What changed in this filing

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Item 1. Business

2024-02-07 compared with 2023-02-08 · 82 added, 79 removed, 129 unchanged (56% of the section changed)

Weatherford International plc, an Irish public limited company, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms.

Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years.

We conduct operations in approximately 75 countries, answering the challenges of the energy industry with 345 operating locations including manufacturing, research and development, service, and training facilities.

We conduct business in approximately 75 countries, answering the challenges of the energy industry with 335 operating locations including manufacturing, research and development, service, and training facilities.

Our operational performance is reviewed and managed across the life cycle of the wellbore, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention.

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The address of that site is www.sec.gov.

Our goal is to create and deliver value for our shareholders through industry cycles by creating sustainable profitability that enables cash flow generation in our products and services.

Our goal is to create and deliver value for our shareholders throughout industry cycles by creating sustainable profitability that enables cash flow generation from our products and services regardless of market conditions.

We accomplish this goal by disciplined use of capital, rigor around safety and operations, and a strong customer focus.

Our customers’ objectives are continually evolving and are currently focused on disciplined capital and operational expenditures, generating investor and shareholder returns, reducing emissions, participating in the energy transition, and enhancing safety.

Weatherford has aligned our technology development and operations around these objectives and expanded its role as a market leading provider of solutions that assist our customers in addressing their key operational challenges not just in conventional reservoirs but also in mature fields, unconventionals, offshore, and in digitalization and automation.

Weatherford has aligned our technology development and operations around these objectives and expanded our role as a market leading provider of solutions that assist our customers in addressing their key operational challenges not just in conventional reservoirs but also in mature fields, unconventionals, offshore, and in digitalization and automation.

Our focus is on accelerating the strategic deployment of our five strategic priorities of:

• Customer Experience enhancement;

• Creating the Future through innovation of our products, services and solutions;

• Organizational Vitality to hardness employee engagement, attract and retain talent, develop our people and

increase leadership effectiveness;

• Lean Operations to simplify and drive waste out of the business for increased productivity, quality, decreased

cycle-times and for improved service levels, and;

• Financial Performance and value throughout industry cycles with sustainable profitability and cash flow

We have driven this solution-based focus across our organization through a commitment to improving safety and service quality, embedding a returns-focused mindset in our organization, and developing and commercializing new technologies that add value to our customers’ operations.

Demand for our industry’s products and services is driven by many factors, including commodity prices, the number of oil and gas rigs and wells drilled, depth and drilling conditions of wells, number of well completions, age of existing wells, reservoir depletion, regulatory environment and the level of workover activity worldwide.

Technology is critical to the energy services marketplace as a result of the maturity of the world’s oil and natural gas reservoirs, declining production rates and the focus on complex well designs, in both land and offshore markets.

With energy security being a driver for many customers and countries, our technology serves as an enabler in that regard.

Customers continue to seek, test and use production-enabling technologies at an increasing rate.

We invest substantial resources into building our technology offerings, which enable our customers to evaluate, develop and produce from their oil and natural gas reservoirs more efficiently.

Our products and services enable our customers to increase production rates while reducing their costs of drilling and production.

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Technology is critical to the energy services marketplace as a result of the maturity of the world’s oil and natural gas reservoirs, declining production rates and the nature of complex well designs, in both land and offshore markets.

Customers continue to seek, test and use technologies that accelerate and optimize production at an increasing rate.

We invest substantial resources into building our technology offerings, which enable our customers to evaluate, develop and produce from their oil and natural gas reservoirs more efficiently.

Our products and services are designed to enable our customers to increase production rates while reducing their costs of drilling and production.

Reportable Segments

The Company's chief operating decision maker, our chief executive officer, regularly reviews information to make operating decisions, allocate resources and assess performance of the business.

We offer our services and technologies in relation to the well life cycle and have three reportable segments:

(1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention.

All of our segments are enabled by a suite of digital monitoring, control and optimization solutions using advanced analytics to provide safe, reliable and efficient solutions throughout the well life cycle, including responsible abandonment.

