Weatherford International Reports Revenue Decline in Q2 and First Half of 2025

Weatherford International plc reported a decline in financial performance for the second quarter and first half of 2025, as reflected in its latest 10-Q filing. The company generated total revenue of $1.204 billion for the three months ended June 30, 2025, a decrease of 14% from $1.405 billion in the same period of 2024. For the first half of 2025, revenue was $2.397 billion, down 13% from $2.763 billion year-over-year. The decline was attributed to reduced activity across all segments, particularly in Latin America, where market conditions have softened significantly.

Operating income for the second quarter was reported at $237 million, a 10% decrease from $264 million in the prior year. For the first half, operating income fell 24% to $379 million from $497 million. The decrease in operating income was partially offset by lower costs of products and services, which decreased by 7% in both the second quarter and first half of 2025 compared to the previous year. The company also recognized a gain of $70 million from the sale of its pressure pumping business in Argentina, which contributed positively to its financial results.

In terms of operational metrics, Weatherford's restructuring charges increased to $11 million and $40 million for the three and six months ended June 30, 2025, respectively, compared to $5 million and $8 million in the same periods of 2024. The company reported a decrease in selling, general, administrative, and research and development costs, which fell by 21% and 20% for the second quarter and first half, respectively, primarily due to lower personnel costs and a reduction in amortization expenses.

Geographically, the U.S. accounted for 16% of total revenue in both the second quarter and first half of 2025, while the Kingdom of Saudi Arabia contributed 11% in each period. The company continues to operate in approximately 75 countries, with a focus on enhancing its market share and product adoption rates. As of June 30, 2025, Weatherford had cash and cash equivalents of $943 million, an increase from $916 million at the end of 2024, indicating a stable liquidity position despite the revenue decline.

Looking ahead, Weatherford anticipates continued challenges in the energy services market due to geopolitical conflicts, fluctuating commodity prices, and evolving trade policies. The company expects demand for its services to remain under pressure throughout the remainder of 2025 as customers adjust their activity timelines in response to macroeconomic trends. However, Weatherford remains optimistic about long-term growth driven by advancements in technology and a focus on energy security and sustainability initiatives.