Weatherford International Ltd.
EANS-Adhoc: Weatherford Reports Third Quarter Results
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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Third Quarter Earnings
25.10.2011
Record revenue drives 136% year-on-year increase in earnings
of $0.26 per diluted share, before items
GENEVA, Switzerland, Oct. 25, 2011 -- Weatherford International Ltd.
(NYSE / Euronext Paris / SIX: WFT) today reported third quarter 2011
income of $197 million, or $0.26 per diluted share, excluding an after-tax
loss of $7 million. On a GAAP basis, our net income for the third quarter of
2011 was $190 million, or $0.25 per diluted share. The excluded after-tax loss
is comprised of $6 million in severance and exit charges and $1 million in
government investigation costs.
end of ad-hoc-announcement
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(Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)
Third quarter diluted earnings per share reflects an increase of $0.15,
or 136 percent, over the third quarter of 2010 diluted earnings per share of
$0.11, before charges. Sequentially, the company's third quarter diluted
earnings per share, before charges, was $0.09, or 53 percent, higher than
the second quarter of 2011. Field operations drove the entire sequential
improvement in profitability. Two non-operating items partially offset
operating improvements. First, foreign exchange book losses of $20 million
at Weatherford recorded in Other, Net and our share of similar foreign
exchange book losses at a minority-owned subsidiary in Russia, which reduced
regional operating income by an additional $8 million. Second, a higher
sequential effective tax rate reduced net income by $7 million.
Third quarter revenues of $3,373 million were the highest in the
company's history. Revenues were 33 percent higher than the same period last
year and 11 percent higher than the prior quarter. North America revenue was
up 21 percent sequentially and up 48 percent versus the third quarter of
2010. The sequential increase in North America was partially due to seasonal
recovery from the Canadian break-up experienced in the second quarter of
2011. International revenues were up three percent sequentially and up 22
percent versus the same quarter of 2010.
Segment operating income of $525 million improved 42 percent
year-over-year and 25 percent sequentially. The company's North America
operations provided all of the sequential growth compared to the second
quarter of 2011 and delivered 39 percent incremental margins.
Internationally, Latin America was the strongest contributor with respect to
revenue and profit growth. An $8 million foreign exchange book loss at one
of the company's minority-owned subsidiaries in Russia weighed on Eastern
Hemisphere earnings, as the venture recorded a currency loss on its U.S.
dollar-denominated debt due to a strengthening of the dollar versus the
Russian rouble.
Subject to the risks regarding forward-looking statements highlighted by
the company in this press release and its public filings, the company
expects earnings per share before excluded items of approximately $0.30 to
$0.34 in the fourth quarter of 2011, with profit growth expected in all
reporting regions. With respect to 2012, the company maintains a positive
but more measured outlook for its North American business and expects modest
revenue growth and margin expansion as compared to 2011 annualized exit
rates as a result of strong activity in Canada and in the U.S. oil market.
Internationally, the company anticipates continued growth and expanding
margins in its Latin America region, underpinned by improvements in
Argentina, Brazil, Colombia, Mexico and Venezuela. Eastern Hemisphere is
also expected to improve in 2012, with upticks in Europe and Russia, as well
as a recovery in the Middle East / North Africa / Asia Pacific region with
positive contributions from new contracts with better terms and pricing, the
completion of existing contracts and activity improvements in North Africa.
North America
Revenues for the quarter were $1,620 million, which is a 48 percent
increase over the same quarter in the prior year and up 21 percent
sequentially. The Artificial Lift, Completion Systems, Wireline and Drilling
Services product lines contributed strong results for the quarter.
The current quarter's operating income was $352 million, up $153 million
from the third quarter of 2010, and was up $109 million, or 45 percent,
compared to the prior quarter. Strong growth and steadily expanding margins
in the U.S. and the recovery from the second quarter's Canadian break-up
contributed to the sequential increase.
Middle East/North Africa/Asia
Third quarter revenues of $573 million were five percent lower than the
third quarter of 2010 and seven percent lower than the prior quarter. The
sequential decline in revenues was principally the result of the
deconsolidation of three joint ventures and a decline in activity in
Algeria.
The current quarter's operating income of $15 million decreased 77
percent as compared to the same quarter in the prior year and decreased $19
million compared to the second quarter of 2011. The mobilization of
equipment out of Algeria pending additional tenders weighed on margins, as
did a negative swing in Iraq profitability and continuing operating losses
in Libya due to political disruptions.
