Weatherford International Reports Robust 2024 Earnings

Weatherford International Plc ( (WFRD) ) has released its Q4 earnings. Here is a breakdown of the information Weatherford International Plc presented to its investors.

Weatherford International Plc is a global energy services company that integrates proven technologies with advanced digital solutions, operating in approximately 75 countries and employing around 19,000 team members. In its latest earnings report for the fourth quarter and full year 2024, Weatherford reported a slight decrease in quarterly revenue but a notable annual growth, driven predominantly by international market performance. The fourth quarter revenue was $1,341 million, reflecting a 5% decrease from the previous quarter and a 2% decrease year-over-year. However, full-year revenue increased by 7% to $5,513 million, highlighting strong growth in international markets, particularly in the Middle East and North Africa. Despite a challenging fourth quarter with decreased activity in regions like Latin America, Weatherford achieved a full-year operating income of $938 million, a 14% increase from the previous year, and net income rose by 21% to $506 million. The company also maintained strong cash flows, with a full-year operating cash flow of $792 million. Weatherford’s strategic initiatives included securing several new contracts across different regions, enhancing its service offerings in rigless services, managed pressure drilling, and wireline conveyance. These contracts reflect Weatherford’s commitment to operational efficiency and expanding its global presence. Looking ahead, Weatherford’s management remains optimistic, emphasizing continued cash flow generation and margin improvements as key objectives for 2025, despite some temporary activity reductions in specific markets. The company is well-positioned to capitalize on the industry’s resilience and aims to achieve high EBITDA margins over the next few years.