Weatherford International Plc (WFT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Home SEC Filings Weatherford International Plc (WFT) 10-K Annual Report Wed Feb 15 2017
Exhibit 99.1

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News Release

Weatherford Reports Fourth Quarter and 2016 Annual Results
Sequential Revenue increased 4%, led by an 8% increase in North America
Operating Margins improved 273 basis points sequentially with 68% incrementals
Strong Positive Cash Flow from Operations
BAAR, SWITZERLAND, February 1, 2017 - Weatherford International plc (NYSE: WFT) reported a net loss of $549 million, or a loss of $0.59 per share, and non-GAAP net loss of $303 million before charges and credits ($0.32 non-GAAP loss per share) on revenues of $1.41 billion for the fourth quarter of 2016.

Fourth Quarter 2016 Highlights
•
Free cash flow generated from operations (non-GAAP) was $171 million;
•
Operating margins improved by 273 basis points sequentially, with 68% incrementals; and
•
Revenue of $1.41 billion was up 4% sequentially, led by North America and Middle East/North Africa/Asia Pacific regions.

Full Year 2016 Highlights
•
Reduced net debt and extended debt maturities through a series of capital market transactions;
•
Achieved annualized cost savings of $601 million;
•
Achieved best safety record in Company history; and
•
Reduced nonproductive time in core product lines by 24 percent year-over-year.
 
Krishna Shivram, Chief Executive Officer, stated, “During 2016, we took the necessary steps to secure our liquidity and provide a runway from which the Company can become consistently profitable and free cash flow positive. We also removed a significant level of fixed costs, while still achieving the best safety record in the company’s history and measurably improving our service quality and performance.

I am pleased with our fourth quarter results. Revenue grew by 4% sequentially, despite approximately $40 million of lost revenue as we idled our U.S. pressure pumping business during the quarter. Sequential operating income incrementals were 68%, easily exceeding our targeted 50%. Excluding the land drilling rig business, revenue grew 4% with operating income incrementals of 73%, clearly exhibiting the power of increased revenue spread over a low and efficient fixed cost base.


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The following information was filed by Weatherford International Plc (WFT) on Thursday, February 2, 2017 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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Ticker: WFT
CIK: 1603923
Form Type: 10-K Annual Report
Accession Number: 0001603923-17-000050
Submitted to the SEC: Tue Feb 14 2017 5:50:51 PM EST
Accepted by the SEC: Wed Feb 15 2017
Period: Saturday, December 31, 2016
Industry: Oil And Gas Field Machinery And Equipment

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