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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.
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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