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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Earnings/quarterly report
27.02.2013
-- Quarterly positive cash flow from operations of over $200 million on record
revenue exceeding $4 billion
GENEVA, Switzerland, Feb. 27, 2013 -- Weatherford International Ltd. (NYSE and
SIX: WFT) today reported fourth quarter 2012 revenues of $4,058 million, the
highest in the company's history. In addition, Weatherford reduced net debt by
$207 million via positive cash flow from operations during the quarter.
(Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)
Weatherford reported a loss for the quarter of $122 million or $0.16 per share.
After excluding losses, net of tax, of $130 million or $0.17 per share earnings
were $8 million or $0.01 per share. The excluded items include:
-- $43 million in professional fees associated with our accounting for income
tax remediation efforts,
-- $64 million associated with legacy lump sum contracts in Iraq consisting of
operating losses $30 million and tax receivable write offs $34 million and
-- $23 million in severance, exit and other charges.
The Non-GAAP effective tax rate for the quarter was 92%.
Fourth quarter revenues of $4,058 million were up six percent sequentially from
our third quarter revenues of $3,819 million. Fourth quarter revenues also
increased nine percent from the same quarter of 2011.
North America revenue of $1,682 million was down two percent sequentially, in
line with the sequential decline in the North America rig count, and down one
percent versus the same quarter of 2011. Stimulation & Chemicals contributed to
the sequential declines.
International revenues of $2,376 million were up 13 percent sequentially and up
18 percent versus the same quarter of 2011. Integrated Drilling, Formation
Evaluation and Well Construction led the sequential growth with strong
performance from Drilling Services and Drilling Tools. Completion Systems also
posted strong sequential growth.
Segment operating income was $438 million on a GAAP basis. Adjusted for excluded
items segment operating income of $468 million was down ten percent sequentially
and down 23 percent from the same quarter of 2011. On an adjusted basis,
corporate expenses, and research and development were essentially flat
sequentially.
For 2013, the company maintains a neutral outlook for its North American
business and expects modest revenue and operating income growth.
Internationally, the company anticipates continued growth and expanding margins
in its Latin America region, underpinned by improvements in Mexico and
Argentina. The Eastern Hemisphere also is expected to improve in 2013, with
increases in Europe, Sub-Saharan Africa and Russia, as well as continued
recovery in the Middle East/North Africa/Asia Pacific region. For 2013, the
company currently estimates an annual effective tax rate of approximately 34
percent.
end of ad-hoc-announcement
================================================================================
North America
Revenues for the quarter were $1,682 million, a one percent decrease over the
same quarter in the prior year and down $43 million or two percent sequentially.
This was the result of the continued decline in U.S. land rig count and
continued oversupply of hydraulic fracturing capacity.
The quarter's operating income was $226 million, down $155 million or 41% from
the same quarter in the prior year and down $71 million, or 24 percent,
sequentially.
Middle East/North Africa/Asia Pacific
Fourth quarter revenues of $851 million were 26 percent higher than the fourth
quarter of 2012 and $151 million or 22 percent higher sequentially. The
sequential and year-over-year increase in revenues was fairly broad-based and
attributable to additional activity in Saudi Arabia, Kuwait and Oman.
The current quarter's operating income of $58 million increased $24 million from
the same quarter in the prior year and increased $22 million sequentially.
Europe/SSA/Russia
Fourth quarter revenues of $669 million were ten percent higher than the fourth
quarter of 2011 and seven percent higher than the prior quarter. The revenue
growth, year-over-year, came primarily from Russia and in Europe from Romania
and Norway.
The current quarter's operating income of $59 million was down $21 million or 26
percent compared to the same quarter in the prior year and down $29 million or
33 percent from the prior quarter. The current quarter was primarily impacted by
a lower level of operating activity in Azerbaijan, SSA and the UK.
Latin America
Third quarter revenues of $856 million were $88 million or 11 percent higher
than the third quarter of 2012 and up 18 percent compared to the fourth quarter
of 2011. The current quarter's operating income of $125 million increased ten
percent compared to the same quarter in the prior year and increased 29 percent
from the prior quarter. Mexico and Argentina were the primary drivers of the
sequential increase in revenue and operating income.
