Weatherford International Ltd.
EANS-Adhoc: Weatherford International Ltd.
Weatherford Reports Preliminary
Fourth Quarter Results
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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3-month report
21.02.2012
New quarterly revenue record drives pre-tax earnings
Company to restate prior period financial results for tax
adjustments
GENEVA, Switzerland, Feb. 21, 2012 -- Weatherford International Ltd. (NYSE and
SIX: WFT) today reported preliminary fourth quarter 2011 pre-tax income of $254
million, or $352 million after excluding pre-tax losses of $98 million. The
excluded items were composed of a $67 million charge for assets principally in
Libya, as well as $31 million for exit, restructuring, investigation and other
costs.
(Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)
Fourth quarter revenues of $3,710 million were the highest in the company's
history. Revenues were 10 percent higher sequentially and 27 percent higher
than the same period last year. North America revenue was up five percent
sequentially and up 34 percent versus the fourth quarter of 2010. International
revenues were up 15 percent sequentially and up 21 percent versus the same
quarter of 2010. Artificial Lift, Drilling Services, Integrated Drilling and
Stimulation and Chemicals posted strong sequential growth.
end of ad-hoc-announcement
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Segment operating income of $619 million improved 44 percent year-over-year and
$93 million, or 18 percent sequentially. Segment operating income margins
improved to 17 percent. The company's operations delivered 28 percent
incremental margins sequentially, with 37 percent incremental margins in North
America and 25 percent incremental margins internationally. Internationally,
both Latin America and Middle East/North Africa/Asia posted strong profit
improvements of $42 million and $27 million, respectively.
A $28 million increase in corporate expenses, research and development and
other, net, primarily attributable to higher professional service fees and
foreign exchange losses, partially offset our operating improvements.
Subject to the risks regarding forward-looking statements highlighted by the
company in this press release and its public filings, the company expects to
report fully diluted earnings per share of approximately $0.30 before excluded
items in the first quarter of 2012, with seasonal increases in Canada offset by
seasonal declines in Russia, the North Sea, Asia Pacific and areas of the
central United States. With regard to the entirety of 2012, the company
maintains a positive but measured outlook for its North American business and
expects modest profit improvement as compared to 2011. Internationally, the
company anticipates continued growth and expanding margins in its Latin America
region, underpinned by improvements in Argentina, Colombia, Mexico and
Venezuela. Eastern Hemisphere is also expected to improve in 2012, with upticks
in Europe and Russia, as well as continued recovery in the Middle East / North
Africa / Asia Pacific region with positive contributions from new contracts
with better terms and pricing and the completion of existing contracts. For
2012, we currently estimate an effective tax rate of approximately 35 percent,
although the actual rate may vary.
North America
Revenues for the quarter were $1,698 million, a 34 percent increase over the
same quarter in the prior year and up five percent sequentially.
The current quarter's operating income was $382 million, up $119 million from
the fourth quarter of 2010, and up $29 million, or 8 percent, compared to the
prior quarter. Strong growth and expanding margins in the U.S. contributed to
the sequential increase as margins improved to almost 23 percent. The Drilling
Services, Artificial Lift, Stimulation and Chemicals and Re-entry and Fishing
product lines contributed strong results for the quarter and contributed to our
margin growth.
Middle East/North Africa/Asia
Fourth quarter revenues of $675 million were one percent lower than the fourth
quarter of 2010 but 18 percent higher than the prior quarter. The decline from
the same period in the prior year is attributable to the political unrest in
parts of the region, including Libya, Algeria, and Egypt and also due to our
deconsolidation of three joint ventures. The sequential increase in revenues
was attributable to additional activity in Iraq, Saudi Arabia and Oman.
The current quarter's operating income of $44 million decreased $5 million as
compared to the same quarter in the prior year and increased $27 million
compared to the third quarter of 2011.
Europe/West Africa/FSU
Fourth quarter revenues of $609 million were 15 percent higher than the fourth
quarter of 2010 and three percent higher than the prior quarter. The revenue
growth over the same quarter of 2010 came from each of the regions with Russia,
Kazakhstan and Nigeria as strong performers.
The current quarter's operating income of $82 million was up 27 percent
compared to the same quarter in the prior year and down $5 million compared to
the prior quarter. The current quarter was negatively impacted by seasonality
in Russia.
Latin America
Fourth quarter revenues of $728 million were 63 percent higher than the fourth
quarter of 2010 and up 23 percent compared to the third quarter of 2011.
Mexico, Venezuela and Columbia posted strong sequential performances in
revenues and margins.