Products and Services

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Tubular Running Services provides equipment, tubular handling, tubular management and tubular connection services for the drilling, completions, and workover of various types of wells.

We include conventional rig services, automated rig systems, real-time torque-monitoring and remote viewing of the makeup and breakout verification process.

We include conventional rig services, automated rig systems, real-time torque-monitoring, and remote viewing of the makeup and breakout verification process, all underscored by our technology and procedural protocols to provide casing and tubular running operations with superior efficiency, and reduced health, safety, and environmental risks.

Cementation Products enable operators to centralize the casing throughout the wellbore and control the displacement of cement and other fluids for proper zonal isolation.

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We offer a comprehensive liner-hanger portfolio, along with engineering and execution experience, for a wide range of applications that include high-temperature and high-pressure wells.

Well Services provides through tubing products and services which ensure consistent delivery of well solutions that extend the economic life of our customer's assets.

Production and Intervention (“PRI”) offers production optimization technologies through the Company’s ability to design and deliver a complete production ecosystem ranging from boosting productivity to responsible abandonment for our customers.

The primary offerings are intervention services & drilling tools, artificial lift, digital solutions (previously production automation

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& software), sub-sea intervention and pressure pumping services in select markets.

Well Services provides through tubing products and services which ensure consistent delivery of well solutions that extend the economic life of our customer's assets.

The primary offerings are intervention services & drilling tools, artificial lift, digital solutions, sub-sea intervention and pressure pumping services in select markets.

PRI utilizes a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs.

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We also offer related automation and control systems.

Digital Solutions (previously Production Automation & Software) provides software, automation and flow measurement solutions.

Digital Solutions provides software, automation, and flow measurement solutions.

For our customers’ drilling operations, the solutions deliver data aggregation, engineering, and optimization including performance analytics in real-time.

For our customers’ production operations, the solutions provide flow measurement, surveillance, and control to deliver production optimization by integrating workflows and data for the well, surface facilities and the reservoir.

Sub-Sea Intervention provides electrical and hydraulic power transmission to subsea equipment in order to facilitate workovers in deep and ultra-deep water operations in select markets.

Sub-Sea Intervention provides electrical and hydraulic power transmission to subsea equipment in order to facilitate workovers and abandonment in deep and ultra-deep-water operations in select markets.

Pressure Pumping Services offers advanced chemistry-based solutions and associated pumping services for safe and effective production enhancements.

In select international markets, we provide pressure pumping and reservoir stimulation services, including acidizing, fracturing, cementing, and coiled-tubing intervention.

We provide our products and services worldwide and compete in a variety of distinct segments with a number of global and regional competitors.

Our principal competitors include SLB, Halliburton, Baker Hughes, National Oilwell Varco, Nabors Industries, ChampionX and Expro Group Holdings.

We also compete with various other regional suppliers that provide a range of equipment and services typically focused on local or regional markets.

We provide our products and services worldwide and compete with a number of global and regional competitors.

Our principal competitors include SLB, Halliburton, Baker Hughes, National Oilwell Varco, ChampionX and Expro Group Holdings.

We also compete with various other suppliers who provide products and services within a smaller cross section of our product line portfolio either locally, regionally, or globally.

Competition is based on a number of factors, including performance, safety, quality, reliability, service, price, response time and, in some cases, depth and breadth of products.

The energy services business is highly competitive, which may adversely affect our ability to succeed.

Additionally, the impact of consolidation and acquisitions of our competitors is difficult to predict and may harm our business as a result.

Additionally, the consolidations of and acquisitions by our competitors are difficult to predict and may impact our business as a result.

Raw Materials

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We integrate products and components produced by other parties into the products and systems we sell.

We continually evaluate our supplier portfolio to reduce our risk from sole sourcing and to ensure the availability of resources and raw materials and in supporting our sustainability efforts.

We continually evaluate and invest in our integrated supply chain in order to reduce materials constraints and impacts from inflationary pressures, while improving lead times and supporting our sustainability efforts.