Europe/West Africa/FSU
Third quarter revenues of $589 million were 19 percent higher than the
third quarter of 2010 and one percent lower than the prior quarter. The
revenue growth over the same quarter of 2010 came from stronger performance
in Russia and the North Sea.
The current quarter's operating income of $87 million was up 37 percent
compared to the same quarter in the prior year and down $6 million compared
to the prior quarter. The current quarter was negatively impacted by the $8
million of foreign exchange losses discussed above.
Latin America
Third quarter revenues of $592 million were 76 percent higher than the
third quarter of 2010 and up 19 percent compared to the second quarter of
2011. Mexico, Brazil and Venezuela posted strong sequential performances and
nearly all product lines experienced quarter on quarter growth.
The current quarter's operating income of $71 million increased 73
percent as compared to the same quarter in the prior year and increased $20
million compared to the prior quarter.
Liquidity and Net Debt
Net debt for the quarter increased $301 million, with working capital
increasing $333 million during the quarter.
Reclassifications and Non-GAAP
Non-GAAP performance measures and corresponding reconciliations to GAAP
financial measures have been provided for meaningful comparisons between
current results and results in prior operating periods.
Conference Call
The company will host a conference call with financial analysts to
discuss the 2011 third quarter results on October 25, 2011 at 7:00 a.m.
(CDT). The company invites investors to listen to a play back of the
conference call and to access the call transcript at the company's website,
http://www.weatherford.com in the "investor relations" section.
Weatherford is a Swiss-based, multi-national oilfield service company.
It is one of the largest global providers of innovative mechanical
solutions, technology and services for the drilling and production sectors
of the oil and gas industry. Weatherford operates in over 100 countries and
employs over 59,000 people worldwide.
Contacts: Andrew P. Becnel +41-22-816-1502
Chief Financial Officer
Karen David-Green +1-713-693-2530
Vice President - Investor Relations
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. This
includes statements related to future levels of earnings, revenue, expenses,
margins, capital expenditures, changes in working capital, cash flows, tax
expense, effective tax rates and net income, as well as the prospects for
the oilfield service business generally and our business in particular. It
is inherently difficult to make projections or other forward-looking
statements in a cyclical industry and given the current macroeconomic
uncertainty. Such statements are based upon the current beliefs of
Weatherford's management, and are subject to significant risks, assumptions
and uncertainties. These include the future level of crude oil and natural
gas prices, demand for our products and services, levels of pricing for our
products and services, utilization rates of our equipment, the effectiveness
of our supply chain, weather-related disruptions and other operational and
non-operational risks that are detailed in our most recent Form 10-K and
other filings with the U.S. Securities and Exchange Commission. Should one
or more of these risks or uncertainties materialize, or underlying
assumptions prove incorrect, actual results may vary materially from those
indicated in our forward-looking statements. We undertake no obligation to
correct or update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In Thousands, Except Per Share Amounts)
Three Months
Ended September 30,
2011 2010
Net Revenues:
North America $ 1,619,601 $ 1,096,963
Middle East/North Africa/Asia 572,707 601,215
Europe/West Africa/FSU 588,572 496,113
Latin America 591,770 335,461
3,372,650 2,529,752
Operating Income (Expense):
North America 352,163 199,029
Middle East/North Africa/Asia 15,341 65,718
Europe/West Africa/FSU 86,595 63,236
