Weatherford International Ltd.

EANS-Adhoc: Weatherford International Ltd.
Weatherford Reports First Quarter Results

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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quarterly report

21.04.2011

- $0.10 per diluted share, before severance, exit and other adjustments

GENEVA, Switzerland, April 21, 2011 -- Weatherford International Ltd. (NYSE / SIX: WFT) today reported first quarter 2011 income of $78 million, or $0.10 per diluted share, excluding an after-tax loss of $18 million. On a GAAP basis, our net income for the first quarter of 2011 was $59 million, or $0.08 per diluted share. The excluded after-tax loss is comprised of the following items:

- $9 million after-tax charge incurred in connection with the termination of a corporate consulting contract;

- $8 million in after-tax severance; and

    - $1 million for investigation costs.

    (Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)

    First quarter diluted earnings per share reflect an increase of $0.07 

over the first quarter of 2010 diluted earnings per share of $0.03, before charges. Sequentially, the company's first quarter diluted earnings per share, before charges, were $0.06 lower than the fourth quarter of 2010.

First quarter revenues were $2,856 million, or 23 percent higher than the same period last year, and down two percent sequentially. North America revenues increased 53 percent compared to the first quarter of 2010 while international revenues were up four percent over the same period.

Segment operating income of $353 million improved 38 percent year-over-year but was down 17 percent sequentially. Margin performance was held back primarily due to political turmoil in the Middle East and North Africa, unfavorable weather conditions and an equity tax enacted in Colombia.

The company expects earnings per share before excluded items of approximately $0.15 to $0.17 in the second quarter of 2011.

North America
    Revenue increased eight percent sequentially and 53 percent compared to
the first quarter of 2010. Canadian activity was strong while colder winter 

temperatures subdued progress in the United States. Operating income of $284 million improved $22 million sequentially, and margins increased 20 basis points to 20.9 percent.

Middle East/North Africa/Asia Revenue decreased $109 million sequentially, or 16 percent, as political disruptions in the Middle East and North Africa and challenging weather events in Australia and China took a heavy toll, accounting for approximately two-thirds of the drop. Operating income declined $38 million sequentially, on decrementals of 35 percent.

Europe/West Africa/FSU Revenue declined $18 million, or three percent, sequentially but was up 12 percent compared to the first quarter of 2010. The winter effect in the North Sea, Russia and Caspian were primarily responsible for the decline. Operating income declined $27 million sequentially. Contributing to the severe decrementals were increased employee-related costs, as well as higher fuel and transportation costs in Russia.

Latin America
    Revenue decreased eight percent, or $36 million, on a sequential basis
and declined four percent, or $17 million, compared to the first quarter of 

2010. Mexico and Venezuela led the declines. Operating income fell $32 million sequentially. Approximately $16 million of the decline was due to the charge for the Colombia equity tax. Adjusting for this effect, decrementals were approximately 44 percent.

Net Debt Net debt for the quarter increased $547 million primarily as a result of an increase in working capital of $365 million. The increase in working capital was largely driven by North America and Latin America.

Reclassifications and Non-GAAP Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.

Conference Call The company will host a conference call with financial analysts to discuss the 2011 first quarter results on April 21, 2011 at 8:00 a.m. (CDT). The company invites investors to listen to a play back of the conference call and to access the call transcript at the company's website, http://www.weatherford.com in the "investor relations" section.

Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 55,000 people worldwide.

Contacts:     Andrew P. Becnel         +41-22-816-1502
                  Chief Financial Officer

                  Karen David-Green        +1-713-693-2530
                  Vice President - Investor Relations

    This press release contains forward-looking statements within the meaning 

of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford's prospects for its operations which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.'s reports and registration statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the outcome of pending government investigations, the demand for and pricing of Weatherford's products and services, domestic and international economic and regulatory conditions and changes in tax and other laws affecting our business, results of our tax planning efforts, effects of extreme weather conditions and global political instability. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated.

