-linked financial instruments and states a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. For an equity-linked financial instrument no longer accounted for as a liability at fair value, the amendments require a down round to be treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. The ASU is effective beginning with the first quarter of 2019, and early adoption is permitted. The ASU is required to be applied retrospectively to outstanding instruments. Weatherford has evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not impact the liability classification of our warrant instrument.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). The service cost component of net benefit cost will be bifurcated and presented with other employee compensation costs, while other components of net benefit costs will be presented separately outside of income from operations. The standard is required to be applied on a retrospective basis and will be effective beginning with the first quarter of 2018. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements, other than the $41 million income adjustment of non-service cost components from operating expenses to other income (expense) for 2017.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which eliminates a current exception in U.S. GAAP to the recognition of the income tax effects of temporary differences that result from intra-entity transfers of non-inventory assets. The intra-entity exception is being eliminated under the ASU. The standard is required to be applied on a modified retrospective basis and will be effective beginning with the first quarter of 2018.  We estimate that the impact that this new standard will have on our Consolidated Financial Statements will be a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes paid that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to recognize a lease asset and lease liability for most leases, including those classified as operating leases under existing U.S. GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors.

Under ASU 2016-02, we will revise our leasing policies to require most of the leases, where we are the lessee, to be recognized on the balance sheet as a lease asset and lease liability whereas currently we do not recognize operating leases on our balance sheet. Further, we will separate leases from other contracts where we are either the lessor or lessee when the rights conveyed under the contract indicate there is a lease, where we may not be required to do so under existing policies. While we cannot calculate the impact ASU 2016-02 will have on Weatherford’s financial statements, we anticipate that Weatherford’s assets and liabilities will increase by a significant amount. This standard will be effective for us beginning with the first quarter of 2019. We do not anticipate adopting ASU 2016-02 early, which is permitted under the standard. 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 will require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires a five-step approach to recognizing revenue: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. Subsequent to ASU 2014-09’s issuance, Topic 606 has been affected by other FASB updates that address certain aspects of Topic 606 or revised the effective date of the accounting changes.

Under ASU 2014-09, we will revise our revenue recognition policy to require revenue recognition when control passes. This is a change from current policies, which generally require revenue recognition when delivery has occurred and risk and rewards of ownership have passed.

We adopted ASU 2014-09 as of January 1, 2018. ASU 2014-09 permits two transition methods: the retrospective method or the modified retrospective method. Weatherford applied the modified retrospective method which requires the recognition of a cumulative effect as an adjustment to opening retained earnings on the initial date of adoption.

We have commenced our implementation of ASU 2014-09 and completed an assessment of the differences between ASU 2014-09 and current accounting practices (gap analysis). Our approach involved comparing existing accounting requirements to the requirements under Topic 606 for each of our product lines and reviewing a sample of contracts within each product line and region. We are currently in the process of establishing new policies, procedures, and controls, establishing appropriate presentation and disclosure changes and quantifying any adoption date adjustments. Although not finalized, based on the implementation efforts performed, management’s assessment is that ASU 2014-09 will not materially affect us. Any changes are not expected to have any impact to our cash flows.

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Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Business Combinations and Dispositions

Business Combinations and Divestitures

Acquisitions

From time to time, we acquire businesses we believe are important to our long-term strategy. Results of operations for acquisitions are included in the accompanying Consolidated Statements of Operations from the date of acquisition. The purchase price for the acquisitions is allocated to the net assets acquired based upon their estimated fair values at the date of acquisition. We did not complete any material acquisitions during the year ended December 31, 2017 or 2016.

Divestitures

On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash. As part of this transaction, we disposed of our ownership of our U.S. pressure pumping and pump-down perforating related facilities and supplier and customer contracts. Proceeds from the sale were applied to reduce outstanding indebtedness.

The carrying amounts of the major classes of assets of U.S. pressure pumping and pump-down perforating divested are as follows:

	December 31,
(Dollars in millions)	2017
Assets:
Inventory, Net	$	7
Property, Plant and Equipment, Net	222
Goodwill	162
Total Assets	$	391
Liabilities:
Long-term Debt	$	9
Other Liabilities	52
Total Liabilities	$	61

Held for Sale

During the fourth quarter of 2017, we committed to a plan to divest our land drilling rigs assets. As such, we reclassified the carrying amounts of the assets we plan to divest as held for sale as of December 31, 2017, which include $276 million of PP&E and other assets and $64 million of inventory. As of December 31, 2017, we also had $19 million of other PP&E held for sale.

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Restructuring Charges

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

Due to the ongoing levels of exploration and production spending, we continue to reduce our overall cost structure and workforce to better align with current activity levels of exploration and production. The cost reduction plan which began in 2016 and continued throughout 2017 (the “2016-17 Plan”), included a workforce reduction and other cost reduction measures initiated across our geographic regions. Prior plans, including the 2016 cost reduction plan (the “2016 Plan”) and 2015 cost reduction plan (the “2015 Plan”) also included a workforce reduction and other cost reduction measures initiated across our geographic regions. Other restructuring charges in each plan include contract termination costs, relocation and other associated costs.

In connection with the 2016-17 Plan, we recognized restructuring charges of $183 million in 2017, which include severance benefits of $109 million, other restructuring charges of $62 million and restructuring related asset charges of $12 million.

In connection with the 2016 Plan, we recognized restructuring charges of $280 million in 2016, which include severance benefits of $196 million, other restructuring charges of $44 million and restructuring related asset charges of $40 million.

The 2015 Plan commenced in the fourth quarter of 2014 and included a worldwide workforce reduction and other cost reduction measures. In connection with the 2015 Plan, we recognized restructuring charges of $232 million in 2015, which include severance benefits of $149 million, other restructuring charges of $19 million and restructuring related asset charges of$64 million.

The following tables present the components of the restructuring charges by segment and plan for the years ended December 31, 2017, 2016 and 2015.

	Year Ended December 31, 2017
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016-17 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	42	$	28	$	70
Eastern Hemisphere	35		42		77
Corporate	32		4		36
Total	$	109	$	74	$	183

	Year Ended December 31, 2016
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	82	$	71	$	153
Eastern Hemisphere	62		13		75
Corporate	52		—		52
Total	$	196	$	84	$	280

	Year Ended December 31, 2015
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2015 Plan:	Charges		Charges		Other Charges
Western Hemisphere	$	68	$	26	$	94
Eastern Hemisphere	66		57		123
Corporate	15		—		15
Total	$	149	$	83	$	232

The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below, and largely relate to the severance accrued as part of the 2016-17 Plan, the 2016 Plan and the 2015 Plan that will be paid pursuant to the respective arrangements and statutory requirements.

	At December 31, 2017
	2016-17 and 2016 Plans				2015 Plan				Total
									Severance
	Severance		Other		Severance		Other		and Other
(Dollars in millions)	Liability		Liability		Liability		Liability		Liability
Western Hemisphere	$	4	$	17	$	—	$	—	$	21
Eastern Hemisphere	7		18		—		5		30
Corporate	10		—		—		—		10
Total	$	21	$	35	$	—	$	5	$	61

The following table presents the restructuring accrual activity for the year ended December 31, 2017.

			Year Ended December 31, 2017
(Dollars in millions)	Accrued Balance at December 31, 2016		Charges		Cash Payments			Other			Accrued Balance at December 31, 2017
2016-17 and 2016 Plans:
Severance liability	$	52	$	109	$	(137	)	$	(3	)	$	21
Other restructuring liability	22		62		(26		)	(23		)	35
2015 Plan:
Severance liability	3		—		(3		)	—			—
Other restructuring liability	9		—		(1		)	(3		)	5
Total severance and other restructuring liability	$	86	$	171	$	(167	)	$	(29	)	$	61

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Supplementary Information

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information Related Text

Supplementary Information

Cash paid for interest and income taxes was as follows:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Interest paid	$	538	$	467	$	477
Income taxes paid, net of refunds	87		161		331

In 2017 and 2016, we had non-cash financing obligations related to financed insurance premium and capital lease of equipment of $24 million and $25 million, respectively. During 2017, we purchased $50 million of held-to-maturity Angolan government bonds maturing in 2020: The carrying value of these investments approximate their fair value.

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Percentage of Completion Contracts

12 Months Ended

Dec. 31, 2017

Contractors [Abstract]

Percentage of Completion Contracts

Percentage-of-Completion Contracts

We account for our long-term early production facility construction contracts in Iraq under the percentage-of-completion method. Our remaining contract in Zubair is in the final warranty stage. There has been no change to our cumulative estimated loss since December 31, 2016. Our net billings in excess of costs as of December 31, 2017 were $56 million and are shown in the “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets.

During 2016, we were break-even for our Zubair contract and cumulative estimated loss from the Iraq contracts was $532 million as of December 31, 2016. On May 26, 2016, we entered into an agreement with our customer containing the terms and conditions of the settlement on the Zubair contract. The settlement paid to us was a gross amount of $150 million, of which $62 million and $72 million was received in the second and third quarters of 2016, respectively. The settlement included variation order requests, claims for extension of time, payments of remaining contract milestones and new project completion timelines that resulted in relief from the liquidated damages provisions. We collected the remaining gross settlement of $16 million in January 2017.

As of December 31, 2016, we had no claims revenue, and our percentage-of-completion project estimate included a cumulative $25 million in approved change orders and $16 million of back charges. Our net billings in excess of costs as of December 31, 2016 were $45 million and are shown in the “Other Current Liabilities” on the Consolidated Balance Sheet. The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured.

During 2015, we recognized estimated project losses of $153 million related to our long-term early production facility construction contracts in Iraq accounted for under the percentage-of-completion method. Total estimated losses on these loss projects were $532 million at December 31, 2015. As of December 31, 2015, our percentage-of-completion project estimates include $116 million of claims revenue and $28 million of back charges. During 2015, an additional $32 million of claims revenue was included in our project estimates. Our costs in excess of billings as of December 31, 2015 were $6 million and are shown in the “Other Current Assets” on our Consolidated Balance Sheets. We also had a variety of unapproved contract change orders or claims that are not included in our revenues as of December 31, 2015. The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured.

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Accounts Receivable Factoring

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Accounts Receivable Factoring

Accounts Receivable Factoring and Other Receivables

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. In 2017, we sold accounts receivable of $227 million, recognized a loss of $1 million and received cash proceeds totaling $223 million on these sales. In 2016, we sold accounts receivables of $156 million, recognized a loss of $0.7 million and received cash proceeds totaling $154 million on these sales. In 2015, we sold accounts receivables of $78 million, recognized a loss of $0.2 million and received cash proceeds totaling $77 million on these sales. Our factoring transactions were recognized as sales, and the proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows.

In the first quarter of 2017, Weatherford converted trade receivables of $65 million into a note from the customer with a face value of $65 million. The note had a three year term at a 4.625% stated interest rate. We reported the note as a trading security within “Other Current Assets” at fair value on the Condensed Consolidated Balance Sheets at its fair value of $58 million on March 31, 2017. The note fair value was considered a Level 2 valuation and was estimated using secondary market data for similar bonds. During the second quarter of 2017, we sold the note for $59 million.

During the second quarter of 2016, we accepted a note with a face value of $120 million from PDVSA in exchange for $120 million in net trade receivables. The note had a three year term at a 6.5% stated interest rate. We carried the note at lower of cost or fair value and recognized a loss in the second quarter of 2016 of $84 million to adjust the note to fair value. In the fourth quarter of 2016, we sold the economic rights in the note receivable for $44 million and recognized a gain of $8 million.

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Inventories, Net

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, Net

Inventories, net of reserves, by category were as follows:

	December 31,
(Dollars in millions)	2017		2016
Raw materials, components and supplies	$	144	$	168
Work in process	47		49
Finished goods	1,043		1,585
	$	1,234	$	1,802

Work in process and finished goods inventories include cost of materials, labor and manufacturing overhead. During 2017, 2016 and 2015, we recognized inventory write-off and other related charges, including excess and obsolete totaling $540 million, $269 million and $244 million, respectively. These charges were largely attributable to downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand.

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Long-Lived Asset Impairments (Notes)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Long-lived and Other Asset Impairments

Long-Lived Asset Impairments

In the fourth quarter of 2017, we recognized long-lived asset impairments of $928 million, of which $923 million was related to PP&E impairments and $5 million was related to the impairment of intangible assets. The PP&E impairments in our Eastern Hemisphere segment include a $740 million write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs classified as held for sale, $135 million related to Western Hemisphere segment product line assets and $37 million related to other Eastern Hemisphere segment product line assets. In addition, we recognized $11 million of long-lived impairment charges related to Corporate assets. The 2017 impairments were due to the sustained downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination used in the impairment calculation.

During 2016, we recognized long-lived asset impairment charges of $436 million, of which $388 million was related to PP&E impairments and $48 million was related to the impairment of intangible assets. The PP&E impairment charges by segment were $251 million in the Western Hemisphere related to our Well Construction, Drilling Services and Managed Pressure Drilling assets and $137 million in the Eastern Hemisphere related to our Eastern Hemisphere Pressure Pumping assets. The intangible asset charge is related to the Well Construction and Completions businesses with $35 million attributable to the Western Hemisphere segment and $13 million related the Eastern Hemisphere segment.

The impairments in 2016 were due to the prolonged downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination used in the impairment calculation.

During 2015, we recognized long-lived asset impairment charges of $638 million, of which $124 million was related to Pressure Pumping assets in the Western Hemisphere, $259 million for equipment in our Pressure Pumping, Drilling Tools, and Wireline assets in the Western Hemisphere and $255 million related to our land drilling rigs product line assets in the Eastern Hemisphere. The impairments in 2015 were due to the continued weakness in crude oil prices contributing to lower exploration and production spending and a decline in the utilization of our assets. The decline in oil prices and its impact on demand represented a significant adverse change in the business climate and an indication that these long-lived assets may not be recoverable. Based on the presence of impairment indicators, we performed an analysis of these asset groups and recorded long-lived asset impairment charges to adjust the assets to fair value.

The fair value of our drilling tools, pressure pumping, and wireline assets were estimated using a combination of the income approach, the cost approach, and the market approach. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination.

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Goodwill

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

In 2017, 2016 and 2015, our annual goodwill impairment test indicated that goodwill was not impaired. Our cumulative impairment loss of goodwill was $771 million at December 31, 2017. The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016, are presented in the following table.

(Dollars in millions)	Western Hemisphere			Eastern Hemisphere			Total
Balance at December 31, 2015	$	2,040		$	763		$	2,803
Foreign currency translation	25			(31		)	(6		)
Balance at December 31, 2016	$	2,065		$	732		$	2,797
Disposals	(162		)	—			(162		)
Foreign currency translation	55			37			92
Balance at December 31, 2017	$	1,958		$	769		$	2,727

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Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Intangible Assets

The components of intangible assets were as follows:

	December 31, 2017							December 31, 2016
	Gross					Net		Gross					Net
	Carrying		Accumulated			Intangible		Carrying		Accumulated			Intangible
(Dollars in millions)	Amount		Amortization			Assets		Amount		Amortization			Assets
Acquired technology	$	390	$	(334	)	$	56	$	373	$	(300	)	$	73
Licenses	175		(168		)	7		177		(166		)	11
Patents	223		(144		)	79		215		(134		)	81
Customer Relationships and Contracts	197		(160		)	37		193		(144		)	49
Other	98		(64		)	34		91		(57		)	34
	$	1,083	$	(870	)	$	213	$	1,049	$	(801	)	$	248

Additions to intangible assets were $16 million and $11 million for the years ended December 31, 2017 and 2016, respectively. During 2016, we recognized $48 million of license and patent impairment charges related to the Well Construction and Completions businesses.

Amortization expense was $52 million, $60 million and $88 million for the years ended December 31, 2017, 2016 and 2015, respectively. Future estimated amortization expense for the carrying amount of intangible assets as of December 31, 2017 is expected to be as follows (dollars in millions): 

Period	Amount
2018	$	48
2019	42
2020	32
2021	20
2022	13

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Equity Investments

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments

Equity Investments

Our equity investments in unconsolidated affiliates were $62 million and $66 million for the years ended December 31, 2017 and 2016, respectively. Equity in losses of unconsolidated affiliates for the year ended December 31, 2017 totaled $3 million and equity in earnings of unconsolidated affiliates for the years ended December 31, 2016 and 2015 totaled $2 million and $3 million, respectively.

During 2015, we determined that the fair values of certain equity investments were significantly below their carrying values. We assessed these declines in value to be other than temporary and recognized an impairment loss of $25 million. See “Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments” for additional information regarding the fair value determination.

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Short-term Borrowings and Current Portion of Long-term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Short-term Borrowings and Current Portion of Long-term Debt

Our short-term borrowings and current portion of long-term debt consists of the followings:

	December 31,
(Dollars in millions)	2017		2016
Other Short-term Loans	$	11	$	2
Current Portion of Long-term Debt	137		177
Short-term Borrowings and Current Portion of Long-term Debt	$	148	$	179

Revolving Credit Facility and Secured Term Loan Agreement

At December 31, 2017, we had total commitments under our revolving credit facility (the “Revolving Credit Agreement”) maturing in July of 2019 of $1.0 billion and borrowings of $375 million under our secured term loan agreement (the “Term Loan Agreement” and collectively with the Revolving Credit Agreement, the “Credit Agreements”) maturing in July of 2020. At December 31, 2017, we had $890 million available for borrowing under the Credit Agreements as summarized in the following table:

(Dollars in millions)	December 31, 2017
Facilities	$	1,375
Less Uses of Facilities:
Letters of Credit	110
Secured Term Loan Principal Borrowing	375
Borrowing Availability	$	890

Loans under the Credit Agreements are subject to varying rates of interest based on whether the loan is a Eurodollar loan or an alternate base rate loan. We also incur a quarterly facility fee on the amount of the Revolving Credit Agreement. See “Note 13 – Long-term Debt”, for information related to interest rate applicable for the Term Loan Agreement.

Eurodollar Loans. Eurodollar loans bear interest at the Eurodollar rate, which is LIBOR, plus the applicable margin. The applicable margin for Eurodollar loans under the Revolving Credit Agreement ranges from 1.925% to 3.7% depending on our leverage ratio.

Alternate Base Rate Loans. Alternate base rate loans bear interest at the alternate base rate plus the applicable margin. The applicable margin for alternate base rate loans under the Revolving Credit Agreement ranges from 0.925% to 2.70% depending on our leverage ratio.

For the year ended December 31, 2017, the interest rate for the Revolving Credit Agreement was LIBOR plus a margin rate of 2.80%. See “Note 13 – Long-term Debt” for the interest rate details for the Term Loan Agreement. Borrowings under our Revolving Credit Agreement may be repaid from time to time without penalty. Obligations under the Term Loan Agreement are secured by substantially all of our assets. In addition, obligations under the Credit Agreements are guaranteed by a material portion of our subsidiaries.

Our Credit Agreements contain covenants including, among others, the following:

• a prohibition against incurring debt, subject to permitted exceptions;

• a restriction on creating liens on our assets and the assets of our operating subsidiaries, subject to permitted exceptions;

• restrictions on mergers or asset dispositions;

• restrictions on use of proceeds, investments, transactions with affiliates, or change of principal business; and

• maintenance of the following financial covenants, with terms as defined in the Credit Agreements:

1) Leverage ratio of no greater than 2.5 to 1, which measures our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities to the trailing four quarters consolidated adjusted earnings before interest, taxes, depreciation, amortization and other specified charges (“Adjusted EBITDA”);

2) Leverage and letters of credit ratio of no greater than 3.5 to 1, which is calculated as our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities and all letters of credit to the trailing four quarters Adjusted EBITDA; and

3) Asset coverage ratio of at least 4.0 to 1, which is calculated as our asset value to indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities.

Our Credit Agreements contain customary events of default, including our failure to comply with the financial covenants described above. As of December 31, 2017, we were in compliance with these financial covenants.

Other Short-Term Borrowings and Other Debt Activity

In June 2017, we repaid $88 million of our 6.35% Senior Notes on the maturity date. In 2016, we repaid $180 million, with a LIBOR-based weighted average interest rate of 1.95%, borrowed under a credit agreement that matured in the first half of 2016 and our 5.50% senior notes with a principal balance of $350 million.

We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2017, we had $11 million in short-term borrowings under these arrangements. In addition, we had $375 million of letters of credit under various uncommitted facilities and $110 million of letters of credit under the Revolving Credit Agreement. At December 31, 2017, we have cash collateralized $82 million of our letters of credit, which is included in “Cash and Cash Equivalents” in the accompanying Consolidated Balance Sheets. We have $15 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us at December 31, 2017.

At December 31, 2017, the current portion of long-term debt was primarily related to $66 million of our 6.00% Senior Notes due March 2018, the $50 million current portion of our secured term loan and $21 million of the current portion of capital leases and other debt.

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Long-term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements. Our Long-term Debt consisted of the following:

	December 31,
(Dollars in millions)	2017		2016
6.35% Senior Notes due 2017	—		89
6.00% Senior Notes due 2018	66		66
9.625% Senior Notes due 2019	488		489
5.125% Senior Notes due 2020	364		363
5.875% Exchangeable Senior Notes due 2021	1,170		1,147
7.75% Senior Notes due 2021	741		739
4.50% Senior Notes due 2022	643		642
8.25% Senior Notes due 2023	739		738
9.875% Senior Notes due 2024	780		528
6.50% Senior Notes due 2036	447		447
6.80% Senior Notes due 2037	255		255
7.00% Senior Notes due 2038	456		456
9.875% Senior Notes due 2039	245		245
6.75% Senior Notes due 2040	456		456
5.95% Senior Notes due 2042	368		368
Secured Term Loan due 2020	372		420
4.82% secured borrowing	—		5
Capital and Other Lease Obligations	86		120
Other	2		7
Total Senior Notes and Other Debt	7,678		7,580
Less: Amounts Due in One Year	137		177
Long-term Debt	$	7,541	$	7,403

The accrued interest on our borrowings was $145 million and $127 million at December 31, 2017 and 2016, respectively. The following is a summary of scheduled Long-term Debt maturities by year (dollars in millions):

2018	$	137
2019	543
2020	643
2021	1,918
2022	651
Thereafter	3,786
	$	7,678

Secured Term Loan Agreement

As of December 31, 2017, our borrowings, net of repayments, under the Term Loan Agreement were $375 million. The interest rate under the Term Loan Agreement is variable and is determined by our leverage ratio as of the most recent fiscal quarter, as either (1) the one-month London Interbank Offered Rate (“LIBOR”) plus a variable margin rate ranging from 1.425% to 3.2% or (2) the alternate base rate plus the applicable margin ranging from 0.425% to 2.2%. For the year ended December 31, 2017, the interest rate for the Term Loan Agreement was LIBOR plus a margin rate of 2.3%. The Term Loan Agreement requires a principal repayment of $12.5 million on the last day of each quarter.

Exchangeable Senior Notes, Senior Notes and Tender Offers

We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements.

Exchangeable Senior Notes

On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion and an interest rate of 5.875%. The notes have a conversion price of $7.74 per share and are exchangeable into a total of 163.4 million shares of the Company upon the occurrence of certain events on or after January 1, 2021. The notes mature on July 1, 2021. We have the choice to settle an exchange of the notes in any combination of cash or shares. As of December 31, 2017, the if-converted value did not exceed the principal amount of the notes.

The exchange feature is reported with a carrying amount of $97 million in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets. The debt component of the exchangeable notes has been reported separately in “Long-term Debt” on the accompanying Consolidated Balance Sheets with a carrying value of $1.170 billion at December 31, 2017, net of remaining unamortized discount and debt issuance costs of $95 million. The discount on the debt component is being amortized over the remaining maturity of the exchangeable notes at an effective interest rate of 8.4%. During 2017, interest expense on the notes was $97 million, of which $74 million related to accrued interest and $23 million related to amortization of the discount.

Senior Notes

On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024 (“Notes”). These Notes were issued as additional securities under an indenture pursuant to which we previously issued $540 million aggregate principal amount of our 9.875% senior notes due 2024.

On November 18, 2016, we issued $540 million in aggregate principal amount of 9.875% notes due 2024. On June 17, 2016, we issued $750 million in aggregate principal amount of 7.75% senior notes due 2021 and $750 million in aggregate principal amount of 8.25% senior notes due 2023.