Liquidity and Net Debt
Net debt for the quarter decreased $207 million sequentially, primarily as a
result of a decrease in working capital of $111 million. Days sales outstanding
decreased to 86 days and days sales in inventory decreased to 81 days. Along
with the improvements in working capital, our capital expenditures of
approximately $478 million, net of lost-in-hole, were down from $540 million
sequentially.
Internal Control Matters
With the filing of its Form 10-K, the company expects to report that the
previously reported material weakness in internal controls over financial
reporting related to the accounting for a percentage of completion contract in
Iraq has been remediated as of December 31, 2012.
The company expects to report with the filing of its Form 10-K that it has not
completed the remediation of the previously reported material weakness in
internal controls over financial reporting related to income tax. In light of
this material weakness we performed additional procedures designed to ensure
that our consolidated financial statements are materially correct.
Non-GAAP Performance Measures
Non-GAAP performance measures and corresponding reconciliations to GAAP
financial measures have been provided to offer meaningful comparisons between
current results and results in prior operating periods.
Conference Call
The company will host a conference call with financial analysts to discuss the
quarterly results on February 27, 2013 at 8:30 a.m. eastern standard time, 7:30
a.m. central standard time. The company invites investors to listen to the call
live via company's website, www.weatherford.com in the Investor Relations
section. A recording of the conference call and transcript of the call will be
available on that section of the website shortly after the call ends.
Weatherford is a Swiss-based, multi-national oilfield service company. It is one
of the largest global providers of technology and services for the oil and gas
industry. Weatherford operates in over 100 countries and employs over 70,000
people worldwide.
Contacts: John H. Briscoe +1.713.836.4610
Senior Vice President and Chief Financial Officer
Karen David-Green +1.713.836.7430
Vice President - Investor Relations
Forward-Looking Statements
This press release and the documents referenced herein contain, and the
conference call announced in this release may include, forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. This includes statements related to future levels of earnings, revenue,
expenses, margins, capital expenditures, changes in working capital, cash flows,
tax expense, effective tax rates and net income, as well as the prospects for
the oilfield service business generally and our business in particular, as well
as statements regarding timing or content of the financial information that will
be filed with the SEC regarding the current period. Forward-looking statements
also include any statements about the resolution or potential future resolution
of our ongoing remediation of our material weaknesses in internal control over
financial reporting for income taxes and for percentage of completion accounting
and our assessment of the degree to which historical remediation efforts have
been successful to date. It is inherently difficult to make projections or other
forward-looking statements in a cyclical industry and given the current
macroeconomic uncertainty. Such statements are based upon the current beliefs of
Weatherford's management, and are subject to significant risks, assumptions and
uncertainties. These include the company's ability to complete all processes
necessary to the issuance of revised financial statements, including obtaining
an audit opinion from its independent auditors, the company's inability to
design or improve internal controls to address identified issues; the impact
upon operations of legal compliance matters or internal controls review,
improvement and remediation, including the detection of wrongdoing, improper
activities or circumvention of internal controls; difficulties in controlling
expenses, including costs of legal compliance matters or internal controls
review, improvement and remediation; impact of changes in management or staff
levels, the effect of global political, economic and market conditions on the
company's projected results; the possibility that the company may be unable to
recognize expected revenues from current and future contracts; the effect of
currency fluctuations on the company's business; the company's ability to manage
its workforce to control costs; the cost and availability of raw materials, the
company's ability to manage its supply chain and business processes; the
company's ability to commercialize new technology; whether the company can
realize expected benefits from its redomestication of its former Bermuda parent
company; the company's ability to realize expected benefits from its
acquisitions and dispositions; the effect of a downturn in its industry on the
company's carrying value of its goodwill; the effect of weather conditions on
the company's operations; the impact of oil and natural gas prices and worldwide
economic conditions on drilling activity; the effect of turmoil in the credit
markets on the company's ability to manage risk with interest rate and foreign
exchange swaps; the outcome of pending government investigations, including the
Securities and Exchange Commission's investigation of the circumstances
surrounding the company's material weakness in its internal control over
financial reporting of income taxes; the outcome of ongoing litigation,
including shareholder litigation related to the company's material weakness in
its internal control over financial reporting of income taxes and its
restatement of historical financial statements; the future level of crude oil
and natural gas prices; demand for our products and services; levels of pricing
for our products and services; utilization rates of our equipment; the
effectiveness of our supply chain; weather-related disruptions and other
operational and non-operational risks that are detailed in our most recent Form
10-K and other filings with the U.S. Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or underlying
assumptions prove incorrect, actual results may vary materially from those
indicated in our forward-looking statements. Specifically, statements regarding
the current period assume that there will be no subsequent events or other
adverse developments after the date of this press release that cause our
financial statements for the current period, when filed with the SEC, to vary
materially from the amounts herein. We undertake no obligation to correct or
update any forward-looking statement, whether as a result of new information,
future events, or otherwise, except to the extent required under federal
securities laws.
