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Weatherford International Plc (WFT) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Weatherford International Plc

CIK: 1603923 Ticker: WFT
Exhibit 99.1

wftgraphic8252a012a02a01a10.jpg
News Release

Weatherford Reports Second Quarter 2017 Results

BAAR, SWITZERLAND, July 28, 2017 - Weatherford International plc (NYSE: WFT) reported a net loss of $171 million, or a loss of $0.17 per share, and a non-GAAP net loss of $282 million before charges and credits ($0.28 non-GAAP loss per share) on revenues of $1.36 billion for the second quarter of 2017.

Second Quarter 2017 Highlights
Excluding the adjustment related to a change in our revenue recognition in Venezuela, operating margins improved by 400 basis points sequentially;
Net cash used in operating activities was $62 million, a sequential improvement of 65%;
OneStimSM joint venture with Schlumberger on track to close in the second half of 2017;
Signed a Memorandum of Understanding (MOU) with Saudi Aramco, advancing localization in Saudi Arabia; and
Signed a technology cooperation agreement with Gazprom Neft intended to further develop current business relationships and collaborations between the two companies.

Mark A. McCollum, President and Chief Executive Officer, commented, “I am pleased that our team has delivered a solid second quarter performance. We generated significantly higher incrementals, improved our cash flow compared to the previous quarter and provided our customers with nearly flawless service quality execution. Looking forward, I see a lot of opportunities for further performance improvements, and we have initiated several projects to unlock and accelerate these opportunities to drive stronger financial results and meaningfully reduce our debt and increase market share. We have great technology, a global presence, outstanding collaborative customer relationships and a high-caliber workforce, allowing us to be a partner of choice for our customers in many basins around the world.”


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The following information was filed by Weatherford International Plc (WFT) on Friday, July 28, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
Accounts Receivable Factoring And Other Receivables
Accounts Receivable Factoring And Other Receivables (details)
Business Combinations And Divestitures
Business Combinations And Divestitures (tables)
Business Combinations And Divestitures - Divestitures Narrative (details)
Business Combinations And Divestitures Joint Venture Formation (details)
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements (condensed Consolidating Balance Sheet) (details)
Condensed Consolidating Financial Statements (condensed Consolidating Statement Of Cash Flows) (details)
Condensed Consolidating Financial Statements (condensed Consolidating Statement Of Operations) (details)
Condensed Consolidating Financial Statements (narrative) (details)
Condensed Consolidating Financial Statements (tables)
Derivative Instruments
Derivative Instruments (narrative) (details)
Derivative Instruments (schedule Of Derivatives - Balance Sheet) (details)
Derivative Instruments (schedule Of Derivatives - Income Statement) (details)
Derivative Instruments (tables)
Disputes, Litigation And Contingencies
Disputes, Litigation And Contingencies (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 (details)
Fair Value Of Financial Instruments (tables)
General
General - Devaluation (details)
General - Revenue Recognition (details)
General (policies)
Goodwill
Goodwill (schedule Of Goodwill) (details)
Goodwill (tables)
Income Taxes
Income Taxes (narrative) (details)
Inventories, Net
Inventories, Net (schedule Of Inventory) (details)
Inventories, Net (tables)
Long-lived Asset Impairments Narrative (details)
New Accounting Pronouncements
New Accounting Pronouncements Narrative (details)
New Accounting Pronouncements New Accounting Pronouncements (policies)
Percentage Of Completion Contracts
Percentage Of Completion Contracts (details)
Restructuring Charges
Restructuring Charges (narrative) (details)
Restructuring Charges (restructuring Charges) (details)
Restructuring Charges (restructuring Liability) (details)
Restructuring Charges (tables)
Segment Information
Segment Information (details)
Segment Information (narrative) (details)
Segment Information (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Share-based Compensation Expense) (details)
Share-based Compensation (tables)
Shareholders' Equity
Shareholders' Equity (changes In Accumulated Other Comprehensive Income (loss)) (details)
Shareholders' Equity (shareholders' Equity Activity) (details)
Shareholders' Equity (tables)
Short-term Borrowings And Other Debt Obligations
Short-term Borrowings And Other Debt Obligations (narrative) (details)
Short-term Borrowings And Other Debt Obligations (schedule Of Short-term Debt) (details)
Short-term Borrowings And Other Debt Obligations (tables)

Material Contracts, Statements, Certifications & more

Weatherford International Plc provided additional information to their SEC Filing as exhibits

Ticker: WFT
CIK: 1603923
Form Type: 10-Q Quarterly Report
Accession Number: 0001603923-17-000107
Submitted to the SEC: Tue Aug 01 2017 4:11:07 PM EST
Accepted by the SEC: Tue Aug 01 2017
Period: Friday, June 30, 2017
Industry: Oil And Gas Field Machinery And Equipment

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