Tender Offers and Early Retirement of Senior Notes

We commenced a cash tender offer on June 1, 2016 (and amended the offer on June 8, 2016 and June 10, 2016), which included an early tender option with an early settlement date of June 17, 2016 and an expiration date of June 30, 2016 with a final settlement date of July 1, 2016 to repurchase a portion of our 6.35% senior notes due 2017, 6.00% senior notes due 2018, 9.625% senior notes due 2019, and 5.125% senior notes due 2020. On June 17, 2016, we settled the early tender offers in cash in the amount of $1.972 billion, retiring an aggregate face value of senior notes tendered of $1.87 billion and accrued interest of $27 million. We recognized a cumulative loss of $78 million on these transactions in “Bond Tender Premium, Net” on the accompanying Consolidated Statements of Operations. On June 30, 2016, we accepted additional tenders of $2 million of debt, which we settled in cash on July 1, 2016.

In 2015, through a series of open market transactions, we repurchased certain of our 4.50% senior notes, 5.125% senior notes, 5.95% senior notes, 6.50% senior notes, 6.75% senior notes, 6.80% senior notes and 7.00% senior notes with a total book value of $527 million. We recognized a cumulative gain of approximately $84 million on these transactions in the line captioned “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations.

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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments, Assets and Equity Investments

Financial Instruments Measured and Recognized at Fair Value

We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three level hierarchy, from highest to lowest level of observable inputs. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own judgment and assumptions used to measure assets and liabilities at fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Other than the derivative instruments discussed in “Note 15 – Derivative Instruments,” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at December 31, 2017 and 2016.

Fair Value of Other Financial Instruments

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying value of our cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy.

The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will generally exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will generally be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets.

The fair value and carrying value of our senior notes were as follows: 

	December 31,
(Dollars in millions)	2017		2016
Fair Value	$	7,060	$	6,739
Carrying Value	7,218		7,028

Non-recurring Fair Value Measurements - Impairments

During the fourth quarter of 2017, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the assets were determined using an income approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks.

During the third quarter of 2016, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using either an income approach or a market approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks. The market approach considered unobservable estimates of market sales values, which in most cases was a scrap of salvage value estimate. During the second quarter of 2016, we adjusted a note for our largest customer in Venezuela to its estimated fair value. The Level 3 fair value was estimated based on unobservable pricing indications.

During 2015, long-lived assets related to pressure pumping, drilling tools, wireline, and land drilling rigs were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using a combination of the income approach, the cost approach and the market approach, which used inputs that included replacement costs (unobservable), physical deterioration estimates (unobservable), projections of estimated future operating cash flows (unobservable), discount rates for the applicable assets and market sales data for comparable assets. Also during 2015, an equity method investment was impaired and written down to its fair value. The equity investment Level 3 fair value was determined using an income based approach utilizing estimates of future cash flow, discount rate, long-term growth rate, and marketability discount, all of which were unobservable.

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Derivative Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

From time to time, we may enter into derivative financial instrument transactions to manage or reduce our market risk. We manage our debt portfolio to achieve an overall desired position of fixed and floating rates, and we may employ interest rate swaps as a tool to achieve that goal. We enter into foreign currency forward contracts and cross-currency swap contracts to economically hedge our exposure to fluctuations in various foreign currencies. The major risks from interest rate derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates, changes in foreign exchange rates and the creditworthiness of the counterparties in such transactions.

We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates.

Warrant

During the fourth quarter of 2016, in conjunction with the issuance of 84.5 million ordinary shares, we issued a warrant that gives the holder the option to acquire an additional 84.5 million ordinary shares. The exercise price on the warrant is $6.43 per share and is exercisable any time prior to May 21, 2019. The warrant is classified as a liability and carried at fair value with changes in its fair value reported through earnings. The warrant participates in dividends and other distributions as if the shares subject to the warrants were outstanding. In addition, the warrant permits early redemption due to a change in control.

The warrant fair value is considered a Level 3 valuation and is estimated using a combination of the Black Scholes option valuation model and Monte-Carlo simulation. Inputs to these models include Weatherford’s share price and volatility and the risk free interest rate. The valuation also considers the probabilities of future share issuances and anticipated issuance discounts, which are considered Level 3 inputs. The fair value of the warrant was $70 million and $156 million on December 31, 2017 and 2016, respectively, generating an unrealized gain of $86 million in 2017. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. The warrant valuation would be negatively affected due to an increase in the likelihood of a future stock issuance.

Fair Value Hedges

We may use interest rate swaps to help mitigate exposures related to changes in the fair values of the fixed-rate debt. The interest rate swap is recorded at fair value with changes in fair value recorded in earnings. The carrying value of fixed-rate debt would be adjusted for changes in interest rates, with the changes in value recorded in earnings. After termination of the hedge, any discount or premium on the fixed-rate debt is amortized to interest expense over the remaining term of the debt. As of December 31, 2017, we did not have any fair value hedges designated.

 As of December 31, 2017 and 2016, we had net unamortized premiums on fixed-rate debt of $4 million and $7 million, respectively, associated with fair value hedge terminations. These premiums are being amortized over the remaining term of the originally hedged debt as a reduction in interest expense included in “Interest Expense, Net” on the accompanying Consolidated Statements of Operations.

Cash Flow Hedges

In 2008, we entered into interest rate derivative instruments to hedge projected exposures to interest rates in anticipation of a debt offering. These hedges were terminated at the time of the issuance of the debt, and the associated loss is being amortized from “Accumulated Other Comprehensive Loss” to interest expense over the remaining term of the debt. As of December 31, 2017 and 2016, we had net unamortized losses of $9 million in both years, associated with our cash flow hedge terminations. As of December 31, 2017, we did not have any cash flow hedges designated.

Foreign Currency and Warrant Derivative Instruments

At December 31, 2017 and 2016, we had outstanding foreign currency forward contracts with notional amounts aggregating to $767 million and $1.6 billion, respectively. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates.

Our foreign currency derivatives are not designated as hedges under ASC 815, and the changes in fair value of the contracts are recorded each period in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations.

The total estimated fair values of our foreign currency forward contracts and warrant derivative are as follows:

	December 31,
(Dollars in millions)	2017			2016			Classifications
Derivative Assets not Designated as Hedges:
Foreign Currency Forward Contracts	$	5		$	7		Other Current Assets
Derivative Liabilities not Designated as Hedges:
Foreign Currency Forward Contracts	(4		)	(14		)	Other Current Liabilities
Warrant on Weatherford Shares	(70		)	(156		)	Other Non-current Liabilities

The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below.

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015			Classification
Foreign Currency Forward Contracts	$	(25	)	$	(25	)	$	(115	)	Other Income (Expense), Net
Cross-currency Swap Contracts	—			—			13			Other Income (Expense), Net
Warrant on Weatherford Shares	86			16			—			Warrant Fair Value Adjustment

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Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Shareholders' Equity

Shareholders’ (Deficiency) Equity

Changes in our ordinary shares issued during the years ended December 31, 2017, 2016 and 2015, were as follows:

(Shares in millions)	Issued
Balance at December 31, 2014	774
Equity Awards Granted, Vested and Exercised	5
Balance at December 31, 2015	779
Share Issuance	200
Equity Awards Granted, Vested and Exercised	4
Balance at December 31, 2016	983
Equity Awards Granted, Vested and Exercised	10
Balance at December 31, 2017	993

In March 2016, we issued 115 million ordinary shares, and the amount in excess of par value of $623 million is reported in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets.

On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion. The exchange feature carrying value of $97 million is included in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets.

On November 21, 2016, we issued 84.5 million ordinary shares at a price of $5.40 per ordinary share, and a warrant to purchase 84.5 million ordinary shares on or prior to May 21, 2019 at an exercise price of $6.43 per ordinary share to a selected institutional investor. The amount in excess of par value for the ordinary shares net of warrant was $271 million and is reported in “Capital in Excess of Par Value.” At December 31, 2017, the fair value of the warrant of $70 million is classified as “Other Non-current Liabilities” on the accompanying Consolidated Balance Sheets.

Accumulated Other Comprehensive Loss

The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2017 and 2016:

(Dollars in millions)	Currency Translation Adjustment			Defined Benefit Pension			Deferred Loss on Derivatives			Total
Balance at December 31, 2015	$	(1,602	)	$	(29	)	$	(10	)	$	(1,641	)
Other Comprehensive (Loss) Income before Reclassifications	(12		)	41			—			29
Reclassifications	—			1			1			2
Net Activity	(12		)	42			1			31
Balance at December 31, 2016	(1,614		)	13			(9		)	(1,610		)
Other Comprehensive Income before Reclassifications	130			1			—			131
Reclassifications	—			(40		)	—			(40		)
Net Activity	130			(39		)	—			91
Balance at December 31, 2017	$	(1,484	)	$	(26	)	$	(9	)	$	(1,519	)

For the year ended December 31, 2017, the defined benefit pension reclassifications represent the amortization of unrecognized net gains associated primarily with our supplemental executive retirement plan. For the year ended December 31, 2016, the defined benefit pension component of other comprehensive income before reclassifications relates primarily to a net actuarial gain resulting from the revaluation of the pension obligation associated with our supplemental executive retirement plan.

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Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Basic earnings per share for all periods presented equals net income (loss) divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units.

The following discloses basic and diluted weighted average shares outstanding:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Basic and Diluted Weighted Average Shares Outstanding	990	887	779

Our basic and diluted weighted average shares outstanding for the years ended December 31, 2017, 2016 and 2015, are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the years ended December 31, 2017, 2016 and 2015, exclude potential shares for stock options, restricted shares, performance units, exchangeable notes, warrants outstanding and the Employee Stock Purchase Plan (“ESPP”) as we have net losses for those periods and their inclusion would be anti-dilutive. The following table discloses the number of anti-dilutive shares excluded:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Anti-dilutive Potential Shares	250	104	3

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Share-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

We have share-based compensation plans that permit the grant of options, stock appreciation rights, RSAs, restricted share units (“RSUs”), performance share awards, performance unit awards (“PUs”), other share-based awards and cash-based awards to any employee, non-employee directors and other individual service providers or any affiliate. In addition, we also have share-based compensation provisions under our Employee Share Purchase Plan (“ESPP”). For RSAs and RSUs, compensation expense is recognized on a straight-line basis over the requisite service period for the separately vesting portion of each award. For PUs, compensation expense is recognized on a straight-line basis over the requisite service period for the entire award.

The provisions of each award vary based on the type of award granted and are determined by the Compensation Committee of our Board of Directors. Those awards, such as stock options that are based on a specific contractual term, will be granted with a term not to exceed 10 years. Upon grant of an RSA, the recipient has the rights of a shareholder, including but not limited to the right to vote such shares and the right to receive any dividends paid on such shares, but not the right to disposition prior to vesting. Recipients of RSUs do not have the rights of a shareholder until such date as the shares are issued or transferred to the recipient. As of December 31, 2017, approximately 33 million shares were available for grant under our share-based compensation plans.

Share-Based Compensation Expense

We recognized the following share-based compensation expense during each of the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Share-based Compensation	$	70	$	87	$	73
Related Tax (Provision) Benefit	—		—		14

Options

Stock options were granted with an exercise price equal to or greater than the fair market value of our shares as of the date of grant. We used the Black-Scholes option pricing model to determine the fair value of stock options awarded. The estimated fair value of our stock options was expensed over their vesting period, which was generally one to four years. There were no stock options granted during 2017, 2016 or 2015. During 2017 and 2016, no stock options were exercised. The intrinsic value of stock options exercised during 2015 was $15 million. All options were fully vested.

A summary of option activity for the year ended December 31, 2017, is presented below:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
	(In thousands)					(In thousands)
Outstanding at December 31, 2016	598		$	12.59	0.91 years	$	—
Exercised	—		—
Expired	(398	)	10.42
Outstanding and Vested at December 31, 2017	200		16.92		0.89 years	—
Exercisable at December 31, 2017	—		—		0.00 years	—

Restricted Share Awards and Restricted Share Units

RSAs and RSUs vest based on continued employment, generally over a three-year period. The fair value of RSAs and RSUs is determined based on the closing price of our shares on the date of grant. The total fair value, less assumed forfeitures, is expensed over the vesting period. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2017, 2016 and 2015 was $4.26, $6.20 and $11.94, respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2017, 2016 and 2015 was $30 million, $38 million and $37 million, respectively. As of December 31, 2017, there was $59 million of unrecognized compensation expense related to unvested RSAs and RSUs, which is expected to be recognized over a weighted average period of two years. A summary of RSA and RSU activity for the year ended December 31, 2017 is presented below:

	RSA		Weighted Average Grant Date Fair Value		RSU		Weighted Average Grant Date Fair Value
	(In thousands)				(In thousands)
Non-Vested at December 31, 2016	137		$	17.42	12,794		$	9.15
Granted	—		—		10,876		4.26
Vested	(86	)	17.35		(5,946	)	9.56
Forfeited	(11	)	16.35		(2,455	)	8.63
Non-Vested at December 31, 2017	40		17.87		15,269		5.58

Performance Units

The performance units we granted in 2017, 2016 and 2015 vest over three years and the performance units we granted prior to 2015 vest at the end of a three-year period assuming continued employment and the Company’s achievement of certain market-based performance goals. Depending on the performance levels achieved in relation to the predefined targets, shares may be issued for up to 200% of the units awarded. If the established performance goals are not met, the performance units will expire unvested and no shares will be issued. The grant date fair value of the performance units we have granted was determined through use of the Monte Carlo simulation method. The assumptions used in the Monte Carlo simulation during the year ended December 31, 2017, included a weighted average risk-free rate of 1.17%, volatility of 67.0% and a zero dividend yield. The weighted-average grant date fair value of the performance units we granted during the years ended December 31, 2017, 2016 and 2015 was $6.06, $5.11 and $10.45, respectively. For the year ended December 31, 2017, 145 thousand shares were issued for the performance units related to the departure of a former executive officer. The total fair value of these shares was $1 million. For the years ended December 31, 2016 and 2015 we did not issue any shares. As of December 31, 2017, there was $9 million of unrecognized compensation expense related to performance units, which is expected to be recognized over a weighted average period of one year.

A summary of performance unit activity for the year ended December 31, 2017, is presented below:

	Performance Units		Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested at December 31, 2016	1,932		$	7.08
Granted	3,070		6.06
Vested	(145	)	6.25
Forfeited	(1,767	)	7.15
Non-vested at December 31, 2017	3,090		6.07

Employee Stock Purchase Plan

In June 2016, our shareholders adopted our ESPP and approved 12 million shares to be reserved for issuance under the plan. The ESPP permits eligible employees to make payroll deductions to purchase Weatherford stock.  Each offering period has a six-month duration beginning on either March 1 or September 1. Shares are purchased at 90% of the lower of the closing price for our common stock on the first or last day of the offering period.  We issued 3 million shares under the ESPP as of December 31, 2017.

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Retirement and Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Retirement and Employee Benefit Plans

Retirement and Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $24 million, $30 million and $66 million in 2017, 2016 and 2015, respectively. The decrease in employer contributions in 2017 and 2016 relates primarily to headcount reductions and the suspension of employer matching contributions to our U.S. 401(k) savings plan and other contribution plans sponsored by the Company.

We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees.  Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit income/cost related to these plans totaled $38 million of income in 2017 due primarily to amortization of the unrecognized net gain associated with our supplemental executive retirement plan and $9 million of cost in 2016 and 2015, respectively. The projected benefit obligations on a consolidated basis were $198 million and $205 million as of December 31, 2017 and 2016, respectively. The decrease year over year is due primarily to settlements offset by increases related to currency fluctuations in Euro and British Pound denominated plans. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $133 million and $118 million as of December 31, 2017 and 2016, respectively. The increase in plan assets year over year is also due primarily to the Euro and British Pound currency fluctuations. As of December 31, 2017, the net underfunded obligation was substantially all recorded within Other Non-current Liabilities. As of December 31, 2016, the net underfunded obligation was primarily recorded within Other Non-current Liabilities with approximately $22 million recorded in Accrued Salaries and Benefits. Additionally, consolidated pre-tax amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost were loss of $35 million and income of $3 million as of December 31, 2017 and 2016, respectively. The change in other comprehensive income (loss) year over year is due primarily to the amortization of the unrecognized net gain mentioned above.

The weighted average assumption rates used for benefit obligations were as follows:

	Year Ended December 31,
	2017	2016
Discount rate:
United States Plans	3.00% - 3.50%	1.00% - 4.00%
International Plans	1.60% - 6.75%	1.90% - 7.50%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 3.50%	2.00% - 3.50%

During 2017 and 2016, we made contributions and paid direct benefits of $23 million and $6 million, respectively, in connection with our defined benefit pension and other post-retirement benefit plans. In 2018, we expect to fund approximately $5 million related to those plans.

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Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

We are exempt from Swiss cantonal and communal tax on income derived outside Switzerland, and we are also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying investments in subsidiaries. We expect that the participation relief will result in a full exemption of participation income from Swiss federal income tax.

We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure.

Our income tax (provision) benefit from continuing operations consisted of the following:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Total Current Provision	$	(162	)	$	(115	)	$	(303	)
Total Deferred (Provision) Benefit	25			(381		)	448
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Weatherford records deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operation conditions (particularly as related to prevailing oil prices and market demand for our products and services).

Operations in various jurisdictions continue to experience losses due to the delayed recovery in the demand for oil field services. Our expectations regarding the recovery are more measured due to continue volatility in oil prices and market contraction for our products and services. Also, the Company recorded significant long-lived asset impairments and established allowances for inventory and other assets in the fourth quarter of 2017. As a result of the continued losses, and limited objective positive evidence to overcome negative evidence, the Company concluded that it needed to record additional valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized.

The Company will continue to evaluate whether valuation allowances are needed in future reporting periods. Valuation allowances will remain until the Company can determine that net deferred tax assets are more likely than not to be realized. In the event that the Company were to determine that it would be able to realize the deferred income tax assets in the future as a result of significant improvement in earnings as a result of market conditions, the Company would adjust the valuation allowance, reducing the provision for income taxes in the period of such adjustment.

The difference between the income tax (provision) benefit at the Swiss federal income tax rate and the income tax (provision) benefit attributable to “Loss Before Income Taxes” for each of the three years ended December 31, 2017, 2016 and 2015 is analyzed below:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Swiss Federal Income Tax Rate at 7.83%	$	208		$	225		$	164
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate	123			319			411
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets	(249		)	—			—
Non-cash Tax Expense on Distribution of Subsidiary Earnings	—			(137		)	(265		)
Change in Valuation Allowance Attributed to U.S. Tax Reform	301			—			—
Change in Valuation Allowance	(459		)	(872		)	(159		)
Change in Uncertain Tax Positions	(61		)	(31		)	(6		)
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Our income tax provision in 2017 was $137 million on a loss before income taxes of $2.7 billion. The primary driver of the tax expense was due to profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third party transactions. In addition, the Company concluded that it needed to record a valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized. The additional valuation allowance was partially offset by a one-time $52 million benefit as a result of the recent U.S tax reform. Our results for 2017 also include charges with no significant tax benefit principally related to asset write-downs and other charges including $928 million in long-lived asset impairments, $540 million inventory charges including excess and obsolete, $230 million in the write-down of Venezuelan receivables and $66 million of other write-downs charges and credits, $183 million in restructuring charges and the warranty fair value adjustment of $86 million.

On December 22, 2017, the U.S. enacted into law a comprehensive tax reform bill (the “Tax Cuts and Jobs Act,” or “TCJA”). The TCJA significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, eliminating certain deductions, imposing a mandatory one-time tax on accumulated earnings of foreign subsidiaries as of 2017 held in cash and illiquid assets (with the latter taxed at a lower rate), and a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base, such as the base erosion and anti-abuse tax). The SEC has issued guidance that allow for a measurement period of up to one year after the enactment date of the legislation to finalize the recording of the related tax impacts. The Company believes that the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35% can reasonably be estimated to decrease the amount of the U.S. deferred tax assets and liabilities by $249 million with a decrease to the valuation allowance of $301 million for a net tax benefit of $52 million. The TCJA is not estimated to have other impacts on the Company’s effective tax rate because of the valuation allowance against the U.S. deferred tax assets. Any potential impact is offset by un-benefitted U.S. net operating loss carryforwards. As we do not have all the necessary information to analyze all effects of this tax reform, this is a provisional amount which we believe represents a reasonable estimate of the accounting implications of this tax reform. In addition, the various impacts of the TCJA may materially differ from the estimated impacts recognized in the fourth quarter due to regulatory guidance that may be issued in the future, tax law technical corrections, refined computations, and possible changes in the Company’s interpretations, assumptions, and actions as a result of the tax legislation. We will continue to evaluate tax reform, and adjust the provisional amounts as additional information is obtained. Any adjustment to these provisional amounts will be reported in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018.

Our income tax provision in 2016 was $496 million on a loss before income taxes of $2.9 billion. The primary component of the tax expense relates to the Company’s conclusion that certain deferred tax assets that had previously been benefited are not more likely than not to be realized. Our results for 2016 also include charges with no significant tax benefit principally related to $436 million of long-lived asset impairments, $219 million of inventory write-downs, $140 million of settlement agreement charges, $41 million of currency devaluation related to the Angolan kwanza and Egyptian pound, $78 million of bond tender premium, and $76 million of PDVSA note receivable net adjustment, $62 million in accounts receivable reserves and write-offs, and $114 million in pressure pumping related charges. In addition, we recorded $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries.

In 2015, we had a tax benefit of $145 million on a loss before income taxes of $2.1 billion. The tax benefit was favorably impacted by a U.S. loss, which included restructuring, impairment charges and a worthless stock deduction. Our results for 2015 include $255 million of Land Drilling Rig impairment charges, $232 million of restructuring charges, $116 million of litigation settlements, $153 million of legacy project losses, $85 million of currency devaluation and related losses and $25 million of equity investment impairment, all with no significant tax benefit. In addition, we recorded a tax charge of $265 million for a non-cash tax expense on distribution of subsidiary earnings.

Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations.

The components of the net deferred tax asset (liability) attributable to continuing operations were as follows: 

	December 31,
(Dollars in millions)	2017			2016
Net Operating Losses Carryforwards	$	1,208		$	1,258
Accrued Liabilities and Reserves	266			200
Tax Credit Carryforwards	99			102
Employee Benefits	39			34
Inventory	129			75
Other Differences between Financial and Tax Basis	346			252
Valuation Allowance	(1,887		)	(1,738		)
Total Deferred Tax Assets	200			183
Deferred Tax Liabilities:
Property, Plant and Equipment	(49		)	(13		)
Intangible Assets	(131		)	(212		)
Deferred Income	—			(9		)
Undistributed Subsidiary Earnings	—			—
Other Differences between Financial and Tax Basis	(71		)	(25		)
Total Deferred Tax Liabilities	(251		)	(259		)
Net Deferred Tax Asset (Liability)	$	(51	)	$	(76	)

The increase in the valuation allowance in 2017 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United Kingdom and Argentina. The overall increase in the valuation allowance in 2016 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United States, Brazil, and Colombia.

Deferred income taxes generally have not been recognized on the cumulative undistributed earnings of our non-Swiss subsidiaries because they are considered to be indefinitely reinvested or they can be distributed on a tax free basis. Distribution of these earnings in the form of dividends or otherwise may result in a combination of income and withholding taxes payable in various countries. In 2016 the company recorded a tax charge of $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries. As of December 31, 2017, the pool of positive undistributed earnings of our non-Swiss subsidiaries that are considered indefinitely reinvested and may be subject to tax if distributed amounts to approximately $2.9 billion. Due to complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes and the related dividend withholding taxes associated with these undistributed earnings.

At December 31, 2017, we had approximately $5.0 billion of NOLs in various jurisdictions, $1.9 billion of which were generated by certain U.S. subsidiaries. Loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2033 through 2037 and at various dates from 2018 through 2037 for non-U.S. subsidiaries. At December 31, 2017, we had $98 million of tax credit carryovers, of which $82 million is for U.S. subsidiaries. The U.S. credits primarily consists of $30 million of research and development tax credit carryforwards which expire from 2026 through 2036, and $52 million of foreign tax credit carryforwards which expire from 2018 through 2036.

