The following is a summary of the Weatherford International Plc (WFRD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Weatherford International reported Q1 2024 revenue of $1.36 billion, a 15% YoY increase.

• Operating income was $233 million, a significant increase from $185 million in Q1 2023.

• Adjusted EBITDA was $336 million and EBITDA margin reached 24.7%, indicating robust profitability and operational efficiency.

• Credit facility expanded by $130 million to $680 million, adding a liquidity cushion.

• WFRD repaid $167 million of 6.5% secured notes, bringing total outstanding notes due 2030 to $1.6 billion.

• Net leverage ratio is at its lowest level in over 15 years, at 0.6x.

Business Progress:

• Q1 saw strong performance in Drilling and Evaluation and Well Construction and Completion segments.

• Revenue growth was fueled by the strength in international business, up 21% YoY, primarily from Middle East, North Africa, and Asia.

• The acquisitions of Ardyne, Probe and ISI are integrating well and contributing slightly to revenue.

• WFRD is shifting its business strategy to a less capital-intensive model, focusing on efficiencies and redeployment of CapEx.

• Long-term strategic change is focusing on providing more engineered fluid chemistry, promising higher value addition and margin impact.

• The company is investing in solutions to improve organizational productivity and address specific customer needs, with a focus on natural gas demand and regaining market share.

More details: Weatherford International IR

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