(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
, | , | ||||||
(Address of principal executive offices) | (Zip Code) |
N/A | ||||
(Former Name or Former Address, if Changed Since Last Report) |
Title of each class | Trading Symbol(s) (1) | Name of each exchange on which registered |
N/A |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits | |
Exhibit Number | Exhibit Description | |
News Release dated May 11, 2020, announcing results for the first quarter ended March 31, 2020. | ||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Weatherford International plc | |
Date: May 11, 2020 | |
/s/ Christian A. Garcia | |
Christian A. Garcia | |
Executive Vice President and Chief Financial Officer |
News Release |
• | Revenues of $1.2 billion declined 2% sequentially and 7% year-on-year (excluding divestitures) [1] |
◦ | International revenues declined 1% sequentially and grew 2% year-on-year [1] |
◦ | North American revenues declined 4% sequentially and 23% year-on-year [1] |
• | Adjusted EBITDA [2][3] of $178 million grew by 15% sequentially and 39% year-on-year and associated margins of 15% increased 221 basis points sequentially and 514 basis points year-on-year |
• | Free cash flow of negative $2 million [2] improved $94 million sequentially and $280 million year-on-year, despite being burdened by approximately $75 million of cash outflows associated with our financial restructuring and prior period corporate development activities |
• | Goodwill: $167 million |
• | Other intangible assets: $137 million |
• | Right of use assets: $73 million |
• | Property, plant, and equipment: $430 million |
Successor | Successor | Predecessor | Predecessor | ||||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | |||||||||||||||||
Ended | 12/14/19 to | 10/01/19 to | Combined | Ended | |||||||||||||||||
($ in Millions) | 3/31/20 | 12/31/19 | 12/13/19 | Results | 3/31/19 | ||||||||||||||||
Revenues: | |||||||||||||||||||||
North America | $ | 341 | $ | 68 | $ | 289 | $ | 357 | $ | 456 | |||||||||||
Latin America | 247 | 53 | 211 | 264 | 270 | ||||||||||||||||
Total Revenues | $ | 588 | $ | 121 | $ | 500 | $ | 621 | $ | 726 | |||||||||||
Adjusted Segment EBITDA | $ | 76 | $ | 10 | $ | 54 | $ | 64 | $ | 58 | |||||||||||
% Margin | 13 | % | 8 | % | 11 | % | 10 | % | 8 | % |
Successor | Successor | Predecessor | Predecessor | ||||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | |||||||||||||||||
Ended | 12/14/19 to | 10/01/19 to | Combined | Ended | |||||||||||||||||
($ in Millions) | 3/31/20 | 12/31/19 | 12/13/19 | Results | 3/31/19 | ||||||||||||||||
Revenues: | |||||||||||||||||||||
Middle East, North Africa & Asia | $ | 403 | $ | 88 | $ | 298 | $ | 386 | $ | 390 | |||||||||||
Europe, SSA & Russia | 224 | 52 | 187 | 239 | 230 | ||||||||||||||||
Total Revenues | $ | 627 | $ | 140 | $ | 485 | $ | 625 | $ | 620 | |||||||||||
Adjusted Segment EBITDA | $ | 127 | $ | 30 | $ | 84 | $ | 114 | $ | 93 | |||||||||||
% Margin | 20 | % | 21 | % | 17 | % | 18 | % | 15 | % |
• | A major national oil company in the Middle East awarded Weatherford a contract for the customer’s first-ever real-time drilling decision center. The project will rely on the recently-launched Centro™ integrated realtime environment and further expands the Company’s digital presence. |
• | In the United States, Weatherford secured an order for over 40 surface pumping units, reaffirming its position as the single-source artificial-lift provider for an operator in the Bakken region. The Company’s footprint and experience in the region enabled Weatherford to develop a solution that will offer a 15% operational cost savings per production system. Weatherford will provide the operator a complete system from surface to wellbore, including piles, rods, services, and pumps. |
