What changed in this filing

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Item 1. Business

2025-02-06 compared with 2024-02-07 · 65 added, 44 removed, 167 unchanged (39% of the section changed)

1 unchanged sentence

We conduct business in approximately 75 countries, answering the challenges of the energy industry with 330 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.

On June 1, 2021, NASDAQ approved our application for the listing of our ordinary shares.

In connection with the listing, we became subject to the reporting requirements of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”).

Our ordinary shares began trading on the Nasdaq Global Select Market on June 2, 2021, under the ticker symbol “WFRD”.

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

Our principal executive offices are located at 2000 St.

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

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 objective is to create value for our shareholders across industry cycles by ensuring sustainable profitability and cash flow generation.

We aim to accomplish this goal with a comprehensive suite of products and services, differentiated technologies, strong customer focus, operational rigor, disciplined capital management, and a commitment to safety and operational efficiency.

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 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

Weatherford has aligned its technology development, capital spending 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.

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

• Customer Experience enhancement by directly addressing customer needs of improved efficiency, value creation and safety;

• Creating the Future through continued investment in research and development and building our Digital & New

Energy portfolio and capabilities;

• Organizational Vitality to harness 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 environments and the level of workover activity worldwide.

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

improved service levels;

• Financial Performance that drives value creation across economic cycles with sustainable profitability, cash flow generation and top-tier return on capital

Our strategic focus is enabled by a comprehensive capital allocation framework that includes:

• Improved through-cycle resilience from a strong balance sheet;

• Judicious business investments in technology and infrastructure upgrades to drive portfolio differentiation and

structural cost efficiencies leading to improved returns;

• Strategic and disciplined mergers and acquisitions that align with our portfolio strategy;

• Shareholder returns program as introduced in 2024 with an expected annual dividend of $1 per share and a

$500 million share repurchase authorization over three years.

Weatherford International plc – 2024 Form 10-K | 2

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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.

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Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids.

DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity.

DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access evaluation and productivity.

Managed Pressure Drilling helps to manage wellbore pressures to optimize drilling performance.

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Our cementation engineers analyze customer requirements and provide software enabled design input from pre-job planning to installation.

Completions offer customers a comprehensive line of completion tools, such as safety valves, production packers, downhole reservoir monitoring, flow control, isolation packers, multistage fracturing systems and sand-control technologies that set the stage for maximum production with minimal cost per barrel.

Liner Hangers suspend a casing string within a previous casing string thereby eliminating the need to run casing to the surface.

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.

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technologies that not only allow our customers to produce optimally from their reservoirs but also monitor and control the reservoirs throughout their productive life.

Liner Hangers suspend a casing string within a previous casing string thereby eliminating the need to run casing to the surface.

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 well abandonment for our customers.

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

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.

Intervention Services & Drilling Tools provides re-entry, fishing and well abandonment services as well as patented bottom hole, tubular-handling equipment, pressure-control equipment and drill pipe and collars for various types of wells.

Intervention Services & Drilling Tools provides re-entry, fishing and well abandonment services as well as patented downhole tools, tubular-handling equipment, pressure-control equipment and drill pipe and tubulars for various types of wells.

Artificial Lift provides pressure enabling methods to produce reservoir fluids from wells lacking sufficient reservoir pressure for natural flow.

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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.

For our customers’ production operations, we 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 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.

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

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 with a number of global and regional competitors.

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

Our principal competitors include SLB, Halliburton, Baker Hughes 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.

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We purchase a wide variety of raw materials, as well as parts and components.

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

We integrate products and components produced by other parties into the products and systems we offer for sale or service.

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.

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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.

for products and methods that we believe 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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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.

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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.

Revenues in Russia were approximately 5% of our total revenue for the year ended December 31, 2024, and were approximately 6% of our total revenues for the year ended December 31, 2023 and 7% for the year ended December 31, 2022.

As of December 31, 2024, our Russia operations included $82 million in cash, $95 million in other current assets, $56 million in property, plant and equipment and other non-current assets, and $45 million in liabilities.

