Weatherford International Corp

Weatherford supplies equipment, technology and services for drilling, constructing, completing and operating oil and gas wells. Its three reporting segments are Drilling and Evaluation, Well Construction and Completions, and Production and Intervention.

The Delaware parent

Weatherford International Corp became the group's publicly traded Delaware parent on November 13, 2026, replacing Weatherford International plc in Ireland. Shareholders exchanged each old ordinary share for one new common share. The WFRD ticker, Houston headquarters, operations and management continue.

The company expects $20 million to $30 million of annual cash savings beginning in 2027, repeating the forecast in its July proxy and October results. In July's breakdown, approximately 60% related to better use of existing tax benefits, 25% to interest deductibility and 15% to removing duplicate audit, legal and regulatory costs.

The September quarter

Revenue fell 7% year over year but rose 3% from Q2. Operating income fell 14% year over year and rose 43% sequentially. The lower tax provision, $4 million compared with $52 million, helped net income rise despite lower operating income.

Middle East, North Africa and Asia revenue fell 16% year over year as geopolitical tensions reduced activity. Latin America revenue increased 5%. The company expected a further Q4 improvement in adjusted EBITDA when it reported October results.

Cash and borrowing

Nine-month operating cash flow was $503 million, compared with $408 million a year earlier. Capital spending was $141 million, compared with $175 million. September cash and equivalents were $1.161 billion, with $37 million of restricted cash separate. Current and long-term debt had a combined carrying amount of $1.480 billion.

On October 30, Weatherford announced the cash redemption of all $236 million of its 8.625% notes due in 2030, at their full principal amount plus accrued interest. It said it was using cash on hand. The September cash and debt balances predate that payment.

The new U.S. parent assumed the credit and note-guarantee obligations described in the completion filing. The filing says the supplemental indenture did not otherwise change the terms of its 2033 notes.

Completed acquisition and shareholder returns

Weatherford completed its NCS Multistage acquisition on September 1, 2026. Its quarterly report records total consideration of $128 million. The business expands completion technology and reservoir-diagnostics capabilities, with results included from the acquisition date.

In the first nine months, share repurchases used $54 million and dividends $59 million. On November 13, the Delaware parent assumed the existing capital-return program, including approximately $230 million of remaining repurchase authorization through June 2027.

Our analysis of the corporate move and expected savings explains the sources of the forecast benefit and the costs already recorded.