The current quarter's operating income of $112 million increased $60 million as
compared to the same quarter in the prior year and increased 60 percent or $42
million from the prior quarter. Sequentially, our Integrated Drilling and
Stimulation and Chemicals product lines were the strongest performers.
Change in Net Debt
Net debt for the quarter decreased $112 million, with improvements in operating
working capital metrics for accounts receivable and inventory both sequentially
and compared to the fourth quarter of 2010.
Income Tax Matters
The company is reporting results on a pre-tax basis due to the following
factors:
- Management has concluded that the company has not remediated its
previously disclosed material weakness in internal controls over
financial reporting for income taxes relating to current taxes
payable, certain deferred tax assets and liabilities, reserves
for uncertain tax positions, and current and deferred income tax
expense.
- As a result of the continued material weakness over the
accounting for income taxes, significant incremental work has
been performed by Weatherford employees and external advisors
during 2011 and early 2012, which management expects to result in
roughly $225 million to $250 million of aggregate net adjustments
to previously reported financial results for the years 2010 and
prior relating to the correction of errors identified with
respect to the company's accounting for income taxes. Of this
total amount, we currently estimate that roughly two-thirds is
attributable to fiscal years ending on or prior to December 31,
2008, although management's analysis is not complete. None of the
adjustments is expected to affect the company's historically
reported net debt balances. Based upon additional analysis and
other post-closing procedures designed to ensure that the
company's consolidated financial statements will be presented in
accordance with generally accepted accounting principles, the
company believes the review of the company's historical tax
accounts has been comprehensive and that the process undertaken
has been thorough.
- Until we have concluded work on the above-mentioned adjustments,
we will not finalize the company's tax accounts for the year
ended December 31, 2011. However, we currently estimate that our
income tax expense for the 2011 fiscal year will be roughly
between $490 million and $520 million, including credits and
charges.
- The review of the income tax accounts is ongoing among the
company, its advisors and the company's auditors. Once finalized,
we expect to record the adjustments in the proper historical
periods in the audited financial statements to be filed with our
Annual Report on Form 10-K for the year ended December 31, 2011.
Restatement
As a result of the foregoing adjustments, the Audit Committee of our Board of
Directors concluded, on February 20, 2012, that investors should no longer rely
upon our previously issued financial statements. The company expects to file
the restated financial statements described below due to errors relating to the
company's reporting of the provision for income taxes. The Audit Committee has
discussed this matter with the Company's independent registered public
accounting firm.
Until the restatement is completed, the company's estimates of the expected
adjustments for 2010 through 2008 and prior years, and the nine months ended
September 30, 2011, as well as its expected financial results for 2011, are
subject to change. There can be no assurance that additional issues will not be
identified during the course of the audit process and, therefore, these results
should be considered preliminary until the company files its Form 10-K for the
year ended December 31, 2011. Any changes to the preliminary, unaudited
estimated results provided in this release, as well as additional items that
may be identified during the completion of the audit process, could be material
to the company's financial condition and results of operations for 2011 through
2008.
Management is continuing to assess the effect of the restatement on the
company's internal control over financial reporting and its disclosure controls
and procedures. Management will report its conclusion on internal control over
financial reporting and disclosure controls and procedures upon completion of
the restatement process.
The company intends to file restated financial statements for fiscal 2010 and
2009 in its Form 10-K for the year ended December 31, 2011 as soon as
practicable. The company will also include restated selected financial data for
fiscal 2010 and 2009, as well as fiscal 2008 and 2007, in the Form 10-K. In
addition, the company intends to include in the Form 10-K restated quarterly
financial data for each of the quarters for fiscal 2010 and for the first three
quarters of fiscal 2011. Based on the information regarding prior years that
the company intends to include in its Form 10-K, the company does not intend to
file amendments to its Form 10-K for the year ended December 31, 2010 or to any
of its previously filed Form 10-Qs.
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
preliminary 2011 fourth quarter results on February 21, 2012 at 8:00 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
60,000 people worldwide.
