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WFRD-News
WFRD-Events
Weatherford Receives High Court Approval to Redomicile to Delaware
Weatherford announced that the High Court of Ireland has approved the previously announced scheme of arrangement through which the company intends to change its legal domicile from Ireland to Delaware. Weatherford expects to complete the redomestication on November 13, subject to the satisfaction of customary closing conditions. Upon completion, Weatherford International Corp, a Delaware corporation, will become the publicly traded parent company of the Weatherford group. The redomestication will not change the company's operations, management, business strategy or headquarters.
Weatherford Reports Q3 Revenue of $1.14B
Reports Q3 revenue $1.14B, consensus $1.13B. Girish Saligram, president and CEO, commented, "The One Weatherford team delivered an excellent third quarter, with adjusted EBITDA margin expanding 204 basis points sequentially to 22.2% and adjusted free cash flow* of $155 million. Even as conflict-related operational disruptions in the Middle East weighed on activity levels, the strength of our diversified portfolio, disciplined cost management, and outstanding execution across the organization drove margin expansion and strong cash generation. These results demonstrate the durability of our operating model, agility to pivot in any phase of the cycle and the earnings potential of the business as activity recovers."
Weatherford Awarded Two-Year Extension with Equinor
Weatherford (WFRD) announced it has been awarded a two-year extension across several strategic frame agreements with Equinor (EQNR). Weatherford has also been selected as the primary provider of completion systems for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf, expanding the company's role in supporting Equinor's offshore development and production operations. Under the extended agreements, Weatherford will provide its integrated completions portfolio to improve operational efficiency, enhance well performance, and maximize production throughout the life of the well.
Weatherford Shareholders Approve Redomestication from Ireland to Delaware
Weatherford announced that shareholders have approved all proposals required to effect the company's redomestication from Ireland to Delaware, including approval at both the Board-Convened Scheme Meeting and Extraordinary General Meeting. The shareholder vote marks a significant milestone in Weatherford's continued transformation and advances the company's plan to establish a corporate structure better aligned with its global operations, long-term strategy, and shareholder base. Weatherford expects the transaction to generate approximately $20M to $30M in annual cash savings beginning in 2027 and views the initiative as an important contributor to continued improvement in adjusted free cash flow conversion. The redomestication remains subject to customary closing conditions, including final approval by the Irish High Court. Subject to satisfaction of those conditions, the company expects the transaction to become effective during Q4 of 2026.
Weatherford Q2 Revenue $1.11B, Exceeds Expectations
Reports Q2 revenue $1.11B, consensus $1.07B. Girish Saligram, president and CEO, 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."
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