A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Balance at Beginning of Year	$	208		$	195		$	235
Additions as a Result of Tax Positions Taken During a Prior Period	65			30			28
Reductions as a Result of Tax Positions Taken During a Prior Period	(1		)	(1		)	(9		)
Additions as a Result of Tax Positions Taken During the Current Period	12			20			5
Reductions Relating to Settlements with Taxing Authorities	(29		)	(19		)	(46		)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(38		)	(12		)	(7		)
Foreign Exchange Effects	—			(5		)	(11		)
Balance at End of Year	$	217		$	208		$	195

Substantially all of the uncertain tax positions, if recognized in future periods, would impact our effective tax rate. To the extent penalties and interest would be assessed on any underpayment of income tax, such amounts have been accrued and classified as a component of income tax expense and other non-current liabilities in the Consolidated Financial Statements in accordance with our accounting policy. We recorded an expense of $10 million, an expense of $2 million and a benefit of $4 million of interest and penalty for the years ended December 31, 2017, 2016 and 2015, respectively. The amounts in the table above exclude cumulative accrued interest and penalties of $61 million, $51 million, and $50 million at December 31, 2017, 2016 and 2015, respectively, which are included in other liabilities.

We are subject to income tax in many of the approximately 90 countries where we operate. As of December 31, 2017, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: 

Canada	2009 - 2017
Mexico	2007 - 2017
Russia	2015 - 2017
Switzerland	2010 - 2017
United States	2014 - 2017

We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. We anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $12 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

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Disputes, Litigation and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Disputes, Litigation and Contingencies

Disputes, Litigation and Contingencies

Shareholder Litigation

In 2010, three shareholder derivative actions were filed, purportedly on behalf of the Company, asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the United Nations oil-for-food program governing sales of goods into Iraq, the Foreign Corrupt Practices Act of 1977 and trade sanctions related to the U.S. government investigations disclosed in our SEC filings since 2007. Those shareholder derivative cases were filed in Harris County, Texas state court and consolidated under the caption Neff v. Brady, et al., No. 2010040764 (collectively referred to as the “Neff Case”). Other shareholder demand letters covering the same subject matter were received by the Company in early 2014, and a fourth shareholder derivative action was filed, purportedly on behalf of the Company, also asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the same subject matter as the Neff Case. That case, captioned Erste-Sparinvest KAG v. Duroc-Danner, et al., No. 201420933 (Harris County, Texas) was consolidated into the Neff Case in September 2014. A motion to dismiss was granted May 15, 2015, and an appeal was filed on June 15, 2015. Following briefing and oral argument, on June 29, 2017, the Texas Court of Appeals denied in part and granted in part the shareholders’ appeal. The Court ruled that the shareholders lacked standing to bring claims that arose prior to the Company’s redomestication to Switzerland in 2009, and upheld the dismissal of those claims. The Court reversed as premature the trial court’s dismissal of claims arising after the redomestication and remanded to the trial court for further proceedings. On February 1, 2018, the individual defendants and nominal defendant Weatherford filed a motion for summary judgment on the remaining claims in the case. We cannot reliably predict the outcome of the remaining claims, including the amount of any possible loss.

Securities Class Action Settlement

On June 30, 2015, we signed a stipulation to settle a shareholder securities class action captioned Freedman v. Weatherford International Ltd., et al., No. 1:12-cv-02121-LAK (S.D.N.Y.) for $120 million subject to notice to the class and court approval. The Freedman lawsuit had been filed in the U.S. District Court for the Southern District of New York in March 2012, and alleged that we and certain current and former officers of Weatherford violated the federal securities laws in connection with the restatements of the Company’s historical financial statements announced on February 21, 2012 and July 24, 2012. On November 4, 2015, the U.S. District Court for the Southern District of New York entered a final judgment and an order approving the settlement. Pursuant to the settlement, we were required to pay $120 million, which was partially funded by insurance proceeds. There was no admission of liability or fault by a party in connection with the settlement. We are pursuing reimbursement from our insurance carriers and have recovered $26 million of the settlement amount to date.

On January 30, 2015, the U.S. District Court for the Southern District of New York approved the settlement of a purported shareholder securities class action captioned Dobina v. Weatherford International Ltd., et al., No. 1:11-cv-01646-LAK (S.D.N.Y.) for $53 million. The action named Weatherford and certain current and former officers as defendants. It alleged violation of the federal securities laws in connection with the material weakness in our internal controls over financial reporting for income taxes, and restatement of our historical financial statements announced in March 2011. The settlement was entirely funded by our insurers. There was no admission of liability or fault by any party in connection with the settlement.

U.S. Government and Other Investigations

The SEC and the U.S. Department of Justice (“DOJ”) investigated certain accounting issues associated with the material weakness in our internal control over financial reporting for income taxes that was disclosed in a notification of late filing on Form 12b-25 filed on March 1, 2011 and in current reports on Form 8-K filed on February 21, 2012 and on July 24, 2012 and the subsequent restatements of our historical financial statements. During the first quarter 2016, we recorded a loss contingency in the amount of $65 million, and increased it to $140 million in the second quarter to reflect our best estimate of the potential settlement. As disclosed in the Form 8-K filed on September 27, 2016, the Company settled with the SEC without admitting or denying the findings of the SEC, by consenting to the entry of an administrative order that requires the Company to cease and desist from committing or causing any violations and any future violations of the anti-fraud provisions of the Securities Act of 1933 (as amended, the “Securities Act”), and the anti-fraud, reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), and the rules promulgated thereunder. As part of the terms of the SEC settlement, the Company agreed to pay a total civil monetary penalty of $140 million. In addition, certain reports and certifications regarding our internal controls over accounting for income taxes must be delivered to the SEC during the two years following the settlement. We have completed two of three such reports and expect the final report to be delivered by April 2018. A payment of $50 million was made during the fourth quarter of 2016, and a payment of $30 million was made in each of January and May 2017. A final payment for the civil monetary penalty of $30 million was made in September 2017.

Spitzer Industries Litigation

In August 2016, after a bench trial in Harris County, Texas, the court entered a judgment of $36 million against the Company in the case of Spitzer Industries, Inc. (“Spitzer”) vs. Weatherford U.S., L.P. in connection with Spitzer’s fabrication work on two mobile capture vessels used in the cleanup of marine oil spills. We agreed on a settlement and paid the settlement amount of $25 million during the fourth quarter of 2017.

Rapid Completions and Packers Plus Litigation

Several subsidiaries of the Company are defendants in a patent infringement lawsuit filed by Rapid Completions LLC (“RC”) in U.S. District Court for the Eastern District of Texas on July 31, 2015. RC claims that we and other defendants are liable for infringement of seven U.S. patents related to specific downhole completion equipment and the methods of using such equipment. These patents have been assigned to Packers Plus Energy Services, Inc., a Canadian corporation (“Packers Plus”), and purportedly exclusively licensed to RC. The litigation is currently stayed pending resolution of inter partes reviews of each of the patents-in-suit, which are pending before the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office (“USPTO”). RC is seeking a permanent injunction against further alleged infringement, unspecified damages for infringement, supplemental and enhanced damages, and additional relief such as attorneys’ fees. The Company has filed a counterclaim against Packers Plus, seeking declarations of non-infringement, invalidity, and unenforceability of the patents-in-suit on the grounds of inequitable conduct before the USPTO. The Company is seeking attorneys’ fees and costs incurred in the lawsuit.

On October 14, 2015, Packers Plus and RC filed suit in Federal Court in Toronto, Canada against the Company and certain subsidiaries alleging infringement of a related Canadian patent and seeking unspecified damages and an accounting of the Company’s profits. Trial on the validity of the Canadian patent was completed in March 2017. On November 3, 2017, the Federal Court issued its decision, wherein it concluded that the defendants proved that the patent-in-suit was invalid and dismissed Packers Plus and RC’s claims of infringement. On January 5, 2018, Packers Plus and RC filed their Notice of Appeal.

If one or more negative outcomes were to occur in either case, the impact to our financial position, results of operations, or cash flows could be material.

Other Disputes and Litigation

Additionally, we are aware of various disputes and potential claims and are a party in various litigation involving claims against us, including as a defendant in various employment claims alleging our failure to pay certain classes of workers overtime in compliance with the Fair Labor Standards Act for which an agreement was reached and settled during 2016. Some of these disputes and claims are covered by insurance. For claims, disputes and pending litigation in which we believe a negative outcome is probable and a loss can be reasonably estimated, we have recorded a liability for the expected loss. These liabilities are immaterial to our financial condition and results of operations.

In addition we have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, that would result in liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these matters, the aggregate impact to our financial condition could be material.

Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016 were $51 million and $181 million, respectively.

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Commitments

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments

Commitments and Other Contingencies

We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Future minimum commitments under noncancellable operating leases are as follows (dollars in millions):

2018	$	176
2019	112
2020	69
2021	52
2022	32
Thereafter	192
	$	633

Total rent expense incurred under operating leases was approximately $217 million, $324 million and $426 million for the years ended December 31, 2017, 2016 and 2015, respectively. The future rental commitment table above does not include leases that are short-term in nature or can be cancelled with notice of less than three months.

Other Contingencies

The contractual residual value guarantee balance of of $28 million in “Other Non-Current Liabilities” on the accompanying Consolidated Balance Sheets at December 31, 2016 was extinguished after the underlying leased equipment in our North America pressure pumping operations was purchased during the first quarter of 2017.

We have minimum purchase commitments related to supply contracts and maintain a liability at December 31, 2017 of $69 million for expected penalties to be paid, of which $22 millionis recorded in “Other Current Liabilities” and $47 million is recorded in “Other Non-Current Liabilities” on our Consolidated Balance Sheets.

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Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Information

Segment Information

Reporting Segments

At the end of the third quarter of 2017, changes to the Company’s organization structure were internally announced by the Company’s management. During the fourth quarter of 2017, the Company's chief operating decision maker (its chief executive officer) changed the information he regularly reviews to allocate resources and assess performance. Implementation of these changes commenced in the beginning of the fourth quarter of 2017, and, as a result, we realigned our reporting segments into two reportable segments which are the Western Hemisphere segment and Eastern Hemisphere segment. Our Western Hemisphere segment represents the prior North America and Latin America segments as well as land drilling rigs operations in Colombia and Mexico. Our Eastern Hemisphere segment represents the prior MENA/Asia Pacific segment and Europe/SSA/Russia segment as well as land drilling rigs operations in the Eastern Hemisphere. Research and Development expenses are now included in the results of our Western and Eastern Hemisphere segments. We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation.

These reportable segments are based on management’s organization and view of Weatherford’s business when making operating decisions and assessing performance. The purpose of the change is to flatten the organization structure, reduce our costs and accelerate decision-making processes. Our corporate and other expenses that do not individually meet the criteria for segment reporting continue to be reported separately as Corporate expenses.

Financial information by segment is summarized below. Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. The accounting policies of the segments are the same as those described in “Note 1 – Summary of Significant Accounting Policies.” Included in the 2016 and 2015 income (loss) from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq accounted for under the percentage-of-completion method as described in “Note 5 – Percentage of Completion Contracts.”

	Year Ended December 31, 2017
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,937	$	(115	)	$	352	$	70
Eastern Hemisphere	2,762		(143		)	443		130
	5,699		(258		)	795		200
Corporate General and Administrative			(130		)	6		25
Long-Lived Asset Impairments, Write-Downs and Other Charges (a)			(1,664		)
Restructuring Charges (b)			(183		)
Litigation Charges, Net			10
Gain from Disposition of U.S. Pressure Pumping Assets (c)			96
Total	$	5,699	$	(2,129	)	$	801	$	225

(a) During 2017, impairments, asset write-downs and other include $928 million in long-lived asset impairments (of which $740 million relates to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $506 million of asset write-downs, charges and credits and $230 million in the write-down of Venezuelan receivables.

(b) Includes restructuring charges of $183 million: $70 million in Western Hemisphere, $77 million in Eastern Hemisphere and $36 million in Corporate.

(c) In the fourth quarter of 2017, we recognized a gain on the disposition of our U.S. pressure pumping and pump-down perforating assets.

	Year Ended December 31, 2016
(Dollars in millions)	Net Operating Revenues		Loss from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,942	$	(409	)	$	446	$	55
Eastern Hemisphere	2,807		(160		)	501		134
	5,749		(569		)	947		189
Corporate General and Administrative			(139		)	9		15
Long-Lived Asset Impairment and Other Related Charges (d)			(1,043		)
Restructuring Charges (e)			(280		)
Litigation Charges			(220		)
Total	$	5,749	$	(2,251	)	$	956	$	204

(d) Includes $710 million related to long-lived asset impairments, asset write-downs, receivable write-offs and other charges and credits, $219 million in inventory write-downs and $114 million of pressure pumping related charges.

(e) Includes restructuring charges of $280 million: $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate.

	Year Ended December 31, 2015
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations (f)			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	5,276	$	(180	)	$	621	$	390
Eastern Hemisphere	4,157		27			563		273
	9,433		(153		)	1,184		663
Corporate General and Administrative			(194		)	16		19
Long-Lived Asset Impairments (g)			(768		)
Goodwill Impairment			(25		)
Restructuring Charges (h)			(232		)
Litigation Charges			(116		)
Loss on Sale of Businesses, Net			(6		)
Other Items (i)			(52		)
Total	$	9,433	$	(1,546	)	$	1,200	$	682

(f) Includes inventory write-downs of $223 million attributable to the reporting segments as follows: $127 million in the Western Hemisphere and $96 million in the Eastern Hemisphere. Also includes bad debt expense of $48 million of which $31 million was taken in the fourth quarter attributable to our reporting segments as follows: $29 million in the Western Hemisphere and $19 million in the Eastern Hemisphere.

(g) Includes $638 million of long-lived asset impairment charges, supply agreement charges related to a non-core business divestiture of $67 million, and pressure pumping related charges of $63 million.

(h) Includes restructuring charges of $232 million: $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate.

(i) Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges.

The following table presents total assets by segment at December 31:

	Total Assets at December 31,
(Dollars in millions)	2017		2016
Western Hemisphere	$	4,933	$	6,167
Eastern Hemisphere	4,311		5,491
Corporate	503		1,006
Total	$	9,747	$	12,664

Total assets in the United States, part of our Western Hemisphere segment, were $2.9 billion and $3.3 billion as of December 31, 2017 and 2016, respectively.

Products and Services

We are one of the world’s leading providers of equipment and services used in the production, completion, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product service line group is as follows:

	Year Ended December 31,
	2017		2016		2015
Production	26	%	29	%	29	%
Completions	22		20		20
Drilling and Evaluation	24		22		22
Well Construction	28		29		29
Total	100	%	100	%	100	%

Geographic Areas

Financial information by geographic area within the hemispheres is summarized below. Revenues from customers and long-lived assets in Ireland were nil in each of the years presented. Long-lived assets exclude goodwill and intangible assets as well as deferred tax assets of $36 million and $81 million at December 31, 2017 and 2016, respectively.

	Revenues						Long-lived Assets
(Dollars in millions)	2017		2016		2015		2017		2016
United States	$	1,555	$	1,523	$	2,864	$	870	$	1,008
Latin America	890		1,064		1,782		575		903
Canada	492		355		630		118		140
Western Hemisphere	$	2,937	$	2,942	$	5,276	$	1,563	$	2,051
Middle East & North Africa	$	1,464	$	1,513	$	1,843	$	528	$	1,595
Europe/Sub-Sahara Africa/Russia	999		939		1,613		532		629
Asia	299		355		701		270		354
Eastern Hemisphere	$	2,762	$	2,807	$	4,157	$	1,330	$	2,578
Total	$	5,699	$	5,749	$	9,433	$	2,893	$	4,629

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Consolidating Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Financial Statements

Consolidating Financial Statements

Weatherford Ireland, a public limited company organized under the laws of Ireland, a Swiss tax resident, and the ultimate parent of the Weatherford group, guarantees the obligations of our subsidiaries – Weatherford Bermuda and Weatherford Delaware, including the notes and credit facilities listed below.

The 6.80% senior notes of Weatherford Delaware were guaranteed by Weatherford Bermuda at December 31, 2017 and 2016. At December 31, 2016, Weatherford Bermuda also guaranteed the 6.35% senior notes of Weatherford Delaware.

The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at December 31, 2017 and 2016: (1) Revolving Credit Agreement, (2) Term Loan Agreement, (3) 6.50% senior notes, (4) 6.00% senior notes, (5) 7.00% senior notes, (6) 9.625% senior notes, (7) 9.875% senior notes due 2039, (8) 5.125% senior notes, (9) 6.75% senior notes, (10) 4.50% senior notes and (11) 5.95% senior notes (12) 5.875% exchangeable senior notes, (13) 7.75% senior notes, (14) 8.25% senior notes and (15) 9.875% senior notes due 2024.

As a result of certain of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The accompanying guarantor financial information is presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for our share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions.

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2017

(Dollars in Millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,699		$	—		$	5,699
Costs and Expenses	(19		)	45			2			(7,856		)	—			(7,828		)
Operating Income (Loss)	(19		)	45			2			(2,157		)	—			(2,129		)
Other Income (Expense):
Interest Expense, Net	—			(583		)	(38		)	24			18			(579		)
Intercompany Charges, Net	12			148			(192		)	(103		)	135			—
Equity in Subsidiary Income	(2,891		)	(878		)	(437		)	—			4,206			—
Other Income (Expense), Net	85			(19		)	5			(11		)	(8		)	52
Income (Loss) Before Income Taxes	(2,813		)	(1,287		)	(660		)	(2,247		)	4,351			(2,656		)
(Provision) for Income Taxes	—			—			—			(137		)	—			(137		)
Net Income (Loss)	(2,813		)	(1,287		)	(660		)	(2,384		)	4,351			(2,793		)
Net Income Attributable to Noncontrolling Interests	—			—			—			20			—			20
Net Income (Loss) Attributable to Weatherford	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,404	)	$	4,351		$	(2,813	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,722	)	$	(1,307	)	$	(700	)	$	(2,312	)	$	4,319		$	(2,722	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,749		$	—		$	5,749
Costs and Expenses	(151		)	(3		)	5			(7,851		)	—			(8,000		)
Operating Income (Loss)	(151		)	(3		)	5			(2,102		)	—			(2,251		)
Other Income (Expense):
Interest Expense, Net	—			(465		)	(49		)	4			11			(499		)
Intercompany Charges, Net	(76		)	4			(196		)	(274		)	542			—
Equity in Subsidiary Income	(3,181		)	(2,403		)	(944		)	—			6,528			—
Other Income (Expense), Net	16			(38		)	43			(78		)	(70		)	(127		)
Income (Loss) Before Income Taxes	(3,392		)	(2,905		)	(1,141		)	(2,450		)	7,011			(2,877		)
Benefit for Income Taxes	—			—			(154		)	(342		)	—			(496		)
Net Income (Loss)	(3,392		)	(2,905		)	(1,295		)	(2,792		)	7,011			(3,373		)
Net Income Attributable to Noncontrolling Interests	—			—			—			19			—			19
Net Income (Loss) Attributable to Weatherford	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,811	)	$	7,011		$	(3,392	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(3,361	)	$	(3,081	)	$	(1,425	)	$	(2,780	)	$	7,286		$	(3,361	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	9,433		$	—	$	9,433
Costs and Expenses	(101		)	(7		)	2			(10,873		)	—		(10,979		)
Operating Income (Loss)	(101		)	(7		)	2			(1,440		)	—		(1,546		)
Other Income (Expense):
Interest Expense, Net	—			(398		)	(57		)	(13		)	—		(468		)
Intercompany Charges, Net	(83		)	(110		)	(282		)	(403		)	878		—
Equity in Subsidiary Income	(1,801		)	(1,868		)	(492		)	—			4,161		—
Other Income (Expense), Net	—			51			11			(144		)	—		(82		)
Income (Loss) Before Income Taxes	(1,985		)	(2,332		)	(818		)	(2,000		)	5,039		(2,096		)
(Provision) Benefit for Income Taxes	—			—			114			31			—		145
Net Income (Loss)	(1,985		)	(2,332		)	(704		)	(1,969		)	5,039		(1,951		)
Net Income Attributable to Noncontrolling Interests	—			—			—			34			—		34
Net Income (Loss) Attributable to Weatherford	$	(1,985	)	$	(2,332	)	$	(704	)	$	(2,003	)	$	5,039	$	(1,985	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,745	)	$	(2,610	)	$	(754	)	$	(2,762	)	$	6,126	$	(2,745	)

Condensed Consolidating Balance Sheet

December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	195	$	—	$	418	$	—		$	613
Other Current Assets	1			—		516		3,298		(550		)	3,265
Total Current Assets	1			195		516		3,716		(550		)	3,878
Equity Investments in Affiliates	(460		)	7,998		8,009		530		(16,077		)	—
Intercompany Receivables, Net	—			—		—		4,213		(4,213		)	—
Other Assets	—			8		4		5,857		—			5,869
Total Assets	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	128	$	—	$	20	$	—		$	148
Accounts Payable and Other Current Liabilities	10			183		—		2,439		(550		)	2,082
Total Current Liabilities	10			311		—		2,459		(550		)	2,230
Long-term Debt	—			7,127		166		159		89			7,541
Intercompany Payables, Net	87			242		3,884		—		(4,213		)	—
Other Long-term Liabilities	70			146		136		332		(137		)	547
Total Liabilities	167			7,826		4,186		2,950		(4,811		)	10,318
Weatherford Shareholders’ (Deficiency) Equity	(626		)	375		4,343		11,311		(16,029		)	(626		)
Noncontrolling Interests	—			—		—		55		—			55
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747

Condensed Consolidating Balance Sheet

December 31, 2016

(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	586	$	4	$	447	$	—		$	1,037
Other Current Assets	1		—		512		3,891		(531		)	3,873
Total Current Assets	1		586		516		4,338		(531		)	4,910
Equity Investments in Affiliates	2,415		8,669		8,301		1,037		(20,422		)	—
Intercompany Receivables, Net	—		—		—		3,762		(3,762		)	—
Other Assets	2		13		—		7,751		(12		)	7,754
Total Assets	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	53	$	94	$	32	$	—		$	179
Accounts Payable and Other Current Liabilities	105		198		—		2,488		(542		)	2,249
Total Current Liabilities	105		251		94		2,520		(542		)	2,428
Long-term Debt	—		6,944		148		204		107			7,403
Intercompany Payables, Net	145		224		3,393		—		(3,762		)	—
Other Long-term Liabilities	156		152		146		457		(146		)	765
Total Liabilities	406		7,571		3,781		3,181		(4,343		)	10,596
Weatherford Shareholders’ Equity	2,012		1,697		5,036		13,651		(20,384		)	2,012
Noncontrolling Interests	—		—		—		56		—			56
Total Liabilities and Shareholders’ Equity	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,384	)	$	4,351		$	(2,793	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(12		)	(148		)	192			103			(135		)	—
Equity in (Earnings) Loss of Affiliates	2,891			878			437			—			(4,206		)	—
Deferred Income Tax Provision (Benefit)	—			—			—			(25		)				(25		)
Other Adjustments	(278		)	1,236			66			1,416			(10		)	2,430
Net Cash Provided by (Used in) Operating Activities	(212		)	679			35			(890		)	—			(388		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(225		)	—			(225		)
Acquisition of Assets Held for Sale	—			—			—			(244		)	—			(244		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(7		)	—			(7		)
Acquisition of Intellectual Property	—			—			—			(15		)	—			(15		)
Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net	—			—			—			(1		)	—			(1		)
Proceeds from Sale of Assets and U.S. Pressure Pumping and Pump-Down Perforating Assets and Other Assets	—			—			—			481			—			481
Other Investing Activities	—			—			—			(51		)	—			(51		)
Net Cash Used in Investing Activities	—			—			—			(62		)	—			(62		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(17		)	—			(111		)	—			(128		)
Borrowings (Repayments) Long-term Debt, Net	—			200			(94		)	75			—			181
Borrowings (Repayments) Between Subsidiaries, Net	212			(1,253		)	55			986			—			—
Other, Net	—			—			—			(33		)	—			(33		)
Net Cash Provided by Financing Activities	212			(1,070		)	(39		)	917			—			20
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			6			—			6
Net Increase (Decrease) in Cash and Cash Equivalents	—			(391		)	(4		)	(29		)	—			(424		)
Cash and Cash Equivalents at Beginning of Year	—			586			4			447			—			1,037
Cash and Cash Equivalents at End of Year	$	—		$	195		$	—		$	418		$	—		$	613

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,792	)	$	7,011		$	(3,373	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	76			(4		)	196			274			(542		)	—
Equity in (Earnings) Loss of Affiliates	3,181			2,403			944			—			(6,528		)	—
Deferred Income Tax Provision (Benefit)	—			—			26			355			—			381
Other Adjustments	1,230			75			257			1,067			59			2,688
Net Cash Provided by (Used in) Operating Activities	1,095			(431		)	128			(1,096		)	—			(304		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(204		)	—			(204		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(5		)	—			(5		)
Acquisition of Intellectual Property	—			—			—			(10		)	—			(10		)
Insurance Proceeds Related to Insurance Casualty Loss	—			—			—			39			—			39
Proceeds from Sale of Assets	—			—			—			49			—			49
Proceeds (Payment) Related to Sale of Business and Equity Investment, Net	—			—			—			(6		)	—			(6		)
Net Cash Used in Investing Activities	—			—			—			(137		)	—			(137		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(1,497		)	—			(15		)	—			(1,512		)
Borrowings (Repayments) Long-term Debt, Net	—			2,299			(516		)	(65		)	—			1,718
Borrowings (Repayments) Between Subsidiaries, Net	(1,095		)	213			370			512			—			—
Proceeds from Issuance of Ordinary Common Shares and Warrant	—			—			—			1,071			—			1,071
Other, Net	—			—			—			(216		)	—			(216		)
Net Cash Provided by Financing Activities	(1,095		)	1,015			(146		)	1,287			—			1,061
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(50		)	—			(50		)
Net Increase in Cash and Cash Equivalents	—			584			(18		)	4			—			570
Cash and Cash Equivalents at Beginning of Year	—			2			22			443			—			467
Cash and Cash Equivalents at End of Year	$	—		$	586		$	4		$	447		$	—		$	1,037

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,985	)	$	(2,332	)	$	(704	)	$	(1,969	)	$	5,039		$	(1,951	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	83			110			282			403			(878		)	—
Equity in (Earnings) Loss of Affiliates	1,801			1,868			492			—			(4,161		)	—
Deferred Income Tax (Provision) Benefit	—			—			14			(462		)	—			(448		)
Other Adjustments	(35		)	210			(86		)	3,025			—			3,114
Net Cash Provided by (Used in) Operating Activities	(136		)	(144		)	(2		)	997			—			715
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(682		)	—			(682		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(14		)	—			(14		)
Acquisition of Intellectual Property	—			—			—			(8		)	—			(8		)
Proceeds Related to Sale of Businesses and Equity Investment, Net	—			—			—			8			—			8
Proceeds from Sale of Assets	—			—			—			37			—			37
Net Cash Used in Investing Activities	—			—			—			(659		)	—			(659		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			535			—			(30		)	—			505
Borrowings (Repayments) Long-term Debt, Net	—			(411		)	(31		)	(28		)	—			(470		)
Borrowings (Repayments) Between Subsidiaries, Net	135			22			33			(190		)	—			—
Other, Net	—			—			—			(32		)	—			(32		)
Net Cash Provided by Financing Activities	135			146			2			(280		)	—			3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			(66		)	—			(66		)
Net Increase in Cash and Cash Equivalents	(1		)	2			—			(8		)	—			(7		)
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	2		$	22		$	443		$	—		$	467

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2017 and 2016 are presented in the following tables. In the following tables, the sum of basic and diluted “Loss Per Share” for the four quarters may differ from the annual amounts due to the required method of computing weighted average number of shares in the respective periods. Additionally, due to the effect of rounding, the sum of the individual quarterly earnings per share amounts may not equal the calculated year earnings per share amount.