Contacts: Andrew P. Becnel +41.22.816.1502
Chief Financial Officer
Karen David-Green +1.713.836.7430
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. Forward-looking statements
also include any statements about the resolution of our ongoing remediation of
our material weakness in internal control over financial reporting for income
taxes, our estimates or expectations as to our final restated provision for
income taxes for 2011 and prior periods and the timing of our publication of
our audited financial results for 2011 and the filing of our Form 10-K for
fiscal 2011. 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 unanticipated accounting issues or audit issues
regarding the financial data for the periods to be restated or adjusted;
inability of the Company or its independent registered public accounting firm
to confirm relevant information or data; unanticipated issues that prevent or
delay the Company's independent registered public accounting firm from
concluding the audit or that require additional efforts, procedures or review;
the Company's inability to design or improve internal controls to address
identified issues; the impact upon operations of legal compliance matters or
internal controls review, improvement and remediation, including the detection
of wrongdoing, improper activities or circumvention of internal controls;
difficulties in controlling expenses, including costs of legal compliance
matters or internal controls review, improvement and remediation; impact of
changes in management or staff levels, the effect of global political, economic
and market conditions on the Company's projected results; the possibility that
the Company may be unable to recognize expected revenues from current and
future contracts; the effect of currency fluctuations on the Company's
business; the Company's ability to manage its workforce to control costs; the
cost and availability of raw materials, the Company's ability to manage its
supply chain and business processes; the Company's ability to commercialize new
technology; whether the Company can realize expected benefits from its
redomestication of its former Bermuda parent company; the Company's ability to
realize expected benefits from its acquisitions and dispositions; the effect of
a downturn in its industry on the Company's carrying value of its goodwill; the
effect of weather conditions on the Company's operations; the impact of oil and
natural gas prices and worldwide economic conditions on drilling activity; the
effect of turmoil in the credit markets on the Company's ability to manage risk
with interest rate and foreign exchange swaps; the outcome of pending
government investigations, including the Securities and Exchange Commission's
investigation of the circumstances surrounding the Company's material weakness
in its internal control over financial reporting of income taxes; the outcome
of ongoing litigation, including shareholder litigation related to the
Company's material weakness in its internal control over financial reporting of
income taxes and its restatement of historical financial statements; 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, except to the extent
required under federal securities laws.
Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In Thousands)
Three Months Twelve Months
Ended December 31, Ended December 31,
2011 2010 2011 2010
Net Revenues:
North America $ 1,698,417 $ 1,263,643 $ 6,022,735 $ 4,166,881
Middle
East/North
Africa/Asia 675,227 684,630 2,440,836 2,450,503
Europe/West
Africa/FSU 608,621 528,380 2,300,074 1,984,429
Latin America 727,507 446,162 2,226,777 1,618,984
3,709,772 2,922,815 12,990,422 10,220,797
Operating Income
(Expense):
North America 381,775 262,902 1,261,530 697,201
Middle
East/North
Africa/Asia 43,749 49,131 103,858 264,951
Europe/West
Africa/FSU 81,523 64,398 296,477 241,298
Latin America 112,156 52,253 252,553 159,111
Research and
Development (63,538) (58,012) (244,704) (215,981)
Corporate
Expenses (57,266) (43,100) (197,683) (172,185)
Libya Reserve (66,867) - (66,867) -
Revaluation
of Contingent
Consideration - 15,349 - 12,597
Severance,
Exit and
Other
Adjustments (25,595) (48,775) (73,522) (207,236)
405,937 294,146 1,331,642 779,756
Other Income
(Expense):
Interest
Expense, Net (112,651) (115,409) (453,289) (405,785)
Bond Tender
Premium - (43,242) - (53,973)
Devaluation
of Venezuelan
Bolivar - - - (63,859)
Other, Net (39,421) (17,566) (106,615) (53,247)
Income Before
Income Taxes 253,865 117,929 771,738 202,892
Weighted Average
Shares Outstanding:
Basic 758,206 745,925 752,527 743,125
Diluted 762,789 745,925 759,565 743,125
Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In Thousands)
Three Months Ended
12/31/2011 9/30/2011 6/30/2011
Net Revenues:
North America $ 1,698,417 $ 1,619,601 $ 1,344,245
Middle
East/North
Africa/Asia 675,227 572,707 617,376
Europe/West
Africa/FSU 608,621 588,572 592,458
Latin America 727,507 591,770 497,735
$ 3,709,772 $ 3,372,650 $ 3,051,814