Weatherford International Ltd.
                    Consolidated Condensed Statements of Income
                                    (Unaudited)
                      (In Thousands, Except Per Share Amounts)


                                                            Three Months
                                                           Ended March 31,
                                                           ---------------
                                                        2011            2010
                                                        ----            ----


    Net Revenues:
        North America                             $1,360,472        $888,579
        Middle East/North Africa/Asia                575,526         562,056
        Europe/West Africa/FSU                       510,423         453,759
        Latin America                                409,765         426,673
                                                   2,856,186       2,331,067
                                                   ---------       ---------

    Operating Income (Expense):
        North America                                283,697         108,432
        Middle East/North Africa/Asia                 10,804          75,714
        Europe/West Africa/FSU                        37,504          46,298
        Latin America                                 21,091          26,074
        Research and Development                     (64,547)        (48,857)
        Corporate Expenses                           (55,829)        (45,058)
        Revaluation of Contingent Consideration            -         (11,010)
        Severance, Exit and Other Adjustments        (20,832)        (44,032)
                                                     -------         -------
                                                     211,888         107,561

    Other Income (Expense):
        Interest Expense, Net                       (112,506)        (95,339)
        Devaluation of Venezuelan Bolivar                  -         (63,859)
        Other, Net                                   (18,566)         (9,218)
                                                     -------          ------

    Income (Loss) Before Income Taxes                 80,816         (60,855)

    Benefit (Provision) for Income Taxes:
      Provision for Operations                       (21,798)        (29,883)
      Benefit from Devaluation of Venezuelan
       Bolivar                                             -          23,973
      Benefit from Severance, Exit and Other
       Adjustments                                     2,521           2,443
                                                       -----           -----
                                                     (19,277)         (3,467)

    Net Income (Loss)                                 61,539         (64,322)
    Net Income Attributable to Noncontrolling
     Interest                                         (2,338)         (4,035)
                                                      ------          ------
    Net Income (Loss) Attributable to Weatherford    $59,201        $(68,357)
                                                     =======        ========


    Earnings (Loss) Per Share Attributable to
     Weatherford:
      Basic                                            $0.08          $(0.09)
      Diluted                                          $0.08          $(0.09)

    Weighted Average Shares Outstanding:
      Basic                                          747,468         737,865
      Diluted                                        757,617         737,865


                   Weatherford International Ltd.
              Selected Income Statement Information
                          (Unaudited)
                         (In Thousands)

                                                Three Months Ended
                                                ------------------
                                       3/31/2011  12/31/2010   9/30/2010
                                       ---------  ----------   ---------

    Net Revenues:
        North America                 $1,360,472  $1,263,643  $1,096,963
        Middle East/North Africa/Asia    575,526     684,630     601,215
        Europe/West Africa/FSU           510,423     528,380     496,113
        Latin America                    409,765     446,162     335,461
                                      $2,856,186  $2,922,815  $2,529,752
                                      ==========  ==========  ==========

    Operating Income (Expense):
        North America                   $283,697    $261,145    $199,029
        Middle East/North Africa/Asia     10,804      49,222      65,718
        Europe/West Africa/FSU            37,504      64,398      63,236
        Latin America                     21,091      52,960      40,914
        Research and Development         (64,547)    (57,637)    (54,457)
        Corporate Expenses               (55,829)    (43,283)    (41,907)
        Revaluation of Contingent
         Consideration                                15,349      90,011
        Severance, Exit and Other
         Adjustments                     (20,832)    (48,775)    (87,120)
                                        $211,888    $293,379    $275,424
                                        ========    ========    ========



                                                Three Months Ended
                                                ------------------
                                           6/30/2010         3/31/2010
                                           ---------         ---------

    Net Revenues:
        North America                       $917,696          $888,579
        Middle East/North Africa/Asia        602,602           562,056
        Europe/West Africa/FSU               506,177           453,759
        Latin America                        410,688           426,673
                                          $2,437,163        $2,331,067
                                          ==========        ==========