Latin America 70,878 40,914
Research and Development (58,888) (54,457)
Corporate Expenses (41,981) (41,907)
Revaluation of Contingent
Consideration - 90,011
Severance, Exit and Other
Adjustments (8,402) (87,120)
415,706 275,424
Other Income (Expense):
Interest Expense, Net (114,448) (99,318)
Bond Tender Premium - (10,731)
Devaluation of Venezuelan Bolivar - -
Other, Net (26,261) (12,277)
Income Before Income Taxes 274,997 153,098
Benefit (Provision) for Income Taxes:
Provision for Operations (83,758) (74,411)
Provision for Legal
Entity Reorganization - (7,890)
Benefit from Devaluation of
Venezuelan Bolivar - -
Benefit from Severance, Exit and
Other Adjustments 1,902 28,142
(81,856) (54,159)
Net Income (Loss) 193,141 98,939
Net Income Attributable to
Noncontrolling Interest (2,781) (4,286)
Net Income (Loss)
Attributable to Weatherford $ 190,360 $ 94,653
Earnings (Loss) Per Share
Attributable to Weatherford:
Basic $ 0.25 $ 0.13
Diluted $ 0.25 $ 0.13
Weighted Average Shares
Outstanding:
Basic 753,896 745,502
Diluted 759,946 751,394
Nine Months
Ended September 30,
2011 2010
Net Revenues:
North America $ 4,324,318 $ 2,903,238
Middle East/North Africa/Asia 1,765,609 1,765,873
Europe/West Africa/FSU 1,691,453 1,456,049
Latin America 1,499,270 1,172,822
9,280,650 7,297,982
Operating Income (Expense):
North America 879,473 434,462
Middle East/North Africa/Asia 60,109 215,425
Europe/West Africa/FSU 216,610 176,900
Latin America 143,050 108,979
Research and Development (185,666) (156,844)
Corporate Expenses (140,840) (129,635)
Revaluation of Contingent
Consideration - (2,752)
Severance, Exit and Other
Adjustments (47,927) (158,461)
924,809 488,074
Other Income (Expense):
Interest Expense, Net (340,638) (290,376)
Bond Tender Premium - (10,731)
Devaluation of Venezuelan Bolivar - (63,859)
Other, Net (67,194) (35,681)
Income Before Income Taxes 516,977 87,427
Benefit (Provision) for Income Taxes:
Provision for Operations (154,511) (146,940)
Provision for Legal
Entity Reorganization - (7,890)
Benefit from Devaluation of
Venezuelan Bolivar - 23,973
Benefit from Severance, Exit and
Other Adjustments 7,250 33,473
(147,261) (97,384)
Net Income (Loss) 369,716 (9,957)
Net Income Attributable to
Noncontrolling Interest (10,057) (11,637)
Net Income (Loss)
Attributable to Weatherford $ 359,659 $ (21,594)
Earnings (Loss) Per Share
Attributable to Weatherford:
Basic $ 0.48 $ (0.03)
Diluted $ 0.47 $ (0.03)
Weighted Average Shares
Outstanding:
Basic 750,634 742,192
Diluted 758,491 742,192
Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In Thousands)
Three Months Ended
9/30/2011 6/30/2011 3/31/2011
Net Revenues:
North America $ 1,619,601 $ 1,344,245 $ 1,360,472
Middle East/North
Africa/Asia 572,707 617,376 575,526
Europe/West Africa/FSU 588,572 592,458 510,423
Latin America 591,770 497,735 409,765
$ 3,372,650 $ 3,051,814 $ 2,856,186
Operating Income (Expense):
North America $ 352,163 $ 243,613 $ 283,697
Middle East/North
Africa/Asia 15,341 33,964 10,804
Europe/West Africa/FSU 86,595 92,511 37,504
Latin America 70,878 51,081 21,091
Research and Development (58,888) (62,231) (64,547)
Corporate Expenses (41,981) (43,030) (55,829)
Revaluation of Contingent
Consideration - - -
Severance, Exit and Other
Adjustments (8,402) (18,693) (20,832)
$ 415,706 $ 297,215 $ 211,888
Three Months Ended
9/30/2011 6/30/2011 3/31/2011
Product Line Revenues
Stimulation and Chemicals $ 584,550 $ 544,953 $ 457,557
Artificial Lift Systems 600,822 535,016 443,691
Drilling Services 550,722 487,559 474,440
Well Construction 414,593 382,077 346,052
Integrated Drilling 331,446 316,554 319,661
Completion Systems 269,235 248,850 206,760
Drilling Tools 215,720 182,956 220,538
Wireline and
Evaluation Services 195,731 160,246 188,778
Re-entry and Fishing 171,463 159,851 164,274
Pipeline and
Specialty Services 38,368 33,752 34,435
$ 3,372,650 $ 3,051,814 $ 2,856,186
Three Months Ended
9/30/2011 6/30/2011 3/31/2011
Depreciation and Amortization:
North America $ 90,994 $ 88,006 $ 87,793