Operating Income
(Expense):
North America $ 381,775 $ 352,438 $ 244,243
Middle
East/North
Africa/Asia 43,749 17,041 33,114
Europe/West
Africa/FSU 81,523 86,595 88,700
Latin America 112,156 69,993 50,197
Research and
Development (63,538) (58,888) (62,231)
Corporate
Expenses (57,266) (41,840) (42,889)
Libya Reserve (66,867) - -
Revaluation
of Contingent
Consideration - - -
Severance,
Exit and
Other
Adjustments (25,595) (8,402) (18,693)
$ 405,937 $ 416,937 $ 292,441
Three Months Ended
12/31/2011 9/30/2011 6/30/2011
Product Line Revenues
Artificial Lift
Systems $ 662,247 $ 600,822 $ 535,016
Drilling Services 628,648 550,722 487,559
Stimulation and
Chemicals 624,171 584,550 544,953
Well Construction 436,788 414,593 382,077
Integrated Drilling 391,356 331,446 316,554
Completion Systems 306,650 269,235 248,850
Drilling Tools 216,969 215,720 182,956
Re-entry and
Fishing 200,302 171,463 159,851
Wireline and
Evaluation Services 200,050 195,731 160,246
Pipeline and
Specialty Services 42,591 38,368 33,752
$ 3,709,772 $ 3,372,650 $ 3,051,814
Three Months Ended
12/31/2011 9/30/2011 6/30/2011
Depreciation and
Amortization:
North America $ 90,565 $ 90,994 $ 88,006
Middle East/North
Africa/Asia 82,312 81,741 83,398
Europe/West
Africa/FSU 59,526 58,782 57,696
Latin America 52,060 50,577 48,722
Research and
Development 2,230 2,391 2,471
Corporate 2,733 2,265 2,725
$ 289,426 $ 286,750 $ 283,018
Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In Thousands)
Three Months Ended
3/31/2011 12/31/2010
Net Revenues:
North America $ 1,360,472 $ 1,263,643
Middle
East/North
Africa/Asia 575,526 684,630
Europe/West
Africa/FSU 510,423 528,380
Latin America 409,765 446,162
$ 2,856,186 $ 2,922,815
Operating Income (Expense):
North America $ 283,074 $ 262,902
Middle
East/North
Africa/Asia 9,954 49,131
Europe/West
Africa/FSU 39,659 64,398
Latin America 20,207 52,253
Research and
Development (60,047) (58,012)
Corporate
Expenses (55,688) (43,100)
Libya Reserve - -
Revaluation of
Contingent
Consideration - 15,349
Severance, Exit
and Other
Adjustments (20,832) (48,775)
$ 216,327 $ 294,146
Three Months Ended
3/31/2011 12/31/2010
Product Line Revenues
Artificial Lift Systems $ 443,691 $ 471,276
Drilling Services 474,440 481,687
Stimulation and
Chemicals 457,557 396,241
Well Construction 346,052 362,668
Integrated Drilling 319,661 356,871
Completion Systems 206,760 256,676
Drilling Tools 220,538 211,823
Re-entry and Fishing 164,274 165,094
Wireline and Evaluation
Services 188,778 159,426
Pipeline and Specialty
Services 34,435 61,053
$ 2,856,186 $ 2,922,815
Three Months Ended
3/31/2011 12/31/2010
Depreciation and
Amortization:
North America $ 87,793 $ 83,996
Middle East/North
Africa/Asia 82,230 80,790
Europe/West Africa/FSU 56,594 53,408
Latin America 46,388 47,377
Research and Development 1,964 2,398
Corporate 2,936 3,075
$ 277,905 $ 271,044
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 December 31, 2011, September 30, 2011, and December 31,
2010 and for the twelve months ended December 31, 2011 and December 31, 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
December September December
31, 30, 31,
2011(a) 2011(b) 2010 (c)
Operating Income:
GAAP Operating Income $ 405,937 $ 416,937 $ 294,146
Libya Reserve 66,867 - -
Severance, Exit
and Other
Adjustments 25,595 8,402 48,775
Revaluation of
Contingent
Consideration - - (15,349)
Non-GAAP Operating
Income $ 498,399 $ 425,339 $ 327,572
Income (Loss) Before
Income Taxes:
GAAP Income (Loss)
Before Income Taxes $ 253,865 $ 276,227 $ 117,929
Libya Reserve 66,867 - -
Severance, Exit
and Other
Adjustments 30,865 8,402 48,775
Revaluation of
Contingent
Consideration - - (15,349)
Devaluation of
Venezuelan
Bolivar - - -
Bond Tender
Premium - - 43,242
Non-GAAP Income (Loss)
Before Income Taxes $ 351,597 $ 284,629 $ 194,597
Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In Thousands, Except Per Share Amounts)
Twelve Months Ended
December December
31, 31,
2011 (d) 2010 (e)
Operating Income:
GAAP Operating Income $ 1,331,642 $ 779,756
Libya Reserve 66,867 -
Severance, Exit and
Other Adjustments 73,522 207,236
Revaluation of
Contingent
Consideration - (12,597)
Non-GAAP Operating Income $ 1,472,031 $ 974,395
Income (Loss) Before Income Taxes:
GAAP Income (Loss) Before
Income Taxes $ 771,738 $ 202,892
Libya Reserve 66,867 -
Severance, Exit and
Other Adjustments 78,792 207,236
Revaluation of
Contingent
Consideration - (12,597)
Devaluation of
Venezuelan Bolivar - 63,859
Bond Tender Premium - 53,973
Non-GAAP Income (Loss) Before
Income Taxes $ 917,397 $ 515,363
Note (a): Non-GAAP adjustments are comprised of (i) a $67 million
charge primarily to reserve accounts receivable, inventory and
machinery and equipment in Libya (ii) $5 million in legal and
professional costs incurred in conjunction with our tax planning
and reorganization activities (iii) $5 million of costs incurred
in connection with on-going investigations by the U.S. government
and (iv) severance, exit and other charges of $16 million.
