Q1 2026 Weatherford International PLC Earnings Call Transcript
Key Points
- Weatherford International PLC (WFRD) reported a revenue of $1.152 billion and an adjusted EBITDA of $233 million at a 20.2% margin for Q1 2026.
- The company announced a proposal to re-domesticate from Ireland to the United States, which is expected to simplify corporate structure and enhance capital management flexibility.
- Weatherford International PLC (WFRD) achieved strong collections in Mexico, contributing to improved working capital efficiency and supporting Q1 cash flow performance.
- The company secured several key contract wins, including a multiyear integrated completions contract with TotalEnergies in Denmark and a five-year TRS contract with Phu Quoc POC in Vietnam.
- Weatherford International PLC (WFRD) is optimistic about the second half of 2026 and 2027, expecting growth in international revenues and increased offshore deepwater activity.
- Revenue declined 3% year-over-year, primarily due to the divestiture of the Pressure Pumping business in Argentina.
- The Middle East, North Africa, and Asia region faced significant disruptions due to the Iran conflict, impacting drilling and workover activity.
- Freight costs have risen dramatically, leading to logistical disruptions and higher costs in moving materials and people.
- The company expects a $30 million to $50 million profit impact over the first half of the year due to the prolonged nature of the Iran conflict.
- North America experienced modest softness as operators maintained tight budgets, and US land activity remained under pressure.
Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford first-quarter 2026 results conference call.
(Operator Instructions)
As a reminder, today's event is being recorded. At this time, I'd like to turn the conference call over to Luke Lemoine, Senior of Corporate Development. Sir, you may begin.
Welcome, everyone, to the Weatherford International first-quarter 2026 earnings conference call. I'm joined today by Girish Saligram, President and CEO; and Anuj Dhruv, Executive Vice President, and CFO. We'll start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides corresponding today's call from our website's Investor Relations section.
I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ
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