• | The Weatherford Interpretation and Evaluation Services, or IES, group supported the first microseismic monitoring operation in Turkey during a one-stage hydraulic fracturing job. The operation included well modeling and planning and the acquisition and interpretation of microseismic fracturing data. Weatherford IES experts enabled the customer to optimize their fracturing program and select the best gel treatments for the production stimulation program and enabled the Company to expand its operations with the customer. |
• | The Victus™ intelligent managed pressure drilling (MPD) system was fully integrated on a drilling unit offshore Azerbaijan and is currently on standby. MPD operations are scheduled to begin in late April, with the connection of our Gen II intelligent riser and MPD drilling thereafter. The Victus™ system enhances safety (by eliminating the need for manual work in the moon pool area) and accelerates rig-up and rig-down times by up to 80% (by using an integrated connection hub for subsea control lines). |
• | Weatherford was awarded a contract to provide logging-while-drilling (LWD) measurement-while-drilling (MWD), drilling, and geo-data interpretation services in Russia. The contract will span three years and showcases the Company’s expanding footprint in the region. Additionally, Weatherford will deploy its Magnus® rotary steerable solution to support these operations, continuing to accelerate Magnus’® expansion into international markets. |
• | Weatherford achieved 1,000 days without lost-time incidents for its Offshore Shallow Waters Integrated Service Project, highlighting Weatherford’s commitment to safety and service quality. |
Weatherford International plc | ||||||||||||||||||||
Quarterly Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||
($ in Millions, Except Per Share Amounts) | ||||||||||||||||||||
Successor | Successor | Predecessor | Predecessor | |||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | ||||||||||||||||
Ended | 12/14/19 to | 10/1/19 to | Combined | Ended | ||||||||||||||||
03/31/20 | 12/31/19 | 12/13/19 | Results | 03/31/19 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Western Hemisphere | $ | 588 | $ | 121 | $ | 500 | $ | 621 | $ | 726 | ||||||||||
Eastern Hemisphere | 627 | 140 | 485 | 625 | 620 | |||||||||||||||
Total Revenues | 1,215 | 261 | 985 | 1,246 | 1,346 | |||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Western Hemisphere | 29 | (4 | ) | 19 | 15 | 9 | ||||||||||||||
Eastern Hemisphere | 18 | 10 | 30 | 40 | 20 | |||||||||||||||
Segment Operating Income | 47 | 6 | 49 | 55 | 29 | |||||||||||||||
Corporate Expenses | (26 | ) | (5 | ) | (23 | ) | (28 | ) | (32 | ) | ||||||||||
Goodwill Impairment | (167 | ) | — | — | — | (229 | ) | |||||||||||||
Restructuring Charges | (26 | ) | — | (96 | ) | (96 | ) | (20 | ) | |||||||||||
Prepetition Charges | — | — | — | — | (10 | ) | ||||||||||||||
Other Charges, Net | (650 | ) | — | (246 | ) | (246 | ) | (39 | ) | |||||||||||
Total Operating Income (Loss) | (822 | ) | 1 | (316 | ) | (315 | ) | (301 | ) | |||||||||||
Other Income (Expense): | ||||||||||||||||||||
Reorganization Items | (9 | ) | (4 | ) | 5,692 | 5,688 | — | |||||||||||||
Interest Expense, Net | (58 | ) | (12 | ) | (21 | ) | (33 | ) | (155 | ) | ||||||||||
Other Non-Operating Expenses, Net | (25 | ) | — | (8 | ) | (8 | ) | (9 | ) | |||||||||||