Note (b): Non-GAAP adjustments are comprised of severance and
exit charges of $7 million and costs incurred in connection with
on-going investigations by the U.S. government of $1 million.
Note (c): Non-GAAP adjustments are comprised of (i) a $43 million
charge for a premium paid on tendering a portion of our senior
notes, (ii) a $32 million reserve taken against accounts
receivable balances in Venezuela due to the country's economic
prognosis and (iii) a $15 million gain for the revaluation of
contingent consideration included as part of our acquisition of
the Oilfield Services Division ("OFS") of TNK-BP. We also
incurred investigation costs in connection with on-going
investigations by the U.S. government and severance charges
associated with our restructuring activities.
Note (d): Non-GAAP adjustments are comprised of (i) a $67 million
charge primarily to reserve accounts receivable, inventory and
machinery and equipment in Libya and to a lesser extent other
countries affected by the political turmoil in the Middle East
and North Africa (ii) $9 million associated with the termination
of a corporate consulting contract (iii) $10 million of costs
incurred in connection with on-going investigations by the U.S.
government and (iv) other severance, exit and other charges
totaling $55 million.
Note (e): Non-GAAP adjustments are comprised of (i) a $38 million
charge related to our supplemental executive retirement plan that
was frozen on March 31, 2010, (ii) a $64 million charge related
to the devaluation of the Venezuelan Bolivar, (iii) a $73
million charge for revisions to our estimates in our project
management contracts in Mexico and (iv) a $54 million charge for
premiums paid on tendering a portion of our senior notes, (v) a
$32 million reserve taken against accounts receivable balances in
Venezuela due to the country's economic prognosis, and (vi) a net
$13 million gain for the revaluation of contingent consideration.
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.
Net Debt
(Unaudited)
(In Thousands)
Change in Net Debt for
the Three Months Ended
December 31, 2011:
Net Debt at September
30, 2011 (7,342,252)
Operating
Income 405,937
Depreciation
and
Amortization 289,426
Severance,
Exit and
Other
Adjustments 92,462
Capital
Expenditures (403,309)
Increase in
Working
Capital (167,872)
Income Taxes
Paid (91,000)
Interest Paid (47,172)
Acquisitions
and
Divestitures
of Assets and
Businesses,
Net (60,620)
Foreign
Currency
Contract
Settlements 36,723
Other 57,372
Net Debt at December
31, 2011 $ (7,230,305)
Change in Net Debt for
the Year Ended December
31, 2011:
Net Debt at December
31, 2010 (6,349,618)
Operating
Income 1,331,642
Depreciation
and
Amortization 1,137,099
Severance,
Exit and
Other
Adjustments 140,389
Capital
Expenditures (1,523,634)
Increase in
Working
Capital (994,013)
Income Taxes
Paid (285,730)
Interest Paid (460,849)
Acquisitions
and
Divestitures
of Assets and
Businesses,
Net (126,504)
Foreign
Currency
Contract
Settlements (46,005)
Other (53,082)
Net Debt at December
31, 2011 $ (7,230,305)
Components of Net December 31, September 30, December 31,
Debt 2011 2011 2010
Cash $ 375,561 $ 273,562 $ 415,772
Short-term
Borrowings
and Current
Portion of
Long-Term
Debt (1,319,614) (1,349,624) (235,392)
Long-term
Debt (6,286,252) (6,266,190) (6,529,998)
Net Debt $ (7,230,305) $ (7,342,252) $ (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:
Contacts: Andrew P. Becnel +41.22.816.1502
Chief Financial Officer
Karen David-Green +1.713.836.7430
Vice President - Investor Relations
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: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
Paris
language: English