Weatherford International plc reported strong financial performance for the third quarter and the first nine months of 2024, with total revenue reaching $1,409 million for the three months ended September 30, 2024, a 7% increase from $1,313 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $4,172 million, up 11% from $3,773 million in the prior year. The growth was driven by increased revenues in both the Drilling and Evaluation (DRE) and Well Construction and Completions (WCC) segments, which contributed significantly to the overall revenue increase.
Operating income for the third quarter of 2024 was $243 million, an 11% rise from $218 million in Q3 2023. For the nine-month period, operating income increased 23% to $740 million from $604 million in the previous year. Net income for the third quarter was $166 million, compared to $131 million in the same quarter of 2023, while net income for the nine months was $426 million, up from $302 million in 2023. Basic income per share also saw significant growth, reaching $2.14 for Q3 2024, compared to $1.70 in Q3 2023, and $5.39 for the nine months, up from $3.85.
The DRE segment reported revenues of $435 million for Q3 2024, a 12% increase from $388 million in Q3 2023, while the WCC segment generated $509 million, an 11% increase from $459 million. Adjusted EBITDA for the WCC segment rose to $151 million, up 27% from $119 million in the prior year.
Weatherford's total current assets increased to $3,400 million as of September 30, 2024, from $3,345 million at the end of 2023. Total assets also grew to $5,188 million, compared to $5,068 million at the end of the previous year. Shareholders’ equity rose significantly to $1,356 million from $922 million at the end of 2023.
The company announced a share repurchase program with a total authorization of $500 million and declared a cash dividend of $0.25 per share, totaling $19 million, payable on September 12, 2024. Weatherford also completed acquisitions totaling $160 million during the nine months ended September 30, 2024, which included cash and shares.
In terms of market conditions, the average rig count increased to 1,787 as of September 30, 2024, compared to 1,743 for the same period in 2023. The company continues to evaluate its operations in Russia amid ongoing geopolitical tensions and is monitoring potential impacts on its business.
About Weatherford International plc
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