Substantially all of our customers are engaged in the energy industry and include national oil companies, international and independent oil and natural gas companies as well as new energy companies.

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Research, Development and Patents

We maintain world-class technology and training centers throughout the world.

Additionally, we have research, development and engineering teams focused on developing new technologies and improving existing products and services to meet customer demands for improved drilling performance, well integrity, and enhanced reservoir productivity, with emphasis on efficiency, reliability, safety and the environment.

Weatherford has significant expertise, trade secrets, intellectual property and know-how with respect to the design, manufacturing and use of our equipment and providing our services.

As many areas of our business rely on patents and proprietary technology, we seek to protect and defend our intellectual property through trade secrets and patent protection both inside and outside the U.S.

In addition to maintaining world-class technology and training centers throughout the world, we have research, development, and engineering teams focused on developing new technologies and improving existing products and services to meet customer demands for improved drilling performance, well integrity, and enhanced reservoir productivity, with emphasis on efficiency, reliability, safety and the environment.

We also develop technologies for new energy markets, in addition to the existing oil and gas markets in which we traditionally operate.

Weatherford has significant expertise, trade secrets, intellectual property and know-how with respect to the design, manufacturing, and use of our equipment and the provision of our services.

As many areas of our business rely on proprietary technology, we seek to protect and defend our intellectual property through trade secrets and patent protection both inside and outside the U.S.

for products and methods that we believe to have commercial significance.

Although in the aggregate our patents are important to the manufacturing and marketing of many of our products and services, we do not believe that the expiration of any one of our patents would have a materially adverse effect on our business.

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The widespread geographical locations of our operations serve to mitigate the overall impact of the seasonal nature of our business in any particular geographic region.

Weather and natural phenomena can temporarily affect the level of demand for our products and services;

Spring months in Canada and winter months in the North Sea and Russia typically have lower demand, driving a negative impact on operations.

Additionally, heavy rains, hurricanes, unusual extreme freezes or other climate changes may impact our results.

Unpredictable or unusually harsh weather conditions could lengthen the periods of reduced activity and have a detrimental impact on our results of operations.

however, the widespread geographical locations of our operations serve to mitigate the overall impact on our business in any particular geographic region.

Spring months in Canada, summer in the Southern hemisphere, and winter months in the North Sea and Russia typically have lower demand, driving a negative impact on operations.

Additionally, heavy rains, hurricanes, unusual wildfires, extreme freezes or other unpredictable or unusually harsh natural phenomena could lengthen the periods of reduced activity and have a detrimental impact on our results of operations.

In addition, customer spending patterns for our products and services may result in higher activity in the fourth quarter of each calendar year as our customers seek to fully utilize their annual budgets.

Russia Ukraine Conflict

On February 24, 2022, the military conflict between Russia and Ukraine (“Russia Ukraine Conflict”) began and in response, we evaluated, and continue to evaluate, our operations, with the immediate priority being centered on the safety and well-being of our employees in the impacted regions, as well as operating in full compliance with applicable international laws and sanctions.

In response to the Russia Ukraine Conflict, the United States, the European Union, the United Kingdom, Switzerland and other countries have imposed certain restrictions and broad sanctions against Russia, certain Russian individuals and entities and certain activities involving Russia or such persons or entities.

We continue to monitor and intend to remain in full compliance with the evolving sanctions landscape and will continue to fulfill existing contractual obligations within applicable laws and sanctions.

Revenues in Russia were approximately 7% of our total revenues for the years ended December 31, 2022, 2021 and 2020.

As of December 31, 2022, our Russia operations include $30 million in cash, $98 million in other current assets, $65 million in property, plant and equipment and other non-current assets, and $52 million in liabilities.

As the Russia Ukraine Conflict and related sanctions persist or are escalated, our business may be negatively impacted, potentially lowering revenues or triggering asset impairments in Russia.

