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Weatherford International Plc (WFT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Weatherford International Plc

CIK: 1603923 Ticker: WFT
Exhibit 99.1

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News Release

Weatherford Reports Fourth Quarter 2018 Results

BAAR, SWITZERLAND, February 1, 2019 - Weatherford International plc (NYSE: WFT) reported a net loss of $2.1 billion, or a loss of $2.10 per share, for the fourth quarter of 2018. This compares to a net loss of $1.9 billion, or a loss of $1.95 per share, for the fourth quarter of 2017.

The non-GAAP net loss for the fourth quarter of 2018 was $140 million, or $0.14 diluted loss per share. This compares to a $103 million non-GAAP net loss in the prior quarter, or $0.10 diluted loss per share, and a $329 million non-GAAP net loss for the fourth quarter of 2017, or $0.33 diluted loss per share. The fourth quarter 2018 non-GAAP amounts exclude net charges recognized during the quarter of $2.0 billion, primarily consisting of a non-cash write-off of a significant portion of the Company’s goodwill balance, totaling $1.9 billion. A reconciliation of GAAP to non-GAAP financial measures is included in this release.

Significant Highlights
Excluding the impacts resulting from the sale of the land drilling rigs in Kuwait and Saudi Arabia, increased revenues by approximately 1% compared to the third quarter of 2018.
Increased fourth quarter 2018 segment operating income by $185 million on a year-over-year basis. For the full year 2018, increased segment operating income by $579 million compared to 2017 results.
Generated net cash from operating activities of $105 million and free cash flow of $65 million during the quarter.
Achieved targeted annualized recurring transformation benefits of approximately $400 million, which represents 40% of the total transformation target.
Completed two of the closings from the previously announced land drilling rigs divestiture for gross proceeds of $216 million.
Signed a definitive agreement to divest the surface data logging business for $50 million in cash.
Decreased nonproductive time by 22% on a year-over-year basis, exceeding the annual target and representing the fourth consecutive year of improvement.

Revenues in the fourth quarter of 2018 were $1.4 billion, essentially flat with revenues recognized in the prior quarter and a modest decrease from the $1.5 billion of revenues reported for the fourth quarter of 2017. Sequentially, increases in integrated service project revenues and higher product sales in Latin America and the Eastern Hemisphere were offset by decreased revenues associated with the divestment of the international land rigs and lower activity levels in Canada.


