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Weatherford International plc (WFRD-5.76%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported total revenue of $5.51 billion, an increase of 7% compared to the previous year. This growth was driven by increased customer demand and business acquisitions.
Operating income for the year was $938 million, a 14% increase from $820 million in 2023. This improvement was attributed to better operational efficiencies and cost reduction initiatives.
Weatherford's net income attributable to the company was $506 million, up from $417 million in 2023. The company declared a cash dividend of $0.25 per share during the year.
The company operates in approximately 75 countries, with significant revenue contributions from Mexico, the United States, and the Kingdom of Saudi Arabia.
Weatherford's three reportable segments are Drilling and Evaluation, Well Construction and Completions, and Production and Intervention, each contributing to the company's overall revenue growth.
The company continues to focus on its strategic priorities, including customer experience enhancement, investment in research and development, and operational efficiency.
Weatherford reported a decrease in its valuation allowance for deferred tax assets, reflecting improved expectations for future taxable income.
The company executed acquisitions totaling $160 million during the year, which included both cash and stock considerations.
Weatherford's liquidity position remains strong, with cash and cash equivalents of $916 million as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Weatherford International plc annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.