Press Release: Weatherford Announces Second Quarter 2026 Results

   -- Second quarter revenue of $1,105 million decreased 4% sequentially 
 
   -- Second quarter operating income of $107 million decreased 13% 
      sequentially 
 
   -- Second quarter net income of $39 million decreased 64% sequentially; net 
      income margin of 3.5% 
 
   -- Second quarter adjusted EBITDA* of $223 million, decreased 4% 
      sequentially; adjusted EBITDA margin* of 20.2% decreased 4 basis points 
      sequentially 
 
   -- Second quarter cash provided by operating activities of $175 million and 
      adjusted free cash flow* of $139 million 
 
   -- Shareholder return of $36 million for the quarter, which included 
      dividend payments of $20 million and share repurchases of $16 million 
 
   -- Announced the acquisition of NCS Multistage $(NCSM)$ in a 
      stock-and-cash transaction, expanding Weatherford's well completions 
      portfolio 
 
   -- Introduced an updated plan to redomesticate from Ireland to Delaware, 
      reflecting continued confidence in the initiative's long-term value 
      creation potential 
 
   -- Awarded several Managed Pressure Drilling ("MPD") contracts from Noble 
      Corporation, Constellation Oil Services and Ventura Offshore Holding Ltd. 

*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

HOUSTON, July 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc $(WFRD)$ ("Weatherford" or the "Company") announced today its results for the second quarter of 2026.

Revenues for the second quarter of 2026 were $1,105 million, a decrease of 4% sequentially and a decrease of 8% year-over-year. Operating income in the second quarter of 2026 was $107 million, a decrease of 13% sequentially and a decrease of 55% year-over-year. Net income in the second quarter of 2026 was $39 million, with a 3.5% margin, a decrease of 64%, or 585 basis points, sequentially, and a decrease of 71%, or 777 basis points, year-over-year. Adjusted EBITDA* was $223 million, with a 20.2% margin*, a decrease of 4% or 4 basis points, sequentially, and a decrease of 12% or 92 basis points, year-over-year. Basic income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year. Diluted income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year.

Second quarter 2026 cash flows provided by operating activities were $175 million, an increase of 29% sequentially and an increase of 37% year-over-year. Adjusted free cash flow* was $139 million, an increase of 64% sequentially and an increase of 76% year-over-year. Capital expenditures were $42 million in the second quarter of 2026, a decrease of 22% sequentially and a decrease of 22% year-over-year.

Girish Saligram, President and Chief Executive Officer, commented, "Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm. I am proud of the One Weatherford team for coming together to deliver once again.

While the Middle East situation remains volatile and creates activity headwinds in the short term, our longer-term thesis remains intact. A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation. Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half.

We remain focused on the factors within our control, driving long-term shareholder value through disciplined execution, portfolio strengthening, and structural simplification. The adjusted free cash flow performance and improved outlook on conversion is a consequence of this focus. The acquisition of NCS Multistage strengthens our completions portfolio, expands our technology offering, and gives us at least $15 million of cost synergies upon closing and integration. In parallel, our updated proposal to redomesticate to Delaware reinforces our commitment and our shareholders' confidence in the multi-faceted benefits of this initiative. When completed, we expect the redomestication and related corporate restructuring to generate $20 to $30 million of annual cash savings, further enhancing our cash flow profile."

*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

Operational & Commercial Highlights

   -- Noble Corporation awarded Weatherford multiple MPD contracts and a global 
      aftermarket agreement in Nigeria. 
 
   -- Constellation Oil Services awarded Weatherford two contracts to provide 
      offshore well intervention operations and MPD in deepwater Brazil. 
 
   -- Ventura Offshore Holding Ltd. awarded Weatherford a complete MPD solution 
      contract for the SSV Victoria offshore drilling rig in Brazil. 
 
   -- Valaris awarded Weatherford a two-year contract to provide MPD equipment 
      and services in offshore Brazil. 
 