	2017 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,386			$	1,363			$	1,460			$	1,490			$	5,699
Gross Profit	180				174				264				192				810
Net Loss Attributable to Weatherford	(448		)	(a)	(171		)	(b)	(256		)	(c)	(1,938		)	(d)	(2,813		)
Basic & Diluted Loss Per Share	(0.45		)		(0.17		)		(0.26		)		(1.95		)		(2.84		)

(a) Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.

(b) Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.

(c) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.

(d) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.

	2016 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,585			$	1,402			$	1,356			$	1,406			$	5,749
Gross Profit	111				164				126				159				560
Net Loss Attributable to Weatherford	(498		)	(e)	(565		)	(f)	(1,780		)	(g)	(549		)	(h)	(3,392		)
Basic & Diluted Loss Per Share	(0.61		)		(0.63		)		(1.98		)		(0.59		)		(3.82		)

(e) Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.

(f) Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.

(g) Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.

(h) Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

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Schedule II - Valuation and Qualifying Accounts and Allowances

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Allowances

SCHEDULE II

WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS AND ALLOWANCES

FOR THE THREE YEARS ENDED DECEMBER 31, 2017

	Balance at		(Recovery)				Balance at
	Beginning		and				End of
(Dollars in millions)	of Period	Expense (a)	Additions		Other (b) (c)		Period
Year Ended December 31, 2017:
Current Allowance for Uncollectible Accounts Receivable	129	80	—		(53	)	156
Long-term Allowance for Uncollectible Accounts Receivable	—	158	—		15		173
Total Allowance for Uncollectible Accounts Receivable	129	238	—		(38	)	329
Valuation Allowance on Deferred Tax Assets	1,738	158	—		(9	)	1,887
Year Ended December 31, 2016:
Allowance for Uncollectible Accounts Receivable	113	69	—		(53	)	129
Valuation Allowance on Deferred Tax Assets	868	872	—		(2	)	1,738
Year Ended December 31, 2015:
Allowance for Uncollectible Accounts Receivable	108	48	(1	)	(42	)	113
Valuation Allowance on Deferred Tax Assets	732	159	—		(23	)	868

(a) In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela and reclassified $158 million of net accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets. In the fourth quarter of 2017, we recorded an allowance for uncollectible long-term receivables for the full net amount of $158 million.

(b) Other within the allowance for uncollectible accounts receivable as of December 2017 includes write-offs and amounts reclassified to long-term.

(c) Other in 2017 for valuation allowance on deferred taxes primarily due to currency translation.

All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

We consolidate all wholly owned subsidiaries, controlled joint ventures and variable interest entities where the Company has determined it is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation.

Prior periods segment results, restructuring charges and certain other items have been reclassified for the change in our reportable segment presentation. Certain prior year amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders’ (deficiency) equity were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details.

Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. We recognize equity in earnings of unconsolidated affiliates in Selling, General and Administration attributable to segments in our Consolidated Statements of Operations (see “Note 11 – Equity Investments”).

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Disputes, Litigation and Contingencies

Disputes, Litigation and Contingencies

We accrue an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues.

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

We establish an allowance for doubtful accounts based on various factors including historical experience, the current aging status of our customer accounts, the financial condition of our customers and the business and political environment in which our customers operate. Provisions for doubtful accounts are recorded when it becomes probable that customer accounts are uncollectible.

Major Customers and Credit Risk

Major Customers and Credit Risk

Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for potential credit losses, and actual losses have historically been within our expectations. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales have resulted in a concentration of receivables from certain national oil companies. As of December 31, 2017, the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017, our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017, 2016 and 2015, no individual customer accounted for more than 10% of our consolidated revenues.

Inventories

Inventories

We value our inventories at lower of cost or market using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. Work in process and finished goods inventories include the cost of materials, labor and manufacturing overhead. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and record provisions for excess, slow moving and obsolete inventory. 

Property, Plant and Equipment

Property, Plant and Equipment

We carry our property, plant and equipment, both owned and under capital lease, at cost less accumulated depreciation. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable.

Our depreciation expense was $749 million, $896 million and $1.1 billion for the years ended December 31, 2017, 2016 and 2015, respectively. We classify our rig assets as “Rental and Service Equipment” on the Consolidated Balance Sheets.

The estimated useful lives of our major classes of PP&E are as follows:

Major Classes of Property, Plant and Equipment	Estimated Useful Lives
Buildings and leasehold improvements	10 – 40 years or lease term
Rental and service equipment	2 – 20 years
Machinery and other	2 – 12 years

Goodwill and Indefinite Lived Intangibles Assets

Goodwill

Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative step of the impairment test. If it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, further testing is not required. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance.

Intangible Assets

Intangible Assets

Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. Intangible assets are amortized on a straight-line basis over their estimated economic lives generally ranging from two to 20 years, except for intangible assets with indefinite lives, which are not amortized. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable.

Long-Lived Assets

Long-Lived Assets

We initially record our long-lived assets at cost, and review on a regular basis to determine whether any events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Factors that might indicate a potential impairment may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions or a reduction in cash flows associated with the use of the long-lived asset. If these or other factors indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset at the lowest level that has an identifiable cash flow. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We estimate the fair value of the asset using market prices when available or, in the absence of market prices, based on an estimate of discounted cash flows or replacement cost. Cash flows are generally discounted using an interest rate commensurate with a weighted average cost of capital for a similar asset.

Research and Development Expenditures

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Environmental Expenditures

Environmental Expenditures

Environmental expenditures that relate to the remediation of an existing condition caused by past operations and that do not contribute to future revenues are expensed. Liabilities for these expenditures are recorded when it is probable that obligations have been incurred and costs can be reasonably estimated. Estimates are based on available facts and technology, enacted laws and regulations and our prior experience in remediation of contaminated sites.

Derivatives Financial Instruments

Derivative Financial Instruments

We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge.

Foreign Currency

Foreign Currency

Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in Accumulated Other Comprehensive Loss, a component of shareholders’ (deficiency) equity.

For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “Note 15 – Derivative Instruments”) in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations. Devaluation charges on foreign currencies are reported in “Currency Devaluation Charges” on the accompanying Consolidated Statements of Operations..

At December 31, 2017 our net monetary asset position denominated in Angolan kwanza was approximately $99 million. 

Share-Based Compensation

Share-Based Compensation

We account for all share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of expected forfeitures, over the service period, which is usually the vesting period.

Income Taxes

Income Taxes

Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority.

Revenue Recognition

Revenue Recognition

Revenue is recognized when all of the following criteria have been met: (1) evidence of an arrangement exists; (2) delivery to and acceptance by the customer has occurred; (3) the price to the customer is fixed or determinable; and (4) collectability is reasonably assured.

Our services and products are generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue is recognized for products upon delivery and when the customers assume the risks and rewards of ownership. Revenue is recognized for services when they are rendered. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. We recognize revenue for day-rate contracts as the services are rendered.

Up-front payments for preparation and mobilization of equipment and personnel in connection with new drilling contracts are deferred along with any related incremental costs incurred directly related to preparation and mobilization. The deferred revenue and costs are recognized over the primary contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized, along with any related expenses, upon completion of contracts.

We incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. We recognize the revenue associated with these rebillable expenses when reimbursed by customers as Product Revenues and all related costs as Cost of Products in the accompanying Consolidated Statements of Operations.

Revenue Recognition – Venezuela

In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela to record a discount reflecting the time value of money and accrete the discount as interest income over the expected collection period using the effective interest method. In connection with this development, we corrected this immaterial error for the three and six month periods ended June 30, 2017. The impact of the correction decreased revenue and increased interest income by approximately $31 million and $4 million, respectively, for the three month period ended June 30, 2017 and reduced accounts receivable by approximately $27 million as of June 30, 2017. To reflect the impact of payment delays and expectation that the time to collect may exceed one year, we reclassified $158 million of accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets.

In the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. In connection with this development, we recorded a charge equal to a full allowance on our accounts receivable for revenue earned prior to September 30, 2017 in Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Account for these customers in Venezuela. The impact of the charge was approximately $230 million for the three month period ended December 31, 2017 and reduced Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Accounts on the accompanying Condensed Consolidated Balance Sheets by approximately $158 million and $72 million, respectively, as of December 31, 2017.

We will continue to monitor our Venezuelan operations and will actively pursue collection of our outstanding invoices.

Percentage- of- Completion

Percentage-of-Completion

Revenue from certain long-term construction type contracts is reported based on the percentage-of-completion method of accounting. This method of accounting requires us to calculate contract profit to be recognized in each reporting period for each contract based upon our projections of future outcomes, which include:

•estimates of the available revenue under the contracts;

•estimates of the total cost to complete the project;

•estimates of project schedule and completion date;

•estimates of the extent of progress toward completion; and

•change order amounts or claims included in revenue.

Measurements of progress are based on costs incurred to date as a percentage of total estimated costs or output related to physical progress. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project. Risks related to service delivery, usage, productivity and other factors are considered in the estimation process. We periodically evaluate the estimated costs, claims, change orders and percentage-of-completion at the contract level. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit multiplied by the current estimated percentage complete for the contract. There are many factors that impact future costs, including but not limited to weather, inflation, customer activity levels and budgeting constraints, labor and community disruptions, timely availability of materials, productivity and other factors.

Earnings per Share

Earnings per Share

Basic earnings per share for all periods presented equals net income divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings per share is computed by dividing net income by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units.

Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method. Accordingly, we include our restricted share awards (“RSA”) and the outstanding warrant, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when diluted.

New Accounting Pronouncements

New Accounting Pronouncements

Accounting Changes

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies that modification accounting is required only if the fair value, the vesting conditions, or the classification of a share-based payment award changes as a result of changes in terms or conditions of the award. We have elected to early adopt ASU 2017-09 in the second quarter of 2017 and the adoption of this ASU had no impact on our Consolidated Financial Statements.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the goodwill impairment test requiring an entity to compute the implied fair value of goodwill. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We have elected to adopt ASU 2017-04 as of January 1, 2017 and the adoption of this ASU has no impact on our Consolidated Financial Statements.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 requires all income tax effects related to share-based payments at settlement (or expiration) be recorded through the income statement, including unrealized excess tax benefits. ASU 2016-09 also requires that all tax related cash flows resulting from share-based payments be presented as operating activities in the statement of cash flows. In addition, the guidance allows entities to increase the net-share settlement of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to estimate forfeitures or recognize them as they occur. Finally, the new guidance requires all cash payments made to a taxing authority on an employee’s behalf for shares withheld be presented as financing activities in the statement of cash flows.

We adopted ASU 2016-09 in the first quarter of 2017. We prospectively adopted the changes requiring all tax effects related to share-based payments to be recorded through the income statement and all tax related cash flows from share based payments to be presented as operating activities in the statement of cash flows. There is no cumulative effect as there is no impact from unrecognized excess tax benefits or minimum withholding requirements and prior periods have not been adjusted. We have also made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. We have retrospectively adopted the guidance to classify as a financing activity on the statement of cash flows all cash payments made to a taxing authority on an employee’s behalf for shares withheld for tax-withholding purposes. We have reclassified $10 million and $9 million from other operating activities to other financing activities in the Statements of Cash Flows for the years ended December 31, 2016 and 2015, respectively.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires inventory not measured using either the last in, first out or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We adopted ASU 2015-11 in the first quarter of 2017 prospectively with no impact on our Consolidated Financial Statements.

Accounting Standards Issued Not Yet Adopted

In July 2017, the FASB issued ASU 2017-11, which amends the accounting for certain equity-linked financial instruments and states a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. For an equity-linked financial instrument no longer accounted for as a liability at fair value, the amendments require a down round to be treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. The ASU is effective beginning with the first quarter of 2019, and early adoption is permitted. The ASU is required to be applied retrospectively to outstanding instruments. Weatherford has evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not impact the liability classification of our warrant instrument.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). The service cost component of net benefit cost will be bifurcated and presented with other employee compensation costs, while other components of net benefit costs will be presented separately outside of income from operations. The standard is required to be applied on a retrospective basis and will be effective beginning with the first quarter of 2018. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements, other than the $41 million income adjustment of non-service cost components from operating expenses to other income (expense) for 2017.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which eliminates a current exception in U.S. GAAP to the recognition of the income tax effects of temporary differences that result from intra-entity transfers of non-inventory assets. The intra-entity exception is being eliminated under the ASU. The standard is required to be applied on a modified retrospective basis and will be effective beginning with the first quarter of 2018.  We estimate that the impact that this new standard will have on our Consolidated Financial Statements will be a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes paid that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to recognize a lease asset and lease liability for most leases, including those classified as operating leases under existing U.S. GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors.

Under ASU 2016-02, we will revise our leasing policies to require most of the leases, where we are the lessee, to be recognized on the balance sheet as a lease asset and lease liability whereas currently we do not recognize operating leases on our balance sheet. Further, we will separate leases from other contracts where we are either the lessor or lessee when the rights conveyed under the contract indicate there is a lease, where we may not be required to do so under existing policies. While we cannot calculate the impact ASU 2016-02 will have on Weatherford’s financial statements, we anticipate that Weatherford’s assets and liabilities will increase by a significant amount. This standard will be effective for us beginning with the first quarter of 2019. We do not anticipate adopting ASU 2016-02 early, which is permitted under the standard. 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 will require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires a five-step approach to recognizing revenue: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. Subsequent to ASU 2014-09’s issuance, Topic 606 has been affected by other FASB updates that address certain aspects of Topic 606 or revised the effective date of the accounting changes.

Under ASU 2014-09, we will revise our revenue recognition policy to require revenue recognition when control passes. This is a change from current policies, which generally require revenue recognition when delivery has occurred and risk and rewards of ownership have passed.

We adopted ASU 2014-09 as of January 1, 2018. ASU 2014-09 permits two transition methods: the retrospective method or the modified retrospective method. Weatherford applied the modified retrospective method which requires the recognition of a cumulative effect as an adjustment to opening retained earnings on the initial date of adoption.

We have commenced our implementation of ASU 2014-09 and completed an assessment of the differences between ASU 2014-09 and current accounting practices (gap analysis). Our approach involved comparing existing accounting requirements to the requirements under Topic 606 for each of our product lines and reviewing a sample of contracts within each product line and region. We are currently in the process of establishing new policies, procedures, and controls, establishing appropriate presentation and disclosure changes and quantifying any adoption date adjustments. Although not finalized, based on the implementation efforts performed, management’s assessment is that ASU 2014-09 will not materially affect us. Any changes are not expected to have any impact to our cash flows.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment and Estimated Useful Lives

The estimated useful lives of our major classes of PP&E are as follows:

Major Classes of Property, Plant and Equipment	Estimated Useful Lives
Buildings and leasehold improvements	10 – 40 years or lease term
Rental and service equipment	2 – 20 years
Machinery and other	2 – 12 years

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Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The carrying amounts of the major classes of assets of U.S. pressure pumping and pump-down perforating divested are as follows:

	December 31,
(Dollars in millions)	2017
Assets:
Inventory, Net	$	7
Property, Plant and Equipment, Net	222
Goodwill	162
Total Assets	$	391
Liabilities:
Long-term Debt	$	9
Other Liabilities	52
Total Liabilities	$	61

Held for Sale

During the fourth quarter of 2017, we committed to a plan to divest our land drilling rigs assets. As such, we reclassified the carrying amounts of the assets we plan to divest as held for sale as of December 31, 2017, which include $276 million of PP&E and other assets and $64 million of inventory. As of December 31, 2017, we also had $19 million of other PP&E held for sale.

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Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

	Year Ended December 31, 2017
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016-17 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	42	$	28	$	70
Eastern Hemisphere	35		42		77
Corporate	32		4		36
Total	$	109	$	74	$	183

	Year Ended December 31, 2016
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2016 Plan	Charges		Charges		Other Charges
Western Hemisphere	$	82	$	71	$	153
Eastern Hemisphere	62		13		75
Corporate	52		—		52
Total	$	196	$	84	$	280

	Year Ended December 31, 2015
			Other		Total
(Dollars in millions)	Severance		Restructuring		Severance and
2015 Plan:	Charges		Charges		Other Charges
Western Hemisphere	$	68	$	26	$	94
Eastern Hemisphere	66		57		123
Corporate	15		—		15
Total	$	149	$	83	$	232

Schedule of Restructuring Reserve by Type of Cost

The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below, and largely relate to the severance accrued as part of the 2016-17 Plan, the 2016 Plan and the 2015 Plan that will be paid pursuant to the respective arrangements and statutory requirements.

	At December 31, 2017
	2016-17 and 2016 Plans				2015 Plan				Total
									Severance
	Severance		Other		Severance		Other		and Other
(Dollars in millions)	Liability		Liability		Liability		Liability		Liability
Western Hemisphere	$	4	$	17	$	—	$	—	$	21
Eastern Hemisphere	7		18		—		5		30
Corporate	10		—		—		—		10
Total	$	21	$	35	$	—	$	5	$	61

The following table presents the restructuring accrual activity for the year ended December 31, 2017.

			Year Ended December 31, 2017
(Dollars in millions)	Accrued Balance at December 31, 2016		Charges		Cash Payments			Other			Accrued Balance at December 31, 2017
2016-17 and 2016 Plans:
Severance liability	$	52	$	109	$	(137	)	$	(3	)	$	21
Other restructuring liability	22		62		(26		)	(23		)	35
2015 Plan:
Severance liability	3		—		(3		)	—			—
Other restructuring liability	9		—		(1		)	(3		)	5
Total severance and other restructuring liability	$	86	$	171	$	(167	)	$	(29	)	$	61

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Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Cash paid for interest and income taxes was as follows:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Interest paid	$	538	$	467	$	477
Income taxes paid, net of refunds	87		161		331

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Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Components of Inventory

Inventories, net of reserves, by category were as follows:

	December 31,
(Dollars in millions)	2017		2016
Raw materials, components and supplies	$	144	$	168
Work in process	47		49
Finished goods	1,043		1,585
	$	1,234	$	1,802

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016, are presented in the following table.

(Dollars in millions)	Western Hemisphere			Eastern Hemisphere			Total
Balance at December 31, 2015	$	2,040		$	763		$	2,803
Foreign currency translation	25			(31		)	(6		)
Balance at December 31, 2016	$	2,065		$	732		$	2,797
Disposals	(162		)	—			(162		)
Foreign currency translation	55			37			92
Balance at December 31, 2017	$	1,958		$	769		$	2,727

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Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets were as follows:

	December 31, 2017							December 31, 2016
	Gross					Net		Gross					Net
	Carrying		Accumulated			Intangible		Carrying		Accumulated			Intangible
(Dollars in millions)	Amount		Amortization			Assets		Amount		Amortization			Assets
Acquired technology	$	390	$	(334	)	$	56	$	373	$	(300	)	$	73
Licenses	175		(168		)	7		177		(166		)	11
Patents	223		(144		)	79		215		(134		)	81
Customer Relationships and Contracts	197		(160		)	37		193		(144		)	49
Other	98		(64		)	34		91		(57		)	34
	$	1,083	$	(870	)	$	213	$	1,049	$	(801	)	$	248

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future estimated amortization expense for the carrying amount of intangible assets as of December 31, 2017 is expected to be as follows (dollars in millions): 

Period	Amount
2018	$	48
2019	42
2020	32
2021	20
2022	13

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Short-term Borrowings and Other Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2017

Line of Credit Facility [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

(Dollars in millions)	December 31, 2017
Facilities	$	1,375
Less Uses of Facilities:
Letters of Credit	110
Secured Term Loan Principal Borrowing	375
Borrowing Availability	$	890

Components of short-term borrowings

Our short-term borrowings and current portion of long-term debt consists of the followings:

	December 31,
(Dollars in millions)	2017		2016
Other Short-term Loans	$	11	$	2
Current Portion of Long-term Debt	137		177
Short-term Borrowings and Current Portion of Long-term Debt	$	148	$	179

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Short-term Borrowings and Other Debt Obligations Line Of Credit Facility (Tables)

12 Months Ended

Dec. 31, 2017

Line of Credit Facility [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

(Dollars in millions)	December 31, 2017
Facilities	$	1,375
Less Uses of Facilities:
Letters of Credit	110
Secured Term Loan Principal Borrowing	375
Borrowing Availability	$	890

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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of long-term debt

We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements. Our Long-term Debt consisted of the following:

	December 31,
(Dollars in millions)	2017		2016
6.35% Senior Notes due 2017	—		89
6.00% Senior Notes due 2018	66		66
9.625% Senior Notes due 2019	488		489
5.125% Senior Notes due 2020	364		363
5.875% Exchangeable Senior Notes due 2021	1,170		1,147
7.75% Senior Notes due 2021	741		739
4.50% Senior Notes due 2022	643		642
8.25% Senior Notes due 2023	739		738
9.875% Senior Notes due 2024	780		528
6.50% Senior Notes due 2036	447		447
6.80% Senior Notes due 2037	255		255
7.00% Senior Notes due 2038	456		456
9.875% Senior Notes due 2039	245		245
6.75% Senior Notes due 2040	456		456
5.95% Senior Notes due 2042	368		368
Secured Term Loan due 2020	372		420
4.82% secured borrowing	—		5
Capital and Other Lease Obligations	86		120
Other	2		7
Total Senior Notes and Other Debt	7,678		7,580
Less: Amounts Due in One Year	137		177
Long-term Debt	$	7,541	$	7,403

Schedule of maturities of long-term debt

he accrued interest on our borrowings was $145 million and $127 million at December 31, 2017 and 2016, respectively. The following is a summary of scheduled Long-term Debt maturities by year (dollars in millions):

2018	$	137
2019	543
2020	643
2021	1,918
2022	651
Thereafter	3,786
	$	7,678

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Fair Value of Financial Instruments, Assets and Equity Investements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair value and carrying value of Long-term Debt

The fair value and carrying value of our senior notes were as follows: 

	December 31,
(Dollars in millions)	2017		2016
Fair Value	$	7,060	$	6,739
Carrying Value	7,218		7,028

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Outstanding Derivative Instruments

The total estimated fair values of our foreign currency forward contracts and warrant derivative are as follows:

	December 31,
(Dollars in millions)	2017			2016			Classifications
Derivative Assets not Designated as Hedges:
Foreign Currency Forward Contracts	$	5		$	7		Other Current Assets
Derivative Liabilities not Designated as Hedges:
Foreign Currency Forward Contracts	(4		)	(14		)	Other Current Liabilities
Warrant on Weatherford Shares	(70		)	(156		)	Other Non-current Liabilities

The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below.

