Exhibit 99.1

wftgraphic8252a012a02a01a34.jpg
News Release

Weatherford Reports Second Quarter 2018 Results

BAAR, SWITZERLAND, July 27, 2018 - Weatherford International plc (NYSE: WFT) reported a net loss of $264 million, or a loss of $0.26 per share for the second quarter of 2018.

Weatherford’s non-GAAP net loss for the second quarter of 2018, which excludes unusual charges and credits, was $156 million, or $0.16, diluted loss per share. This compares to a $188 million non-GAAP net loss in the prior quarter, or $0.19 diluted loss per share, and a $282 million non-GAAP net loss for the second quarter of 2017, or $0.28 diluted loss per share.

Significant Highlights
Segment operating income improved by 73% sequentially and by 195% on a year-over-year basis.
The annualized impact of recurring transformation benefits improved to $192 million – an increase of 78% compared to first quarter 2018 and representing 19% of our transformation target.
A definitive agreement was signed to sell Weatherford’s land drilling rig business in Saudi Arabia, Kuwait and Algeria for cash proceeds of $287.5 million.
Weatherford’s Magnus push-the-bit rotary steerable system was successfully launched and completed jobs in multiple countries.
An alliance with Valiant Artificial Lift Solutions was formed to jointly commercialize electrical submersible pumps (ESPs).
Weatherford sold its 50% interest in the Sunita Hydrocolloids Inc. joint venture in July 2018.

Revenue in the second quarter of 2018 was $1.45 billion, which increased 2% from the $1.42 billion of revenue in the prior quarter and 6% from the $1.36 billion of revenue reported for the second quarter of 2017. Revenues increased sequentially on higher rig count and improved product mix in the U.S., integrated service projects in Mexico, seasonal improvement in the North Sea and higher activity levels in Saudi Arabia and Asia, offset by the seasonal slowdown associated with spring breakup in Canada.

Year-over-year revenue growth was driven by results in the Western Hemisphere, attributable to increased production and completions work in the U.S. and additional integrated service projects activity in Mexico. In the Eastern Hemisphere, higher volume in Saudi Arabia was offset by a reduced number of offshore projects in West Africa and Asia combined with adverse exchange rate effects in Russia.


1

The following information was filed by Weatherford International Plc (WFT) on Friday, July 27, 2018 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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