   -- Esso Exploration & Production Nigeria Ltd., an ExxonMobil affiliate, 
      awarded Weatherford a deepwater integrated completions contract including 
      integrated upper and lower completions solutions for deepwater wells in 
      offshore Nigeria. 
 
   -- Petroleum Development Oman awarded Weatherford a three-year contract to 
      provide Integrated Drilling Services covering 247 wells in the Marmul 
      field, supporting both production and injection operations, following the 
      successful completion of the 837-well contract awarded in 2022. 
 
   -- Chevron awarded Weatherford a five-year framework contract, which 
      establishes the basis for Weatherford to provide Tubular Running Services 
      ("TRS"), casing accessories, remote controlled top drive cement head, 
      Fishing/Milling & Whipstocks services for Chevron's Gorgon Stage 3 
      multi-well deepwater development project in Australia. 
 
   -- Oil & Gas Development Company Limited awarded Weatherford a three-year 
      contract to provide Wireline services in Pakistan. 
 
   -- PTTEP Thailand awarded Weatherford a 22-month contract to supply downhole 
      deployment valves and services for Sinphuhorm oil and gas field. 
 
   -- Kuwait Oil Company awarded two five-year contracts for the supply of 
      Annular Casing Packer for Triassic-Paleozoic High-Pressure 
      High-Temperature Wells and the supply of Electronic Submersible Pumps 
      feed-through packers for multiple wells. 
 
   -- Shell awarded Weatherford the non-welded mandrel scope for its offshore 
      Gulf of America operations. 

Technology Highlights

   -- Drilling & Evaluation ("DRE") 
 
          -- In Saudi Arabia, Weatherford completed the first qualification 
             deployment of ArrayPro$(TM)$ with Aramco, validating a fully 
             integrated production logging solution for horizontal wells. The 
             ruggedized system delivered high quality real time data and 
             reliable performance in demanding environments, supporting 
             improved reservoir insight and production optimization. 
 
          -- In France, Weatherford supported Lithium de France's geothermal 
             and lithium exploration at Schwabwiller in Alsace using a 
             PressurePro(TM) MPD Lite configuration with a Rotating Control 
             Device and choke. The system maintained near balanced conditions 
             and effectively managed influx behavior, enabling safe operations 
             within a narrow operating window. This approach improved drilling 
             efficiency and enabled the well to reach target depth, reinforcing 
             Weatherford's differentiated capability in European geothermal and 
             lithium developments. 
 
   -- Well Construction and Completions ("WCC") 
 
          -- In Denmark, Weatherford delivered its first MARS(TM) operation in 
             Europe within a geothermal application for Innargi A/S. Selected 
             over conventional logging for its multipoint array sensing 
             capability, the system provided clear visualization across 
             injection zones. Over a five-day campaign, it delivered detailed 
             real-time insights into reservoir behavior, enabling the 
             identification of previously undetected anomalies and supporting 
             improved reservoir understanding. 
 
          -- In the United Arab Emirates ("UAE"), Weatherford was recognized as 
             "Best Liner Hanger Supplier and Services Provider" by a National 
             Oil Company, reflecting strong execution and partnership 
             performance. The Liner Hanger Systems team completed over 100 
             liner deployments across more than 22,000 operational hours in the 
             previous year, demonstrating consistent delivery that reduces 
             operational variability and supports efficient well construction 
             and schedule reliability. 
 
   -- Production and Intervention ("PRI") 
 
          -- In the UAE, Weatherford introduced the Rotaflex(TM) 1160 long 
             stroke pumping unit, delivered as a fully integrated solution to 
             address highly challenging unconventional reservoirs. Designed for 
             rigless operations, the system is engineered to maximize recovery 
             and accelerate payback. By optimizing performance across the full 
             production system, it enhances reliability, reduces operational 
             complexity, and supports lower power consumption and emissions. 
 
          -- In the Permian Basin, Weatherford deployed its 
             Hi-VOL(TM) hydraulic jet pump technology for key operators, 
             replacing Electric Submersible Pump systems that had experienced 

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