Weatherford International Ltd.

EANS-Adhoc: Weatherford Reports First Quarter 2013 Results

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
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quarterly or semiannual financial statement/quarterly report
03.05.2013


Earnings per Share of $0.15

GENEVA, Switzerland, May 2, 2013 -- Weatherford International Ltd.
(NYSE / Euronext Paris / SIX: WFT) today reported first quarter 2013 revenues of
$3,837 million with net income of $117 million, or $0.15 per diluted share,
excluding after-tax losses of $95 million. On a GAAP basis, our net income for
the first quarter of 2013 was $22 million, or $0.03 per diluted share. The
excluded after-tax losses included:


    -- $61 million of foreign exchange losses recognized upon the devaluation
       of the Venezuelan bolivar;
    -- $18 million in professional fees associated with our income tax
       remediation efforts;
    -- $8 million associated with legacy lump sum contracts in Iraq; and
    -- $8 million in severance, exit and other charges.


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

end of ad-hoc-announcement
================================================================================
The Non-GAAP effective tax rate for the quarter was 28%.

First quarter revenues of $3,837 million were seven percent higher than the same
period last year and down five percent sequentially. International revenues of
$2,145 million were up 17 percent over the same period in 2012 and down ten
percent sequentially. North America revenue of $1,692 million was up one percent
sequentially, and down four percent versus the same quarter of 2012.

Segment operating income was $429 million on a GAAP basis. Adjusted for excluded
items, segment operating income of $432 million was down eight percent
sequentially, and down 23 percent from the same quarter of 2012. On an adjusted
basis, corporate expenses were essentially flat compared to the previous
quarter.

Consistent with previously published views, the company expects the second half
of 2013 to show modest growth in North America revenues and operating income.
Latin America will maintain a steady improvement throughout the year. The
outlook for the Eastern Hemisphere remains positive with continued expansion in
Europe, Sub-Sahara Africa and Russia, with continued recovery in the Middle
East/North Africa and Asia Pacific Region.

The Company maintains its estimate of an annual effective tax rate for 2013 of
34%.

North America
North America revenues for the quarter were $1,692 million, a four percent
decrease over the same quarter in the prior year and up one percent
sequentially. The quarter's operating income was $224 million, down $134
million, or 37 percent from the same quarter in the prior year and down one
percent, sequentially. This result is consistent with the decline in US land rig
count relative to the first quarter of 2012 and the continued oversupply of
hydraulic fracturing capacity. In addition, the bulk sale of our US guar
inventory held at market value reduced North America margins.

Middle East/North Africa/Asia Pacific
First quarter revenues of $785 million were up $190 million, or 32 percent
higher than the first quarter of 2012, and $66 million, or eight percent lower
sequentially. The sequential decline is typical of seasonal effects in Asia. The
current quarter's operating income of $45 million decreased $8 million, or 15
percent from the same quarter in the prior year, and declined 22 percent
sequentially.

Europe/Sub-Sahara Africa/Russia
First quarter revenues of $633 million were eleven percent higher than the first
quarter of 2012 and down five percent from the prior quarter Sequentially, the
decline is attributable to normal winter seasonality, and its first quarter
impact on the North Sea and Russia. The current quarter's operating income of
$65 million was essentially flat when compared to the same quarter in the prior
year, and was up $6 million, or 10 percent from the prior quarter.

Latin America
First quarter revenues of $727 million were up $56 million or eight percent
compared to the first quarter of 2012, and down $129 million, or 15 percent
sequentially. The current quarter's operating income of $98 million increased 18
percent compared to the same quarter in the prior year, and decreased 22 percent
from the prior quarter.

Liquidity and Net Debt
Net debt increased $308 million sequentially, primarily as a result of the
timing of interest payments associated with our senior notes as well as an
increase in working capital of $67 million and certain prepayment items. Driving
the change in working capital, days sales outstanding increased to 90 days and
days sales in inventory increased to 88 days.

Non-GAAP Performance Measures
Non-GAAP performance measures and corresponding reconciliations to GAAP
financial measures have been provided to offer 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
quarterly results on May 3, 2013 at 8:30 a.m. eastern daylight saving time, 7:30
a.m. central daylight saving time. The company invites investors to listen to
the call live via company's website, www.weatherford.com in the Investor
Relations section. A recording of the conference call and transcript of the call
will be available on that section of the website shortly after the call ends.

