Weatherford Reports Fourth Quarter and 2015 Annual Results

Weatherford International plc (NYSE: WFT) reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.01 billion for the fourth quarter of 2015. GAAP net loss for the fourth quarter of 2015 was $1.21 billion, or a net loss of $1.54 per share. Full year revenue was down $5.5 billion and operating income declined $1.5 billion primarily due to lower activity, pricing weakness and customer budget reductions in oil and gas markets across the world.

Full Year 2015 Highlights

• Positive free cash flow from operations of $129 million; first positive free cash flow year since 2010;
• Net debt below $7 billion for the first time since March 2011;
• Cost reduction targets of 2015 achieved with annualized cost savings of $1.4 billionrealized;
• Industry leading operating income decrementals of 28%; and
• The best safety record in the Company’s history.

Fourth Quarter 2015 Highlights

• Positive free cash flow from operations of $168 million;
• Net debt reduction of $191 million;
• Closed one manufacturing facility and an additional 20 operating facilities in North America; and
• Successfully completed the previously announced headcount reduction target of 14,000 employees.

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