Net Income (Loss) Before Income Taxes | (914 | ) | (15 | ) | 5,347 | 5,332 | (465 | ) | ||||||||||||
Income Tax Provision | (44 | ) | (9 | ) | (59 | ) | (68 | ) | (12 | ) | ||||||||||
Net Income (Loss) | (958 | ) | (24 | ) | 5,288 | 5,264 | (477 | ) | ||||||||||||
Net Income Attributable to Noncontrolling Interests | 8 | 2 | 9 | 11 | 4 | |||||||||||||||
Net Income (Loss) Attributable to Weatherford | $ | (966 | ) | $ | (26 | ) | $ | 5,279 | $ | 5,253 | $ | (481 | ) | |||||||
Income (Loss) Per Share Attributable to Weatherford: | ||||||||||||||||||||
Basic and Diluted | $ | (13.80 | ) | $ | (0.37 | ) | $ | 5.26 | n/a | $ | (0.48 | ) | ||||||||
Weighted Average Shares Outstanding: | ||||||||||||||||||||
Basic and Diluted | 70 | 70 | 1,004 | n/a | 1,003 |
Weatherford International plc | ||||||
Selected Balance Sheet Data (Unaudited) | ||||||
($ in Millions) | ||||||
03/31/2020 | 12/31/19 | |||||
Assets: | ||||||
Cash and Cash Equivalents | 670 | $ | 618 | |||
Restricted Cash | 94 | 182 | ||||
Accounts Receivable, Net | 1,204 | 1,241 | ||||
Inventories, Net | 1,004 | 972 | ||||
Property, Plant and Equipment, Net | 1,554 | 2,122 | ||||
Goodwill | 72 | 239 | ||||
Intangibles, Net | 928 | 1,114 | ||||
Liabilities: | ||||||
Accounts Payable | 544 | 585 | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 26 | 13 | ||||
Long-term Debt | 2,149 | 2,151 | ||||
Shareholders’ Equity: | ||||||
Total Shareholders’ Equity | 1,863 | 2,916 | ||||
Components of Net Debt [1]: | ||||||
Short-term Borrowings and Current Portion of Long-term Debt | 26 | 13 | ||||
Long-term Debt | 2,149 | 2,151 | ||||
Less: Cash and Cash Equivalents | 670 | 618 | ||||
Less: Restricted Cash | 94 | 182 | ||||
Net Debt [1] | 1,411 | 1,364 |
Weatherford International plc | ||||||||
Condensed Consolidated Statement of Cash Flows (Unaudited) | ||||||||
($ in Millions) | ||||||||
Successor | Predecessor | |||||||
Quarter | Quarter | |||||||
Ended | Ended | |||||||
3/31/2020 | 3/31/19 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net Income (Loss) | $ | (958 | ) | $ | (477 | ) | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities: | ||||||||
Depreciation and Amortization | 157 | 123 | ||||||
Goodwill Impairment | 167 | 229 | ||||||
Long-Lived Asset Impairments and Other | 648 | 31 | ||||||
Working Capital [1] | (83 | ) | (47 | ) | ||||
Other Operating Activities | 99 | (108 | ) | |||||
Total Cash Flows Provided by (Used in) Operating Activities | 30 | (249 | ) | |||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures for Property, Plant and Equipment | (38 | ) | (59 | ) | ||||
Proceeds from Disposition of Assets | 6 | 26 | ||||||
Proceeds from Disposition of Businesses, Net | (1 | ) | 74 | |||||
Other Investing Activities | (14 | ) | (5 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | (47 | ) | 36 | |||||
Cash Flows From Financing Activities: | ||||||||
Repayments of Long-term Debt | (2 | ) | (15 | ) | ||||
Borrowings (Repayments) of Short-term Debt, Net | (3 | ) | 228 | |||||
Other Financing Activities, Net | (3 | ) | (5 | ) | ||||
Net Cash Provided by (Used in) Financing Activities | (8 | ) | 208 | |||||
Free Cash Flow [2]: | ||||||||
Cash Flows Provided by (Used in) Operating Activities | $ | 30 | $ | (249 | ) | |||
Capital Expenditures for Property, Plant and Equipment | (38 | ) | (59 | ) | ||||
Proceeds from Disposition of Assets | 6 | 26 | ||||||
Free Cash Flow [2] | $ | (2 | ) | $ | (282 | ) |
[1] | Working capital is defined as the cash changes in accounts receivable plus inventory less accounts payable. |