Weatherford International Ltd.
Consolidated Condensed Statements of Operations
(Unaudited)
(In Millions)
Three Months Ended
12/31/2012 12/31/2011
---------- ----------
Net Revenues:
North America $1,682 $1,700
Middle East/North
Africa/Asia 851 675
Europe/SSA/Russia 669 609
Latin America 856 726
4,058 3,710
----- -----
Operating Income
(Expense):
North America 226 381
Middle East/North
Africa/Asia 58 34
Europe/SSA/Russia 59 80
Latin America 125 114
Research and
Development (63) (64)
Corporate Expenses (49) (44)
Libya Reserve - (67)
Goodwill and Equity
Investment
Impairment - -
Sanctioned Country
Loss Contingency - -
Other Items (111) (38)
---- ---
245 396
Other Income
(Expense):
Interest Expense, Net (126) (112)
Other, Net (30) (40)
--- ---
Income (Loss) Before
Income Taxes 89 244
Benefit (Provision)
for Income Taxes:
Provision for
Operations (184) (242)
Adjustments to
Provision (19) (9)
--- ---
(203) (251)
Net Income (Loss) (114) (7)
Net Income
Attributable to
Noncontrolling
Interests (8) (6)
Net Income (Loss)
Attributable to
Weatherford $(122) $(13)
===== ====
Earnings Per Share
Attributable to
Weatherford
Basic $(0.16) $(0.02)
Diluted $(0.16) $(0.02)
Weighted Average
Shares Outstanding:
Basic 768 758
Diluted 768 758
Year Ended
12/31/2012 12/31/2011
---------- ----------
Net Revenues:
North America $6,824 $6,023
Middle East/North
Africa/Asia 2,795 2,441
Europe/SSA/Russia 2,519 2,298
Latin America 3,077 2,226
15,215 12,988
------ ------
Operating Income
(Expense):
North America 1,107 1,259
Middle East/North
Africa/Asia 171 92
Europe/SSA/Russia 315 287
Latin America 395 254
Research and
Development (257) (245)
Corporate Expenses (196) (177)
Libya Reserve - (67)
Goodwill and Equity
Investment
Impairment (793) -
Sanctioned Country
Loss Contingency (100) -
Other Items (344) (96)
---- ---
298 1,307
Other Income
(Expense):
Interest Expense, Net (486) (453)
Other, Net (100) (107)
---- ----
Income (Loss) Before
Income Taxes (288) 747
Benefit (Provision)
for Income Taxes:
Provision for
Operations (471) (544)
Adjustments to
Provision 9 2
--- ---
(462) (542)
Net Income (Loss) (750) 205
Net Income
Attributable to
Noncontrolling
Interests (28) (16)
--- ---
Net Income (Loss)
Attributable to
Weatherford $(778) $189
===== ====
Earnings Per Share
Attributable to
Weatherford
Basic $(1.02) $0.25
Diluted $(1.02) $0.25
Weighted Average
Shares Outstanding:
Basic 765 753
Diluted 765 760
Weatherford International Ltd.
