-- First quarter revenue of $1,152 million decreased 3% year-over-year
-- First quarter operating income of $123 million decreased 13%
year-over-year
-- First quarter net income of $108 million increased 42% year-over-year;
net income margin of 9.4%
-- First quarter adjusted EBITDA* of $233 million, decreased 8%
year-over-year; adjusted EBITDA margin* of 20.2% decreased 98 basis
points year-over-year
-- First quarter cash provided by operating activities of $136 million and
adjusted free cash flow* of $85 million
-- Shareholder return of $30 million for the quarter, which included
dividend payments of $20 million and share repurchases of $10 million
-- Awarded a multi-year Integrated Completions contract to support offshore
operations in Denmark by TotalEnergies
-- Awarded a five-year contract to provide TRS for offshore operations in
Vietnam by Phu Quoc POC
-- Announced proposal to reorganize its corporate structure by
redomesticating from Ireland to the United States, with Texas as the
company's new legal home
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
HOUSTON, April 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc $(WFRD)$ ("Weatherford" or the "Company") announced today its results for the first quarter of 2026.
Revenues for the first quarter of 2026 were $1,152 million, a decrease of 3% year-over-year and a decrease of 11% sequentially. Operating income in the first quarter of 2026 was $123 million, a decrease of 13% year-over-year and a decrease of 38% sequentially. Net income in the first quarter of 2026 was $108 million, with a 9.4% margin, an increase of 42%, or 300 basis points, year-over-year, and a decrease of 22%, or 133 basis points, sequentially. Adjusted EBITDA* was $233 million, with a 20.2% margin*, a decrease of 8% or 98 basis points, year-over-year, and a decrease of 20% or 235 basis points, sequentially. Basic income per share in the first quarter of 2026 was $1.50, an increase of 44% year-over-year, and a decrease of 22% sequentially. Diluted income per share in the first quarter of 2026 was $1.49, an increase of 44% year-over-year and a decrease of 22% sequentially.
First quarter 2026 cash flows provided by operating activities were $136 million, a decrease of 4% year-over-year, and a decrease of 49% sequentially. Adjusted free cash flow* was $85 million, an increase of 29% year-over-year, and a decrease of 62% sequentially. Capital expenditures were $54 million in the first quarter of 2026, a decrease of 30% year-over-year, and an increase of 6% sequentially.
Girish Saligram, President and Chief Executive Officer, commented, "I am deeply grateful to and proud of the One Weatherford team for delivering excellent operating results in the midst of a very complex and challenged environment in the first quarter. With significant operational disruptions in the Middle East, we stayed focused on what matters the most - protecting our employees, maintaining continuity of operations for our customers, and controlling the variables we could. While we faced losses in revenue and increased costs due to the Iran conflict, we were able to offset the impact of those through additional contributions from other parts of the business.
In parallel, we remain committed to advancing our strategic priorities to create value for all our stakeholders by simplifying processes and reducing structural costs. Our proposal to redomesticate from Ireland to the United States and specifically Texas, represents a significant step towards simplifying our operating structure and reducing administrative and compliance complexity.
Looking ahead, we expect the operational disruptions in the Middle East to cloud near term visibility as the geopolitical backdrop remains volatile and therefore creates uncertainty. Given the likelihood that it will take at minimum several weeks for activity levels to normalize, logistics to stabilize and incremental costs to come down, our second quarter results are expected to be softer than previously anticipated, with performance within the range dependent on the timing of these factors. At the same time, assuming that the conflict is fully behind us by the end of the quarter, we have increased confidence in the second-half ramp that positions us for a stronger 2027.
As a result, we are maintaining our second half guidance and the total year guidance on adjusted free cash flow generation remains intact. We have a strong balance sheet and are bullish about the medium-to-long term outlook, which is supported by energy security priorities and sustained upstream investment."
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
Operational & Commercial Highlights
-- Phu Quoc POC awarded Weatherford a five-year contract to provide Tubular
Running Services ("TRS") for offshore operations in Vietnam.