[2] | Free cash flow is a non-GAAP measure calculated as cash flows provided by (used in) operating activities, less capital expenditures for property, plant and equipment plus proceeds from disposition of assets. Management believes free cash flow is useful to understand liquidity and should be considered in addition to but not substitute cash flows provided by (used in) operating activities. |
Weatherford International plc | ||||||||||||||||||||||||
Quarterly Selected Statements of Operations Information (Unaudited) | ||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||
Successor | Successor | Predecessor | Predecessor | |||||||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | ||||||||||||||||||||
Ended | 12/14/19 to | 10/01/19 to | Combined | Ended | ||||||||||||||||||||
3/31/20 | 12/31/19 | 12/13/19 | Results | 9/30/19 | 6/30/19 | 3/31/19 | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Western Hemisphere | $ | 588 | $ | 121 | $ | 500 | $ | 621 | $ | 675 | $ | 719 | $ | 726 | ||||||||||
Eastern Hemisphere | 627 | 140 | 485 | 625 | 639 | 590 | 620 | |||||||||||||||||
Total Revenues | $ | 1,215 | $ | 261 | $ | 985 | $ | 1,246 | $ | 1,314 | $ | 1,309 | $ | 1,346 | ||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||
Western Hemisphere | $ | 76 | $ | 10 | $ | 54 | $ | 64 | $ | 60 | $ | 57 | $ | 58 | ||||||||||
Eastern Hemisphere | 127 | 30 | 84 | 114 | 145 | 99 | 93 | |||||||||||||||||
Adjusted Segment EBITDA(a) (b) | 203 | 40 | 138 | 178 | 205 | 156 | 151 | |||||||||||||||||
Corporate and Other | (25 | ) | (5 | ) | (18 | ) | (23 | ) | (26 | ) | (27 | ) | (23 | ) | ||||||||||
Total Adjusted EBITDA | $ | 178 | $ | 35 | $ | 120 | $ | 155 | $ | 179 | $ | 129 | $ | 128 | ||||||||||
Operating Income (Loss) | ||||||||||||||||||||||||
Western Hemisphere | $ | 29 | $ | (4 | ) | $ | 19 | $ | 15 | $ | 15 | $ | 11 | $ | 9 | |||||||||
Eastern Hemisphere | 18 | 10 | 30 | 40 | 56 | 28 | 20 | |||||||||||||||||
Segment Operating Income | 47 | 6 | 49 | 55 | 71 | 39 | 29 | |||||||||||||||||
Corporate Expenses | (26 | ) | (5 | ) | (23 | ) | (28 | ) | (31 | ) | (32 | ) | (32 | ) | ||||||||||
Goodwill Impairment | (167 | ) | — | — | — | (399 | ) | (102 | ) | (229 | ) | |||||||||||||
Restructuring Charges | (26 | ) | — | (96 | ) | (96 | ) | (53 | ) | (20 | ) | (20 | ) | |||||||||||
Prepetition Charges | — | — | — | — | — | (76 | ) | (10 | ) | |||||||||||||||
Gain on Sale of Operational Assets | — | — | — | — | 15 | — | — | |||||||||||||||||
Other Charges, Net | (650 | ) | — | (246 | ) | (246 | ) | (50 | ) | 73 | (39 | ) | ||||||||||||
Total Operating Income (Loss) | $ | (822 | ) | $ | 1 | $ | (316 | ) | $ | (315 | ) | $ | (447 | ) | $ | (118 | ) | $ | (301 | ) | ||||
Depreciation and Amortization | ||||||||||||||||||||||||
Western Hemisphere | $ | 47 | $ | 14 | $ | 34 | $ | 48 | $ | 44 | $ | 45 | $ | 48 | ||||||||||
Eastern Hemisphere | 109 | 20 | 54 | 74 | 73 | 70 | 72 | |||||||||||||||||
Corporate | 1 | — | 2 | 2 | 1 | 1 | 3 | |||||||||||||||||
Total Depreciation and Amortization | $ | 157 | $ | 34 | $ | 90 | $ | 124 | $ | 118 | $ | 116 | $ | 123 | ||||||||||
Stock-Based Compensation (b) | ||||||||||||||||||||||||
Western Hemisphere | $ | — | $ | — | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||
Eastern Hemisphere | — | — | — | — | 1 | 1 | 1 | |||||||||||||||||
Corporate | — | — | 3 | 3 | 4 | 4 | 6 | |||||||||||||||||
Stock-Based Compensation | $ | — | $ | — | $ | 4 | $ | 4 | $ | 6 | $ | 6 | $ | 8 | ||||||||||
Product Line (c) Revenues | ||||||||||||||||||||||||
Production | $ | 353 | $ | 82 | $ | 298 | $ | 380 | $ | 392 | $ | 382 | $ | 399 | ||||||||||
Completion | 314 | 66 | 225 | 291 | 286 | 303 | 306 | |||||||||||||||||