Selected Statements of Operations Information
(Unaudited)
(In Millions)
Three Months Ended
------------------
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Net Revenues:
North America $1,682 $1,725 $1,663 $1,754 $1,700
Middle East/
North Africa/
Asia 851 700 649 595 675
Europe/SSA/
Russia 669 626 653 571 609
Latin America 856 768 782 671 726
$4,058 $3,819 $3,747 $3,591 $3,710
====== ====== ====== ====== ======
Three Months Ended
------------------
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Operating Income
(Expense):
North America $226 $297 $226 $358 $381
Middle East/
North Africa/
Asia 58 36 24 53 34
Europe/SSA/
Russia 59 88 102 66 80
Latin America 125 97 90 83 114
Research and
Development (63) (68) (64) (62) (64)
Corporate
Expenses (49) (48) (49) (50) (44)
Libya Reserve - - - - (67)
Goodwill and
Equity
Investment
Impairment - - (793) - -
Sanctioned
Country Loss
Contingency - - (100) - -
Other Items (111) (87) (68) (78) (38)
$245 $315 $(632) $370 $396
==== ==== ===== ==== ====
Three Months Ended
------------------
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Product Line
Revenues:
Formation
Evaluation and
Well
Construction(1) $2,348 $2,128 $2,058 $2,034 $2,074
Completion and
Production(2) 1,710 1,691 1,689 1,557 1,636
$4,058 $3,819 $3,747 $3,591 $3,710
====== ====== ====== ====== ======
Three Months Ended
------------------
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Depreciation and
Amortization:
North America $108 $108 $101 $95 $90
Middle East/
North Africa/
Asia 94 90 85 83 82
Europe/SSA/
Russia 71 63 60 61 59
Latin America 63 61 59 55 52
Research and
Development and
Corporate 7 7 6 5 6
$343 $329 $311 $299 $289
==== ==== ==== ==== ====
(1) Formation Evaluation and Well Construction includes Drilling Services, Well
Construction, Integrated Drilling, Wireline and Evaluation Services,
Drilling Tools and Fishing and Re-entry.
(2) Completion and Production includes Artificial Lift Systems, Stimulation and
Chemicals, Completion Systems and Pipeline and Specialty Services
We report our financial results in accordance with generally accepted accounting
principles (GAAP). However, Weatherford's management believes that certain
non-GAAP financial measures and ratios (as defined under the SEC's Regulation G)
may provide users of this financial information additional meaningful
comparisons between current results and results in prior periods. The non-GAAP
financial measures we may present from time to time include: 1) operating income
or income from continuing operations excluding certain charges or amounts, 2)
the provision for income taxes excluding discrete items and 3) the resulting
non-GAAP net income and per share amounts. These adjusted amounts are not
measures of financial performance under GAAP. Accordingly, these amounts should
not be considered as a substitute for operating income, provision for income
taxes, net income or other data prepared and reported in accordance with GAAP.
See the table below for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three months ended December
31, 2012, September 30, 2012, and December 31, 2011 and for the years ended
December 31, 2012 and 2011. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative to, the Company's reported results
prepared in accordance with GAAP.
Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In Millions, Except Per Share Amounts)
Three Months Ended
------------------
12/31/2012 9/30/2012 12/31/2011
Operating Income:
GAAP Operating Income $245 $315 $396
Goodwill and Equity
Investment Impairment - - -
Sanctioned Country Loss
Contingency - - -
Legacy Contracts 30 14 (5)
Libya Reserve - - 67
Other Adjustments 31 46 26
Tax Remediation and
Restatement Expenses 50 27 12
Non-GAAP Operating Income $356 $402 $496
==== ==== ====
Income (Loss) Before Income
Taxes:
GAAP Income (Loss) Before
Income Taxes $89 $163 $244
Goodwill and Equity
Investment Impairment - - -
Sanctioned Country Loss
Contingency - - -
Legacy Contracts 30 14 (5)
Libya Reserve - - 67
Other Adjustments 31 46 31
Tax Remediation and
Restatement Expenses 50 27 12
Non-GAAP Income (Loss)
Before Income Taxes $200 $250 $349
==== ==== ====
Benefit (Provision) for
Income Taxes:
GAAP Benefit (Provision) for
Income Taxes $(203) $(86) $(251)
Goodwill and Equity
