Weatherford International plc reported a total revenue of $5.51 billion for the fiscal year ending December 31, 2024, marking a 7% increase from $5.14 billion in 2023. The growth was primarily driven by an 8% rise in product revenues and a 7% increase in service revenues. The Drilling and Evaluation (DRE) and Well Construction and Completions (WCC) segments contributed significantly to this revenue increase, accounting for 47% and 39% of the growth, respectively. Operating income also saw a notable rise, reaching $938 million, up 14% from $820 million in the previous year, attributed to improved operational efficiencies and cost reduction initiatives.
In terms of strategic developments, Weatherford made significant investments in technology and infrastructure, which included business acquisitions that bolstered customer demand. The company also launched a shareholder returns program in 2024, which includes a quarterly cash dividend of $1 per share and a $500 million share repurchase authorization over three years. This initiative reflects Weatherford's commitment to enhancing shareholder value while maintaining a strong balance sheet.
Operationally, Weatherford's workforce comprised approximately 19,000 employees as of December 31, 2024, with about 17% covered by union contracts. The company operates in around 75 countries, with significant contributions to revenue from the Middle East/North Africa/Asia, Europe/Sub-Sahara Africa/Russia, and Latin America regions. However, the North American market experienced a decline in revenue, reflecting broader market conditions and reduced rig counts. The company reported a decrease in average oil prices, with West Texas Intermediate crude oil prices down 1% and Brent crude oil prices down 2% compared to 2023.
Looking ahead, Weatherford anticipates challenges in 2025 due to expected declines in customer spending and activity, particularly in North America and Russia. The company remains focused on capital discipline and operational efficiencies, which may impact demand for its services. However, Weatherford is optimistic about long-term growth prospects, driven by macroeconomic conditions and a commitment to technology adoption and market penetration. The company aims to navigate the cyclicality of the energy services industry while generating sustainable profitability and cash flow.
About Weatherford International plc
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