Weatherford (WFRD) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 22, 2026 astatine 10:29 AM CDT 47 min read

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Apr. 22, 2026, 8:30 a.m. ET

• Chief Executive Officer — Girish Saligram

• Chief Financial Officer — Anuj Dhruv

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Girish Saligram: Thanks, Luke, and convey you each for joining our call. I'll commencement with an overview of our fiscal and operational performance, followed by a short-term outlook connected the markets. Anuj volition past screen specifics connected fiscal performance, equilibrium sheet, elaborate guidance. and I volition wrapper up with immoderate thoughts connected the existent operating situation and structural marketplace dynamics earlier opening for Q&A. To summarize our Q1 2026 performance, we delivered gross of $1.152 billion, adjusted EBITDA of $233 cardinal astatine a 20.2% borderline and adjusted escaped currency travel of $85 million. I would similar to convey each of our One Weatherford squad and particularly our Middle East-based employees for their absorption connected customers, information successful a analyzable and challenging environment.

I would besides similar to item our announcement during the 4th of a connection to redomesticate from Ireland to the United States, specifically Texas, which we judge volition simplify our firm structure, heighten superior absorption flexibility and enactment semipermanent shareholder worth creation. As illustrated connected Slide 3, gross declined 3% connected a year-on-year basis, but it is important to enactment that it was predominantly driven by the divestiture of the unit pumping concern successful Argentina. On a sequential basis, revenues were down 11%, reflecting emblematic archetypal 4th seasonality and the struggle successful Iran, partially offset by continued spot successful parts of our planetary portfolio and immoderate 2nd 4th opportunities that materialized earlier successful the first.

North America was modestly softer arsenic operators support choky budgets and U.S. onshore enactment remained nether pressure. Latin America declined sequentially arsenic expected, but this was partially offset by higher artificial assistance successful Argentina. In Mexico, we continued to marque meaningful advancement successful the archetypal quarter. Collections remained beardown and consistent, reinforcing our assurance successful the caller outgo mechanisms we discussed connected our past call. This not lone supported our Q1 currency travel show but besides contributed to a sequential betterment successful moving superior efficiency. The Middle East, North Africa and Asia portion was impacted by the Iran struggle successful the Middle East which drove delays, dropped drilling and workover enactment and resulted successful task suspensions successful aggregate countries.