    Operating Income (Expense):
        North America                       $127,001          $108,432
        Middle East/North Africa/Asia         73,993            75,714
        Europe/West Africa/FSU                67,366            46,298
        Latin America                         41,991            26,074
        Research and Development             (53,530)          (48,857)
        Corporate Expenses                   (42,670)          (45,058)
        Revaluation of Contingent
         Consideration                       (81,753)          (11,010)
        Severance, Exit and Other
         Adjustments                         (27,309)          (44,032)
                                            $105,089          $107,561
                                            ========          ========



                           Supplemental Information
                                 (Unaudited)
                                (In Thousands)

                                              Three Months Ended
                                              ------------------
                                    3/31/2011    12/31/2010      9/30/2010
                                    ---------    ----------      ---------

    Depreciation and Amortization:
      North America                   $87,793       $83,996        $81,843
      Middle East/North Africa/Asia    81,380        81,596         75,968
      Europe/West Africa/FSU           56,594        53,408         56,960
      Latin America                    46,388        47,377         46,527
      Research and Development          1,964         2,398          2,420
      Corporate                         2,936         3,075          3,491

                                     $277,055      $271,850       $267,209
                                     ========      ========       ========


                                                Three Months Ended
                                                ------------------
                                           6/30/2010          3/31/2010
                                           ---------          ---------

    Depreciation and Amortization:
      North America                          $81,040            $80,660
      Middle East/North Africa/Asia           75,139             72,290
      Europe/West Africa/FSU                  52,371             49,271
      Latin America                           44,753             42,479
      Research and Development                 2,324              2,224
      Corporate                                2,943              2,781

                                            $258,570           $249,705
                                            ========           ========

    We report our financial results in accordance with generally accepted
    accounting principles (GAAP).  However, Weatherford's management
    believes that certain non-GAAP performance measures and ratios may
    provide users of this financial information additional meaningful
    comparisons between current results and results in prior operating
    periods.   One such non-GAAP financial measure we may present from
    time to time is operating income or income from continuing
    operations excluding certain charges or amounts.  This adjusted
    income amount is not a measure of financial performance under GAAP.
    Accordingly, it should not be considered as a substitute for
    operating income, net income or other income data prepared in
    accordance with GAAP.  See the table below for supplemental
    financial data and corresponding reconciliations to GAAP financial
    measures for the three months ended March 31, 2011, December 31,
    2010, and March 31, 2010.  Non-GAAP financial measures should be
    viewed in addition to, and not as an alternative for, the Company's
    reported results prepared in accordance with GAAP.



                    Weatherford International Ltd.
         Reconciliation of GAAP to Non-GAAP Financial Measures
                              (Unaudited)
               (In Thousands, Except Per Share Amounts)


                                                 Three Months Ended
                                                 ------------------
                                            March 31,        December 31,
                                              2011               2010
                                              ----               ----

    Operating Income:
      GAAP Operating Income               $211,888           $293,379
        Severance, Exit and Other
         Adjustments                        20,832             48,775
        Revaluation of Contingent
         Consideration                           -            (15,349)
                                               ---            -------
      Non-GAAP Operating Income           $232,720           $326,805
                                          ========           ========


    Income (Loss) Before Income
     Taxes:
      GAAP Income (Loss) Before
       Income Taxes                        $80,816           $117,162
        Severance, Exit and Other
         Adjustments                        20,832             48,775
        Revaluation of Contingent
         Consideration                           -            (15,349)
        Devaluation of Venezuelan
         Bolivar                                 -                  -
        Bond Tender Premium                      -             43,242
                                               ---             ------
      Non-GAAP Income (Loss)
       Before Income Taxes                $101,648           $193,830
                                          ========           ========

    Benefit (Provision) for
     Income Taxes:
      GAAP Benefit (Provision) for
       Income Taxes                       $(19,277)         $(200,337)
        Legal Entity Reorganization
         Charges                                 -            157,699
        Devaluation of Venezuelan
         Bolivar                                 -                  -
        Bond Tender, Severance, Exit
         and Other Adjustments              (2,521)           (24,301)
                                            ------            -------
      Non-GAAP Benefit (Provision)
       for Income Taxes                   $(21,798)          $(66,939)
                                          ========           ========


