Weatherford International, a leading oilfield services company, has announced its financial results for the fourth quarter of 2023 and the full year 2023. The company reported revenues of $1,362 million for Q4 2023, representing a sequential increase of 4 per cent and a year-over-year increase of 13 per cent. Operating income for the quarter was $216 million, while net income reached $140 million, marking a sequential increase of 14 per cent and a year-over-year increase of 94 per cent. Adjusted EBITDA was $321 million, with basic income per share at $1.94.
Cash flows provided by operating activities for Q4 2023 were $375 million, compared to $172 million in Q3 2023. Adjusted free cash flow was $315 million, a significant increase both sequentially and year-over-year. Capital expenditures for the quarter were $67 million.
For the full year 2023, Weatherford reported revenues of $5,135 million, compared to $4,331 million in 2022. Operating income for the year was $820 million, while net income reached $417 million. Cash flows provided by operations were $832 million, and adjusted free cash flow was $651 million. Capital expenditures for the year amounted to $209 million.
Girish Saligram, President and CEO of Weatherford, said: “The results from the fourth quarter bookend another transformative year for the company and underscore the fundamentally changed nature of our operating profile. I am very grateful to our One Weatherford team for their continued passion and commitment in delivering these results."
He added: “Our outlook for 2024 remains positive, with market fundamentals and international and offshore activity continuing to show resilience. We expect full year 2024 revenue to grow between double digits and low teens year-over-year, spearheaded by robust growth in the Middle East, and for adjusted EBITDA margins to make meaningful progress towards our goal of 25%.”
Looking ahead to 2024, Weatherford remains positive about market fundamentals and anticipates double-digit to low-teens revenue growth year-over-year. The company expects robust growth in the Middle East and aims for adjusted EBITDA margins to make meaningful progress towards the goal of 25 per cent.
