Weatherford International reported second-quarter 2026 results with revenue of $1,105 million and adjusted EBITDA of $223 million. The company recorded net income attributable to Weatherford of $39 million and operating income of $107 million for the quarter. Management highlighted strong adjusted free cash flow of $139 million and announced the acquisition of NCS Multistage plus an updated plan to redomesticate to Delaware.

Financial Highlights

  • Revenue: $1,105 million for the quarter (down 4% sequentially; down 8% year-over-year).
  • Operating income: $107 million for the quarter (decrease of 13% sequentially; down 55% year-over-year).
  • Net income attributable to Weatherford: $39 million for the quarter (basic and diluted EPS $0.55).
  • Adjusted EBITDA*: $223 million with an adjusted EBITDA margin* of 20.2% (down 4% sequentially and down 12% year-over-year).
  • Cash flow and capital: Cash provided by operations $175 million; adjusted free cash flow* $139 million; capital expenditures $42 million.

Business Highlights

  • Strategic acquisition: Announced a stock-and-cash acquisition of NCS Multistage to expand the well completions portfolio and target at least $15 million of cost synergies upon closing and integration.
  • Redomestication initiative: Introduced an updated plan to redomesticate to Delaware, expected to generate $20–$30 million of annual cash savings when completed and approved.
  • Contract awards and commercial wins: Secured multiple Managed Pressure Drilling (MPD) contracts and other service awards from Noble Corporation, Constellation Oil Services, Ventura Offshore, Valaris, ExxonMobil affiliate (Esso Exploration & Production Nigeria), Chevron (framework for Gorgon Stage 3), Petroleum Development Oman, PTTEP Thailand, Kuwait Oil Company and others across Africa, Brazil, Middle East and Asia.
  • Segment operational performance: Drilling & Evaluation saw lower MPD and Wireline activity in the Middle East; Well Construction and Completions experienced modest sequential declines driven by Middle East/North Africa/Asia; Production & Intervention delivered sequential revenue growth driven by international Pressure Pumping and increased Artificial Lift activity in North America.
  • Technology and operational milestones: Deployed ArrayPro qualification with Aramco in Saudi Arabia, supported geothermal/lithium exploration in France, completed first MARS operation in Europe (Denmark), and expanded Hi-VOL hydraulic jet pump deployments in the Permian Basin to 15 active units.

Original SEC Filing:

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