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015			Classification
Foreign Currency Forward Contracts	$	(25	)	$	(25	)	$	(115	)	Other Income (Expense), Net
Cross-currency Swap Contracts	—			—			13			Other Income (Expense), Net
Warrant on Weatherford Shares	86			16			—			Warrant Fair Value Adjustment

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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Changes in Issued and Treasury shares

Changes in our ordinary shares issued during the years ended December 31, 2017, 2016 and 2015, were as follows:

(Shares in millions)	Issued
Balance at December 31, 2014	774
Equity Awards Granted, Vested and Exercised	5
Balance at December 31, 2015	779
Share Issuance	200
Equity Awards Granted, Vested and Exercised	4
Balance at December 31, 2016	983
Equity Awards Granted, Vested and Exercised	10
Balance at December 31, 2017	993

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2017 and 2016:

(Dollars in millions)	Currency Translation Adjustment			Defined Benefit Pension			Deferred Loss on Derivatives			Total
Balance at December 31, 2015	$	(1,602	)	$	(29	)	$	(10	)	$	(1,641	)
Other Comprehensive (Loss) Income before Reclassifications	(12		)	41			—			29
Reclassifications	—			1			1			2
Net Activity	(12		)	42			1			31
Balance at December 31, 2016	(1,614		)	13			(9		)	(1,610		)
Other Comprehensive Income before Reclassifications	130			1			—			131
Reclassifications	—			(40		)	—			(40		)
Net Activity	130			(39		)	—			91
Balance at December 31, 2017	$	(1,484	)	$	(26	)	$	(9	)	$	(1,519	)

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following discloses basic and diluted weighted average shares outstanding:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Basic and Diluted Weighted Average Shares Outstanding	990	887	779

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table discloses the number of anti-dilutive shares excluded:

	Year Ended December 31,
(Shares in millions)	2017	2016	2015
Anti-dilutive Potential Shares	250	104	3

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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

We recognized the following share-based compensation expense during each of the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Share-based Compensation	$	70	$	87	$	73
Related Tax (Provision) Benefit	—		—		14

Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments

A summary of option activity for the year ended December 31, 2017, is presented below:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
	(In thousands)					(In thousands)
Outstanding at December 31, 2016	598		$	12.59	0.91 years	$	—
Exercised	—		—
Expired	(398	)	10.42
Outstanding and Vested at December 31, 2017	200		16.92		0.89 years	—
Exercisable at December 31, 2017	—		—		0.00 years	—

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of RSA and RSU activity for the year ended December 31, 2017 is presented below:

	RSA		Weighted Average Grant Date Fair Value		RSU		Weighted Average Grant Date Fair Value
	(In thousands)				(In thousands)
Non-Vested at December 31, 2016	137		$	17.42	12,794		$	9.15
Granted	—		—		10,876		4.26
Vested	(86	)	17.35		(5,946	)	9.56
Forfeited	(11	)	16.35		(2,455	)	8.63
Non-Vested at December 31, 2017	40		17.87		15,269		5.58

Schedule of Nonvested Performance-based Units Activity

A summary of performance unit activity for the year ended December 31, 2017, is presented below:

	Performance Units		Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested at December 31, 2016	1,932		$	7.08
Granted	3,070		6.06
Vested	(145	)	6.25
Forfeited	(1,767	)	7.15
Non-vested at December 31, 2017	3,090		6.07

Employee Stock Purchase Plan

In June 2016, our shareholders adopted our ESPP and approved 12 million shares to be reserved for issuance under the plan. The ESPP permits eligible employees to make payroll deductions to purchase Weatherford stock.  Each offering period has a six-month duration beginning on either March 1 or September 1. Shares are purchased at 90% of the lower of the closing price for our common stock on the first or last day of the offering period.  We issued 3 million shares under the ESPP as of December 31, 2017.

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Retirement and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of weighted average assumption rates

The weighted average assumption rates used for benefit obligations were as follows:

	Year Ended December 31,
	2017	2016
Discount rate:
United States Plans	3.00% - 3.50%	1.00% - 4.00%
International Plans	1.60% - 6.75%	1.90% - 7.50%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 3.50%	2.00% - 3.50%

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Valuation Allowance [Line Items]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Our income tax (provision) benefit from continuing operations consisted of the following:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Total Current Provision	$	(162	)	$	(115	)	$	(303	)
Total Deferred (Provision) Benefit	25			(381		)	448
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The difference between the income tax (provision) benefit at the Swiss federal income tax rate and the income tax (provision) benefit attributable to “Loss Before Income Taxes” for each of the three years ended December 31, 2017, 2016 and 2015 is analyzed below:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Swiss Federal Income Tax Rate at 7.83%	$	208		$	225		$	164
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate	123			319			411
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets	(249		)	—			—
Non-cash Tax Expense on Distribution of Subsidiary Earnings	—			(137		)	(265		)
Change in Valuation Allowance Attributed to U.S. Tax Reform	301			—			—
Change in Valuation Allowance	(459		)	(872		)	(159		)
Change in Uncertain Tax Positions	(61		)	(31		)	(6		)
(Provision) Benefit for Income Taxes	$	(137	)	$	(496	)	$	145

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the net deferred tax asset (liability) attributable to continuing operations were as follows: 

	December 31,
(Dollars in millions)	2017			2016
Net Operating Losses Carryforwards	$	1,208		$	1,258
Accrued Liabilities and Reserves	266			200
Tax Credit Carryforwards	99			102
Employee Benefits	39			34
Inventory	129			75
Other Differences between Financial and Tax Basis	346			252
Valuation Allowance	(1,887		)	(1,738		)
Total Deferred Tax Assets	200			183
Deferred Tax Liabilities:
Property, Plant and Equipment	(49		)	(13		)
Intangible Assets	(131		)	(212		)
Deferred Income	—			(9		)
Undistributed Subsidiary Earnings	—			—
Other Differences between Financial and Tax Basis	(71		)	(25		)
Total Deferred Tax Liabilities	(251		)	(259		)
Net Deferred Tax Asset (Liability)	$	(51	)	$	(76	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows:

	Year Ended December 31,
(Dollars in millions)	2017			2016			2015
Balance at Beginning of Year	$	208		$	195		$	235
Additions as a Result of Tax Positions Taken During a Prior Period	65			30			28
Reductions as a Result of Tax Positions Taken During a Prior Period	(1		)	(1		)	(9		)
Additions as a Result of Tax Positions Taken During the Current Period	12			20			5
Reductions Relating to Settlements with Taxing Authorities	(29		)	(19		)	(46		)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(38		)	(12		)	(7		)
Foreign Exchange Effects	—			(5		)	(11		)
Balance at End of Year	$	217		$	208		$	195

Summary of Income Tax Contingencies [Table Text Block]

We are subject to income tax in many of the approximately 90 countries where we operate. As of December 31, 2017, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: 

Canada	2009 - 2017
Mexico	2007 - 2017
Russia	2015 - 2017
Switzerland	2010 - 2017
United States	2014 - 2017

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Commitments and Other Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Operating Leases of Lessee Disclosure

Future minimum commitments under noncancellable operating leases are as follows (dollars in millions):

2018	$	176
2019	112
2020	69
2021	52
2022	32
Thereafter	192
	$	633

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Financial information by segment

Financial information by segment is summarized below. Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. The accounting policies of the segments are the same as those described in “Note 1 – Summary of Significant Accounting Policies.” Included in the 2016 and 2015 income (loss) from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq accounted for under the percentage-of-completion method as described in “Note 5 – Percentage of Completion Contracts.”

	Year Ended December 31, 2017
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,937	$	(115	)	$	352	$	70
Eastern Hemisphere	2,762		(143		)	443		130
	5,699		(258		)	795		200
Corporate General and Administrative			(130		)	6		25
Long-Lived Asset Impairments, Write-Downs and Other Charges (a)			(1,664		)
Restructuring Charges (b)			(183		)
Litigation Charges, Net			10
Gain from Disposition of U.S. Pressure Pumping Assets (c)			96
Total	$	5,699	$	(2,129	)	$	801	$	225

(a) During 2017, impairments, asset write-downs and other include $928 million in long-lived asset impairments (of which $740 million relates to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $506 million of asset write-downs, charges and credits and $230 million in the write-down of Venezuelan receivables.

(b) Includes restructuring charges of $183 million: $70 million in Western Hemisphere, $77 million in Eastern Hemisphere and $36 million in Corporate.

(c) In the fourth quarter of 2017, we recognized a gain on the disposition of our U.S. pressure pumping and pump-down perforating assets.

	Year Ended December 31, 2016
(Dollars in millions)	Net Operating Revenues		Loss from Operations			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	2,942	$	(409	)	$	446	$	55
Eastern Hemisphere	2,807		(160		)	501		134
	5,749		(569		)	947		189
Corporate General and Administrative			(139		)	9		15
Long-Lived Asset Impairment and Other Related Charges (d)			(1,043		)
Restructuring Charges (e)			(280		)
Litigation Charges			(220		)
Total	$	5,749	$	(2,251	)	$	956	$	204

(d) Includes $710 million related to long-lived asset impairments, asset write-downs, receivable write-offs and other charges and credits, $219 million in inventory write-downs and $114 million of pressure pumping related charges.

(e) Includes restructuring charges of $280 million: $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate.

	Year Ended December 31, 2015
(Dollars in millions)	Net Operating Revenues		Income (Loss) from Operations (f)			Depreciation and Amortization		Capital Expenditures
Western Hemisphere	$	5,276	$	(180	)	$	621	$	390
Eastern Hemisphere	4,157		27			563		273
	9,433		(153		)	1,184		663
Corporate General and Administrative			(194		)	16		19
Long-Lived Asset Impairments (g)			(768		)
Goodwill Impairment			(25		)
Restructuring Charges (h)			(232		)
Litigation Charges			(116		)
Loss on Sale of Businesses, Net			(6		)
Other Items (i)			(52		)
Total	$	9,433	$	(1,546	)	$	1,200	$	682

(f) Includes inventory write-downs of $223 million attributable to the reporting segments as follows: $127 million in the Western Hemisphere and $96 million in the Eastern Hemisphere. Also includes bad debt expense of $48 million of which $31 million was taken in the fourth quarter attributable to our reporting segments as follows: $29 million in the Western Hemisphere and $19 million in the Eastern Hemisphere.

(g) Includes $638 million of long-lived asset impairment charges, supply agreement charges related to a non-core business divestiture of $67 million, and pressure pumping related charges of $63 million.

(h) Includes restructuring charges of $232 million: $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate.

(i) Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges.

The following table presents total assets by segment at December 31:

	Total Assets at December 31,
(Dollars in millions)	2017		2016
Western Hemisphere	$	4,933	$	6,167
Eastern Hemisphere	4,311		5,491
Corporate	503		1,006
Total	$	9,747	$	12,664

Composition of consolidated revenues by product line

Products and Services

We are one of the world’s leading providers of equipment and services used in the production, completion, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product service line group is as follows:

	Year Ended December 31,
	2017		2016		2015
Production	26	%	29	%	29	%
Completions	22		20		20
Drilling and Evaluation	24		22		22
Well Construction	28		29		29
Total	100	%	100	%	100	%

Financial information by geographic area

c Areas

Financial information by geographic area within the hemispheres is summarized below. Revenues from customers and long-lived assets in Ireland were nil in each of the years presented. Long-lived assets exclude goodwill and intangible assets as well as deferred tax assets of $36 million and $81 million at December 31, 2017 and 2016, respectively.

	Revenues						Long-lived Assets
(Dollars in millions)	2017		2016		2015		2017		2016
United States	$	1,555	$	1,523	$	2,864	$	870	$	1,008
Latin America	890		1,064		1,782		575		903
Canada	492		355		630		118		140
Western Hemisphere	$	2,937	$	2,942	$	5,276	$	1,563	$	2,051
Middle East & North Africa	$	1,464	$	1,513	$	1,843	$	528	$	1,595
Europe/Sub-Sahara Africa/Russia	999		939		1,613		532		629
Asia	299		355		701		270		354
Eastern Hemisphere	$	2,762	$	2,807	$	4,157	$	1,330	$	2,578
Total	$	5,699	$	5,749	$	9,433	$	2,893	$	4,629

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Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2017

(Dollars in Millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,699		$	—		$	5,699
Costs and Expenses	(19		)	45			2			(7,856		)	—			(7,828		)
Operating Income (Loss)	(19		)	45			2			(2,157		)	—			(2,129		)
Other Income (Expense):
Interest Expense, Net	—			(583		)	(38		)	24			18			(579		)
Intercompany Charges, Net	12			148			(192		)	(103		)	135			—
Equity in Subsidiary Income	(2,891		)	(878		)	(437		)	—			4,206			—
Other Income (Expense), Net	85			(19		)	5			(11		)	(8		)	52
Income (Loss) Before Income Taxes	(2,813		)	(1,287		)	(660		)	(2,247		)	4,351			(2,656		)
(Provision) for Income Taxes	—			—			—			(137		)	—			(137		)
Net Income (Loss)	(2,813		)	(1,287		)	(660		)	(2,384		)	4,351			(2,793		)
Net Income Attributable to Noncontrolling Interests	—			—			—			20			—			20
Net Income (Loss) Attributable to Weatherford	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,404	)	$	4,351		$	(2,813	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,722	)	$	(1,307	)	$	(700	)	$	(2,312	)	$	4,319		$	(2,722	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	5,749		$	—		$	5,749
Costs and Expenses	(151		)	(3		)	5			(7,851		)	—			(8,000		)
Operating Income (Loss)	(151		)	(3		)	5			(2,102		)	—			(2,251		)
Other Income (Expense):
Interest Expense, Net	—			(465		)	(49		)	4			11			(499		)
Intercompany Charges, Net	(76		)	4			(196		)	(274		)	542			—
Equity in Subsidiary Income	(3,181		)	(2,403		)	(944		)	—			6,528			—
Other Income (Expense), Net	16			(38		)	43			(78		)	(70		)	(127		)
Income (Loss) Before Income Taxes	(3,392		)	(2,905		)	(1,141		)	(2,450		)	7,011			(2,877		)
Benefit for Income Taxes	—			—			(154		)	(342		)	—			(496		)
Net Income (Loss)	(3,392		)	(2,905		)	(1,295		)	(2,792		)	7,011			(3,373		)
Net Income Attributable to Noncontrolling Interests	—			—			—			19			—			19
Net Income (Loss) Attributable to Weatherford	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,811	)	$	7,011		$	(3,392	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(3,361	)	$	(3,081	)	$	(1,425	)	$	(2,780	)	$	7,286		$	(3,361	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	9,433		$	—	$	9,433
Costs and Expenses	(101		)	(7		)	2			(10,873		)	—		(10,979		)
Operating Income (Loss)	(101		)	(7		)	2			(1,440		)	—		(1,546		)
Other Income (Expense):
Interest Expense, Net	—			(398		)	(57		)	(13		)	—		(468		)
Intercompany Charges, Net	(83		)	(110		)	(282		)	(403		)	878		—
Equity in Subsidiary Income	(1,801		)	(1,868		)	(492		)	—			4,161		—
Other Income (Expense), Net	—			51			11			(144		)	—		(82		)
Income (Loss) Before Income Taxes	(1,985		)	(2,332		)	(818		)	(2,000		)	5,039		(2,096		)
(Provision) Benefit for Income Taxes	—			—			114			31			—		145
Net Income (Loss)	(1,985		)	(2,332		)	(704		)	(1,969		)	5,039		(1,951		)
Net Income Attributable to Noncontrolling Interests	—			—			—			34			—		34
Net Income (Loss) Attributable to Weatherford	$	(1,985	)	$	(2,332	)	$	(704	)	$	(2,003	)	$	5,039	$	(1,985	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(2,745	)	$	(2,610	)	$	(754	)	$	(2,762	)	$	6,126	$	(2,745	)

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	195	$	—	$	418	$	—		$	613
Other Current Assets	1			—		516		3,298		(550		)	3,265
Total Current Assets	1			195		516		3,716		(550		)	3,878
Equity Investments in Affiliates	(460		)	7,998		8,009		530		(16,077		)	—
Intercompany Receivables, Net	—			—		—		4,213		(4,213		)	—
Other Assets	—			8		4		5,857		—			5,869
Total Assets	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	128	$	—	$	20	$	—		$	148
Accounts Payable and Other Current Liabilities	10			183		—		2,439		(550		)	2,082
Total Current Liabilities	10			311		—		2,459		(550		)	2,230
Long-term Debt	—			7,127		166		159		89			7,541
Intercompany Payables, Net	87			242		3,884		—		(4,213		)	—
Other Long-term Liabilities	70			146		136		332		(137		)	547
Total Liabilities	167			7,826		4,186		2,950		(4,811		)	10,318
Weatherford Shareholders’ (Deficiency) Equity	(626		)	375		4,343		11,311		(16,029		)	(626		)
Noncontrolling Interests	—			—		—		55		—			55
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747

Condensed Consolidating Balance Sheet

December 31, 2016

(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	586	$	4	$	447	$	—		$	1,037
Other Current Assets	1		—		512		3,891		(531		)	3,873
Total Current Assets	1		586		516		4,338		(531		)	4,910
Equity Investments in Affiliates	2,415		8,669		8,301		1,037		(20,422		)	—
Intercompany Receivables, Net	—		—		—		3,762		(3,762		)	—
Other Assets	2		13		—		7,751		(12		)	7,754
Total Assets	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	53	$	94	$	32	$	—		$	179
Accounts Payable and Other Current Liabilities	105		198		—		2,488		(542		)	2,249
Total Current Liabilities	105		251		94		2,520		(542		)	2,428
Long-term Debt	—		6,944		148		204		107			7,403
Intercompany Payables, Net	145		224		3,393		—		(3,762		)	—
Other Long-term Liabilities	156		152		146		457		(146		)	765
Total Liabilities	406		7,571		3,781		3,181		(4,343		)	10,596
Weatherford Shareholders’ Equity	2,012		1,697		5,036		13,651		(20,384		)	2,012
Noncontrolling Interests	—		—		—		56		—			56
Total Liabilities and Shareholders’ Equity	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2017

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(2,813	)	$	(1,287	)	$	(660	)	$	(2,384	)	$	4,351		$	(2,793	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(12		)	(148		)	192			103			(135		)	—
Equity in (Earnings) Loss of Affiliates	2,891			878			437			—			(4,206		)	—
Deferred Income Tax Provision (Benefit)	—			—			—			(25		)				(25		)
Other Adjustments	(278		)	1,236			66			1,416			(10		)	2,430
Net Cash Provided by (Used in) Operating Activities	(212		)	679			35			(890		)	—			(388		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(225		)	—			(225		)
Acquisition of Assets Held for Sale	—			—			—			(244		)	—			(244		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(7		)	—			(7		)
Acquisition of Intellectual Property	—			—			—			(15		)	—			(15		)
Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net	—			—			—			(1		)	—			(1		)
Proceeds from Sale of Assets and U.S. Pressure Pumping and Pump-Down Perforating Assets and Other Assets	—			—			—			481			—			481
Other Investing Activities	—			—			—			(51		)	—			(51		)
Net Cash Used in Investing Activities	—			—			—			(62		)	—			(62		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(17		)	—			(111		)	—			(128		)
Borrowings (Repayments) Long-term Debt, Net	—			200			(94		)	75			—			181
Borrowings (Repayments) Between Subsidiaries, Net	212			(1,253		)	55			986			—			—
Other, Net	—			—			—			(33		)	—			(33		)
Net Cash Provided by Financing Activities	212			(1,070		)	(39		)	917			—			20
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			6			—			6
Net Increase (Decrease) in Cash and Cash Equivalents	—			(391		)	(4		)	(29		)	—			(424		)
Cash and Cash Equivalents at Beginning of Year	—			586			4			447			—			1,037
Cash and Cash Equivalents at End of Year	$	—		$	195		$	—		$	418		$	—		$	613

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2016

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(3,392	)	$	(2,905	)	$	(1,295	)	$	(2,792	)	$	7,011		$	(3,373	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	76			(4		)	196			274			(542		)	—
Equity in (Earnings) Loss of Affiliates	3,181			2,403			944			—			(6,528		)	—
Deferred Income Tax Provision (Benefit)	—			—			26			355			—			381
Other Adjustments	1,230			75			257			1,067			59			2,688
Net Cash Provided by (Used in) Operating Activities	1,095			(431		)	128			(1,096		)	—			(304		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(204		)	—			(204		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(5		)	—			(5		)
Acquisition of Intellectual Property	—			—			—			(10		)	—			(10		)
Insurance Proceeds Related to Insurance Casualty Loss	—			—			—			39			—			39
Proceeds from Sale of Assets	—			—			—			49			—			49
Proceeds (Payment) Related to Sale of Business and Equity Investment, Net	—			—			—			(6		)	—			(6		)
Net Cash Used in Investing Activities	—			—			—			(137		)	—			(137		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(1,497		)	—			(15		)	—			(1,512		)
Borrowings (Repayments) Long-term Debt, Net	—			2,299			(516		)	(65		)	—			1,718
Borrowings (Repayments) Between Subsidiaries, Net	(1,095		)	213			370			512			—			—
Proceeds from Issuance of Ordinary Common Shares and Warrant	—			—			—			1,071			—			1,071
Other, Net	—			—			—			(216		)	—			(216		)
Net Cash Provided by Financing Activities	(1,095		)	1,015			(146		)	1,287			—			1,061
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(50		)	—			(50		)
Net Increase in Cash and Cash Equivalents	—			584			(18		)	4			—			570
Cash and Cash Equivalents at Beginning of Year	—			2			22			443			—			467
Cash and Cash Equivalents at End of Year	$	—		$	586		$	4		$	447		$	—		$	1,037

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2015

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,985	)	$	(2,332	)	$	(704	)	$	(1,969	)	$	5,039		$	(1,951	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	83			110			282			403			(878		)	—
Equity in (Earnings) Loss of Affiliates	1,801			1,868			492			—			(4,161		)	—
Deferred Income Tax (Provision) Benefit	—			—			14			(462		)	—			(448		)
Other Adjustments	(35		)	210			(86		)	3,025			—			3,114
Net Cash Provided by (Used in) Operating Activities	(136		)	(144		)	(2		)	997			—			715
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(682		)	—			(682		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			(14		)	—			(14		)
Acquisition of Intellectual Property	—			—			—			(8		)	—			(8		)
Proceeds Related to Sale of Businesses and Equity Investment, Net	—			—			—			8			—			8
Proceeds from Sale of Assets	—			—			—			37			—			37
Net Cash Used in Investing Activities	—			—			—			(659		)	—			(659		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			535			—			(30		)	—			505
Borrowings (Repayments) Long-term Debt, Net	—			(411		)	(31		)	(28		)	—			(470		)
Borrowings (Repayments) Between Subsidiaries, Net	135			22			33			(190		)	—			—
Other, Net	—			—			—			(32		)	—			(32		)
Net Cash Provided by Financing Activities	135			146			2			(280		)	—			3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			(66		)	—			(66		)
Net Increase in Cash and Cash Equivalents	(1		)	2			—			(8		)	—			(7		)
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	2		$	22		$	443		$	—		$	467

XML

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

	2017 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,386			$	1,363			$	1,460			$	1,490			$	5,699
Gross Profit	180				174				264				192				810
Net Loss Attributable to Weatherford	(448		)	(a)	(171		)	(b)	(256		)	(c)	(1,938		)	(d)	(2,813		)
Basic & Diluted Loss Per Share	(0.45		)		(0.17		)		(0.26		)		(1.95		)		(2.84		)

(a) Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.