Investment Impairment - - -
Sanctioned Country Loss
Contingency - - -
Legacy Contracts 34 - -
Other Adjustments (8) (14) (7)
Tax Remediation and
Restatement Expenses (7) (3) (6)
Legal Entity Reorganization
Charges - - 22
Non-GAAP Benefit (Provision)
for Income Taxes $(184) $(103) $(242)
===== ===== =====
Net Income (Loss)
Attributable to Weatherford:
GAAP Net Income (Loss) $(122) $70 $(13)
Total Charges, net of tax 130 (a) 70 (b) 114
(c)
Non-GAAP Net Income $8 $140 $101
=== ==== ====
Diluted Earnings (Loss) Per
Share Attributable to
Weatherford:
GAAP Diluted Earnings (Loss)
per Share $(0.16) $0.09 $(0.02)
Total Charges, net of tax 0.17 0.09 0.15
---- ---- ----
Non-GAAP Diluted Earnings
per Share $0.01 $0.18 $0.13
===== ===== =====
GAAP Effective Tax Rate (f) 228% 53% 103%
Annual Effective Tax Rate (g) 92% 41% 69%
Twelve Months Ended
-------------------
12/31/2012 12/31/2011
Operating Income:
GAAP Operating Income $298 $1,307
Goodwill and Equity
Investment Impairment 793 -
Sanctioned Country Loss
Contingency 100 -
Legacy Contracts 137 (13)
Libya Reserve - 67
Other Adjustments 104 74
Tax Remediation and
Restatement Expenses 103 22
Non-GAAP Operating Income $1,535 $1,457
====== ======
Income (Loss) Before Income
Taxes:
GAAP Income (Loss) Before
Income Taxes $(288) $747
Goodwill and Equity
Investment Impairment 793 -
Sanctioned Country Loss
Contingency 100 -
Legacy Contracts 137 (13)
Libya Reserve - 67
Other Adjustments 101 79
Tax Remediation and
Restatement Expenses 103 22
Non-GAAP Income (Loss)
Before Income Taxes $946 $902
==== ====
Benefit (Provision) for
Income Taxes:
GAAP Benefit (Provision) for
Income Taxes $(462) (542)
Goodwill and Equity
Investment Impairment (1) -
Sanctioned Country Loss
Contingency (1) -
Legacy Contracts 34 -
Other Adjustments (25) (14)
Tax Remediation and
Restatement Expenses (16) (10)
Legal Entity Reorganization
Charges - 22
Non-GAAP Benefit (Provision)
for Income Taxes $(471) $(544)
===== =====
Net Income (Loss)
Attributable to Weatherford:
GAAP Net Income (Loss) $(778) $189
Total Charges, net of tax 1,225 (d) 153 (e)
Non-GAAP Net Income $447 $342
==== ====
Diluted Earnings (Loss) Per
Share Attributable to
Weatherford:
GAAP Diluted Earnings (Loss)
per Share $(1.02) $0.25
Total Charges, net of tax 1.60 0.20
---- ----
Non-GAAP Diluted Earnings
per Share $0.58 $0.45
===== =====
GAAP Effective Tax Rate (f) -160% 73%
Annual Effective Tax Rate (g) 50% 60%
Note (a): Non-GAAP adjustments are comprised of (i) tax restatement and
remediation expenses of $43 million, (ii) $64 million in operating losses and
tax expense related to legacy lump sum contracts in Iraq, (iii) $23 million in
other adjustments consisting of severance and other charges including $7 million
in investigation related expenses.
Note (b): Non-GAAP adjustments are comprised of (i) tax restatement and
remediation expenses of $23 million, (ii) $14 million in operating losses
related to legacy lump sum contracts in Iraq, (iii) $33 million in other
adjustments including $11 million in fees and expenses associated with our Q3
debt consent solicitation, a $18 million lower of cost or market adjustment to
the carrying value of our inventory and $4 million in severance, exit and other
charges.
Note (c): Non-GAAP adjustments are comprised of (i) a $67 million charge
primarily to reserve accounts receivable, inventory and machinery and equipment
in Libya (ii) $22 million in withholding taxes and legal and professional costs
incurred in conjunction with our tax planning activities,(iii) $6 million in tax
material weakness remediation and restatement expenses and (v) severance, exit
and other charges of $19 million.
Note (d): Non-GAAP adjustments are comprised of (i) goodwill and equity method
investment impairments of $793 million, (ii) $100 million loss accrual related
to sanctioned country matters, (iii) tax restatement and remediation expenses of
$87 million, (iv) $171 million in operating losses and tax expense related to
legacy lump sum contracts in Iraq, (v) $74 million in severance, exit and other
charges including $11 million in fees and expenses associated with our Q3 debt
consent solicitation, $19 million in lower of cost or market adjustments to the
carrying value of our inventory and $9 million in investigation related
expenses.