Weatherford is a Swiss-based, multinational oilfield service company. It is one
of the largest global providers of technology and services for the oil and gas 
industry. Weatherford operates in over 100 countries and employs over 70,000
people worldwide.


    Contacts: John H. Briscoe                     +1.713.836.4610
              Senior Vice President and Chief
              Financial Officer

              Karen David-Green                   +1.713.836.7430
              Vice President - Investor Relations


Forward-Looking Statements
This press release and the documents referenced herein contain, and the
conference call announced in this release may include, forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. This includes statements related to future levels of earnings, revenue,
expenses, margins, capital expenditures, changes in working capital, cash flows,
tax expense, effective tax rates and net income, as well as the prospects for
the oilfield service business generally and our business in particular, as well
as statements regarding timing or content of the financial information that will
be filed with the SEC regarding the current period. Forward-looking statements
also include any statements about the resolution or potential future resolution
of our ongoing remediation of our material weaknesses in internal control over
financial reporting for income taxes and our assessment of the degree to which
historical remediation efforts have been successful to date. It is inherently
difficult to make projections or other forward-looking statements in a cyclical
industry and given the current macroeconomic uncertainty. Such statements are
based upon the current beliefs of Weatherford's management, and are subject to
significant risks, assumptions and uncertainties. These include the company's
inability to design or improve internal controls to address identified issues;
the impact upon operations of legal compliance matters or internal controls
review, improvement and remediation, including the detection of wrongdoing,
improper activities or circumvention of internal controls; difficulties in
controlling expenses, including costs of legal compliance matters or internal
controls review, improvement and remediation; impact of changes in management or
staff levels, the effect of global political, economic and market conditions on
the company's projected results; the possibility that the company may be unable
to recognize expected revenues from current and future contracts; the effect of
currency fluctuations on the company's business; the company's ability to manage
its workforce to control costs; the cost and availability of raw materials, the
company's ability to manage its supply chain and business processes; the
company's ability to commercialize new technology; whether the company can
realize expected benefits from its redomestication of its former Bermuda parent
company; the company's ability to realize expected benefits from its
acquisitions and dispositions; the effect of a downturn in its industry on the
company's carrying value of its goodwill; the effect of weather conditions on
the company's operations; the impact of oil and natural gas prices and worldwide
economic conditions on drilling activity; the effect of turmoil in the credit
markets on the company's ability to manage risk with interest rate and foreign
exchange swaps; the outcome of pending government investigations, including the
Securities and Exchange Commission's investigation of the circumstances
surrounding the company's material weakness in its internal control over
financial reporting of income taxes; the outcome of ongoing litigation,
including shareholder litigation related to the company's material weakness in
its internal control over financial reporting of income taxes and its
restatement of historical financial statements; the future level of crude oil
and natural gas prices; demand for our products and services; levels of pricing
for our products and services; utilization rates of our equipment; the
effectiveness of our supply chain; weather-related disruptions and other
operational and non-operational risks that are detailed in our most recent Form
10-K and other filings with the U.S. Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or underlying
assumptions prove incorrect, actual results may vary materially from those
indicated in our forward-looking statements. Specifically, statements regarding
the current period assume that there will be no subsequent events or other
adverse developments after the date of this press release that cause our
financial statements for the current period, when filed with the SEC, to vary
materially from the amounts herein. We undertake no obligation to correct or
update any forward-looking statement, whether as a result of new information,
future events, or otherwise, except to the extent required under federal
securities laws.



                    Weatherford International Ltd.
            Consolidated Condensed Statements of Operations
                             (Unaudited)
                            (In Millions)



                                                       Three Months Ended
                                                       ------------------

                                                      3/31/2013  3/31/2012
                                                      ---------  ---------



    Net Revenues:

             North America                               $1,692     $1,754

             Middle East/North Africa/Asia                  785        595

             Europe/SSA/Russia                              633        571

             Latin America                                  727        671

                                                          3,837      3,591
                                                          -----      -----


    Operating Income (Expense):

             North America                                  224        358

             Middle East/North Africa/Asia                   45         53

             Europe/SSA/Russia                               65         66

             Latin America                                   98         83

             Research and Development                       (67)       (62)

             Corporate Expenses                             (48)       (50)