(b) Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.

(c) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.

(d) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.

	2016 Quarters
(Dollars in millions, except per share amounts)	First				Second				Third				Fourth				Total
Revenues	$	1,585			$	1,402			$	1,356			$	1,406			$	5,749
Gross Profit	111				164				126				159				560
Net Loss Attributable to Weatherford	(498		)	(e)	(565		)	(f)	(1,780		)	(g)	(549		)	(h)	(3,392		)
Basic & Diluted Loss Per Share	(0.61		)		(0.63		)		(1.98		)		(0.59		)		(3.82		)

(e) Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.

(f) Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.

(g) Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.

(h) Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

XML

Summary of Significant Accounting Policies Organization and Nature of Operations (Details) shares in Millions		12 Months Ended
	Jun. 17, 2014	Dec. 31, 2017 country $ / shares shares	Dec. 31, 2016 $ / shares shares
Accounting Policies [Abstract]
Number of Countries in which Entity Operates | country		90
Years in operation		50 years
Allotment of ordinary shares issued to each register share of Weatherford Switzerland	1
Common Stock, Shares Authorized | shares		1,356	1,356
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.001	$ 0.001

XML

Summary of Significant Accounting Policies Major Customers and Credit Risk (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Concentration percentage						100.00%	100.00%	100.00%
Receivable with Imputed Interest, Face Amount		$ 65		$ 120	$ 120
Trade Receivables Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale		$ 65		120
Receivable With Imputed Interest, Term		3 years			3 years
Receivable with Imputed Interest, Effective Yield (Interest Rate)		4.625%			6.50%
Financing Receivable, Allowance for Credit Losses, Write-downs				$ 84			$ 76
Proceeds from Sale of Notes Receivable	$ 59		$ 44
Gain (Loss) on Sale of Notes Receivable			$ 8
Concentration Risk, Customer						no	0	0
Accounts Receivable [Member] | Eastern Hemisphere [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage						57.00%
Accounts Receivable [Member] | Western Hemisphere [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage						43.00%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage						19.00%
Accounts Receivable [Member] | KUWAIT | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage						10.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage						10.00%	10.00%	10.00%

XML

Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 749	$ 896	$ 1,100
Buildings and leasehold improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Buildings and leasehold improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Rental and service equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Rental and service equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Machinery and other [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Machinery and other [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	12 years

XML

Summary of Significant Accounting Policies Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2017
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	2 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	20 years

XML

Summary of Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Currency Devaluation Charges	$ 0	$ 41	$ 85

XML

Summary of Significant Accounting Policies Foreign Currency - Devaluation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impact of Foreign Currency Devaluation [Line Items]
Currency Devaluation Charges	$ 0	$ 41	$ 85
Angola, Kwanza
Impact of Foreign Currency Devaluation [Line Items]
Net Monetary Asset Position	$ 99

XML

Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Other Non-current Assets	$ 159		$ 163
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016	1,103		$ 1,383
Revenue Recognition [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Cumulative Effect of Change in Accounting Estimate		$ 31
Interest Income (Expense), Net		4
Accounts Receivable, Net, Current		27
VENEZUELA | Revenue Recognition [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Cumulative Effect of Change in Accounting Estimate	230
Other Non-current Assets	158
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016	$ 72
Other Noncurrent Assets [Member] | VENEZUELA
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016		$ 158

XML

Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ (388)	$ (304)	$ 715
Prepaid Taxes				$ 105
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income adjustment of non-service cost components	$ 41
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		$ (10)	$ (9)

XML

Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisitions of Businesses, Net of Cash Acquired	$ (7)	$ (5)	$ (14)

XML

Divestitures Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 29, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, Plant and Equipment, Net	$ 2,708	$ 4,480
Sale Price				$ 430
(Gain) Loss from Disposition of U.S. Pressure Pumping Assets and Businesses	(96)	$ 0	$ 6
Drilling Rigs [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Assets, Noncurrent	276
Disposal Group, Including Discontinued Operation, Inventory, Current	64
Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, Plant and Equipment, Net	$ 19

XML

Business Combinations and Divestitures Carrying Amounts of the Major Assets and Liabilities Classes (Details) - U.S. Pressure Pumping and Pump-Down [Member] $ in Millions	Dec. 31, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Inventory, Current	$ 7
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	222
Disposal Group, Including Discontinued Operation, Goodwill, Current	162
Disposal Group, Including Discontinued Operation, Assets	391
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities	9
Disposal Group, Including Discontinued Operation, Other Liabilities	52
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 61

XML

Business Combinations and Divestitures Carrying amount of Held-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment, Net	$ 2,708	$ 4,480
Drilling Rigs [Member]
Disposal Group, Including Discontinued Operation, Inventory, Current	64
Discontinued Operations, Held-for-sale [Member]
Property, Plant and Equipment, Net	$ 19

XML

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 183	$ 280	$ 232
Asset Impairment Charges		436
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	171
Payments for Restructuring	167
2016-17 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	183
2016-17 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	109
Restructuring and Related Cost, Incurred Cost	109
Payments for Restructuring	137
2016-17 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	74
Asset Impairment Charges	12
Restructuring and Related Cost, Incurred Cost	62
Payments for Restructuring	26
2016-17 Plan [Member] | Other Restructuring excluding write-downs [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 62
2016 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		280
2016 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		196
2016 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		84
Asset Impairment Charges		40
2016 Plan [Member] | Other Restructuring excluding write-downs [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		$ 44
2015 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			232
2015 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			149
2015 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			19
Other Restructuring Costs			83
2015 Plan [Member] | Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain]
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges			$ 64

XML

Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 183	$ 280	$ 232
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	61	86
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	21
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	30
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	10
2016-17 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	183
2016-17 Plan [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	70
2016-17 Plan [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	77
2016-17 Plan [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	36
2016-17 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	109
Restructuring Reserve	21	52
2016-17 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	42
Restructuring Reserve	4
2016-17 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	35
Restructuring Reserve	7
2016-17 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	32
Other Restructuring Costs	4
Restructuring Reserve	10
2016-17 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	74
Restructuring Reserve	35	22
2016-17 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	28
Restructuring Reserve	17
2016-17 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	42
Restructuring Reserve	18
2016-17 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 0
2016 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		280
2016 Plan [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		153
2016 Plan [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		75
2016 Plan [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		52
2016 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		196
2016 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		82
2016 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		62
2016 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		52
2016 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		84
2016 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		71
2016 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		13
2016 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs		$ 0
2015 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			232
2015 Plan [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			94
2015 Plan [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			123
2015 Plan [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			15
2015 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			149
2015 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			68
2015 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			66
2015 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs			15
2015 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs			83
Restructuring Charges			19
2015 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs			26
2015 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs			57
2015 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs			$ 0

XML

Restructuring Charges (Restructuring Liability) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 183	$ 280	$ 232
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	171
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	86
Cash Payments	(167)
Other	29
Accrued balance at end of period	61	86
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	21
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	30
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	10
2016-17 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	183
2016-17 Plan [Member] | Western Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	70
2016-17 Plan [Member] | Eastern Hemisphere [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	77
2016-17 Plan [Member] | Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	36
2016-17 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	109
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	52
Cash Payments	(137)
Other	3
Accrued balance at end of period	21	52
2016-17 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	4
2016-17 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	7
2016-17 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	10
2016-17 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	62
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	22
Cash Payments	(26)
Other	23
Accrued balance at end of period	35	22
2016-17 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	17
2016-17 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	18
2016-17 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	0
2014 & 2015 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	3
Cash Payments	(3)
Other	0
Accrued balance at end of period	0	3
2014 & 2015 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	0
2014 & 2015 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	0
2014 & 2015 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	0
2014 & 2015 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	9
Cash Payments	(1)
Other	3
Accrued balance at end of period	5	$ 9
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	0
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	5
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Accrued balance at end of period	$ 0

XML

Supplementary Information Schedule of Cash Paid for Interest and Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest paid	$ 538	$ 467	$ 477
Income taxes paid, net of refunds	87	161	331
Currency Devaluation Charges	0	41	$ 85
Capital Lease Obligations Incurred	24	$ 25
Held-to-maturity Securities	$ 50

XML

Percentage-of-Completion Contracts (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	May 26, 2016	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items]
Contract Settlement, Amount	$ 150
Proceeds from Contract Settlements		$ 16	$ 72	$ 62
Contracts Receivable, Claims and Uncertain Amounts							$ 0
Billings in Excess of Cost					$ 56		45
IRAQ
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items]
Loss on Contracts					$ 0	$ 153
Total Estimated Loss on Contracts						532	532
Accounts Receivable, Unapproved Contract Claims						116	25
Deductions (Charges)						28	$ 16
Unapproved Change Orders, Amount						$ 32
Costs in Excess of Billings, Current								$ 6

XML

Accounts Receivable Factoring and Other Receivables (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer Of Accounts Receivable, Accounted For As Sale Of AR						$ 227.0
Accounts receivable sold, carrying value			$ 156.0				$ 156.0
Proceeds from Sale of Accounts Receivable						223.0	154.0
Gain (loss) on sale of accounts receivable						$ (1.0)	(0.7)
Receivable with Imputed Interest, Face Amount		$ 65.0		$ 120.0	$ 120.0
Trade Receivables Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale		$ 65.0		120.0
Receivable With Imputed Interest, Term		3 years			3 years
Receivable with Imputed Interest, Effective Yield (Interest Rate)		4.625%			6.50%
Notes Receivable, Fair Value Disclosure		$ 58.0
Financing Receivable, Allowance for Credit Losses, Write-downs				$ 84.0			$ 76.0
Proceeds from Sale of Notes Receivable	$ 59.0		44.0
Gain (Loss) on Sale of Notes Receivable			$ 8.0
MEXICO
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sold, carrying value								$ 78.0
Proceeds from Sale of Accounts Receivable								77.0
Gain (loss) on sale of accounts receivable								$ (0.2)

XML

Long-Lived Asset Impairments Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges		$ 436
Long-Lived Asset Impairments and Other Charges	$ 928	436	$ 638
Tangible Asset Impairment Charges	923	388
Impairment of Intangible Assets (Excluding Goodwill)	5	48
Drilling Rights [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	740
Western Hemisphere [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	135
Eastern Hemisphere [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	37
Corporate, Non-Segment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	$ 11
North America [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges		251
Impairment of Intangible Assets (Excluding Goodwill)		35
Drilling Rigs [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-Lived Asset Impairments and Other Charges			255
Middle East/North Africa/Asia [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges		137
Europe/Sub-Sahara Africa/Russia [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		$ 13
Drilling Tools, Pressure Pumping and Wireline [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-Lived Asset Impairments and Other Charges			259
Pressure Pumping [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-Lived Asset Impairments and Other Charges			$ 124

XML

Inventories, Net Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials, components and supplies	$ 144	$ 168
Work in process	47	49
Finished goods	1,043	1,585
Total Inventory	$ 1,234	$ 1,802

XML

Inventories, Net Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Write-down	$ 540	$ 269	$ 244

XML

Goodwill Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	$ 771

XML

Goodwill Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Beginning Balance	$ 2,797	$ 2,803
Goodwill, Written off Related to Sale of Business Unit	(162)
Foreign currency translation	92	(6)
Ending Balance	2,727	2,797
Western Hemisphere [Member]
Goodwill [Roll Forward]
Beginning Balance	2,065	2,040
Goodwill, Written off Related to Sale of Business Unit	(162)
Foreign currency translation	55	25
Ending Balance	1,958	2,065
Eastern Hemisphere [Member]
Goodwill [Roll Forward]
Beginning Balance	732	763
Goodwill, Written off Related to Sale of Business Unit	0
Foreign currency translation	37	(31)
Ending Balance	$ 769	$ 732

XML

Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amount	$ 1,083	$ 1,049
Amortization	(870)	(801)
Assets	213	248
Acquired technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amount	390	373
Amortization	(334)	(300)
Assets	56	73
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Amount	175	177
Amortization	(168)	(166)
Assets	7	11
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Amount	223	215
Amortization	(144)	(134)
Assets	79	81
Customer relationships and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amount	197	193
Amortization	(160)	(144)
Assets	37	49
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Amount	98	91
Amortization	(64)	(57)
Assets	$ 34	$ 34

XML

Intangible Assets Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 16	$ 11
Impairment of Intangible Assets (Excluding Goodwill)	5	48
Amortization expense	$ 52	$ 60	$ 88

XML

Intangible Assets Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 48
2018	42
2019	32
2020	20
2021	$ 13

XML

Equity Investments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Investments	$ 62	$ 66
Net Income (Loss) from equity investments	$ (3)	$ 2	$ 3
Impairment of equity investments			$ 25

XML

Short-term Borrowings and Other Debt Obligations Schedule of Short-term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Jun. 26, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Current Portion of Long-term Debt	$ 137			$ 177
Short-term Borrowings and Current Portion of Long-term Debt	148			179
Other short-term bank loans [Member]
Short-term Debt [Line Items]
Short-term Debt	11			2
Long-term Debt, Current Maturities	137			177
Short-term Borrowings and Current Portion of Long-term Debt	$ 148			$ 179
Senior Notes, 9.875% due 2024 [Member]
Short-term Debt [Line Items]
Long-term Debt		$ 540	$ 250
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			9.875%
London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.80%

XML

Short-term Borrowings and Other Debt Obligations Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017	Jun. 26, 2017	Nov. 18, 2016	Jul. 01, 2016	Jun. 30, 2016
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,375,000,000
Debt and Capital Lease Obligations		$ 7,678,000,000	$ 7,580,000,000
Debt Instrument, Covenant, Senior Leverage Ratio, Period Two		2.5
Debt Instrument, Covenant, Specified Leverage and Letter of Credit Ratio, Period Two		3.5
Debt Instrument, Covenant, Asset Coverage Ratio		4.0
Line of Credit Facility, Remaining Borrowing Capacity		$ 890,000,000
Performance bonds		15,000,000
Current Portion of Long-term Debt		137,000,000	177,000,000
Committed Letters of Credit [Member]
Short-term Debt [Line Items]
Letters of Credit Outstanding, Amount		110,000,000
Cash collateralized		82,000,000
Domestic and Foreign Facility [Member]
Short-term Debt [Line Items]
Short term borrowings		11,000,000
Uncommitted Letters of Credit [Member]
Short-term Debt [Line Items]
Letters of Credit Outstanding, Amount		375,000,000
A&R Credit Agreement [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		1,000,000,000
Debt Instrument, Periodic Payment, Principal		12,500,000
Senior Notes, 9.875% due 2024 [Member]
Short-term Debt [Line Items]
Long-term Debt				$ 540,000,000	$ 250,000,000
Term Loan Agreement [Member]
Short-term Debt [Line Items]
Debt and Capital Lease Obligations		$ 372,000,000	$ 420,000,000
Senior Notes, 6.00% due 2018 [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							6.00%
Senior Notes, 6.35% due 2017 [Member]
Short-term Debt [Line Items]
Short-term Debt				$ 88,000,000
Debt Instrument, Interest Rate, Stated Percentage							6.35%
Senior Notes, 5.50% due 2016 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								5.50%
London Interbank Offered Rate (LIBOR) [Member] | Domestic and Foreign Facility [Member]
Short-term Debt [Line Items]
Interest rate at period end			1.95%
London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.80%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.30%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.425%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | Maximum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.20%
Base Rate [Member] | Term Loan Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.425%
Base Rate [Member] | Term Loan Agreement [Member] | Maximum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.20%
Tranche One [Member] | Bi-Lateral Revolver Debt [Member] | Domestic and Foreign Facility [Member]
Short-term Debt [Line Items]
Short term borrowings			$ 180,000,000
Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.925%
Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Maximum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.70%
Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.925%
Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Maximum [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.70%
Capital and Other Lease Obligations [Member]
Short-term Debt [Line Items]
Debt and Capital Lease Obligations		$ 86,000,000	120,000,000
Long-term Debt, Current Maturities		21,000,000
Term Loan Agreement [Member]
Short-term Debt [Line Items]
Long-term Debt, Current Maturities		50,000,000
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Short-term Debt [Line Items]
Debt and Capital Lease Obligations		$ 780,000,000	528,000,000
Debt Instrument, Interest Rate, Stated Percentage					9.875%
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		9.875%				9.875%
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Short-term Debt [Line Items]
Debt and Capital Lease Obligations		$ 66,000,000	$ 66,000,000
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | Weatherford Bermuda [Member]
Short-term Debt [Line Items]
Long-term Debt, Current Maturities		$ 66,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%	6.00%
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | Senior Notes [Member]
Short-term Debt [Line Items]
Debt and Capital Lease Obligations		$ 0	$ 89,000,000
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | Weatherford Bermuda [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.35%	6.35%
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member]
Short-term Debt [Line Items]
Current Portion of Long-term Debt								$ 350,000,000

XML

Short-term Borrowings and Other Debt Obligations Line of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,375
Debt and Capital Lease Obligations	7,678	$ 7,580
Line of Credit Facility, Remaining Borrowing Capacity	890
Committed Letters of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	110
Term Loan Borrowings before Debt Issuance Cost [Member]
Line of Credit Facility [Line Items]
Debt and Capital Lease Obligations	$ 375

XML

Long-term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 26, 2017	Dec. 31, 2016	Nov. 18, 2016	Jul. 01, 2016	Jun. 30, 2016	Jun. 17, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total	$ 7,678		$ 7,580
Less: Amounts Due in One Year	137		177
Long-term Debt	7,541		$ 7,403
Senior Notes, 6.35% due 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					6.35%
Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					6.00%
Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					9.625%
Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					5.125%
Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.25%
Term Loan Agreement [Member]
Debt Instrument [Line Items]
Total	372		$ 420
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member]
Debt Instrument [Line Items]
Less: Amounts Due in One Year						$ 350
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Total	66		66
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Total	488		489
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Total	364		363
Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member]
Debt Instrument [Line Items]
Total	1,170		1,147
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member]
Debt Instrument [Line Items]
Total	741		739				$ 750
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member]
Debt Instrument [Line Items]
Total	643		642
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		9.875%
Total	780		528
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Total	739		738				$ 750
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member]
Debt Instrument [Line Items]
Total	447		447
Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member]
Debt Instrument [Line Items]
Total	255		255
Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member]
Debt Instrument [Line Items]
Total	456		456
Senior Notes [Member] | Senior Notes, 9.875% due 2039 [Member]
Debt Instrument [Line Items]
Total	245		245
Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member]
Debt Instrument [Line Items]
Total	456		456
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member]
Debt Instrument [Line Items]
Total	$ 368		$ 368
Secured Borrowings [Member] | Secured Borrowing, 4.82% [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.82%		4.82%
Total	$ 0		$ 5
Capital and Other Lease Obligations [Member]
Debt Instrument [Line Items]
Total	86		120
Other Long-term Debt [Member]
Debt Instrument [Line Items]
Total	2		7
Senior Notes [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member]
Debt Instrument [Line Items]
Total	0		89
Guarantor Subsidiaries, Weatherford Delaware [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 166		$ 148
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.625%		9.625%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.125%		5.125%					5.125%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.875%		5.875%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.75%		7.75%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.50%		4.50%					4.50%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.875%			9.875%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.25%		8.25%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%		6.50%					6.50%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%		7.00%					7.00%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2039 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.875%		9.875%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.75%		6.75%					6.75%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.95%		5.95%					5.95%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						5.50%

XML

Long-term Debt Schedule of Debt Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt, Fiscal Year Maturity [Abstract]
2017	$ 137
2018	543
2019	643
2020	1,918
2021	651
Thereafter	3,786
Total	$ 7,678	$ 7,580

XML

Long-term Debt Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Jun. 17, 2016	Sep. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2017	Jun. 26, 2017	Nov. 21, 2016	Nov. 18, 2016	Jul. 01, 2016	Jun. 07, 2016
Debt Instrument [Line Items]
Debt Instrument, Increase, Accrued Interest				$ 145.0	$ 127.0
Debt and Capital Lease Obligations				7,678.0	7,580.0
Debt Instrument, Face Amount			$ 2.0
Capital in Excess of Par Value				6,655.0	6,571.0				$ 271.0
Long-term Debt and Capital Lease Obligations				7,541.0	7,403.0
Bond Tender Premium, Net				0.0	(78.0)	$ 0.0
Term Loan Borrowings before Debt Issuance Cost [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				375.0
Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				372.0	$ 420.0
Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt											5.125%
A&R Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal				12.5
Senior Notes, 9.875% due 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 540.0	$ 250.0
Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt					8.25%
Senior Notes, 6.35% due 2017 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt											6.35%
Short-term Debt							$ 88.0
Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt											6.00%
Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt											9.625%
Senior Notes, 9.87 Percent due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt					9.875%
Exchangeable Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount												$ 1,265.0
Stated interest rate on debt												5.875%
Debt Instrument, Convertible, Conversion Price												$ 7.74
Debt Instrument, Convertible, Shares												163.4
Capital in Excess of Par Value												$ 97.0
Long-term Debt and Capital Lease Obligations					$ 1,170.0
Debt Issuance Costs, Net					95.0
Debt Instrument, Interest Rate, Effective Percentage												8.40%
Interest Expense, Debt					97.0
Interest Expense, Debt, Excluding Amortization					74.0
Amortization of Debt Discount (Premium)					23.0
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				643.0	642.0
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				364.0	363.0
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				368.0	368.0
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				447.0	447.0
Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				456.0	456.0
Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				255.0	255.0
Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				456.0	456.0
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				780.0	528.0
Stated interest rate on debt								9.875%
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	$ 750.0			741.0	739.0
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	750.0			739.0	738.0
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				66.0	66.0
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations				$ 488.0	$ 489.0
Senior Notes [Member] | Senior Notes, 9.87 Percent due 2024 [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations										$ 540.0
Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of Debt	1,972.0
Debt Instrument, Repurchased Face Amount	$ 1,870.0
Interest Payable			27.0
Bond Tender Premium, Net			$ 78.0
Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Book Value of Debt Buybacks						527.0
Gain on repurchase of debt						$ 84.0
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.30%
London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.80%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.425%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					3.20%
Base Rate [Member] | Minimum [Member] | Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.425%
Base Rate [Member] | Maximum [Member] | Term Loan Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2.20%
Weatherford Bermuda [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations				$ 7,127.0	$ 6,944.0
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				6.80%	6.80%	6.80%
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt	7.75%
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt	8.25%
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt					6.35%		6.35%
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				6.00%
Guarantor Subsidiaries, Weatherford Delaware [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations				$ 166.0	$ 148.0
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				4.50%	4.50%	4.50%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				5.125%	5.125%	5.125%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				5.95%	5.95%	5.95%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				6.50%	6.50%	6.50%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				6.75%	6.75%	6.75%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				7.00%	7.00%	7.00%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				9.875%						9.875%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				7.75%	7.75%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				8.25%	8.25%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				6.00%	6.00%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt				9.625%	9.625%
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.87 Percent due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt					9.875%

XML

Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2017	Nov. 21, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common Shares, Par Value (in USD per share)	$ 0.001		$ 0.001
Shares Issued, Price Per Share				$ 5.40
Class of Warrant or Right, Unissued				1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	84,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.43
Senior Notes [Member] | Level 2 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	$ 7,028		$ 7,218
Senior Notes [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	$ 6,739		$ 7,060
Additional Paid-in Capital [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock Issued During Period, Shares, New Issues	84,500,000	115,000,000

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Derivative Instruments Schedule of Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Warrants and Rights Outstanding	$ 70	$ 156
Fair Value Adjustment of Warrants	(86)	(16)	$ 0
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	5	7
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross	(4)	(14)
Other Nonoperating Income (Expense) [Member] | Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(25)	(25)	(115)
Other Nonoperating Income (Expense) [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net		16	0
Other Nonoperating Income (Expense) [Member] | Currency Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 0	$ 13

