Weatherford International introduced its outcomes for the fourth quarter and full-year 2020.
• Revenues of $842 million within the fourth quarter elevated four% sequentially, from 15% development in North America and a pair of% internationally
• Fourth-quarter working lack of $107 million and adjusted EBITDA  of $98 million
• Cash offered by working actions of $22 million within the fourth quarter and unlevered free money circulate  of $95 million
• Full-year revenues of $three.7 billion declined 29% year-on-year, from declines of 22% internationally and 45% in North America
• Full-year working lack of $1.5 billion
Girish Saligram, President and Chief Executive Officer, commented, “The previous yr was extraordinarily difficult for our business, and I’m happy with the Company’s efficiency in a troublesome atmosphere. Our deal with leveraging our portfolio, increasing margins and enhancing liquidity continued to construct by the fourth quarter, leading to robust operational efficiency. Fourth-quarter 2020 revenues elevated by four% sequentially, comprised of development of 15% in North America and a pair of% internationally. We achieved one other quarter of double-digit adjusted EBITDA margins, and full-year 2020 adjusted EBITDA decrementals have been restricted to 9% year-on-year. Our outcomes are a testomony to our workers’ dedication to efficiency and I’m extraordinarily grateful for his or her resilience, creativity and dedication to our prospects and the Company.“
“To proceed our journey in the direction of attaining sustainable profitability and constructive free money circulate, we have now constructed our 2021 value plan assuming exercise ranges stay flat versus 2020 exit ranges. We have additionally recognized a number of focus areas to proceed driving enhancements. To additional our margin growth, we’ll proceed to enhance our profitability in North America, simplify our group, and we’re implementing initiatives to enhance the variable value profile of our operations. To drive our money circulate efficiency, we’ll capitalize on our margin enhancements, stay disciplined when evaluating and allocating capital expenditures, and we’ll implement new processes to catalyze additional working capital efficiencies. The achievement of those focus areas isn’t predicated on a restoration in market exercise and we stay up for sharing updates on our progress all year long.”
• Fourth-quarter 2020 Western Hemisphere revenues of $372 million elevated 18% sequentially and decreased 40% year-on-year.
• In North America, fourth-quarter 2020 revenues of $201 million elevated by 15% sequentially primarily as a result of elevated Completion and Production gross sales within the United States and Canada and seasonal exercise will increase in Canada.
• Fourth-quarter 2020 revenues of $171 million in Latin America elevated 21% sequentially, pushed by elevated exercise and year-end product gross sales in Argentina and Colombia, partially offset by decrease exercise in Mexico largely as a result of weather-related challenge delays.
Weatherford recorded restructuring and different fees of $89 million through the quarter, primarily associated to the Company’s facility consolidations and headcount reductions.
(Source: Weatherford – Image: Oil & Gas Middle East)
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