Weatherford International plc is an oilfield services company headquartered in Houston that supplies drilling, evaluation, well construction and completions, and production and intervention technology to oil and gas operators. Its ordinary shares trade on Nasdaq under the ticker WFRD, and the group is redomesticating from Ireland to Delaware after shareholders approved the move on 3 September 2026.

How the business is reported

Weatherford splits its results into three reportable segments. Drilling and Evaluation covers logging while drilling, rotary steerable systems, drilling motors and reamers, drilling fluids, wireline products and managed pressure drilling, including the Victus and Modus systems, rotating control devices, blowout preventers and automated well control. Well Construction and Completions supplies liner hangers, cementation products, tubular running services and upper and lower completions. Production and Intervention covers artificial lift, pressure pumping, intervention services and drilling tools. Digital products such as the Centro well construction optimisation platform sit alongside the hardware.

Second-quarter 2026 trading

In the quarter ended 30 June 2026, reported on 21 July 2026, Weatherford recorded revenue of USD 1,105 million, four per cent lower sequentially and eight per cent lower year on year. Drilling and Evaluation revenue was USD 291 million with segment adjusted EBITDA of USD 58 million and a 19.9 per cent margin; Well Construction and Completions revenue was USD 433 million with segment adjusted EBITDA of USD 107 million and a 24.7 per cent margin; Production and Intervention revenue was USD 316 million with segment adjusted EBITDA of USD 70 million, up 30 per cent sequentially, at a 22.2 per cent margin. Group operating income was USD 107 million and net income USD 39 million, a 3.5 per cent margin, equal to USD 0.55 per diluted share. Adjusted EBITDA was USD 223 million at a 20.2 per cent margin, cash from operations was USD 175 million, adjusted free cash flow USD 139 million and capital expenditure USD 42 million. Chief executive Girish Saligram attributed the sequential decline mainly to disruption in the Middle East caused by the Iran conflict and said a return to pre-conflict activity levels would be gradual.

Regional revenue mix

International operations produced USD 900 million of second-quarter revenue against USD 205 million in North America. Middle East, North Africa and Asia remained the largest region at USD 446 million, down six per cent sequentially and 15 per cent year on year on lower activity during the regional conflict, partly offset by cementation products in Saudi Arabia and drilling services in Kuwait. Europe, Sub-Sahara Africa and Russia grew ten per cent sequentially to USD 257 million on pressure pumping, completions and managed pressure drilling. Latin America fell 12 per cent to USD 197 million on weaker drilling-related services and integrated services in Mexico, and North America declined seven per cent to USD 205 million, mainly on lower Canadian wireline and completions work.

Contracts announced in 2026

  • Noble Corporation awarded multiple managed pressure drilling contracts and a global aftermarket agreement in Nigeria.
  • Constellation Oil Services awarded two contracts for offshore well intervention and managed pressure drilling in deepwater Brazil, and Ventura Offshore awarded a complete MPD package for the SSV Victoria rig there.
  • Valaris awarded a two-year MPD equipment and services contract offshore Brazil.
  • Esso Exploration & Production Nigeria, an ExxonMobil affiliate, awarded a deepwater integrated completions contract.
  • Petroleum Development Oman awarded a three-year integrated drilling services contract covering 247 wells at the Marmul field, following the 837-well contract awarded in 2022.
  • Chevron awarded a five-year framework covering tubular running services, casing accessories, a remote-controlled top drive cement head and fishing, milling and whipstock services for the Gorgon Stage 3 deepwater development in Australia.
  • Kuwait Oil Company awarded two five-year contracts, for annular casing packers in high-pressure high-temperature Triassic-Paleozoic wells and for electrical submersible pump feed-through packers.
  • Further awards came from Oil & Gas Development Company Limited in Pakistan for three years of wireline services, PTTEP in Thailand for a 22-month downhole deployment valve contract at the Sinphuhorm field, and Shell for the non-welded mandrel scope offshore in the Gulf of America.

Technology deployments and adjacent markets

Weatherford completed the first qualification run of its ArrayPro production logging system with Aramco in Saudi Arabia, aimed at horizontal wells, and used a PressurePro MPD Lite package with a rotating control device and choke for Lithium de France at Schwabwiller in Alsace, where the well targeted geothermal and lithium resources. For Innargi in Denmark it ran the first MARS multipoint array sensing operation in Europe in a geothermal well, identifying anomalies during a five-day campaign. In the United Arab Emirates it introduced the Rotaflex 1160 long-stroke pumping unit and its liner hanger team completed more than 100 deployments and 22,000 operating hours, work recognised by a national oil company. In the Permian Basin its Hi-VOL hydraulic jet pumps, first deployed late in 2025, had reached 15 active units by the second quarter of 2026, replacing electrical submersible pumps that had failed prematurely in corrosive conditions.

Portfolio and capital returns

Weatherford completed the acquisition of NCS Multistage, a Nasdaq-listed well completions specialist, on 1 September 2026 in a stock-and-cash transaction that the company expects to yield at least USD 15 million of cost synergies. On the corporate structure, an earlier proposal to redomesticate to Texas won more than 60 per cent of votes cast at the June 2026 shareholder meetings but fell short of the 75 per cent required, so the board substituted a Delaware plan that shareholders approved on 3 September 2026; the company expects the change and related restructuring to save USD 20 million to USD 30 million a year from 2027. Capital returned to shareholders was USD 36 million in the second quarter, comprising USD 20 million of dividends and USD 16 million of buybacks, and USD 66 million in the first half. The board declared a quarterly dividend of USD 0.275 per share on 16 July 2026, payable on 3 September 2026.