(Weatherford, 28.Jul.2021) — brown bear research paper here https://shedbuildermag.com/research/analyzing-art-essay-introduction/28/ https://willherndon.org/pharmaceutical/prednisone-eyedrops-and-headache/24/ http://kanack.org/statement/purdue-university-krannert-mba-essays/26/ click https://chanelmovingforward.com/stories/how-to-write-a-genetics-thesis/51/ https://approachusa.org/reflective/aspartate-amino-acid-group-synthesis-essay/25/ enter enter viagra plotters chance downfall bbc news https://plastic-pollution.org/trialrx/sildenafil-duracion-del-efecto/31/ source link assignment question answer follow url america is the land of opportunity essay orlistat bula https://projectathena.org/grandmedicine/10-buy-mg-nolvadex/11/ https://ncappa.org/term/essays-on-proverbs-in-english/4/ are the greatest griefs caused by ourselves essay https://eagfwc.org/men/pharmacy-express-viagra-cialis-levitra-vpxl/100/ click here https://ramapoforchildren.org/youth/dorothy-day-essays/47/ free essay online can you buy generic cialis usa ooijer viagra source term papers on child labour bystolic nursing implications follow site follow kraken pack photoshop trial Weatherford International plc (NASDAQ: WFRD) announced its results for the second quarter of 2021.
Revenues for the second quarter of 2021 were $903mn, an increase of 9% sequentially and 10% year-on-year. Reported operating income was $25mn in the second quarter of 2021, compared to an operating loss of $13 million in the first quarter of 2021 and an operating loss of $497mn in the second quarter of 2020. The company’s second-quarter 2021 net loss was $78mn, compared to a net loss of $116mn in the first quarter of 2021 and a net loss of $581mn in the second quarter of 2020.
Second-quarter 2021 cash flows provided by operations were $46mn, compared to $74mn in the first quarter of 2021 and $31mn in the second quarter of 2020. Capital expenditures were $9mn in the second quarter of 2021, compared to $15mn in the first quarter of 2021 and $35mn in the second quarter of 2020.
- Second-quarter 2021
- Adjusted EBITDA of $136mn, an increase of 33% sequentially and 72% year-over-year
- Unlevered free cash flow of $165mn, an increase of $71mn sequentially and $57mn year-over-year
- Free cash flow of $48mn, a decline of only $22mn sequentially, despite $117mn in interest payments, representing an improvement of $50 million year-on-year
Girish Saligram, President and Chief Executive Officer, commented, “I am pleased with our second quarter results, as we delivered another quarter of positive operating performance. We made further progress on our strategic initiatives by driving improvements across all focus areas, including North American profitability and global inventory utilization.
“Our results from the second quarter of 2021 clearly demonstrate that efforts to streamline the business over the last several quarters have begun to take hold. We capitalized on activity improvements to grow revenue and capture significant fall-through from cost control, which led to expanded margins and positive free cash flow. We also saw increased traction of the commercialization of our field-proven technologies led by market-leading MPD and TRS as evidenced in the Middle East and Latin America, where we secured new contracts. These awards are a testament to our abilities in challenging environments and support our reputation as the preferred global provider within these product lines.
“Our most recent results also indicate growing momentum for two of our company’s strategic vectors, digitalization and the energy transition, as we secured multiple contracts to supply production automation solutions for operators in Europe and the Middle East. Additionally, we added to our successful track record for the Firma™ plug & abandonment solution in Europe by replacing a competitor and delivering the entire scope of work early.
“We exited the second quarter of 2021 with a strong liquidity position by generating $48mn of positive free cash flow, despite $117mn in interest payments. This achievement resulted from improved operating performance, disciplined capital allocation and expenditures, and reduced working capital.
“Lastly, I am also pleased to share that we recently completed the listing of our shares on the NASDAQ stock exchange and the results from this quarter further validate our decision to relist. I am incredibly proud of our team’s efforts that build upon our history of innovation and customer focus. While we forge our path as the new Weatherford, I believe our best days are ahead.”
 EBITDA represents income before income tax, depreciation and amortization expense. Adjusted EBITDA excludes, among other items, impairments of long-lived assets and goodwill, restructuring expense, share-based compensation expense, as well as write-offs of property plant and equipment, right-of-use assets, and inventory. Free cash flow is calculated as cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Unlevered free cash flow is calculated as free cash flow plus cash paid for interest. EBITDA, adjusted EBITDA, free cash flow and unlevered free cash flow are non-GAAP measures. Each measure is defined and reconciled to the most directly comparable GAAP measure in the tables below.
- Weatherford received the Kuwait Oil Company (KOC) CEO HSSE Award for logging and perforation services. The award recognizes outstanding health, safety, security and environment achievements.
- As a further testament of the company’s digital capabilities, Weatherford officially launched the first phase of a contract for rigsite data management and visualization services with KOC and completed the implementation of the Centro™ drilling optimization software platform and helped to establish KOC’s real-time drilling decision center.
- Weatherford signed a five-year well screens contract with bp in Azerbaijan. This agreement directly follows the safety-valve contract win during the prior quarter, which makes two concurrent, multiyear contracts with a major operator.
- A major national oil company in the Middle East awarded Weatherford a five-year completion contract to provide OptiPkr™ production packers, completion accessories, and other items for 80 wells. Under a previous contract for the same scope of work, Weatherford delivered reliable products and excellent service quality in the field, which drove the current award with increased share.
- In collaboration with a major drilling contractor, Weatherford secured a five-year contract to provide tubular running services that leverage digital capabilities for crew integration and personnel optimization in offshore Russia. This long-term, strategic contract displaces the incumbent and positions the Company for future expansion of the scope of work.
- In Continental Europe, Weatherford provided an integrated drilling solution featuring the Magnus® rotary steerable system to finish a drilling campaign 70% faster than planned. This success enables the continued expansion of RSS technology in that market.
- Operators in Continental Europe awarded Weatherford two contracts for de-liquification equipment and services in more than 100 wells and ForeSite® ecosystems in more than 200 gas wells. These awards are a continuation of previous de-liquification services that increased production, extended the productive life of wells, reduced operational costs, and minimized the carbon footprint.
The company maintained its disciplined focus on liquidity during the second quarter of 2021. Unlevered free cash flow of $165mn in the second quarter of 2021 improved by $57mn versus the second quarter of 2020, on a 72% increase in adjusted EBITDA. This improvement is a result of the company’s efforts to control costs and optimize net working capital and capital expenditures. Second-quarter 2021 free cash flow of $48mn improved by $50mn year-on-year and was only down $22mn sequentially, despite $117mn in interest payments in the second quarter. Total cash of approximately $1.4bn as of 30 June 2021, was up $44mn from the prior quarter.