Middle East/North
Africa/Asia 83,441 82,548 81,380
Europe/West Africa/FSU 58,782 57,696 56,594
Latin America 50,577 48,722 46,388
Research and Development 2,391 2,471 1,964
Corporate 2,265 2,725 2,936
$ 288,450 $ 282,168 $ 277,055
Three Months Ended
12/31/2010 9/30/2010
Net Revenues:
North America $ 1,263,643 $1,096,963
Middle East/North Africa/Asia 684,630 601,215
Europe/West Africa/FSU 528,380 496,113
Latin America 446,162 335,461
$ 2,922,815 $ 2,529,752
Operating Income (Expense):
North America $ 261,145 $ 199,029
Middle East/North Africa/Asia 49,222 65,718
Europe/West Africa/FSU 64,398 63,236
Latin America 52,960 40,914
Research and Development (57,637) (54,457)
Corporate Expenses (43,283) (41,907)
Revaluation of Contingent
Consideration 15,349 90,011
Severance, Exit and Other
Adjustments (48,775) (87,120)
$ 293,379 $ 275,424
Three Months Ended
12/31/2010 9/30/2010
Product Line Revenues
Stimulation and Chemicals $ 396,241 $ 333,630
Artificial Lift Systems 471,276 417,464
Drilling Services 481,687 428,930
Well Construction 362,668 332,118
Integrated Drilling 356,871 261,974
Completion Systems 256,676 191,559
Drilling Tools 211,823 200,555
Wireline and Evaluation Services 159,426 155,402
Re-entry and Fishing 165,094 153,569
Pipeline and Specialty Services 61,053 54,551
$ 2,922,815 $ 2,529,752
Three Months Ended
12/31/2010 9/30/2010
Depreciation and Amortization:
North America $ 83,996 $ 81,843
Middle East/North Africa/Asia 81,596 75,968
Europe/West Africa/FSU 53,408 56,960
Latin America 47,377 46,527
Research and Development 2,398 2,420
Corporate 3,075 3,491
$ 271,850 $ 267,209
We report our financial results in accordance with generally accepted
accounting principles (GAAP). However, Weatherford's management believes
that certain non-GAAP performance measures and ratios may provide users
of this financial information additional meaningful comparisons between
current results and results in prior operating periods. One such non-GAAP
financial measure we may present from time to time is operating income or
income from continuing operations excluding certain charges or amounts.
This adjusted income amount is not a measure of financial performance
under GAAP. Accordingly, it should not be considered as a substitute for
operating income, net income or other income data prepared in accordance
with GAAP. See the table below for supplemental financial data and
corresponding reconciliations to GAAP financial measures for the three
months ended September 30, 2011, June 30, 2011, and September 30, 2010
and for the nine months ended September 30, 2011 and September 30, 2010.
Non-GAAP financial measures should be viewed in addition to, and not as
an alternative for, the Company's reported results prepared in accordance
with GAAP.
Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In Thousands, Except Per Share Amounts)
Three Months Ended
September 30, June 30, September 30,
2011 2011 2010
Operating Income:
GAAP Operating Income $ 415,706 $ 297,215 $ 275,424
Severance,
Exit and Other
Adjustments 8,402 18,693 87,120
Revaluation of
Contingent
Consideration - - (90,011)
Non-GAAP Operating
Income $ 424,108 $ 315,908 $ 272,533
Income (Loss) Before
Income Taxes:
GAAP Income (Loss)
Before Income Taxes $ 274,997 $ 161,164 $ 153,098
Severance,
Exit and Other
Adjustments 8,402 18,693 87,120
Revaluation of
Contingent
Consideration - - (90,011)
Devaluation of
Venezuelan
Bolivar - - -
Bond Tender
Premium - - 10,731
Non-GAAP Income
(Loss) Before Income
Taxes $ 283,399 $ 179,857 $ 160,938
Benefit (Provision) for
Income Taxes:
GAAP Benefit
(Provision) for
Income Taxes $ (81,856) $ (46,128) $ (54,159)
Legal Entity
Reorganization
Charges - - 7,890
Devaluation of
Venezuelan
Bolivar - - -
Bond Tender,
Severance,
Exit and Other
Adjustments (1,902) (2,827) (28,142)
Non-GAAP Benefit
(Provision) for
Income Taxes $ (83,758) $ (48,955) $ (74,411)
Net Income (Loss)
Attributable to
Weatherford:
GAAP Net Income
(Loss) $ 190,360 $ 110,098 $ 94,653
Total Charges,
