Weatherford International Plc (WFT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Weatherford International Plc
Ticker: WFT CIK: 1603923

Exhibit 99.1



	News Release

Weatherford Reports Fourth Quarter and 2015 Annual Results

Net debt reduced by $191 million to below $7 billion

Positive free cash flow from operations of $168 million in the fourth quarter

Industry leading Eastern Hemisphere sequential performance

First full year of positive free cash flow since 2010

2015 cost reduction targets exceeded

Industry leading full year decrementals of 28%

BAAR, SWITZERLAND, February 3, 2016 - 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 billion realized;


•	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.

The following information was filed by Weatherford International Plc (WFT) on Wednesday, February 3, 2016 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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