On February 24, 2022, the military conflict between Russia and Ukraine (“Russia Ukraine Conflict”) began and in response we evaluated, and continue to evaluate, our operations, with the priority being centered on the safety and well-being of our employees in the impacted regions, as well as operating in full compliance with applicable international laws and sanctions.

Revenues in Russia were approximately 6% of our total revenue for the year ended December 31, 2023, and were approximately 7% of our total revenues for the years ended December 31, 2022 and 2021.

As of December 31, 2023, our Russia operations included $62 million in cash, $94 million in other current assets, $76 million in property, plant and equipment and other non-current assets, and $62 million in liabilities.

As of December 31, 2022, our Russia operations included $30 million in cash, $98 million in other current assets, $65 million in property, plant and equipment and other non-current assets, and $52 million in liabilities.

We continue to closely monitor and evaluate the developments in Russia as well as any changes in international laws and sanctions.

We believe that operational complexity will increase over time and therefore continually evaluate these potential impacts on our business.

As such, we continue to actively evaluate various options, strategies and contingencies with respect to our business in Russia, including, but not limited to:

• continuing the business in compliance with applicable laws and sanctions;

• evaluating the continued use or change in products, equipment and service offerings we currently provide in

• curtailing or winding down our activities over time;

• potentially divesting some or all of our assets or businesses in Russia, which could include the option of re-entering the country if and when sanctions or applicable laws would allow for the same and;

• potential nationalization of the business.

Federal Regulation and Environmental Matters

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We continuously monitor and strive to maintain compliance with changes in laws and regulations that impact our business.

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We have obligations and expect to incur capital, operating and maintenance, and remediation expenditures, as a result of compliance with environmental laws and regulations.

Among those obligations, are the current requirements imposed by the Texas Commission on Environmental Quality (“TCEQ”) at a former facility in Midland, Texas where we are performing a TCEQ-approved Remedial Action Plan (“RAP”) to address contaminated ground water.

The performance of the RAP and related expenses are scheduled to be performed over a twenty to thirty-year period and, may cost as much as $11 million, all of which is recorded as an undiscounted obligation on the Consolidated Balance Sheets as of December 31, 2022.

We recorded $6 million as an undiscounted obligation on the Consolidated Balance Sheets as of December 31, 2021.

The performance of the RAP and related expenses are scheduled to be performed over a twenty to thirty-year period and, may cost as much as $11 million, all of which were recorded as an undiscounted obligation on the Consolidated Balance Sheets as of December 31, 2022, and remains unchanged as of December 31, 2023.

Human Capital Management

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Our One Weatherford spirit motivates our global teams to collaborate for shared success and to seek out unique perspectives, fostering a culture where everyone can grow and contribute.

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Our global team comprises experts in various disciplines, including engineering, oilfield services support, and multiple corporate functions.

In addition to our commitment to operating sustainably with safety, quality, and integrity, our actions are driven by our Core Values:

In addition to our commitment to operating sustainably with safety, quality, and integrity, we are also focused on recruiting, developing, and promoting an employee culture that revolves around the following Core Values:

We are energized by our work and inspired to make a positive impact in our industry, for our customers, across our Company, and in our communities;

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We believe that ensuring we have the right talent in place is essential to delivering positive results for the business.

We remain focused on developing our talent through training, competency, and mentoring, as well as attracting diverse and qualified individuals who will bring a fresh perspectives and skill sets to the team.

We remain focused on developing our talent through training, competency, and mentoring, as well as attracting diverse and qualified individuals who will bring fresh perspectives and skill sets to the team.

Through role-specific competency-based training and leadership development programs, we seek to expand our employees’ skill sets and regularly reinforce important topics that align with our core values and strategic priorities.

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OEPS meets or exceeds criteria outlined by international management system standards such as ISO 45001, supports our employees in the field, and enables us to deliver on our customer commitments without sacrificing quality, health, safety, security, or environmental performance.

In addition, we have safety programs that are designed to educate employees and our Stop Work Authority program empowers them to intervene when they see unsafe behaviors or conditions.

