Weatherford International plc reported a decline in financial performance for the third quarter and the first nine months of 2025, with total revenue of $1.232 billion for the three months ended September 30, 2025, down 13% from $1.409 billion in the same period of 2024. For the nine months, revenue decreased to $3.629 billion from $4.172 billion year-over-year. The company's net income attributable to Weatherford was $81 million, or $1.13 per share, compared to $157 million, or $2.14 per share, in the prior year quarter. The decline in revenue and profitability was attributed to lower activity levels across all segments, particularly in Latin America, North America, and the Middle East/North Africa/Asia regions.
In terms of operational metrics, Weatherford's service and product revenues both fell by 13% in the third quarter, with significant contributions to the decline from the Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI) segments. The DRE segment saw revenues drop to $346 million from $435 million, while WCC and PRI reported revenues of $468 million and $326 million, respectively, down from $509 million and $371 million in the previous year. The company also reported restructuring charges of $11 million for the quarter, reflecting ongoing optimization initiatives.
Weatherford's strategic developments included the completion of the sale of its pressure pumping business in Argentina, which generated $104 million in proceeds and resulted in a $70 million gain recognized in the second quarter of 2025. The company has also been focusing on reducing costs, with selling, general, and administrative expenses decreasing by 17% in the third quarter compared to the previous year. The total headcount has been reduced, contributing to lower personnel costs, which helped offset some of the revenue declines.
Geographically, the U.S. accounted for 15% of total revenue in both the third quarter and the first nine months of 2025, while the Kingdom of Saudi Arabia contributed 10% and 11%, respectively. The company reported a total cash and cash equivalents balance of $967 million as of September 30, 2025, an increase from $916 million at the end of 2024. Weatherford's liquidity position remains strong, with net cash provided by operating activities amounting to $408 million for the nine months ended September 30, 2025, although this was down from $543 million in the same period of 2024.
Looking ahead, Weatherford anticipates continued challenges in the energy services market due to geopolitical conflicts, trade policy uncertainties, and fluctuating oil and gas prices. The company expects ongoing pressure on demand for its services and products throughout the remainder of 2025 and into the first half of 2026. However, it remains optimistic about the long-term growth potential driven by advancements in technology and market penetration, particularly in the context of energy security and diversification across multiple energy sources.
About Weatherford International plc
Weatherford International plc is a global energy services company providing equipment and services across the oil and natural gas well lifecycle, including drilling, evaluation, well construction, completion, production, intervention, and abandonment. Operating in approximately 75 countries with diverse segments, it leverages advanced technologies, digital solutions, and a focus on safety, sustainability, and customer value to optimize reservoir development and production.
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