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Derivative Instruments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 21, 2016
Derivative [Line Items]
Class of Warrant or Right, Unissued						1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	84,500,000			84,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.43			$ 6.43
Warrants and Rights Outstanding	$ 156		$ 70	$ 156
Fair Value Adjustment of Warrants			(86)	(16)	$ 0
Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Debt Instrument, Unamortized Premium	7		4	7
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge	(9)		$ (9)	(9)	$ (10)
Foreign currency forward contracts [Member]
Derivative [Line Items]
Notional amount	$ 1,600			$ 1,600
Additional Paid-in Capital [Member]
Derivative [Line Items]
Stock Issued During Period, Shares, New Issues	84,500,000	115,000,000

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Shareholders' Equity Schedule of Shares Issued and Treasury Stock (Details) - Issued [Member] - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Issued and Treasury Shares [Line Items]
Stock Issued During Period, Shares, New Issues		200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(983)	(779)	(774)
Equity Awards Granted, Vested and Exercised	10	4	5
Ending Balance	(993)	(983)	(779)

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Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (1,610)	$ (1,641)
Other comprehensive (loss) income before reclassifications	131	29
Reclassifications	(40)	2
Ending balance	(1,519)	(1,610)	$ (1,641)
Other Comprehensive Income (Loss), Net of Tax	(91)	(31)	760
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,614)	(1,602)
Other comprehensive (loss) income before reclassifications	130	(12)
Reclassifications	0	0
Ending balance	(1,484)	(1,614)	(1,602)
Other Comprehensive Income (Loss), Net of Tax	130	(12)
Defined Benefit Pension [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	13	(29)
Other comprehensive (loss) income before reclassifications	1	41
Reclassifications	(40)	1
Ending balance	(26)	13	(29)
Other Comprehensive Income (Loss), Net of Tax	(39)	42
Deferred Loss on Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income before reclassifications	0	0
Reclassifications	0	1
Other Comprehensive Income (Loss), Net of Tax	0	1
Fair Value Hedging [Member] | Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge	$ (9)	$ (9)	$ (10)

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Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2017	Nov. 21, 2016	Jun. 30, 2016	Jun. 07, 2016
Class of Warrant or Right [Line Items]
Debt Instrument, Face Amount					$ 2
Capital in Excess of Par Value	$ 6,571		$ 6,655	$ 271
Shares Issued, Price Per Share				$ 5.40
Class of Warrant or Right, Unissued				1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	84,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.43
Warrants and Rights Outstanding	$ 156		$ 70
Common Shares, Par Value (in USD per share)	$ 0.001		$ 0.001
Additional Paid-in Capital [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues	84,500,000	115,000,000
Additional Paid in Capital		$ 623
Exchangeable Debt [Member]
Class of Warrant or Right [Line Items]
Debt Instrument, Face Amount						$ 1,265
Capital in Excess of Par Value						$ 97
Not Designated as Hedging Instrument [Member] | Warrant [Member] | Other Noncurrent Liabilities [Member]
Class of Warrant or Right [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 156

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Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic and Diluted	990	887	779
Basic weighted average shares outstanding		887	779
Diluted (in shares)	990	887	779

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Earnings per Share (Antidilutive Shares) (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings-per-Share Due to Net Loss, Amount	250	104
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			3

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Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant under Incentive Plans		33,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 0	$ 0	$ 0
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	12,000
Offering period	6 months
Purchase price percent	90.00%
Stock Issued During Period, Shares, Share-based Compensation, Gross		3,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term (in years) that awards will be granted		10 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options exercised				$ 15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0	0
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Restricted Stock and Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value			$ 4.26	$ 6.2	$ 11.94
Total fair value of awards vested during the period			$ 30	$ 38	$ 37
Unrecognized compensation expense			$ 59
Unrecognized compensation expense, recognition period			2 years
Restricted Stock and Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 6.07	$ 7.08
Award vesting		200.00%
Weighted-average grant date fair value		$ 6.06	$ 5.11	$ 10.45
Unrecognized compensation expense		$ 9
Unrecognized compensation expense, recognition period		1 year
Risk-free interest rate		1.17%
Volatility rate		67.00%
Dividend yield		0.00%
Shares issued for share-based compensation awards (in shares)		145

XML

Share-Based Compensation Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	$ 70	$ 87	$ 73
Related tax benefit	$ 0	$ 0	$ 14

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Share-Based Compensation Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
A summary of option activity for the period [Roll Forward]
Number of options outstanding, beginning of period	598
Number of options, exercised	0	0
Number of options, forfeitures	(398)
Number of options outstanding, end of period	200	598
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	0
Share based payment award, options, additional disclosures [Abstract]
Weighted-average exercise price, outstanding at beginning of period	$ 12.59
Weighted average exercise price, exercised	0.00
Weighted average exercise price, forfeitures	10.42
Weighted average exercise price, outstanding at end of period	16.92	$ 12.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 0.00
Weighted average remaining contractual term	10 months 22 days	10 months 28 days
Aggregate intrinsic value, outstanding	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0

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Share-Based Compensation Restricted Stock Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward]
Non-vested, beginning balance	$ 0	$ 0
Non-vested, ending balance	$ 0	$ 0
Restricted share awards [Member]
Non-vested equity instruments other than options [Roll Forward]
Non-vested, beginning balance	137
Granted		0
Vested		(86)
Forfeited		(11)
Non-vested, ending balance	40	137
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward]
Non-vested, beginning balance	$ 17.42
Granted		$ 0.00
Vested		17.35
Forfeited		16.35
Non-vested, ending balance	$ 17.87	$ 17.42
Restricted share units [Member]
Non-vested equity instruments other than options [Roll Forward]
Non-vested, beginning balance	12,794
Granted		10,876
Vested		(5,946)
Forfeited		(2,455)
Non-vested, ending balance	15,269	12,794
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward]
Non-vested, beginning balance	$ 9.15
Granted		$ 4.26
Vested		9.56
Forfeited		8.63
Non-vested, ending balance	$ 5.58	$ 9.15

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Share-Based Compensation Performance Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward]
Non-vested, beginning balance	$ 0	$ 0
Non-vested, ending balance	$ 0	$ 0	$ 0
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ 84	$ 78	$ 91
Performance units [Member]
Non-vested equity instruments other than options [Roll Forward]
Non-vested, beginning balance	1,932
Granted	3,070
Vested	(145)
Forfeited	(1,767)
Non-vested, ending balance	3,090	1,932
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward]
Non-vested, beginning balance	$ 7.08
Granted	6.06	$ 5.11	$ 10.45
Vested	6.25
Forfeited	7.15
Non-vested, ending balance	$ 6.07	$ 7.08
Equity Awards Granted, Vested and Exercised	145
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ 1

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Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	$ 38	$ 9
Projected benefit obligation	198	205
Liability, Defined Benefit Plan, Noncurrent	22
Accumulated benefit obligation for defined benefit pension plans	35	3
Employer contributions	23	6
Estimated future employer contributions in next fiscal year, cash	5
Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	133	118
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution expenses related to the defined contribution plans which cover certain employees	$ 24	$ 30	$ 66

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Retirement and Employee Benefit Plans Assumptions (Details)	Dec. 31, 2017	Dec. 31, 2016
United States plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	0.00%	0.00%
United States plans | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.00%	1.00%
United States plans | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.50%	4.00%
International plans | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.60%	1.90%
Rate of compensation increase	2.00%	2.00%
International plans | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	6.75%	7.50%
Rate of compensation increase	3.50%	3.50%

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Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Total Current Provision	$ 162	$ 115	$ 303
Total Deferred (Provision) Benefit	25	(381)	448
(Provision) Benefit for Income Taxes	$ (137)	$ (496)	$ 145

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Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	7.83%	7.83%	7.83%
Swiss Federal Income Tax Rate at 7.83%	$ 208	$ 225	$ 164
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate	123	319	411
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets	(249)	0	0
Non-cash Tax Expense on Distribution of Subsidiary Earnings	0	137	265
Change in Valuation Allowance Attributed to U.S. Tax Reform	301	0	0
Change in Valuation Allowance	(459)	(872)	(159)
Change in Uncertain Tax Positions	61	31	6
(Provision) Benefit for Income Taxes	$ (137)	$ (496)	$ 145

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Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 1,208	$ 1,258
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	266	200
Deferred Tax Assets, Tax Credit Carryforwards	99	102
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	39	34
Deferred Tax Assets, Inventory	129	75
Deferred Tax Assets, Other	346	252
Deferred Tax Assets, Valuation Allowance	1,887	1,738	$ 73
Deferred Tax Assets, Net of Valuation Allowance	200	183
Deferred Tax Liabilities, Property, Plant and Equipment	49	13
Deferred Tax Liabilities, Goodwill and Intangible Assets	131	212
Deferred Tax Liabilities, Tax Deferred Income	0	9
Deferred Tax Liabilities, Undistributed Foreign Earnings	0	0
Deferred Tax Liabilities, Other	71	25
Deferred Tax Liabilities, Gross	251	259
Deferred Tax Liabilities, Net	$ (51)	$ (76)

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Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 217	$ 208	$ 195	$ 235
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	65	30	28
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	1	1	9
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	12	20	5
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	29	19	46
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	38	12	7
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation	$ 0	$ (5)	$ (11)

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Income Taxes Summary of Income Tax Contingencies (Details)	12 Months Ended
	Dec. 31, 2017
Earliest Tax Year [Member] | CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2009
Earliest Tax Year [Member] | MEXICO
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2007
Earliest Tax Year [Member] | RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2015
Earliest Tax Year [Member] | SWITZERLAND
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2010
Earliest Tax Year [Member] | UNITED STATES
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2014
Latest Tax Year [Member] | CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2017
Latest Tax Year [Member] | MEXICO
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2017
Latest Tax Year [Member] | RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2017
Latest Tax Year [Member] | SWITZERLAND
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2017
Latest Tax Year [Member] | UNITED STATES
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2017

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Income Taxes Narrative (Details) $ in Millions		3 Months Ended			12 Months Ended
	Sep. 27, 2016 USD ($)	Dec. 31, 2017 USD ($) country	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) country	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)
Income Tax Contingency [Line Items]
Allowance for Doubtful Accounts Receivable, Write-offs					$ 230	$ 0	$ 0
Asset Write Down and Other					66
Pressure Pumping Related Charges						114	63
Supply Agreement Charges related to Non-Core Business Divestiture							67
Deferred Tax Assets, Valuation Allowance		$ 1,887			1,887	1,738		$ 73
Income Tax Expense (Benefit)					137	496	(145)
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest					(2,656)	(2,877)	(2,096)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount					459	872	159
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense					52
Asset Impairment Charges						436
Restructuring Charges					183	280	232
Fair Value Adjustment of Warrants					(86)	(16)	0
Loss Contingency Accrual, Provision					(10)	220	116
Litigation Charges, Net	$ 140
Currency Devaluation Charges					0	41	85
Goodwill and Equity Investment Impairment					0	0	25
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount					0	(137)	(265)
Impairment of Long-Lived Assets Held-for-use					(928)	(436)	(638)
Production Related Impairments or Charges						219
Inventory Write-down					540	269	244
Gain (Loss) on Disposition of Business					96	0	(6)
Bad Debt Expense				$ 31	8	69	48
Undistributed Earnings of Foreign Subsidiaries		2,900			2,900
Operating Loss Carryforwards		5,000			5,000
Tax Credit Carryforward, Amount		98			98
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense					10	2	4
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued		$ 61		$ 50	$ 61	51	50
Number of Countries in which Entity Operates | country		90			90
Decrease in Unrecognized Tax Benefits is Reasonably Possible		$ 12			$ 12
Bond Tender Premium, Net					0	(78)	0
Financing Receivable, Allowance for Credit Losses, Write-downs			$ 84			76
AR bad debt expense with no significant tax benefit						62
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount					249	0	0
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Valuation Adjustment Amount					(301)	0	0
VENEZUELA
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount		(73)
UNITED STATES
Income Tax Contingency [Line Items]
Operating Loss Carryforwards		1,900			1,900
Tax Credit Carryforward, Amount		82			82
IRAQ
Income Tax Contingency [Line Items]
Loss on Contracts					0		153
Foreign Tax Credit Carryforward [Member] | UNITED STATES
Income Tax Contingency [Line Items]
Tax Credit Carryforward, Amount		52			52
Research Tax Credit Carryforward [Member] | UNITED STATES
Income Tax Contingency [Line Items]
Tax Credit Carryforward, Amount		$ 30			$ 30
Drilling Rigs [Member]
Income Tax Contingency [Line Items]
Impairment of Long-Lived Assets Held-for-use							$ (255)
SEC Settlement [Member]
Income Tax Contingency [Line Items]
Litigation Charges, Net						$ 140

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Disputes, Litigation and Contingencies (Details) $ in Millions						3 Months Ended				12 Months Ended
	Sep. 27, 2016 USD ($)	Nov. 04, 2015 USD ($)	Jul. 31, 2015 patent	Jun. 30, 2015 USD ($)	Jan. 30, 2015 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2010 claim
Loss Contingencies [Line Items]
Shareholder derivative actions filed | claim																3
Loss Contingency, Patents Allegedly Infringed, Number | patent			7
Litigation Charges, Net	$ 140
Estimated litigation liability						$ 51			$ 181	$ 51	$ 181
Freedman v. Weatherford International Ltd., et al. [Member] [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party				$ 120
Payments for legal settlements		$ 120
Insurance Recoveries										$ 26
Dobina v. Weatherford International Ltd., et al. [Domain]
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party					$ 53
U.S. SEC and DOJ Investigation [Domain]
Loss Contingencies [Line Items]
Payments for legal settlements									$ 50
Loss Contingency Accrual														$ 140	$ 65
Loss Contingency, Settlement Agreement, Internal Control Reporting, Tax, Period of Time	2 days
SEC Settlement [Member]
Loss Contingencies [Line Items]
Litigation Charges, Net											$ 140
Spitzer [Member]
Loss Contingencies [Line Items]
Payments for legal settlements						$ 25
Loss Contingency Accrual													$ 36
Settlement payments due in 120 days [Domain] | U.S. SEC and DOJ Investigation [Domain]
Loss Contingencies [Line Items]
Payments for legal settlements								$ 30
Settlement payments due in 240 days [Domain] | U.S. SEC and DOJ Investigation [Domain]
Loss Contingencies [Line Items]
Payments for legal settlements							$ 30
Settlement payments due in 360 days [Domain] | U.S. SEC and DOJ Investigation [Domain]
Loss Contingencies [Line Items]
Loss Contingency Accrual												$ 30

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Commitments and Other Contingencies - Operating Lease (Details) $ in Millions	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 176
2018	112
2019	69
2020	52
2021	32
Thereafter	192
Total	$ 633

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Commitments and Other Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Total rent expense incurred under operating leases	$ 217	$ 324	$ 426
Loss Contingencies [Line Items]
Recorded Unconditional Purchase Obligation	69
Other Current Liabilities [Member]
Loss Contingencies [Line Items]
Recorded Unconditional Purchase Obligation	22
Other Noncurrent Liabilities [Member]
Loss Contingencies [Line Items]
Recorded Unconditional Purchase Obligation	47
Other Noncurrent Liabilities [Member] | Fair Value Guarantee [Member]
Loss Contingencies [Line Items]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets	$ 28

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Segment Information Segment Information (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net Operating Revenues		$ 1,490	$ 1,460	$ 1,363	$ 1,386	$ 1,406	$ 1,356	$ 1,402	$ 1,585	$ 5,699	$ 5,749	$ 9,433
Long-lived Assets		2,893				4,629				2,893	4,629
Operating Income (Loss)										(2,129)	(2,251)	(1,546)
Depreciation and Amortization										801	956	1,200
Capital Expenditures for Property, Plant and Equipment										(225)	(204)	(682)
Research and Development Expense										(158)	(159)	(231)
Equity Investment Impairment												(25)
Severance and Restructuring Charges										(183)	(280)	(232)
Litigation Charges, Net										10	(220)	(116)
Gain (Loss) on Disposition of Business										96	0	(6)
Gain (Loss) on Disposition of Business										91	10	(30)
Total Assets		9,747				12,664				9,747	12,664
Inventory Write-down										540	269	244
Eastern Hemisphere [Member]
Segment Reporting Information [Line Items]
Total Assets		4,311				5,491				4,311	5,491
Western Hemisphere [Member]
Segment Reporting Information [Line Items]
Total Assets		$ 4,933				$ 6,167				4,933	6,167
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Operating Revenues										5,699	5,749	9,433
Operating Income (Loss)										(258)	(569)	(153)
Depreciation and Amortization										795	947	1,184
Capital Expenditures for Property, Plant and Equipment										(200)	(189)	(663)
Operating Segments [Member] | Eastern Hemisphere [Member]
Segment Reporting Information [Line Items]
Net Operating Revenues										2,762	2,807	4,157
Operating Income (Loss)										(143)	(160)	27
Depreciation and Amortization										443	501	563
Capital Expenditures for Property, Plant and Equipment										(130)	(134)	(273)
Operating Segments [Member] | Western Hemisphere [Member]
Segment Reporting Information [Line Items]
Net Operating Revenues										2,937	2,942	5,276
Operating Income (Loss)										(115)	(409)	(180)
Depreciation and Amortization										352	446	621
Capital Expenditures for Property, Plant and Equipment										(70)	(55)	(390)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and Amortization										6	9	16
Capital Expenditures for Property, Plant and Equipment										(25)	(15)	(19)
Research and Development Expense										(130)	(139)	(194)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Equity Investment Impairment												(25)
Severance and Restructuring Charges										(183)	(280)	(232)	[1]
Litigation Charges, Net										10	(220)	(116)
Gain (Loss) on Disposition of Business												(6)
Loss Contingency Accrual, Provision										1,664	$ 1,043	768
Gain (Loss) on Disposition of Business										$ 96
Other Nonoperating Expense	[2]											$ 52

[1] Includes restructuring charges of $232 million: $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate.

[2] Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges.

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Segment Information Products and Services (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue from External Customer [Line Items]
Consolidated revenues by product line	100.00%	100.00%	100.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Production [Member]
Revenue from External Customer [Line Items]
Consolidated revenues by product line	26.00%	29.00%	29.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Completion [Member]
Revenue from External Customer [Line Items]
Consolidated revenues by product line	22.00%	20.00%	20.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Drilling and Evaluation [Member]
Revenue from External Customer [Line Items]
Consolidated revenues by product line	24.00%	22.00%	22.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Well Construction [Member]
Revenue from External Customer [Line Items]
Consolidated revenues by product line	28.00%	29.00%	29.00%

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Segment Information Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net	$ 1,490	$ 1,460	$ 1,363	$ 1,386	$ 1,406	$ 1,356	$ 1,402	$ 1,585	$ 5,699	$ 5,749	$ 9,433
Long-lived Assets	2,893				4,629				2,893	4,629
Eastern Hemisphere [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									2,762	2,807	4,157
Long-lived Assets	1,330				2,578				1,330	2,578
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									1,555	1,523	2,864
Long-lived Assets	870				1,008				870	1,008
Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									890	1,064	1,782
Long-lived Assets	575				903				575	903
Europe/Sub-Sahara Africa/Russia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									999	939	1,613
Long-lived Assets	532				629				532	629
Middle East and North Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									1,464	1,513	1,843
Long-lived Assets	528				1,595				528	1,595
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									299	355	701
Long-lived Assets	270				354				270	354
Western Hemisphere [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									2,937	2,942	5,276
Long-lived Assets	1,563				2,051				1,563	2,051
CANADA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, Net									492	355	$ 630
Long-lived Assets	$ 118				$ 140				$ 118	$ 140

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Segment Information Narrative (Details) $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) unit	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Asset Impairment Charges											$ 436
Number of Reportable Segments | unit										2
Long-Lived Asset Impairments and Other Charges										$ 928	436	$ 638
Production Related Impairments or Charges											219
Pressure Pumping Related Charges											114	63
Fair Value Adjustment of Warrants										(86)	(16)	0
Supply Agreement Charges related to Non-Core Business Divestiture												67
Restructuring Charges										183	280	232
Revenue, Net	$ 1,490	$ 1,460	$ 1,363	$ 1,386	$ 1,406	$ 1,356	$ 1,402	$ 1,585		5,699	5,749	9,433
Professional Fees												17
Facility Closure Fees												24
Other Nonrecurring (Income) Expense	1,600	$ 35	$ 108	$ 134	245	$ 771	347	$ 285				11
Bad Debt Expense									$ 31	8	69	48
Increase (decrease) in accounts receivable										29	(214)	(1,031)
Assets	9,747				12,664					9,747	12,664
Deferred tax assets for long-lived assets					36				$ 81		36	81
Financing Receivable, Allowance for Credit Losses, Write-downs							$ 84				76
Allowance for Doubtful Accounts Receivable, Write-offs										230	0	0
Asset Write Down and Other										1,664	1,043	768
UNITED STATES
Segment Reporting Information [Line Items]
Revenue, Net										1,555	1,523	2,864
Assets	2,900				3,300					2,900	3,300
2016 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges											280
2015 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges												232
Operating Segments [Member]
Segment Reporting Information [Line Items]
Production Related Impairments or Charges												223
Revenue, Net										5,699	5,749	9,433
Western Hemisphere [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges										135
Production Related Impairments or Charges												127
Bad Debt Expense												29
Assets	4,933				6,167					4,933	6,167
Western Hemisphere [Member] | 2016 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges											153
Western Hemisphere [Member] | 2015 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges												94
Western Hemisphere [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue, Net										2,937	2,942	5,276
Drilling Rigs [Member]
Segment Reporting Information [Line Items]
Long-Lived Asset Impairments and Other Charges												255
Eastern Hemisphere [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges										37
Production Related Impairments or Charges												96
Bad Debt Expense												19
Assets	4,311				5,491					4,311	5,491
Eastern Hemisphere [Member] | 2016 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges											75
Eastern Hemisphere [Member] | 2015 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges												123
Eastern Hemisphere [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue, Net										2,762	2,807	4,157
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Assets	$ 503				$ 1,006					503	1,006
Corporate, Non-Segment [Member] | 2016 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges											52
Corporate, Non-Segment [Member] | 2015 Plan [Member]
Segment Reporting Information [Line Items]
Restructuring Charges												$ 15
Assets, Total [Member]
Segment Reporting Information [Line Items]
Long-Lived Asset Impairments and Other Charges										$ 506	$ 710

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Consolidating Financial Statements Narrative (Details)	Dec. 31, 2017	Jun. 30, 2017	Jun. 26, 2017	Dec. 31, 2016	Nov. 18, 2016	Jul. 01, 2016	Jun. 30, 2016	Jun. 17, 2016	Dec. 31, 2015
Senior Notes, 6.35% due 2017 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt						6.35%
Senior Notes, 6.35% due 2017 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt		6.35%		6.35%
Senior Notes, 6.80% due 2037 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	6.80%			6.80%					6.80%
Senior Notes, 6.50% due 2036 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	6.50%			6.50%					6.50%
Senior Notes, 6.00% due 2018 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt						6.00%
Senior Notes, 6.00% due 2018 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	6.00%
Senior Notes, 6.00% due 2018 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	6.00%			6.00%
Senior Notes, 7.00% due 2038 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	7.00%			7.00%					7.00%
Senior Notes, 9.625% due 2019 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt						9.625%
Senior Notes, 9.625% due 2019 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	9.625%			9.625%
Senior Notes, 9.875% due 2039 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	9.875%			9.875%
Senior Notes, 5.125% due 2020 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt						5.125%
Senior Notes, 5.125% due 2020 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	5.125%			5.125%					5.125%
Senior Notes, 6.75% due 2040 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	6.75%			6.75%					6.75%
Senior Notes, 4.50% due 2022 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	4.50%			4.50%					4.50%
Senior Notes, 5.95% due 2042 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	5.95%			5.95%					5.95%
Senior Notes, 9.875% due 2024 [Member] | Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt			9.875%
Senior Notes, 9.875% due 2024 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	9.875%				9.875%
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	5.875%			5.875%
Senior Notes, 7.75 Percent due 2021 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt								7.75%
Senior Notes, 7.75 Percent due 2021 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	7.75%			7.75%
Senior Notes, 8.25 Percent due 2023 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt				8.25%
Senior Notes, 8.25 Percent due 2023 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt								8.25%
Senior Notes, 8.25 Percent due 2023 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt	8.25%			8.25%
Senior Notes, 9.87 Percent due 2024 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt				9.875%
Senior Notes, 9.87 Percent due 2024 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt				9.875%
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate on debt							5.50%

