Weatherford Q2 revenue $1,064M (+13% seq); net income $6M; raises FY outlook to mid-teens growth

Weatherford International plc

2022-Q2 EPS reported -$1.04 revenue$2,002,000,000

Revenue $1,064M (+13% seq, +18% YoY); operating income $104M vs $18M in Q1; net income $6M vs net loss $80M.
Adjusted EBITDA $186M (17.5% margin), up 23% seq; free cash flow $59M, improvement of $123M from Q1.
Raised full-year 2022 revenue outlook to mid-teens growth YoY from prior expectations.
Desmond Mills named interim CFO effective Aug 1, 2022, replacing H. Keith Jennings who departs July 31.
Issued notice to redeem $50M of 11% senior unsecured notes on Aug 10, 2022.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Desmond J. Mills

Chief Financial Officer (interim)

WFRD · Weatherford International plc

Effective: 2022-08-01
Filed: July 27, 2022, 7:59 PM ET

on July 25, 2022, the Board determined that effective August 1, 2022, Desmond J. Mills, Senior Vice President and Chief Accounting Officer, will assume the role of Chief Financial Officer and principal financial officer on an interim basis.

Departed

H. Keith Jennings

Executive Vice President and Chief Financial Officer

WFRD · Weatherford International plc

Effective: 2022-07-31
Successor: Desmond J. Mills
Filed: July 27, 2022, 7:59 PM ET

H. Keith Jennings, our Executive Vice President and Chief Financial Officer, will be leaving Weatherford effective July 31, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Desmond J. Mills was appointed as Chief Financial Officer (interim) at Weatherford International plc.

Action: appointed
Role: Chief Financial Officer (interim)

Exact text from the filing

on July 25, 2022, the Board determined that effective August 1, 2022, Desmond J. Mills, Senior Vice President and Chief Accounting Officer, will assume the role of Chief Financial Officer and principal financial officer on an interim basis.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

H. Keith Jennings departed as Executive Vice President and Chief Financial Officer at Weatherford International plc.

Action: departed
Role: Executive Vice President and Chief Financial Officer

Exact text from the filing

H. Keith Jennings, our Executive Vice President and Chief Financial Officer, will be leaving Weatherford effective July 31, 2022.

View on SEC.gov

Weatherford International plc filing history →

Source: SEC EDGAR

accession 0001603923-22-000091

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