    Net Income (Loss)
     Attributable to Weatherford:
      GAAP Net Income (Loss)               $59,201           $(86,331)
        Total Charges, net of tax           18,311  (a)       210,066  (b)
                                            ------            -------
      Non-GAAP Net Income                  $77,512           $123,735
                                           =======           ========


    Diluted Earnings (Loss) Per
     Share Attributable to
     Weatherford:
      GAAP Diluted Earnings (Loss)
       per Share                             $0.08             $(0.12)
        Total Charges, net of tax             0.02  (a)          0.28  (b)
                                              ----               ----
      Non-GAAP Diluted Earnings
       per Share                             $0.10              $0.16
                                             =====              =====





                                                     Three Months Ended
                                                     ------------------
                                                               March 31,
                                                                   2010
                                                                   ----

    Operating Income:
      GAAP Operating Income                                    $107,561
        Severance, Exit and Other Adjustments                    44,032
        Revaluation of Contingent Consideration                  11,010
                                                                 ------
      Non-GAAP Operating Income                                $162,603
                                                               ========


    Income (Loss) Before Income Taxes:
      GAAP Income (Loss) Before Income Taxes                   $(60,855)
        Severance, Exit and Other Adjustments                    44,032
        Revaluation of Contingent Consideration                  11,010
        Devaluation of Venezuelan Bolivar                        63,859
        Bond Tender Premium                                           -
                                                                    ---
      Non-GAAP Income (Loss) Before Income
       Taxes                                                    $58,046
                                                                =======


    Benefit (Provision) for Income Taxes:
      GAAP Benefit (Provision) for Income Taxes                 $(3,467)
        Legal Entity Reorganization Charges                           -
        Devaluation of Venezuelan Bolivar                       (23,973)
        Bond Tender, Severance, Exit and Other
         Adjustments                                             (2,443)
                                                                 ------
      Non-GAAP Benefit (Provision) for Income
       Taxes                                                   $(29,883)
                                                               ========


    Net Income (Loss) Attributable to
     Weatherford:
      GAAP Net Income (Loss)                                   $(68,357)
        Total Charges, net of tax                                92,485  (c)
                                                                 ------
      Non-GAAP Net Income                                       $24,128
                                                                =======


    Diluted Earnings (Loss) Per Share
     Attributable to Weatherford:
      GAAP Diluted Earnings (Loss) per Share                     $(0.09)
        Total Charges, net of tax                                  0.12  (c)
                                                                   ----
      Non-GAAP Diluted Earnings per Share                         $0.03
                                                                  =====

    Note (a):  This amount is comprised of a $9 million charge
    associated with terminating a corporate consulting contract and $8
    million for severance costs.  We also incurred investigation costs
    in connection with on-going investigations by the U.S. government.

    Note (b):  This amount is comprised of a $34 million premium paid on
    tendering a portion of our senior notes, severance costs, a $21
    million reserve taken against accounts receivable balances in
    Venezuela due to the country's economic prognosis and a $15 million
    gain on the settlement of contingent consideration included as part
    of our acquisition of the Oilfield Services Division ("OFS") of
    TNK-BP.  We also incurred investigation costs in connection with
    on-going investigations by the U.S. government.  In addition, we
    incurred a tax charge of $158 million primarily as a result of a
    tax reorganization initiative completed during the fourth quarter
    of 2010.

    Note (c):  This amount is primarily comprised of a $38 million
    charge, net of tax, related to our supplemental executive
    retirement plan that was frozen on March 31, 2010 and a $40 million
    charge, net of tax, related to the devaluation of the Venezuelan
    Bolivar.  In addition, we incurred a charge of $11 million for the
    revaluation of contingent consideration included as part of our OFS
    acquisition.  We also incurred investigation costs in connection
    with on-going investigations by the U.S. government and severance
    charges and facility closure costs.