net of tax 6,500 (a) 15,866 (b) (12,412) (c)
Non-GAAP Net Income $ 196,860 $ 125,964 $ 82,241
Diluted Earnings (Loss)
Per Share Attributable
to Weatherford:
GAAP Diluted
Earnings (Loss) per
Share $ 0.25 $ 0.15 $ 0.13
Total Charges,
net of tax 0.01 (a) 0.02 (b) (0.02) (c)
Non-GAAP Diluted
Earnings per Share $ 0.26 $ 0.17 $ 0.11
Nine Months Ended
September 30, September 30,
2011 2010
Operating Income:
GAAP Operating Income $ 924,809 $ 488,074
Severance,
Exit and Other
Adjustments 47,927 158,461
Revaluation of
Contingent
Consideration - 2,752
Non-GAAP Operating
Income $ 972,736 $ 649,287
Income (Loss) Before
Income Taxes:
GAAP Income (Loss)
Before Income Taxes $ 516,977 $ 87,427
Severance,
Exit and Other
Adjustments 47,927 158,461
Revaluation of
Contingent
Consideration - 2,752
Devaluation of
Venezuelan
Bolivar - 63,859
Bond Tender
Premium - 10,731
Non-GAAP Income
(Loss) Before Income
Taxes $ 564,904 $ 323,230
Benefit (Provision) for
Income Taxes:
GAAP Benefit
(Provision) for
Income Taxes $ (147,261) $ (97,384)
Legal Entity
Reorganization
Charges - 7,890
Devaluation of
Venezuelan
Bolivar - (23,973)
Bond Tender,
Severance,
Exit and Other
Adjustments (7,250) (33,473)
Non-GAAP Benefit
(Provision) for
Income Taxes $ (154,511) $ (146,940)
Net Income (Loss)
Attributable to
Weatherford:
GAAP Net Income
(Loss) $ 359,659 $ (21,594)
Total Charges,
net of tax 40,677 (d) 186,247 (e)
Non-GAAP Net Income $ 400,336 $ 164,653
Diluted Earnings (Loss)
Per Share Attributable
to Weatherford:
GAAP Diluted
Earnings (Loss) per
Share $ 0.47 $ (0.03)
Total Charges,
net of tax 0.06 (d) 0.25 (e)
Non-GAAP Diluted
Earnings per Share $ 0.53 $ 0.22
Note (a): This amount is comprised of severance and exit charges of
$6 million, net of tax, and costs incurred in connection with
on-going investigations by the U.S. government of $1 million.
Note (b): This amount is comprised of severance charges of $12 million,
net of tax, and costs incurred in connection with on-going
investigations by the U.S. government of $3 million. We also
incurred charges totaling $1 million, net of tax, for facility
closure costs and termination fees.
Note (c): This amount is comprised of (i) a $90 million gain for the
revaluation of contingent consideration included as part of
our acquisition of the Oilfield Services Division ("OFS") of
TNK-BP, (ii) a $54 million charge for revisions to our
estimates in our project management contracts in Mexico
and (iii) a $7 million charge for a premium paid on tendering
a portion of our senior notes. We also incurred investigation
costs in connection with on-going investigations by the U.S.
government and severance charges associated with our
restructuring activities. In addition, we incurred a tax
charge of $8 million as a result of a legal entity
reorganization initiative completed during the third quarter
of 2010.
Note (d): This amount is comprised of a $9 million charge associated
with terminating a corporate consulting contract and $26
million for severance and exit costs. We also incurred
investigation costs of $5 million in connection with on-going
investigations by the U.S. government.
Note (e): This amount is comprised of (i) a $38 million charge related
to our supplemental executive retirement plan that was frozen
on March 31, 2010, (ii) a $40 million charge related to the
devaluation of the Venezuelan Bolivar, (iii) a $54 million
charge for revisions to our estimates in our project management
contracts in Mexico and (iv) a $7 million charge for a premium
paid on tendering a portion of our senior notes, and (v) a net
$3 million charge for revaluation of contingent consideration.
During the year to date period ended September 30, 2010, we
incurred a tax charge of $8 million as a result of a legal
entity reorganization initiative completed during the third
quarter of 2010. We also incurred investigation costs in
connection with on-going investigations by the U.S. government
and severance charges associated with our restructuring
activities.
