WEATHERFORD INTERNATIONAL, LTD. (SWITZERLAND) (WFT, Financial) filed Quarterly Report for the period ended 2010-06-30.
Weatherford International, Ltd. (switzerland) has a market cap of $12.16 billion; its shares were traded at around $16.43 with a P/E ratio of 51.3 and P/S ratio of 1.4. Weatherford International, Ltd. (switzerland) had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Weatherford International, Ltd. (switzerland) the business predictability rank of 3.5-star.WFT is in the portfolios of T Boone Pickens of BP Capital, Manning & Napier Advisors, Inc, George Soros of Soros Fund Management LLC, John Buckingham of Al Frank Asset Management, Inc., Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Pioneer Investments.
North American revenues increased $350 million, or 61%, in the second quarter of 2010 as compared to the second quarter of 2009 on a 65% increase in average North American rig count over the comparable period. Revenues increased $403 million, or 29%, during the first six months of 2010 as compared to the same period of the prior year in line with a 29% increase in rig count. The increase in revenues is the result of a strong performance in the U.S. land market, a more benign Canadian break up season as compared to the prior year, an increase in drilling activity and price improvements.
Operating income decreased $46 million, or 37%, during the second quarter of 2010 compared to the same quarter of the prior year and decreased $97 million, or 38%, during the first six months of 2010 compared to the first six months of 2009. Operating margins were 13% in the second quarter of 2010 and 21% in the second quarter of 2009. On a year-to-date basis, operating margins were 14% for the first six months of 2010 as compared to 22% for the first six months of 2009. The decline in operating income and margins was primarily the result of lower pricing, the negative impact of higher mobilization and start-up costs and a less favorable sales mix.
Operating income was flat in the second quarter of 2010 compared to the same quarter of 2009 and decreased $36 million, or 26%, during the first six months of 2010 compared to the first six months of 2009. Operating margins were 12% in the second quarter of 2010 and 17% in the second quarter of 2009. On a year-to-date basis, margins decreased from 19% during the first six months of 2009 to 11% for the first six months of 2010. The decline in year-to-date operating income and margins was partially due to $7 million in charges related to write-offs at a less-than-majority owned subsidiary, pricing declines and changes in sales mix over the comparable periods.
Operating income decreased $48 million, or 56%, and $109 million, or 61%, for the three and six months ended June 30, 2010, respectively, over the comparable periods of the prior year. Operating margins were 9% in the second quarter of 2010 and 18% in the second quarter of 2009. On a year-to-date basis, margins decreased from 19% during the first six months of 2009 to 8% for the first six months of 2010. The decline in operating income and operating margins was due to the reduced scale of project work in Mexico and lower pricing.
The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at June 30, 2010 and December 31, 2009: (i) the revolving credit facilities, (ii) the 4.95% Senior Notes, (iii) the 5.50% Senior Notes, (iv) the 6.50% Senior Notes, (v) the 5.15% Senior Notes, (vi) the 6.00% Senior Notes, (vii) the 7.00% Senior Notes, (viii) the 9.625% Senior Notes, (ix) the 9.875% Senior Notes and (x) issuances of notes under the commercial paper program.
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Weatherford International, Ltd. (switzerland) has a market cap of $12.16 billion; its shares were traded at around $16.43 with a P/E ratio of 51.3 and P/S ratio of 1.4. Weatherford International, Ltd. (switzerland) had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Weatherford International, Ltd. (switzerland) the business predictability rank of 3.5-star.WFT is in the portfolios of T Boone Pickens of BP Capital, Manning & Napier Advisors, Inc, George Soros of Soros Fund Management LLC, John Buckingham of Al Frank Asset Management, Inc., Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Pioneer Investments.
Highlight of Business Operations:
Consolidated revenues increased $443 million, or 22%, in the second quarter of 2010 as compared to the second quarter of 2009 against a 37% increase in rig count activity. North American revenue increased $350 million, or 61%, in the second quarter of 2010 compared to the same quarter of the prior year. International revenues increased $93 million, or 7%, in the second quarter of 2010 as compared to the second quarter of 2009 against a 10% increase in average international rig count over the comparable period. An increase in revenues in our Europe/West Africa/FSU region was offset by a decline in Latin America. Our stimulation and chemicals product line was the strongest contributor to the quarter-over-quarter increase.North American revenues increased $350 million, or 61%, in the second quarter of 2010 as compared to the second quarter of 2009 on a 65% increase in average North American rig count over the comparable period. Revenues increased $403 million, or 29%, during the first six months of 2010 as compared to the same period of the prior year in line with a 29% increase in rig count. The increase in revenues is the result of a strong performance in the U.S. land market, a more benign Canadian break up season as compared to the prior year, an increase in drilling activity and price improvements.
Operating income decreased $46 million, or 37%, during the second quarter of 2010 compared to the same quarter of the prior year and decreased $97 million, or 38%, during the first six months of 2010 compared to the first six months of 2009. Operating margins were 13% in the second quarter of 2010 and 21% in the second quarter of 2009. On a year-to-date basis, operating margins were 14% for the first six months of 2010 as compared to 22% for the first six months of 2009. The decline in operating income and margins was primarily the result of lower pricing, the negative impact of higher mobilization and start-up costs and a less favorable sales mix.
Operating income was flat in the second quarter of 2010 compared to the same quarter of 2009 and decreased $36 million, or 26%, during the first six months of 2010 compared to the first six months of 2009. Operating margins were 12% in the second quarter of 2010 and 17% in the second quarter of 2009. On a year-to-date basis, margins decreased from 19% during the first six months of 2009 to 11% for the first six months of 2010. The decline in year-to-date operating income and margins was partially due to $7 million in charges related to write-offs at a less-than-majority owned subsidiary, pricing declines and changes in sales mix over the comparable periods.
Operating income decreased $48 million, or 56%, and $109 million, or 61%, for the three and six months ended June 30, 2010, respectively, over the comparable periods of the prior year. Operating margins were 9% in the second quarter of 2010 and 18% in the second quarter of 2009. On a year-to-date basis, margins decreased from 19% during the first six months of 2009 to 8% for the first six months of 2010. The decline in operating income and operating margins was due to the reduced scale of project work in Mexico and lower pricing.
The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at June 30, 2010 and December 31, 2009: (i) the revolving credit facilities, (ii) the 4.95% Senior Notes, (iii) the 5.50% Senior Notes, (iv) the 6.50% Senior Notes, (v) the 5.15% Senior Notes, (vi) the 6.00% Senior Notes, (vii) the 7.00% Senior Notes, (viii) the 9.625% Senior Notes, (ix) the 9.875% Senior Notes and (x) issuances of notes under the commercial paper program.
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