The Oilfield Services Subsidiary of Public Joint Stock Company LUKOIL Has Increased Its Turnover
The oilfield services enterprise SpetsPromService, in which Public Joint Stock Company LUKOIL holds a 49.5 percent stake, increased its revenue six hundredfold in the year 2024, reaching 20.4 billion Russian rubles, according to a report by Kommersant. The publication notes that the revenue figures of SpetsPromService are now comparable to …
The United States Extended the License for the Big Four Oilfield Services to Provide Some Services in Venezuela
The Office of Foreign Assets Control (OFAC) has extended until November 15, 2024 the license for Schlumberger, Halliburton, Baker Hughes and Weatherford to provide some oilfield services in Venezuela, the department said in a statement. The document allows these companies, as well as their subsidiaries, to conduct transactions in the …
Weatherford Announces $130 Million Credit Facility Increase to $680 Million and Notice to Redeem All of Its 6.50% Senior Notes Due 2028
Weatherford International today announced it has increased its Credit Facility by $130 million to $680 million in aggregate commitments by adding additional lenders to its facility. The facility is now comprised of a $309 million tranche available for performance letters of credit and a $371 million tranche available for revolving …
Weatherford Releases 2023 Digital Annual Update
Weatherford International plc (“Weatherford” or the “Company”) announced the release of its 2023 Annual Update, highlighting outstanding results for the year. The digital update showcases new technology developments, recent strategic acquisitions, and the Company’s unwavering focus on creating long-term value for customers and investors, paving the path for sustainable and …
Weatherford Announces Fourth Quarter and Full Year 2023 Results
Fourth quarter revenue of $1,362 million increased 4% sequentially and 13% year-over-year; full year revenue of $5,135 million, increased 19% from prior year, driven by international revenue growth of 26% Fourth quarter operating income of $216 million decreased 1% sequentially and increased 28% year-over-year; full year operating income of $820 …
Weatherford Announces Second Quarter 2023 Results and Raises Full-Year Outlook
Revenues of $1,274 million increased 7% sequentially, driven by international revenue growth of 12% Operating income of $201 million increased 9% sequentially Net income of $82 million increased $10 million sequentially; net income margin of 6.4% Adjusted EBITDA* of $291 million increased 8% sequentially; adjusted EBITDA margin* of 22.8% Cash …
USA Extends Permission for Oil Companies to Transact with PDVSA
The US Treasury has once again extended permission for four US oilfield services companies to operate in Venezuela. The 8L General License allows Halliburton, Schlumberger Limited, Baker Hughes Holdings LLC and Weatherford International to retain Venezuelan assets until November 19 and enter into transactions with the local state-owned company PDVSA …
Weatherford Plans to Continue Operations in Russia
The international oilfield services company Weatherford plans to continue its activities in Russia, despite the decision to stop investments, follows from the reporting of a subsidiary of Weatherford LLC. “In March 2022, Weatherford International announced the termination of investments and the introduction of technologies in Russia. At the same time, …
Weatherford Releases 2022 Digital Annual Report
Weatherford International plc announced the release of its 2022 Annual Report. The interactive and fully digital report shares highlights of the Company’s 2022 financial results, significant milestones, strategic focus areas, achievements, and priorities for the future. Girish Saligram, President and Chief Executive Officer, commented, “The new Weatherford is not merely …
Weatherford Announces Fourth Quarter and Full Year 2022 Results
Fourth quarter revenues of $1,209 million, increased 8% sequentially and 25% year-over-year; full year revenues of $4,331 million, increased 19% from prior year, the highest growth rate in over 10 years Fourth quarter operating income of $169 million, increased 40% sequentially and 412% year-over-year; full year operating income of $412 …