Drilling and Evaluation | 281 | 57 | 226 | 283 | 320 | 311 | 336 | |||||||||||||||||
Well Construction | 267 | 56 | 236 | 292 | 316 | 313 | 305 | |||||||||||||||||
Total Product Line Revenues | $ | 1,215 | $ | 261 | $ | 985 | $ | 1,246 | $ | 1,314 | $ | 1,309 | $ | 1,346 |
(a) | Includes the $15 million gain on sale operational asset in the third quarter of 2019. |
(b) | In the first quarter of 2020 the Company began reporting adjusted EBITDA excluding the burden of stock-based compensation. Historical periods have been restated to reflect this methodology. |
(c) | Production includes Artificial Lift Systems, Stimulation and Testing and Production Services. Completions includes Completion Systems, Liner Systems and Cementing Products. Drilling and Evaluation includes Drilling Services, Managed Pressure Drilling, and Wireline Services. Well Construction includes Tubular Running Services, Intervention Services, and Drilling Tools and Rental Equipment. |
Weatherford International plc | ||||||||||||||||||||||||
Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) | ||||||||||||||||||||||||
($ in Millions, Except Per Share Amounts) | ||||||||||||||||||||||||
Successor | Successor | Predecessor | Predecessor | |||||||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | ||||||||||||||||||||
Ended | 12/14/19 to | 10/1/19 to | Combined | Ended | ||||||||||||||||||||
3/31/20 | 12/31/19 | 12/13/19 | Results | 9/30/19 | 6/30/19 | 3/31/19 | ||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||||||
GAAP Operating Income (Loss) | $ | (822 | ) | $ | 1 | $ | (316 | ) | $ | (315 | ) | $ | (447 | ) | $ | (118 | ) | $ | (301 | ) | ||||
Goodwill Impairment (a) | 167 | — | — | — | 399 | 102 | 229 | |||||||||||||||||
Restructuring Charges (b) | 26 | — | 96 | 96 | 53 | 20 | 20 | |||||||||||||||||
Long-lived Assets Impairment and Other (c) (d) | 650 | — | 254 | 254 | 42 | 41 | 37 | |||||||||||||||||
Prepetition Charges | — | — | — | — | — | 76 | 10 | |||||||||||||||||
Gain on Sale of Operational Assets | — | — | — | — | (15 | ) | — | — | ||||||||||||||||
(Gain) Loss on Sale of Business | — | — | (8 | ) | (8 | ) | 8 | (114 | ) | 2 | ||||||||||||||
Operating Non-GAAP Adjustments | 843 | — | 342 | 342 | 487 | 125 | 298 | |||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 21 | $ | 1 | $ | 26 | $ | 27 | $ | 40 | $ | 7 | $ | (3 | ) | |||||||||
Income (Loss) Before Income Taxes: | ||||||||||||||||||||||||
GAAP Income (Loss) Before Income Taxes | $ | (914 | ) | $ | (15 | ) | $ | 5,347 | $ | 5,332 | $ | (784 | ) | $ | (279 | ) | $ | (465 | ) | |||||
Operating Non-GAAP Adjustments | 843 | — | 342 | 342 | 487 | 125 | 298 | |||||||||||||||||
Reorganization Items (e) | 9 | 4 | (5,692 | ) | (5,688 | ) | 303 | — | — | |||||||||||||||
Non-GAAP Adjustments Before Taxes | 852 | 4 | (5,350 | ) | (5,346 | ) | 790 | 125 | 298 | |||||||||||||||
Non-GAAP Loss Before Income Taxes | $ | (62 | ) | $ | (11 | ) | $ | (3 | ) | $ | (14 | ) | $ | 6 | $ | (154 | ) | $ | (167 | ) | ||||
Benefit (Provision) for Income Taxes: | ||||||||||||||||||||||||
GAAP Benefit (Provision) for Income Taxes | (44 | ) | (9 | ) | (59 | ) | $ | (68 | ) | $ | (31 | ) | $ | (33 | ) | $ | (12 | ) | ||||||
Tax Effect on Non-GAAP Adjustments | (7 | ) | — | 24 | 24 | (4 | ) | 2 | (8 | ) | ||||||||||||||
Non-GAAP Provision for Income Taxes | $ | (51 | ) | $ | (9 | ) | $ | (35 | ) | $ | (44 | ) | $ | (35 | ) | $ | (31 | ) | $ | (20 | ) | |||
Net Income (Loss) Attributable to Weatherford: | ||||||||||||||||||||||||
GAAP Net Income (Loss) | $ | (966 | ) | $ | (26 | ) | $ | 5,279 | $ | 5,253 | $ | (821 | ) | $ | (316 | ) | $ | (481 | ) | |||||