             Other Items                                    (38)       (78)
                                                           ----        ----

                                                            279        370


    Other Income (Expense):

             Interest Expense, Net                         (131)      (112)

             Devaluation of Venezuelan Bolivar             (100)         -

             Other, Net                                     (13)       (18)
                                                           -----       ----


    Income (Loss) Before Income Taxes                        35        240


    Benefit (Provision) for Income Taxes:

             Provision for Operations                       (48)      (116)

             Adjustments to Provision                        43          6

                                                             ---      -----
                                                             (5)      (110)




    Net Income (Loss)                                        30        130

    Net Income Attributable to Noncontrolling
     Interests                                               (8)        (7)
                                                            ----      -----
    Net Income (Loss) Attributable to Weatherford           $22       $123
                                                            ===       ====


    Earnings Per Share Attributable to Weatherford

             Basic                                        $0.03      $0.16

             Diluted                                      $0.03      $0.16


    Weighted Average Shares Outstanding:


             Basic                                          769        760

             Diluted                                        773        766





                               Weatherford International Ltd.
                      Selected Statements of Operations Information
                                        (Unaudited)
                                       (In Millions)



                                                   Three Months Ended
                                                   ------------------

                                            3/31/2013  12/31/2012  9/30/2012  
                                            ---------  ----------  ---------  


    Net Revenues:

             North America                     $1,692      $1,682     $1,725  

             Middle East/North Africa/Asia        785         851        700  

             Europe/SSA/Russia                    633         669        626  

             Latin America                        727         856        768  

                                               $3,837      $4,058     $3,819  
                                               ======      ======     ======  



                                                   Three Months Ended
                                                   ------------------

                                            3/31/2013  12/31/2012  9/30/2012  
                                            ---------  ----------  ---------  


    Operating Income (Expense):

             North America                       $224        $226       $297  

             Middle East/North Africa/Asia         45          58         36  

             Europe/SSA/Russia                     65          59         88  

             Latin America                         98         125         97  

             Research and Development             (67)        (63)       (68) 

             Corporate Expenses                   (48)        (49)       (48) 

             Goodwill and Equity 
              Investment Impairment                 -           -          -  

             Sanctioned Country
              Loss Contingency                      -           -          -  

             Other Items                          (38)       (111)       (87) 

                                                 $279        $245       $315  
                                                 ====        ====       ====  



                                                   Three Months Ended
                                                   ------------------

                                            3/31/2013  12/31/2012  9/30/2012  
                                            ---------  ----------  ---------  


    Product Line Revenues:

             Formation Evaluation and 
              Well Construction(1)             $2,273      $2,348     $2,128  

             Completion and Production(2)       1,564       1,710      1,691  

                                               $3,837      $4,058     $3,819  
                                               ======      ======     ======  




                                                   Three Months Ended
                                                   ------------------


                                            3/31/2013  12/31/2012  9/30/2012  
                                            ---------  ----------  ---------  


    Depreciation and Amortization:

             North America                       $108        $108       $108  

             Middle East/North Africa/Asia         93          94         90  

             Europe/SSA/Russia                     71          71         63  

             Latin America                         68          63         61  

             Research and Development
              and Corporate                         6           7          7  

                                                 $346        $343       $329  
                                                 ====        ====       ====  



                                                   Three Months Ended
                                                   ------------------

                                                6/30/2012  3/31/2012
                                                ---------  ---------


    Net Revenues:

             North America                         $1,663     $1,754

             Middle East/North Africa/Asia            649        595

             Europe/SSA/Russia                        653        571

             Latin America                            782        671

                                                   $3,747     $3,591
                                                   ======     ======



                                                   Three Months Ended
                                                   ------------------

                                                6/30/2012  3/31/2012
                                                ---------  ---------


    Operating Income (Expense):

             North America                           $226       $358

             Middle East/North Africa/Asia             24         53

             Europe/SSA/Russia                        102         66

             Latin America                             90         83

             Research and Development                 (64)       (62)

             Corporate Expenses                       (49)       (50)

             Goodwill and Equity 
              Investment Impairment                  (793)         -

             Sanctioned Country Loss Contingency     (100)         -

             Other Items                              (68)       (78)

                                                    $(632)      $370
                                                    =====       ====



                                                   Three Months Ended
                                                   ------------------

