EANS-Adhoc: Weatherford Reports Fourth Quarter Results


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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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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
 

 

 


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