Throughout the past year, we continued to focus on the safety and well-being of our employees as we navigated challenging circumstances including geopolitical events and the continuation of the COVID-19 pandemic.

In addition, we have safety programs that are designed to educate employees and our Stop Work Authority program empowers them to intervene when they see or anticipate unsafe behaviors or conditions.

We believe in aligning our employees’ compensation with the positive performance of our Company and returns realized for our shareholders.

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We believe our culture of aligning our compensation programs with our strategic priorities supports a cohesive drive towards value creation for all our stakeholders.

In the past year, our Company underwent a strategic project to implement a new job structure that provides a consistent methodology and framework to support our organizational goals.

The new job structure creates a foundation for defined career paths, learning and development, total rewards (i.e., benefits, compensation, and other rewards), workforce planning, and succession planning.

We will continue to build out this project throughout the next year as we focus on further enhancing our compensation programs.

Diversity, Equity and Inclusion

We understand the importance of operating in a collaborative and inclusive manner across all levels of our organization, embracing the full spectrum of diversity among our employees and recognizing the strength and competitive advantages that our differences afford us as a Company.

Our Diversity, Equity, and Inclusion (“DE&I”) Program is a core element of our One Weatherford culture.

Through our DE&I efforts, we aim to provide learning, engagement, and philanthropic opportunities to help our people and our communities flourish.

Our commitment to embedding our DE&I Program into our organization is championed from the Executive team to the frontline employees.

In 2022 we continued to advance our program and awareness throughout the organization, including creating

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DE&I strategies for each of our regions, rolling out unconscious bias training, and conducting celebrations across the Company that foster collaboration and important conversations regarding DE&I.

We also expanded participation across all employee levels and regions in the Women of Weatherford employee resource group which seeks to engage, support, empower, and inspire women to foster professional growth, advancement, and leadership within Weatherford.

Diversity, Equity and Inclusion

We understand the importance of operating collaboratively and inclusively across all levels of our organization, embracing the full spectrum of diversity among our employees, and recognizing the strength and competitive advantages our differences afford us as a Company.

Our Diversity, Equity, and Inclusion (“DE&I”) Program is a core element of our One Weatherford culture.

Our DE&I efforts aim to provide learning, engagement, and philanthropic opportunities to help our people and communities flourish.

The executive team and frontline employees champion our commitment to embedding our DE&I Program into our organization.

In 2023, we continued to advance our program and awareness throughout the organization, including creating DE&I strategies for each region and conducting celebrations across the Company that foster collaboration and meaningful conversations regarding DE&I.

We trained our employees on unconscious bias and continued our focus on NextGen, our field engineering graduate program designed to accelerate the development of defined competencies and skillsets to prepare participants for future leadership positions, as well as our Localization programs for select customers to develop local talent.

In addition, we expanded participation in the Women of Weatherford (“WOW”), an employee resource group that seeks to engage, support, empower, and inspire women to foster professional growth and advancement across our regions and employee levels.

Community Impact and Volunteering

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For example, our team in Canada participates in an annual radiothon to support a local hospital, and our offices across the Latin America and Europe and Africa regions donate time and resources to orphanages, hospitals, and schools to support children and their families.

In the United States, we continue to raise funds and awareness to find a cure for Multiple Sclerosis (“MS”) through the MS Society and through our annual Weatherford Walks event, we raised more than $400,000 benefiting a number of local organizations..

In the United States, we continue to raise funds and awareness to find a cure for Multiple Sclerosis (“MS”) through the MS Society and through our annual Weatherford Walks event, we raised approximately $500,000 benefiting a number of local not-for-profit organizations.

Employee Statistics

As of December 31, 2022, Weatherford had approximately 17,700 employees globally, located in 75 different countries.

As of December 31, 2023, Weatherford had approximately 18,500 employees globally.

Some of our operations are subject to union contracts and these contracts cover approximately 17% of our employees.