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• 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.

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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 were recorded as an undiscounted obligation on the Consolidated Balance Sheets as of December 31, 2022, and remains unchanged as of December 31, 2023.

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, recorded as an undiscounted obligation and have remained unchanged on the Consolidated Balance Sheets since December 31, 2022.

Human Capital Management

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Weatherford is committed to the health, safety, and well-being of our employees, customers, and the communities in which we operate.

We strive to be a company that is incident free, delivers on our promises, and leaves the environments and communities in which we operate better than we found them.

Our company values are built on the foundation of safety, and we realize that a safe operation is indeed an efficient operation.

Our commitment to safety and service quality is embedded into every level of our organization.

Our Operational Excellence and Performance System (“OEPS”) is our integrated quality, health, safety, security, and environmental management system.

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 or anticipate unsafe behaviors or conditions.

We strive to be a company that is incident free, fulfills our commitments, and leaves the environment and communities we engage with in a better state than we found them.

Our company values are built on the foundation of safety, and we recognize that a safe operation is also an efficient operation.

To ensure we maintain this commitment, we have adopted the International Association of Oil & Gas Producers’ (“IOGP”) Life-Saving Rules and Start Work Checks, which guide our proactive approach to safety.

These industry-standard rules are designed to improve human performance and raise awareness of the high risk activities most likely to result in injury or fatality.

Our dedication to safety and service quality is embedded at every level of our organization.

The Operational Excellence and Performance System (OEPS) is our integrated quality, health, safety, security, and environmental management system.

OEPS not only meets international management system standards, such as ISO 45001, but also supports our employees in the field so that we deliver on customer commitments without compromising on quality, health, safety, security, or environmental performance.

Additionally, we have safety programs aimed at educating employees on best practices, and our Stop Work Authority program empowers them to intervene if they observe 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 are committed to maintaining and fostering a culture grounded in the principles inherent in pay-for-performance over the short and long-term for our employees eligible to receive a bonus.

Through this culture, we strive to attract, motivate, retain, and reward our employees for their work that contributes to building our brand and to sustaining our success in the marketplace.

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

Through this culture, we strive to attract, motivate, retain, and reward our employees for their work that contributes to

Weatherford International plc – 2024 Form 10-K | 6

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building our brand and to sustaining our success in the marketplace.

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

Diversity, Equity and Inclusion

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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.

In 2024, we continued to advance our program and awareness throughout the organization, including 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.

In addition, we continued to expand 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, while also promoting volunteerism and giving back to our local communities.

Community Impact and Volunteering

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Across the globe, our employees give back to organizations who need support in terms of donated items, volunteered time, and financial giving.

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.

For example, our team in Canada participates in an annual radiothon to support a local hospital and provides meals to over 900 unhoused and food insecure individuals.

Our teams across the Latin America and Europe and Africa regions participate in activities to raise support for breast cancer awareness.

Our teams across Asia, the Middle East and North Africa regions donate time and resources to support children in need.

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.

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

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Executive Officers of Weatherford

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Senior Vice President and General Counsel of Arena Energy, L.P., from September 2019 to 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

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

Kristin Ruzicka

42 Executive Vice President, Chief Human Resources Officer & Sustainability at Weatherford since January 2025

Senior Vice President, Chief Human Resources Officer & Sustainability at Weatherford from December 2023 to January 2025

Senior Vice President, Human Resources Operations and Sustainability at Weatherford from April 2023 to December 2023

Senior Vice President, Quality, Service Excellence and Sustainability at Weatherford from September 2021 to April 2023

Senior Vice President, Quality and Service Excellence at Weatherford from June 2021 to September 2021

Vice President and General Manager Reliability Services at Allied Reliability from October 2018 to June 2021

52 Executive Vice President, Customer Delivery of Weatherford International plc since August 2024

Independent business advisor from April 2023 to July 2024

Executive Vice President of Operations, Otis Worldwide Corporation, from April 2020 to March 2023

Senior Vice President of Operations, United Technology Corporation, from June 2019 to April 2020

Mills 52 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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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