                                                6/30/2012  3/31/2012
                                                ---------  ---------


    Product Line Revenues:

             Formation Evaluation and 
              Well Construction(1)                 $2,058     $2,034

             Completion and Production(2)           1,689      1,557

                                                   $3,747     $3,591
                                                   ======     ======




                                                   Three Months Ended
                                                   ------------------


                                                6/30/2012  3/31/2012
                                                ---------  ---------


    Depreciation and Amortization:

             North America                           $101        $95

             Middle East/North Africa/Asia             85         83

             Europe/SSA/Russia                         60         61

             Latin America                             59         55

             Research and Development and Corporate     6          5


                                                     $311       $299
                                                     ====       ====



    (1)  Formation Evaluation and Well Construction includes Drilling 
         Services, Well Construction, Integrated Drilling, Wireline and 
         Evaluation Services, Drilling Tools and Fishing and Re-entry.

    (2)  Completion and Production includes Artificial Lift Systems, 
         Stimulation and Chemicals, Completion Systems and Pipeline 
         and Specialty Services





     We report our financial results in accordance with generally accepted
     accounting principles (GAAP). However, Weatherford's management 
     believes that certain non-GAAP financial measures and ratios (as 
     defined under the SEC's Regulation G) may provide users of this 
     financial information additional meaningful comparisons between 
     current results and results in prior periods. The non-GAAP financial 
     measures we may present from time to time include: (1) operating 
     income or income from continuing operations excluding certain charges 
     or amounts, (2) the provision for income taxes excluding discrete 
     items and (3) the resulting non-GAAP net income and per share amounts.
     These adjusted amounts are not measures of financial performance under 
     GAAP.  Accordingly, these amounts should not be considered as a 
     substitute for operating income, provision for income taxes, net income 
     or other data prepared and reported 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, 2013, December 31, 2012, and March 31, 2012.  Non-GAAP 
     financial measures should be viewed in addition to, and not as an 
     alternative to, the Company's reported results prepared in accordance 
     with GAAP.



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


                                                     Three Months Ended
                                                     ------------------

                                         3/31/2013   12/31/2012    3/31/2012
                                         ---------   ----------    ---------

    Operating Income:

      GAAP Operating
      Income                                  $279         $245         $370

        Tax Remediation and Restatement
        Expenses                                21           50           15

        Legacy Contracts (a)                     3           30           31

        Other Adjustments                       14           31           32

      Non-GAAP
      Operating Income                        $317         $356         $448






    Income (Loss) Before Income Taxes:

      GAAP Income
      (Loss) Before
      Income Taxes                             $35          $89         $240

        Devaluation of Venezuelan
        Bolivar                                100            -            -

        Tax Remediation and Restatement
        Expenses                                21           50           15

        Legacy Contracts                         3           30           31

        Other Adjustments                       14           31           29

      Non-GAAP Income
      (Loss) Before
      Income Taxes                            $173         $200         $315






    Benefit (Provision) for Income Taxes:

      GAAP Benefit
      (Provision) for
      Income Taxes                             $(5)       $(203)       $(110)

        Devaluation of Venezuelan
        Bolivar                                (39)           -            -

        Tax Remediation and Restatement
        Expenses                                (3)          (7)          (3)

        Legacy Contracts                         5           34            -

        Other Adjustments                       (6)          (8)          (3)

      Non-GAAP Benefit
      (Provision) for
      Income Taxes                            $(48)       $(184)       $(116)






    Net Income (Loss) Attributable
     to Weatherford:

      GAAP Net Income
      (Loss)                                   $22        $(122)        $123

        Total Charges, net of tax               95  (b)     130   (c)     69 (d)

      Non-GAAP Net

      Income                                  $117           $8         $192





    Diluted Earnings (Loss) Per Share 
     Attributable to Weatherford:

      GAAP Diluted
      Earnings (Loss)
      per Share                              $0.03       $(0.16)       $0.16

        Total Charges, net of tax             0.12         0.17         0.09
                                              ----         ----         ----

      Non-GAAP Diluted
      Earnings per
      Share                                  $0.15        $0.01        $0.25






      GAAP Effective
      Tax Rate (e)                              14%         228%          46%

      Annual Effective

      Tax Rate (f)                              28%          92%          37%





     Note (a):  The revenues associated with the legacy lump sum contracts
     in Iraq were $166 million, $177 million and $51 million in each of
     the three months ended March 31, 2013, December 31, 2012, and March
     31, 2012, respectively.