XML

Consolidating Financial Statements Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	$ (2,129)	$ (2,251)	$ (1,546)
Revenue, Net	$ 1,490		$ 1,460		$ 1,363		$ 1,386		$ 1,406		$ 1,356		$ 1,402		$ 1,585		5,699	5,749	9,433
Costs and Expenses																	(7,828)	(8,000)	(10,979)
Other Income (Expense):
Interest Expense, Net																	(579)	(499)	(468)
Intercompany Charges, Net																	0	0	0
Equity in Subsidiary Income (Loss)																	0	0	0
Other, Net																	52	(127)	(82)
Income (Loss) Before Income Taxes																	(2,656)	(2,877)	(2,096)
(Provision) Benefit for Income Taxes																	(137)	(496)	145
Net Loss																	(2,793)	(3,373)	(1,951)
Net Income Attributable to Noncontrolling Interests																	(20)	(19)	(34)
Net Income (Loss) Attributable to Weatherford	$ (1,938)	[1]	$ (256)	[2]	$ (171)	[3]	$ (448)	[4]	$ (549)	[5],[6]	$ (1,780)	[5]	$ (565)	[5],[7]	$ (498)	[5],[8]	(2,813)	(3,392)	(1,985)
Comprehensive Income (Loss) Attributable to Weatherford																	(2,722)	(3,361)	(2,745)
Other Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	(2,157)	(2,102)	(1,440)
Revenue, Net																	5,699	5,749	9,433
Costs and Expenses																	(7,856)	(7,851)	(10,873)
Other Income (Expense):
Interest Expense, Net																	24	4	(13)
Intercompany Charges, Net																	103	(274)	(403)
Equity in Subsidiary Income (Loss)																	0	0	0
Other, Net																	(11)	(78)	(144)
Income (Loss) Before Income Taxes																	(2,247)	(2,450)	(2,000)
(Provision) Benefit for Income Taxes																	(137)	(342)	31
Net Loss																	(2,384)	(2,792)	(1,969)
Net Income Attributable to Noncontrolling Interests																	(20)	(19)	(34)
Net Income (Loss) Attributable to Weatherford																	(2,404)	(2,811)	(2,003)
Comprehensive Income (Loss) Attributable to Weatherford																	(2,312)	(2,780)	(2,762)
Weatherford Ireland Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	(19)	(151)	(101)
Revenue, Net																	0	0	0
Costs and Expenses																	(19)	(151)	(101)
Other Income (Expense):
Interest Expense, Net																	0	0	0
Intercompany Charges, Net																	(12)	(76)	(83)
Equity in Subsidiary Income (Loss)																	(2,891)	(3,181)	(1,801)
Other, Net																	85	16	0
Income (Loss) Before Income Taxes																	(2,813)	(3,392)	(1,985)
(Provision) Benefit for Income Taxes																	0	0	0
Net Loss																	(2,813)	(3,392)	(1,985)
Net Income Attributable to Noncontrolling Interests																	0	0	0
Net Income (Loss) Attributable to Weatherford																	(2,813)	(3,392)	(1,985)
Comprehensive Income (Loss) Attributable to Weatherford																	(2,722)	(3,361)	(2,745)
Weatherford Bermuda [Member]
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	45	(3)	(7)
Revenue, Net																	0	0	0
Costs and Expenses																	45	(3)	(7)
Other Income (Expense):
Interest Expense, Net																	(583)	(465)	(398)
Intercompany Charges, Net																	(148)	4	(110)
Equity in Subsidiary Income (Loss)																	(878)	(2,403)	(1,868)
Other, Net																	(19)	(38)	51
Income (Loss) Before Income Taxes																	(1,287)	(2,905)	(2,332)
(Provision) Benefit for Income Taxes																	0	0	0
Net Loss																	(1,287)	(2,905)	(2,332)
Net Income Attributable to Noncontrolling Interests																	0	0	0
Net Income (Loss) Attributable to Weatherford																	(1,287)	(2,905)	(2,332)
Comprehensive Income (Loss) Attributable to Weatherford																	(1,307)	(3,081)	(2,610)
Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	2	5	2
Revenue, Net																	0	0	0
Costs and Expenses																	2	5	2
Other Income (Expense):
Interest Expense, Net																	(38)	(49)	(57)
Intercompany Charges, Net																	192	(196)	(282)
Equity in Subsidiary Income (Loss)																	(437)	(944)	(492)
Other, Net																	5	43	11
Income (Loss) Before Income Taxes																	(660)	(1,141)	(818)
(Provision) Benefit for Income Taxes																	0	(154)	114
Net Loss																	(660)	(1,295)	(704)
Net Income Attributable to Noncontrolling Interests																	0	0	0
Net Income (Loss) Attributable to Weatherford																	(660)	(1,295)	(704)
Comprehensive Income (Loss) Attributable to Weatherford																	(700)	(1,425)	(754)
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating Income (Loss)																	0	0	0
Revenue, Net																	0	0	0
Costs and Expenses																	0	0	0
Other Income (Expense):
Interest Expense, Net																	18	11	0
Intercompany Charges, Net																	(135)	542	878
Equity in Subsidiary Income (Loss)																	4,206	6,528	4,161
Other, Net																	(8)	(70)	0
Income (Loss) Before Income Taxes																	4,351	7,011	5,039
(Provision) Benefit for Income Taxes																	0	0	0
Net Loss																	4,351	7,011	5,039
Net Income Attributable to Noncontrolling Interests																	0	0	0
Net Income (Loss) Attributable to Weatherford																	4,351	7,011	5,039
Comprehensive Income (Loss) Attributable to Weatherford																	$ 4,319	$ 7,286	$ 6,126

[1] Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.

[2] Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.

[3] Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.

[4] Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.

[5] Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

[6] Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.

[7] Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.

[8] Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.

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Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$ 613	$ 1,037	$ 467	$ 474
Other Current Assets	3,265	3,873
Total Current Assets	3,878	4,910
Equity Investments in Affiliates	0	0
Intercompany Receivables, Net	0	0
Other Assets	5,869	7,754
Total Assets	9,747	12,664
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	148	179
Accounts Payable and Other Current Liabilities	2,082	2,249
Total Current Liabilities	2,230	2,428
Long-term Debt and Capital Lease Obligations	7,541	7,403
Intercompany Payables, Net	0	0
Other Long-term Liabilities	547	765
Total Liabilities	10,318	10,596
Weatherford Shareholders’ Equity	(626)	2,012
Noncontrolling Interests	55	56
Total Liabilities and Shareholders’ (Deficiency) Equity	9,747	12,664
Eliminations [Member]
Current Assets
Cash and Cash Equivalents	0	0	0	0
Other Current Assets	(550)	(531)
Total Current Assets	(550)	(531)
Equity Investments in Affiliates	(16,077)	(20,422)
Intercompany Receivables, Net	(4,213)	(3,762)
Other Assets	0	(12)
Total Assets	(20,840)	(24,727)
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	0	0
Accounts Payable and Other Current Liabilities	(550)	(542)
Total Current Liabilities	(550)	(542)
Long-term Debt and Capital Lease Obligations	89	107
Intercompany Payables, Net	(4,213)	(3,762)
Other Long-term Liabilities	(137)	(146)
Total Liabilities	(4,811)	(4,343)
Weatherford Shareholders’ Equity	(16,029)	(20,384)
Noncontrolling Interests	0	0
Total Liabilities and Shareholders’ (Deficiency) Equity	(20,840)	(24,727)
Other Subsidiaries [Member]
Current Assets
Cash and Cash Equivalents	418	447	443	451
Other Current Assets	3,298	3,891
Total Current Assets	3,716	4,338
Equity Investments in Affiliates	530	1,037
Intercompany Receivables, Net	4,213	3,762
Other Assets	5,857	7,751
Total Assets	14,316	16,888
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	20	32
Accounts Payable and Other Current Liabilities	2,439	2,488
Total Current Liabilities	2,459	2,520
Long-term Debt and Capital Lease Obligations	159	204
Intercompany Payables, Net	0	0
Other Long-term Liabilities	332	457
Total Liabilities	2,950	3,181
Weatherford Shareholders’ Equity	11,311	13,651
Noncontrolling Interests	55	56
Total Liabilities and Shareholders’ (Deficiency) Equity	14,316	16,888
Weatherford Ireland Parent Company [Member]
Current Assets
Cash and Cash Equivalents	0	0	0	1
Other Current Assets	1	1
Total Current Assets	1	1
Equity Investments in Affiliates	(460)	2,415
Intercompany Receivables, Net	0	0
Other Assets	0	2
Total Assets	(459)	2,418
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	0	0
Accounts Payable and Other Current Liabilities	10	105
Total Current Liabilities	10	105
Long-term Debt and Capital Lease Obligations	0	0
Intercompany Payables, Net	87	145
Other Long-term Liabilities	70	156
Total Liabilities	167	406
Weatherford Shareholders’ Equity	(626)	2,012
Noncontrolling Interests	0	0
Total Liabilities and Shareholders’ (Deficiency) Equity	(459)	2,418
Weatherford Bermuda [Member]
Current Assets
Cash and Cash Equivalents	195	586	2	0
Other Current Assets	0	0
Total Current Assets	195	586
Equity Investments in Affiliates	7,998	8,669
Intercompany Receivables, Net	0	0
Other Assets	8	13
Total Assets	8,201	9,268
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	128	53
Accounts Payable and Other Current Liabilities	183	198
Total Current Liabilities	311	251
Long-term Debt and Capital Lease Obligations	7,127	6,944
Intercompany Payables, Net	242	224
Other Long-term Liabilities	146	152
Total Liabilities	7,826	7,571
Weatherford Shareholders’ Equity	375	1,697
Noncontrolling Interests	0	0
Total Liabilities and Shareholders’ (Deficiency) Equity	8,201	9,268
Guarantor Subsidiaries, Weatherford Delaware [Member]
Current Assets
Cash and Cash Equivalents	0	4	$ 22	$ 22
Other Current Assets	516	512
Total Current Assets	516	516
Equity Investments in Affiliates	8,009	8,301
Intercompany Receivables, Net	0	0
Other Assets	4	0
Total Assets	8,529	8,817
Current Liabilities
Short-term Borrowings and Current Portion of Long-term Debt	0	94
Accounts Payable and Other Current Liabilities	0	0
Total Current Liabilities	0	94
Long-term Debt and Capital Lease Obligations	166	148
Intercompany Payables, Net	3,884	3,393
Other Long-term Liabilities	136	146
Total Liabilities	4,186	3,781
Weatherford Shareholders’ Equity	4,343	5,036
Noncontrolling Interests	0	0
Total Liabilities and Shareholders’ (Deficiency) Equity	$ 8,529	$ 8,817

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Consolidating Financial Statements Condensed Consolidating Statement of Cash Flows (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		$ (1,000,000)	$ (6,000,000)	$ 8,000,000
Net Loss		(2,793,000,000)	(3,373,000,000)	(1,951,000,000)
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		0	0	0
Equity in (Earnings) Loss of Affiliates		0	0	0
Deferred Income Tax Provision (Benefit)		(25,000,000)	381,000,000	(448,000,000)
Other Adjustments		2,430,000,000	2,688,000,000	3,114,000,000
Net Cash Provided by (Used in) Operating Activities		(388,000,000)	(304,000,000)	715,000,000
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		(225,000,000)	(204,000,000)	(682,000,000)
Increase (Decrease) in Assets Held-for-sale		244,000,000	0	0
Capital Expenditures for Property, Plant and Equipment		(7,000,000)	(5,000,000)	(14,000,000)
Acquisition of Intellectual Property		(15,000,000)	(10,000,000)	(8,000,000)
Proceeds from Insurance Settlement, Investing Activities		0	39,000,000	0
Net Cash Used in Investing Activities		(62,000,000)	(137,000,000)	(659,000,000)
Proceeds from Sale of Property, Plant, and Equipment		51,000,000	49,000,000	37,000,000
Proceeds from Sale of Productive Assets		481,000,000
Payments for (Proceeds from) Other Investing Activities	$ 51,000,000	51,000,000	0	0
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		(128,000,000)	(1,512,000,000)	505,000,000
Borrowings (Repayments) Long-term Debt, Net		181,000,000	1,718,000,000	(470,000,000)
Borrowings (Repayments) Between Subsidiaries, Net		0	0	0
Proceeds from Issuance of Common Stock		0	1,071,000,000	0
Other, Net		(33,000,000)	(216,000,000)	(32,000,000)
Net Cash Provided by Financing Activities		20,000,000	1,061,000,000	3,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents		6,000,000	(50,000,000)	(66,000,000)
Net Increase (Decrease) in Cash and Cash Equivalents		(424,000,000)	570,000,000	(7,000,000)
Cash and Cash Equivalents at Beginning of Year	1,037,000,000	1,037,000,000	467,000,000	474,000,000
Cash and Cash Equivalents at End of Year		613,000,000	1,037,000,000	467,000,000
Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		0	0	0
Net Loss		4,351,000,000	7,011,000,000	5,039,000,000
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		(135,000,000)	(542,000,000)	(878,000,000)
Equity in (Earnings) Loss of Affiliates		(4,206,000,000)	(6,528,000,000)	(4,161,000,000)
Deferred Income Tax Provision (Benefit)			0	0
Other Adjustments		(10,000,000)	59,000,000	0
Net Cash Provided by (Used in) Operating Activities		0	0	0
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		0	0	0
Increase (Decrease) in Assets Held-for-sale		0
Capital Expenditures for Property, Plant and Equipment		0	0	0
Acquisition of Intellectual Property		0	0	0
Proceeds from Insurance Settlement, Investing Activities			0
Net Cash Used in Investing Activities		0	0	0
Proceeds from Sale of Property, Plant, and Equipment			0	0
Proceeds from Sale of Productive Assets		0
Payments for (Proceeds from) Other Investing Activities	0
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		0	0	0
Borrowings (Repayments) Long-term Debt, Net		0	0	0
Borrowings (Repayments) Between Subsidiaries, Net		0	0	0
Proceeds from Issuance of Common Stock			0
Other, Net		0	0	0
Net Cash Provided by Financing Activities		0	0	0
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0	0
Net Increase (Decrease) in Cash and Cash Equivalents		0	0	0
Cash and Cash Equivalents at Beginning of Year	0	0	0	0
Cash and Cash Equivalents at End of Year		0	0	0
Other Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		(1,000,000)	(6,000,000)	8,000,000
Net Loss		(2,384,000,000)	(2,792,000,000)	(1,969,000,000)
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		103,000,000	274,000,000	403,000,000
Equity in (Earnings) Loss of Affiliates		0	0	0
Deferred Income Tax Provision (Benefit)		(25,000,000)	355,000,000	(462,000,000)
Other Adjustments		1,416,000,000	1,067,000,000	3,025,000,000
Net Cash Provided by (Used in) Operating Activities		(890,000,000)	(1,096,000,000)	997,000,000
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		(225,000,000)	(204,000,000)	(682,000,000)
Increase (Decrease) in Assets Held-for-sale		244,000,000
Capital Expenditures for Property, Plant and Equipment		(7,000,000)	(5,000,000)	(14,000,000)
Acquisition of Intellectual Property		(15,000,000)	(10,000,000)	(8,000,000)
Proceeds from Insurance Settlement, Investing Activities			39,000,000
Net Cash Used in Investing Activities		(62,000,000)	(137,000,000)	(659,000,000)
Proceeds from Sale of Property, Plant, and Equipment			49,000,000	37,000,000
Proceeds from Sale of Productive Assets		481,000,000
Payments for (Proceeds from) Other Investing Activities	(51,000,000)
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		(111,000,000)	(15,000,000)	(30,000,000)
Borrowings (Repayments) Long-term Debt, Net		75,000,000	(65,000,000)	(28,000,000)
Borrowings (Repayments) Between Subsidiaries, Net		986,000,000	512,000,000	(190,000,000)
Proceeds from Issuance of Common Stock			1,071,000,000
Other, Net		(33,000,000)	(216,000,000)	(32,000,000)
Net Cash Provided by Financing Activities		917,000,000	1,287,000,000	(280,000,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		6,000,000	(50,000,000)	(66,000,000)
Net Increase (Decrease) in Cash and Cash Equivalents		(29,000,000)	4,000,000	(8,000,000)
Cash and Cash Equivalents at Beginning of Year	447,000,000	447,000,000	443,000,000	451,000,000
Cash and Cash Equivalents at End of Year		418,000,000	447,000,000	443,000,000
Weatherford Ireland Parent Company [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		0	0	0
Net Loss		(2,813,000,000)	(3,392,000,000)	(1,985,000,000)
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		(12,000,000)	76,000,000	83,000,000
Equity in (Earnings) Loss of Affiliates		2,891,000,000	3,181,000,000	1,801,000,000
Deferred Income Tax Provision (Benefit)		0	0	0
Other Adjustments		(278,000,000)	1,230,000,000	(35,000,000)
Net Cash Provided by (Used in) Operating Activities		(212,000,000)	1,095,000,000	(136,000,000)
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		0	0	0
Increase (Decrease) in Assets Held-for-sale		0
Capital Expenditures for Property, Plant and Equipment		0	0	0
Acquisition of Intellectual Property		0	0	0
Proceeds from Insurance Settlement, Investing Activities			0
Net Cash Used in Investing Activities		0	0	0
Proceeds from Sale of Property, Plant, and Equipment			0	0
Proceeds from Sale of Productive Assets		0
Payments for (Proceeds from) Other Investing Activities	0
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		0	0	0
Borrowings (Repayments) Long-term Debt, Net		0	0	0
Borrowings (Repayments) Between Subsidiaries, Net		212,000,000	(1,095,000,000)	135,000,000
Proceeds from Issuance of Common Stock			0
Other, Net		0	0	0
Net Cash Provided by Financing Activities		212,000,000	(1,095,000,000)	135,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0	0
Net Increase (Decrease) in Cash and Cash Equivalents		0	0	(1,000,000)
Cash and Cash Equivalents at Beginning of Year	0	0	0	1,000,000
Cash and Cash Equivalents at End of Year		0	0	0
Weatherford Bermuda [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		0	0	0
Net Loss		(1,287,000,000)	(2,905,000,000)	(2,332,000,000)
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		(148,000,000)	(4,000,000)	110,000,000
Equity in (Earnings) Loss of Affiliates		878,000,000	2,403,000,000	1,868,000,000
Deferred Income Tax Provision (Benefit)		0	0	0
Other Adjustments		1,236,000,000	75,000,000	210,000,000
Net Cash Provided by (Used in) Operating Activities		679,000,000	(431,000,000)	(144,000,000)
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		0	0	0
Increase (Decrease) in Assets Held-for-sale		0
Capital Expenditures for Property, Plant and Equipment		0	0	0
Acquisition of Intellectual Property		0	0	0
Proceeds from Insurance Settlement, Investing Activities			0
Net Cash Used in Investing Activities		0	0	0
Proceeds from Sale of Property, Plant, and Equipment			0	0
Proceeds from Sale of Productive Assets		0
Payments for (Proceeds from) Other Investing Activities	0
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		(17,000,000)	(1,497,000,000)	535,000,000
Borrowings (Repayments) Long-term Debt, Net		200,000,000	2,299,000,000	(411,000,000)
Borrowings (Repayments) Between Subsidiaries, Net		(1,253,000,000)	213,000,000	22,000,000
Proceeds from Issuance of Common Stock			0
Other, Net		0	0	0
Net Cash Provided by Financing Activities		(1,070,000,000)	1,015,000,000	146,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0	0
Net Increase (Decrease) in Cash and Cash Equivalents		(391,000,000)	584,000,000	2,000,000
Cash and Cash Equivalents at Beginning of Year	586,000,000	586,000,000	2,000,000	0
Cash and Cash Equivalents at End of Year		195,000,000	586,000,000	2,000,000
Guarantor Subsidiaries, Weatherford Delaware [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Proceeds (payments) from sale of businesses and equity investment, net		0	0	0
Net Loss		(660,000,000)	(1,295,000,000)	(704,000,000)
Cash Flows from Operating Activities:
Charges from Parent or Subsidiary		192,000,000	196,000,000	282,000,000
Equity in (Earnings) Loss of Affiliates		437,000,000	944,000,000	492,000,000
Deferred Income Tax Provision (Benefit)		0	26,000,000	14,000,000
Other Adjustments		66,000,000	257,000,000	(86,000,000)
Net Cash Provided by (Used in) Operating Activities		35,000,000	128,000,000	(2,000,000)
Cash Flows From Investing Activities:
Acquisitions of Businesses, Net of Cash Acquired		0	0	0
Increase (Decrease) in Assets Held-for-sale		0
Capital Expenditures for Property, Plant and Equipment		0	0	0
Acquisition of Intellectual Property		0	0	0
Proceeds from Insurance Settlement, Investing Activities			0
Net Cash Used in Investing Activities		0	0	0
Proceeds from Sale of Property, Plant, and Equipment			0	0
Proceeds from Sale of Productive Assets		0
Payments for (Proceeds from) Other Investing Activities	0
Cash Flows From Financing Activities:
Borrowings (Repayments) of Short-term Debt, Net		0	0	0
Borrowings (Repayments) Long-term Debt, Net		(94,000,000)	(516,000,000)	(31,000,000)
Borrowings (Repayments) Between Subsidiaries, Net		55,000,000	370,000,000	33,000,000
Proceeds from Issuance of Common Stock			0
Other, Net		0	0	0
Net Cash Provided by Financing Activities		(39,000,000)	(146,000,000)	2,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0	0
Net Increase (Decrease) in Cash and Cash Equivalents		(4,000,000)	(18,000,000)	0
Cash and Cash Equivalents at Beginning of Year	$ 4,000,000	4,000,000	22,000,000	22,000,000
Cash and Cash Equivalents at End of Year		$ 0	$ 4,000,000	$ 22,000,000

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Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Revenue, Net	$ 1,490		$ 1,460		$ 1,363		$ 1,386		$ 1,406		$ 1,356		$ 1,402		$ 1,585		$ 5,699	$ 5,749	$ 9,433
Gross profit	192		264		174		180		159		126		164		111		810	560
Net Income (Loss) Attributable to Weatherford	$ (1,938)	[1]	$ (256)	[2]	$ (171)	[3]	$ (448)	[4]	$ (549)	[5],[6]	$ (1,780)	[5]	$ (565)	[5],[7]	$ (498)	[5],[8]	$ (2,813)	$ (3,392)	$ (1,985)
Earnings Per Share, Basic and Diluted	$ (1.95)		$ (0.26)		$ (0.17)		$ (0.45)		$ (0.59)		$ (1.98)		$ (0.63)		$ (0.61)		$ (2.84)	$ (3.82)	$ (2.55)

[1] Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.

[2] Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.

[3] Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.

[4] Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.

[5] Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

[6] Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.

[7] Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.

[8] Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.

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Quarterly Financial Data (Unaudited) Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Other Nonrecurring (Income) Expense	$ 1,600	$ 35	$ 108	$ 134	$ 245	$ 771	$ 347	$ 285			$ 11
Restructuring Charges									$ 183	$ 280	232
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount									0	137	265
Inventory Write-down									(540)	$ (269)	(244)
IRAQ
Loss Contingencies [Line Items]
Loss on Contracts									$ 0		$ 153

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Schedule II - Valuation and Qualifying Accounts and Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015		Jun. 30, 2017
Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016	$ 1,103	$ 1,383
Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	129	113	$ 108
Expense (a)	238	69	48
Additions	0	0	1
Reductions (b) (c)	(38)	(53)	(42)
Period	329	129	113
Valuation allowance on deferred tax assets [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	1,738	868	732
Expense (a)	158	872	159
Additions	0	0	0
Reductions (b) (c)	(9)	(2)	(23)	[1]
Period	1,887	1,738	$ 868
VENEZUELA | Other Noncurrent Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016					$ 158
Allowance for Doubtful Accounts Receivable	158
Short [Member] | Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	129
Expense (a)	80
Additions	0
Reductions (b) (c)	(53)
Period	156	129
Long [Member] | Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	0
Expense (a)	158
Additions	0
Reductions (b) (c)	15
Period	$ 173	$ 0

[1] in 2017 for valuation allowance on deferred taxes primarily due to currency translation.All oth