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The following information was filed by Weatherford International Plc (WFT) on Friday, February 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accounts Receivable Factoring
Accounts Receivable Factoring And Other Receivables (Details)
Acquisitions (Details)
Business Combinations And Divestitures
Business Combinations And Divestitures Carrying Amount Of Held-For-Sale (Details)
Business Combinations And Divestitures Carrying Amounts Of The Major Assets And Liabilities Classes (Details)
Commitments
Commitments And Other Contingencies (Tables)
Commitments And Other Contingencies - Narrative (Details)
Commitments And Other Contingencies - Operating Lease (Details)
Consolidating Financial Statements
Consolidating Financial Statements (Tables)
Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details)
Consolidating Financial Statements Condensed Consolidating Statement Of Cash Flows (Details)
Consolidating Financial Statements Condensed Consolidating Statement Of Operations (Details)
Consolidating Financial Statements Narrative (Details)
Derivative Instruments
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Tables)
Derivative Instruments Schedule Of Derivatives (Details)
Disputes, Litigation And Contingencies
Disputes, Litigation And Contingencies (Details)
Divestitures Narrative (Details)
Earnings Per Share
Earnings Per Share (Antidilutive Shares) (Details)
Earnings Per Share (Tables)
Earnings Per Share (Weighted Average Shares Outstanding) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments, Assets And Equity Investements (Details)
Fair Value Of Financial Instruments, Assets And Equity Investements (Tables)
Goodwill
Goodwill (Tables)
Goodwill Amortization Of Intangible Assets (Details)
Goodwill Intangible Narrative (Details)
Goodwill Narrative (Details)
Goodwill Schedule Of Finite-Lived Intangible Assets (Tables)
Goodwill Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes Narrative (Details)
Income Taxes Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes Schedule Of Unrecognized Tax Benefits Roll Forward (Details)
Income Taxes Summary Of Income Tax Contingencies (Details)
Inventories, Net
Inventories, Net (Tables)
Inventories, Net Narrative (Details)
Inventories, Net Schedule Of Inventory (Details)
Long-Lived Asset Impairments (Notes)
Long-Lived Asset Impairments Narrative (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt Narrative (Details)
Long-Term Debt Schedule Of Debt Maturity (Details)
Long-Term Debt Schedule Of Long-Term Debt (Details)
New Accounting Pronouncements
New Accounting Pronouncements (Tables)
New Accounting Pronouncements New Accounting Pronouncements (Policies)
New Accounting Pronouncements New Accounting Pronouncements - Narrative (Details)
New Accounting Pronouncements New Accounting Pronouncements - Topic 606 (Details)
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Notes)
Property, Plant And Equipment (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) Narrative (Details)
Quarterly Financial Data (Unaudited) Schedule Of Quarterly Financial Information (Details)
Restructuring Charges
Restructuring Charges (Narrative) (Details)
Restructuring Charges (Restructuring Charges) (Details)
Restructuring Charges (Restructuring Liability) (Details)
Restructuring Charges (Tables)
Retirement And Employee Benefit Plans
Retirement And Employee Benefit Plans (Tables)
Retirement And Employee Benefit Plans Assumptions (Details)
Retirement And Employee Benefit Plans Narrative (Details)
Revenues
Revenues (Tables)
Revenues - Contract Assets And Liabilities (Details)
Revenues - Expected To Be Recognized In Future (Details)
Revenues - Geographic Areas (Details)
Revenues - Major Product Line (Details)
Revenues - Receivables (Details)
Revenues Long Term Contracts (Details)
Revenues Revenue Recognition Venezuela (Details)
Revenues Revenuerecognitionanddeferredrevenue (Policies)
Revenues Revenues - Narrative (Details)
Schedule Ii - Valuation And Qualifying Accounts And Allowances
Schedule Ii - Valuation And Qualifying Accounts And Allowances (Details)
Schedule Ii - Valuation And Qualifying Accounts And Allowances Footnote To Table Explanation (Details)
Segment Information
Segment Information (Tables)
Segment Information Geographic Areas (Details)
Segment Information Narrative (Details)
Segment Information Products And Services (Details)
Segment Information Segment Information (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation Narrative (Details)
Share-Based Compensation Performance Unit Activity (Details)
Share-Based Compensation Restricted Stock Activity (Details)
Share-Based Compensation Schedule Of Share-Based Compensation Expense (Details)
Share-Based Compensation Stock Option Activity (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Shareholders' Equity Narrative (Details)
Shareholders' Equity Schedule Of Shares Issued And Treasury Stock (Details)
Short-Term Borrowings And Current Portion Of Long-Term Debt
Short-Term Borrowings And Other Debt Obligations (Tables)
Short-Term Borrowings And Other Debt Obligations Line Of Credit (Details)
Short-Term Borrowings And Other Debt Obligations Line Of Credit Facility (Tables)
Short-Term Borrowings And Other Debt Obligations Narrative (Details)
Short-Term Borrowings And Other Debt Obligations Schedule Of Short-Term Debt (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Foreign Currency - Devaluation (Details)
Summary Of Significant Accounting Policies Intangible Assets (Details)
Summary Of Significant Accounting Policies Major Customers And Credit Risk (Details)
Summary Of Significant Accounting Policies New Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies Organization And Nature Of Operations (Details)
Summary Of Significant Accounting Policies Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies Revenue Recognition (Details)
Ticker: WFT
CIK: 1603923
Form Type: 10-K Annual Report
Accession Number: 0001603923-19-000025
Submitted to the SEC: Fri Feb 15 2019 5:05:02 PM EST
Accepted by the SEC: Fri Feb 15 2019
Period: Monday, December 31, 2018
Industry: Oil And Gas Field Machinery And Equipment

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