-- TotalEnergies awarded Weatherford a multi-year Integrated Completions
contract to support offshore operations in Denmark.
-- PTTEP awarded Weatherford an 18-month contract extension to provide
Drilling Services on Rig 15 in Thailand.
-- A major operator awarded Weatherford a two-year contract to provide
Wireline services in Turkey.
-- Almex Plus Firm LLP awarded Weatherford a one-year contract to provide
Managed Pressure Drilling ("MPD") in Kazakhstan.
-- A major operator awarded Weatherford two contracts to provide MPD and
Subsea Intervention in Brazil.
-- HOCOL S.A. awarded Weatherford a three-year contract to provide Wireline
services in Colombia.
-- A major operator awarded Weatherford a three-year contract to provide
Wireline in Canada.
-- A major operator awarded Weatherford a four-year contract to provide
Cementation Products and Liner Hangers services in Denmark.
-- Stogit awarded Weatherford a six-year contract to provide Completions
tools and services in Italy.
-- A National Oil Company awarded Weatherford a two-year contract to provide
Well Services in the United Arab Emirates ("UAE").
-- A major operator awarded Weatherford an 18-month contract to provide TRS
in Cyprus.
-- Shell awarded Weatherford a multi-year contract to provide Artificial
Lift products and services for its operations in Vaca Muerta, Argentina.
-- A major operator awarded Weatherford two contracts to provide Completions
and Digital Solutions in Canada.
-- Agiba Petroleum Company (Eni JV) awarded Weatherford two year contract
for Artificial Lift downhole pumps in Egypt.
Technology Highlights
-- Drilling & Evaluation ("DRE")
-- In Saudi Arabia, Weatherford set a new global record for
extended-reach Wireline work, logging 29,121 ft measured depth
with the Compact Well Shuttle system. The run surpassed
Weatherford's 2024 mark and shows stronger capability to evaluate
long, highly deviated wells without relying on traditional
conveyance.
-- In Asia, Weatherford executed multiple complex high-pressure and
depleted wells for a major operator using Managed Pressure
Wellbore techniques, delivering fast cycle times while avoiding
stuck pipe, lost-in-hole events, and well-control incidents.
-- Well Construction and Completions ("WCC")
-- In Saudi Arabia, Weatherford successfully executed the first
rigless thru-tubing sand-control gravel-pack operation, restoring
a gas well that has been shut-in due to sand production to be
fully sand-free without the need for a workover rig. The
successful deployment validated the simplicity and effectiveness
of our technology, and it is expected to become a recurring
implementation.
-- In Indonesia, Weatherford deployed its Vero$(R)$ One-Touch system
for a major operator to improve how well pipes are handled and
installed. The system reduced the need for manual intervention,
lowering safety risks, while making rig-floor operations more
efficient. The integrated spin-in automation delivered faster,
more consistent make-up with precise torque control, increasing
running efficiency compared to conventional methods.
-- Production and Intervention ("PRI")
-- In the United Kingdom ("UK"), Weatherford completed the first
deployment of the AlphaVTM casing system in the Irish Sea's
Liverpool Bay, eliminating a dedicated wellbore-preparation run
and increasing trip speeds. The operation delivered meaningful
time savings and lowered overall operational costs while marking
the first AlphaV whipstock installation in the UK sector.
-- In Oman, Weatherford advanced its digital portfolio by deploying
Electric Submersible Pump ("ESP") Predictive Analytics in
collaboration with Petroleum Development Oman within the ForeSite
Well Management System, moving the technology from pilot to
operational use. The integration of ForeSite(R) with PetroVisor's
machine-learning framework delivered on-premise to meet stringent
cybersecurity requirements, enabled predictive ESP through failure
forecasting, run-life estimation, and real-time performance
insights. This deployment strengthens Weatherford's position in
AI-driven production optimization and establishes a scalable
foundation for broader digital expansion across the region.
Shareholder Return
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