                               Weatherford International Ltd.
                          Consolidated Condensed Balance Sheet
                                     (Unaudited)
                                    (In Thousands)

                                                           March     December
                                                              1,          31,
                                                            2011         2010
                                                            ----         ----

    Current Assets:
        Cash and Cash Equivalents                       $249,317     $415,772
        Accounts Receivable, Net                       2,923,062    2,629,403
        Inventories                                    2,759,569    2,590,008
        Other Current Assets                             963,919      856,884
                                                       6,895,867    6,492,067


    Long-Term Assets:
        Property, Plant and Equipment, Net             7,117,261    6,939,754
        Goodwill                                       4,260,025    4,185,477
        Other Intangibles, Net                           735,494      730,429
        Equity Investments                               551,686      539,580
        Other Assets                                     261,588      244,347
                                                      12,926,054   12,639,587
                                                               -          ---

      Total Assets                                   $19,821,921  $19,131,654
                                                     ===========  ===========

    Current Liabilities:
        Short-term Borrowings and Current Portion of
         Long-term Debt                                 $619,490     $235,392
        Accounts Payable                               1,433,259    1,335,020
        Other Current Liabilities                        939,560    1,012,567
                                                       2,992,309    2,582,979


    Long-term Liabilities:
        Long-term Debt                                 6,526,464    6,529,998
        Other Liabilities                                590,765      553,830
                                                       7,117,229    7,083,828


      Total Liabilities                               10,109,538    9,666,807
                                                               -

    Shareholders' Equity:
        Weatherford Shareholders' Equity               9,650,984    9,400,931
        Noncontrolling Interest                           61,399       63,916

      Total Shareholders' Equity                       9,712,383    9,464,847


      Total Liabilities and Shareholders' Equity     $19,821,921  $19,131,654
                                                     ===========  ===========




                     Weatherford International Ltd.
                               Net Debt
                             (Unaudited)
                            (In Thousands)


    Change in Net Debt for the Three
     Months Ended March 31, 2011:
      Net Debt at December 31, 2010             $(6,349,618)
          Operating Income                          211,888
          Depreciation and Amortization             277,055
          Severance, Exit and Other Adjustments      20,832
          Capital Expenditures                     (355,650)
          Increase in Working Capital              (299,723)
          Income Taxes Paid                         (65,532)
          Interest Paid                            (175,925)
          Acquisitions and Divestitures of
           Assets and Businesses, Net               (19,389)
          Foreign Currency Contract Settlements     (54,128)
          Other                                     (86,447)
                                                    -------
      Net Debt at March 31, 2011                $(6,896,637)
                                                ===========




                                                     March 31,    December 31,
      Components of Net Debt                           2011           2010
                                                       ----           ----
          Cash                                     $249,317       $415,772
          Short-term Borrowings and Current
           Portion of Long-Term Debt               (619,490)      (235,392)
          Long-term Debt                         (6,526,464)    (6,529,998)
                                                 ----------     ----------
          Net Debt                              $(6,896,637)   $(6,349,618)
                                                ===========    ===========



    "Net Debt" is debt less cash.  Management believes that Net Debt
    provides useful information regarding the level of
    Weatherford indebtedness by reflecting cash that could be used to
    repay debt.

    Working capital is defined as accounts receivable plus inventory less
    accounts payable.


SOURCE Weatherford International Ltd. 
end of announcement                               euro adhoc
-------------------------------------------------------------------------------- 

Contact:

Contacts: Andrew P. Becnel +41-22-816-1502
Chief Financial Officer

Karen David-Green +1-713-693-2530
Vice President - Investor Relations

Branche: Oil & Gas - Upstream activities
ISIN: CH0038838394
WKN: A0RF77
Börsen: Euronext Paris / stock market
New York / stock market
SIX Swiss Exchange / Main Standard



Weitere Meldungen: Weatherford International Ltd.

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