     Note (b):  Non-GAAP adjustments are comprised of (i) a charge for
     the devaluation of the Venezuelan Bolivar of $61 million, (ii) tax
     restatement and remediation expenses of $18 million, (iii) $8
     million in operating losses and tax expense related to legacy lump
     sum contracts in Iraq, (iv) $8 million in other adjustments
     consisting of severance and other charges including $3 million in
     investigation related expenses.

     Note (c):  Non-GAAP adjustments are comprised of (i) tax
     restatement and remediation expenses of $43 million, (ii) $64
     million in operating losses and tax expense related to legacy lump
     sum contracts in Iraq, (iii) $23 million in other adjustments
     consisting of severance and other charges including $7 million in
     investigation related expenses.

     Note (d):  Non-GAAP adjustments are comfprised of (i) tax
     restatement and remediation expenses of $15 million, (ii) $31
     million in operating losses and tax expense related to legacy lump
     sum contracts in Iraq, (iii) $29 million in other adjustments
     consisting of severance and other charges including $2 million in
     investigation related expenses.

     Note (e):  GAAP Effective Tax Rate is GAAP provision for income taxes
     divided by GAAP income before income taxes.

     Note (f):  Annual Effective Tax Rate is the Non-GAAP provision
     for income taxes divided by Non-GAAP income before income taxes.





                              Weatherford International Ltd.
                               Selected Balance Sheet Data
                                       (Unaudited)
                                      (In Millions) 





                       3/31/2013  12/31/2012  9/30/2012  6/30/2012  3/31/2012
                       ---------  ----------  ---------  ---------  ---------

    Assets:

        Cash and
        Cash
        Equivalents         $286        $300       $365       $381       $339

        Accounts
        Receivable,
        Net                3,850       3,885      3,911      3,608      3,358

        Inventories,
        Net                3,744       3,675      3,676      3,399      3,301

        Property,
        Plant and
        Equipment,
        Net                8,299       8,299      8,122      7,733      7,591

        Goodwill and
        Intangibles,
        Net                4,485       4,637      4,653      4,581      5,152

        Equity
        Investments          660         646        642        629        634





    Liabilities:

        Accounts
        Payable            2,191       2,108      2,023      1,635      1,684

        Short-term
        Borrowings
        and Current
        Portion
        of Long-term Debt  1,896       1,585      1,606      1,263      1,902

    Long-term

    Debt                   7,032       7,049      7,300      7,311      5,989






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





    Change in Net Debt for the Three Months 
     Ended 3/31/2013:

       Net Debt at
       12/31/2012                                   $(8,334)

         Operating Income                               279

         Depreciation and Amortization                  346

         Other Items                                     38

         Capital Expenditures                          (400)

         Increase in Working Capital                    (67)

         Income Taxes Paid                             (124)

         Interest Paid                                 (183)

         Acquisitions and Divestitures of
         Assets and Businesses, Net                      81

         Other                                         (278)
                                                       ----


       Net Debt at
       3/31/2013                                    $(8,642)





       Components of
       Net Debt                                   3/31/2013     12/31/2012


         Cash                                          $286           $300

         Short-term Borrowings and
         Current Portion of Long-term
         Debt                                        (1,896)        (1,585)

         Long-term Debt                              (7,032)        (7,049)
                                                     ------         ------

         Net Debt                                   $(8,642)       $(8,334)
                                                    =======        =======


     "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. 

Further inquiry note:
Contacts: John H. Briscoe                     +1.713.836.4610
              Senior Vice President and Chief
              Financial Officer

              Karen David-Green                   +1.713.836.7430
              Vice President - Investor Relations

end of announcement                               euro adhoc 
--------------------------------------------------------------------------------


issuer:      Weatherford International Ltd.
             Rue Jean-Francois Bartholoni 4-6
             CH-1204 Geneva
phone:       +41.22.816.1500
FAX:         +41.22.816.1599
mail:     karen.david-green@weatherford.com
WWW:      http://www.weatherford.com
sector:      Oil & Gas - Upstream activities
ISIN:        CH0038838394
indexes:     
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
             Paris 
language:   English
 



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