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Senior Vice President and Chief Operating Officer of Exterran Corporation from August 2018 to September 2020

Senior Vice President Global Services of Exterran Corporation from August 2016 to August 2018

Arunava Mitra 51 Executive Vice President and Chief Financial Officer of Weatherford International plc, since January 2023

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from October 2014 to October 2021

54 Executive Vice President and Chief Operations Officer of Weatherford International plc, since January 2023

Executive Vice President of Operational Excellence of Weatherford International plc, from September 2022 to January 2023

President and Chief Executive Officer of Strike, LLC from June 2021 to September 2022

Chief Operating Officer of Oceaneering International from June 2019 to June 2021

Chairman of the Board, President and Chief Executive Officer of Fairfield Geotechnologies from March 2018 to June 2019

President and Chief Executive Officer of Fairfield Geotechnologies from June 2015 to March 2018

Weatherholt (b)

Weatherholt (a)

46 Executive Vice President, General Counsel, and Chief Compliance Officer of Weatherford International plc, since July 2020

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Executive Vice President, General Counsel, and Corporate Secretary at Midstates Petroleum Company, Inc., from February 2015 to August 2019

Joseph Mongrain 64 Executive Vice President and Chief People Officer of Weatherford International plc, since November 2021

Senior Vice President and Chief Human Resources Officer of Weatherford International plc, from March 2021 to November 2021

Vice President Human Resources of Anadarko Petroleum Corporation from September 2016 to August 2019

55 Executive Vice President, Global Field Operations of Weatherford International plc, since January 2024

Senior Vice President, Subsea Production Systems of Baker Hughes Co, from May 2021 to December 2022

Senior Vice President, Strategic Planning & Solutions of Baker Hughes Co, from October 2019 to May 2021

Vice President, Marketing, Strategy & Solutions of Baker Hughes Co, from August 2017 to October 2019

50 Executive Vice President and Chief Commercial Officer of Weatherford International plc, since January 2024

Senior Vice President and Chief Commercial Officer of Weatherford International plc, from August 2021 to December 2023

Vice President of Sales, Tenaris, from July 2015 to January 2021

Depinder Sandhu

48 Executive Vice President, Global Product Lines of Weatherford International plc, since January 2024

Senior Vice President, Global Product Lines of Weatherford International plc, from December 2021 to December 2023

Senior Director, Corporate Strategy of Weatherford International plc, from April 2021 to November 2021

Vice President, Business Development & Strategy of Weatherford International plc, from July 2020 to March 2021

Director, Service Delivery of Weatherford International plc, from November 2017 to May 2020

Mills 51 Senior Vice President and Chief Accounting Officer of Weatherford International plc, since November 2021 (Interim Chief Financial Officer August 2022 to January 2023)

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Division Chief Financial Officer, Integrated Components and Solutions Division, Caterpillar Inc., from September 2018 to July 2020

Finance Director, Caterpillar Brasil Ltda., Caterpillar Inc., from January 2015 to August 2018

(a) Prior to joining Weatherford, Mr.

Davison was the President and Chief Executive Officer of Strike, LLC from June 2021 to September 2022 when the company filed for bankruptcy protection on December 6, 2021 in the Federal Bankruptcy Court for the Southern District of Texas (Houston Division) and served the company before, during and after its bankruptcy.

(b) Prior to joining Weatherford, Mr.

Weatherholt was the General Counsel at Midstates Petroleum Company, Inc.

when the company filed for bankruptcy protection on May 1, 2016 in the Federal Bankruptcy Court for the Southern District of Texas (Houston Division) and served the

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company before, during and after its bankruptcy.

(a) Prior to joining Weatherford, Mr.

Weatherholt was the General Counsel at Midstates Petroleum Company, Inc.

when the company filed for bankruptcy protection on May 1, 2016 in the Federal Bankruptcy Court for the Southern District of Texas (Houston Division) and served the company before, during and after its bankruptcy.

In addition, he was the Senior Vice President & General Counsel of Arena Energy, LP, which filed for bankruptcy protection on August 20, 2020, in the Federal Bankruptcy Court for the Southern District of Texas (Houston Division) approximately 4 weeks after his departure from the company.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business