Weatherford International WFRD Q2 2026 earnings

“Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm. I am proud of the One Weatherford team for coming together to deliver once again. While the Middle East situation remains volatile and creates activity headwinds in the short term, our longer-term thesis remains intact. A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation. Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half. We remain focused on the factors within our control, driving long-term shareholder value through disciplined execution, portfolio strengthening, and structural simplification. The adjusted free cash flow performance and improved outlook on conversion is a consequence of this focus. The acquisition of NCS Multistage strengthens our completions portfolio, expands our technology offering, and gives us at least $15 million of cost synergies upon closing and integration. In parallel, our updated proposal to redomesticate to Delaware reinforces our commitment and our shareholders' confidence in the multi-faceted benefits of this initiative. When completed, we expect the redomestication and related corporate restructuring to generate $20 to $30 million of annual cash savings, further enhancing our cash flow profile.”