Weatherford International Ltd.
Consolidated Condensed Balance Sheet
(Unaudited)
(In Thousands)
September 30, December 31,
2011 2010
Current Assets:
Cash and Cash
Equivalents $ 273,562 $ 415,772
Accounts Receivable, Net 3,180,861 2,629,403
Inventories 3,071,830 2,590,008
Other Current Assets 1,068,295 856,884
7,594,548 6,492,067
Long-Term Assets:
Property, Plant and
Equipment, Net 7,140,692 6,939,754
Goodwill 4,351,160 4,185,477
Other Intangibles, Net 722,315 730,429
Equity Investments 599,730 539,580
Other Assets 258,831 244,347
13,072,728 12,639,587
Total Assets $ 20,667,276 $ 19,131,654
Current Liabilities:
Short-term Borrowings
and Current Portion of
Long-term Debt $ 1,349,624 $ 235,392
Accounts Payable 1,565,728 1,335,020
Other Current
Liabilities 1,122,803 1,012,567
4,038,155 2,582,979
Long-term Liabilities:
Long-term Debt 6,266,190 6,529,998
Other Liabilities 466,358 553,830
6,732,548 7,083,828
Total Liabilities 10,770,703 9,666,807
Shareholders' Equity:
Weatherford
Shareholders' Equity 9,872,321 9,400,931
Noncontrolling Interest 24,252 63,916
Total Shareholders' Equity 9,896,573 9,464,847
Total Liabilities and Shareholders'
Equity $ 20,667,276 $ 19,131,654
Weatherford International Ltd.
Net Debt
(Unaudited)
(In Thousands)
Change in Net Debt for the Three Months Ended September 30, 2011:
Net Debt at June 30, 2011 $ (7,040,880)
Operating Income 415,706
Depreciation and Amortization 288,450
Severance, Exit and Other Adjustments 8,402
Capital Expenditures (377,088)
Increase in Working Capital (342,325)
Income Taxes Paid (59,270)
Interest Paid (179,248)
Acquisitions and Divestitures of Assets
and Businesses, Net (27,374)
Foreign Currency Contract Settlements 7,218
Other (35,843)
Net Debt at September 30, 2011 $ (7,342,252)
Change in Net Debt for the Nine Months Ended September 30, 2011:
Net Debt at December 31, 2010 $ (6,349,618)
Operating Income 924,809
Depreciation and Amortization 847,673
Severance, Exit and Other Adjustments 47,927
Capital Expenditures (1,120,325)
Increase in Working Capital (821,362)
Income Taxes Paid (194,730)
Interest Paid (413,677)
Acquisitions and Divestitures of Assets
and Businesses, Net (65,884)
Foreign Currency Contract Settlements (82,728)
Other (114,337)
Net Debt at September 30, 2011 $ (7,342,252)
September 30, June 30, December 31,
Components of Net Debt 2011 2011 2010
Cash $ 273,562 $ 329,555 $ 415,772
Short-term Borrowings
and Current Portion
of Long-Term Debt (1,349,624) (1,113,724) (235,392)
Long-term Debt (6,266,190) (6,256,711) (6,529,998)
Net Debt $ (7,342,252) $ (7,040,880) $ (6,349,618)
"Net Debt" is debt less cash. Management believes that Net Debt provides
useful information regarding the level of Weatherford indebtedness by
reflecting cash that could be used to repay debt.
Working capital is defined as accounts receivable plus inventory less
accounts payable.
SOURCE Weatherford International Ltd.
Further inquiry note:
Andrew P. Becnel, Chief Financial Officer, +41-22-816-1502, Karen David-Green,
Vice President - Investor Relations, +1-713-693-2530
end of announcement euro adhoc
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issuer: Weatherford International Ltd.
Rue Jean-Francois Bartholoni 4-6
CH-1204 Geneva
phone: +41.22.816.1500
FAX: +41.22.816.1599
mail: karen.david-green@weatherford.com
WWW: http://www.weatherford.com
sector: Oil & Gas - Upstream activities
ISIN: CH0038838394
indexes:
stockmarkets: stock market: Euronext Paris, New York, Main Standard: SIX Swiss
Exchange
language: English