Note (e): Non-GAAP adjustments are comprised of (i) a $67 million charge
primarily to reserve accounts receivable, inventory and machinery and equipment
in Libya (ii) $22 million in withholding taxes and legal and professional costs
incurred in conjunction with our tax planning activities (iii) $12 million in
tax material weakness remediation and restatement expenses and (v) severance,
exit and other charges of $52 million, including $10 million incurred in
conjunction with the ongoing investigations and $9 million associated with the
termination of a corporate consulting contract.
Note (f): GAAP Effective Tax Rate is GAAP provision for income taxes divided by
GAAP income before income taxes.
Note (g): Annual Effective Tax Rate is the Non-GAAP provision for income taxes
divided by Non-GAAP income before income taxes.
Weatherford International Ltd.
Selected Balance Sheet Data
(Unaudited)
(In Millions)
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
---------- --------- --------- --------- ----------
Assets:
Cash and Cash Equivalents $300 $365 $381 $339 $371
Accounts Receivable, Net 3,885 3,911 3,608 3,358 3,233
Inventories, Net 3,675 3,676 3,399 3,301 3,158
Property, Plant and
Equipment, Net 8,299 8,122 7,733 7,591 7,287
Goodwill and Intangibles,
Net 4,637 4,653 4,581 5,152 5,134
Equity Investments 646 642 629 634 616
Liabilities:
Accounts Payable $2,108 $2,023 $1,635 $1,684 $1,571
Short-term Borrowings
and Current Portion
of Long-term Debt 1,585 1,606 1,263 1,902 1,320
Long-term Debt 7,049 7,300 7,311 5,989 6,286
Weatherford International Ltd.
Net Debt
(Unaudited)
(In Millions)
Change in Net Debt
for the Three Months
Ended 12/31/2012:
Net Debt at 9/30/2012 $(8,541)
Operating Income 245
Depreciation and
Amortization 343
Other Items 111
Capital Expenditures (507)
Decrease in Working
Capital 111
Income Taxes Paid (174)
Interest Paid (77)
Acquisitions and
Divestitures of
Assets and
Businesses, Net 19
Other 136
---
Net Debt at
12/31/2012 $(8,334)
=======
Change in Net Debt
for the Twelve
Months Ended
12/31/2012:
Net Debt at
12/31/2011 $(7,235)
Operating Income 298
Depreciation and
Amortization 1,282
Goodwill and
Investment
Impairment 793
Sanctioned Country
Loss Contingency 100
Other Items 344
Capital Expenditures (2,177)
Increase in Working
Capital (632)
Income Taxes Paid (443)
Interest Paid (478)
Acquisitions and
Divestitures of
Assets and
Businesses, Net (112)
Other (74)
---
Net Debt at
12/31/2012 $(8,334)
=======
Components of Net
Debt 12/31/2012 9/30/2012 12/31/2011
---------- --------- ----------
Cash $300 $365 $371
Short-term
Borrowings and
Current Portion of
Long-term Debt (1,585) (1,606) (1,320)
Long-term Debt (7,049) (7,300) (6,286)
------ ------ ------
Net Debt $(8,334) $(8,541) $(7,235)
======= ======= =======
"Net Debt" is debt less cash. Management believes that Net Debt provides useful
information regarding the level of Weatherford indebtedness by reflecting cash
that could be used to repay debt.
Working capital is defined as accounts receivable plus inventory less accounts
payable.
Further inquiry note:
Contacts: John H. Briscoe +1.713.836.4610
Senior Vice President and Chief Financial Officer
Karen David-Green +1.713.836.7430
Vice President - Investor Relations
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Weatherford International Ltd.
Rue Jean-Francois Bartholoni 4-6
CH-1204 Geneva
phone: +41.22.816.1500
FAX: +41.22.816.1599
mail: karen.david-green@weatherford.com
WWW: http://www.weatherford.com
sector: Oil & Gas - Upstream activities
ISIN: CH0038838394
indexes:
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
Paris
language: English
FEEDS