Non-GAAP Adjustments, net of tax | 845 | 4 | (5,326 | ) | (5,322 | ) | 786 | 127 | 290 | |||||||||||||||
Non-GAAP Net Loss | $ | (121 | ) | $ | (22 | ) | $ | (47 | ) | $ | (69 | ) | $ | (35 | ) | $ | (189 | ) | $ | (191 | ) | |||
Diluted Income (Loss) Per Share Attributable to Weatherford: | ||||||||||||||||||||||||
GAAP Diluted Income (Loss) per Share | $ | (13.80 | ) | $ | (0.37 | ) | $ | 5.26 | n/a | $ | (0.82 | ) | $ | (0.31 | ) | $ | (0.48 | ) | ||||||
Non-GAAP Adjustments, net of tax | 12.07 | 0.06 | (5.31 | ) | n/a | 0.79 | 0.12 | 0.29 | ||||||||||||||||
Non-GAAP Diluted Loss per Share | $ | (1.73 | ) | $ | (0.31 | ) | $ | (0.05 | ) | n/a | $ | (0.03 | ) | $ | (0.19 | ) | $ | (0.19 | ) |
(a) | Represents goodwill impairment after a fair value assessment of our business and assets for the periods presented. |
(b) | Represents restructuring, facility consolidation and severance costs for the periods presented. |
(c) | Primarily included a long-lived assets impairment after a fair value assessment of our business and assets in the first quarter of 2020. |
(d) | Primarily included asset write-downs and inventory charges, partially offset by a gain on purchase of a joint venture remaining interest in the predecessor prior quarter. |
(e) | Primarily from the gain on settlement of liabilities subject to compromise and fresh start valuation adjustments in the fourth quarter of 2019 and unamortized debt issuance and other fees in the third quarter of 2019. |
Weatherford International plc | ||||||||||||||||||||||||
Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures - EBITDA (Unaudited) | ||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||
Successor | Successor | Predecessor | Predecessor | |||||||||||||||||||||
Quarter | Period From | Period From | Non-GAAP | Quarter | ||||||||||||||||||||
Ended | 12/14/19 to | 10/1/19 to | Combined | Ended | ||||||||||||||||||||
3/31/20 | 12/31/19 | 12/13/19 | Results | 9/30/19 | 6/30/19 | 3/31/19 | ||||||||||||||||||
Net Income (Loss) Attributable to Weatherford | $ | (966 | ) | $ | (26 | ) | $ | 5,279 | $ | 5,253 | $ | (821 | ) | $ | (316 | ) | $ | (481 | ) | |||||
Net Income Attributable to Noncontrolling Interests | 8 | 2 | 9 | 11 | 6 | 4 | 4 | |||||||||||||||||
Net Income (Loss ) | (958 | ) | (24 | ) | 5,288 | 5,264 | (815 | ) | (312 | ) | (477 | ) | ||||||||||||
Interest Expense, Net | 58 | 12 | 21 | 33 | 26 | 160 | 155 | |||||||||||||||||
Income Tax Provision | 44 | 9 | 59 | 68 | 31 | 33 | 12 | |||||||||||||||||
Depreciation and Amortization | 157 | 34 | 90 | 124 | 118 | 116 | 123 | |||||||||||||||||
EBITDA | (699 | ) | 31 | 5,458 | 5,489 | (640 | ) | (3 | ) | (187 | ) | |||||||||||||
Other (Income) Expense Adjustments: | ||||||||||||||||||||||||
Reorganization Items | 9 | 4 | (5,692 | ) | (5,688 | ) | 303 | — | — | |||||||||||||||
Goodwill Impairment | 167 | — | — | — | 399 | 102 | 229 | |||||||||||||||||
Long-lived Asset Impairments and Other | 650 | — | 254 | 254 | 42 | 41 | 37 | |||||||||||||||||
Restructuring Charges | 26 | — | 96 | 96 | 53 | 20 | 20 | |||||||||||||||||
Prepetition Charges | — | — | — | — | — | 76 | 10 | |||||||||||||||||
(Gain) Loss on Sale of Business | — | — | (8 | ) | (8 | ) | 8 | (114 | ) | 2 | ||||||||||||||
Stock-Based Compensation [1] | — | — | 4 | 4 | 6 | 6 | 8 | |||||||||||||||||
Other Non-Operating Expense, Net | 25 | — | 8 | 8 | 8 | 1 | 9 | |||||||||||||||||
Adjusted EBITDA | $ | 178 | $ | 35 | $ | 120 | $ | 155 | $ | 179 | $ | 129 | $ | 128 |
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