Weatherford International (WFRD) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36504
Entity Registrant Name	Weatherford International plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-0606750
Entity Address, Address Line One	2000 St. James Place
Entity Address, City or Town	Houston
Entity Address, Country	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	836.4000
Title of 12(b) Security	Ordinary shares, $0.001 par value per share
Trading Symbol	WFRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		73,158,479
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total Revenue	$ 1,405	$ 1,274	$ 2,763	$ 2,460
Costs and Expenses:
Research and Development	31	27	62	53
Selling, General and Administrative	216	198	421	388
Other Charges (Credits)	3	1	8	(4)
Total Costs and Expenses	1,141	1,073	2,266	2,074
Operating Income	264	201	497	386
Interest Expense, Net of Interest Income of $17, $16, $31, and $32	(24)	(31)	(53)	(62)
Loss on Blue Chip Swap Securities	(10)	(57)	(10)	(57)
Other Expense, Net	(20)	(39)	(42)	(74)
Income Before Income Taxes	210	74	392	193
Income Tax Benefit (Provision)	(73)	16	(132)	(22)
Net Income	137	90	260	171
Net Income Attributable to Noncontrolling Interests	12	8	23	17
Net Income Attributable to Weatherford	$ 125	$ 82	$ 237	$ 154
Basic Income per Share (in dollars per share)	$ 1.71	$ 1.14	$ 3.25	$ 2.14
Basic Weighted Average Shares Outstanding (in shares)	73.2	72.1	73.1	72.1
Diluted Income per Share (in dollars per share)	$ 1.66	$ 1.12	$ 3.16	$ 2.11
Diluted Weighted Average Shares Outstanding (in shares)	75.3	73.4	75	73.4
Services
Revenue:
Total Revenue	$ 862	$ 794	$ 1,727	$ 1,535
Costs and Expenses:
Cost of Services and Products	500	499	1,027	949
Products
Revenue:
Total Revenue	543	480	1,036	925
Costs and Expenses:
Cost of Services and Products	$ 391	$ 348	$ 748	$ 688

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Parenthetical - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Interest income	$ 17	$ 16	$ 31	$ 32

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 137	$ 90	$ 260	$ 171
Foreign Currency Translation Adjustments	0	(10)	(24)	(7)
Comprehensive Income	137	80	236	164
Net Income Attributable to Noncontrolling Interests	12	8	23	17
Comprehensive Income Attributable to Weatherford	$ 125	$ 72	$ 213	$ 147

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and Cash Equivalents	$ 862	$ 958
Restricted Cash	58	105
Accounts Receivable, Net of Allowance for Credit Losses of $10 at June 30, 2024 and $16 at December 31, 2023	1,319	1,216
Inventories, Net	884	788
Other Current Assets	239	278
Total Current Assets	3,362	3,345
Property, Plant and Equipment, Net of Accumulated Depreciation of $934 at June 30, 2024 and $883 at December 31, 2023	1,007	957
Intangibles, Net of Accumulated Amortization of $718 at June 30, 2024 and $639 at December 31, 2023	384	370
Operating Lease Assets	138	138
Other Non-Current Assets	220	258
Total Assets	5,111	5,068
Liabilities:
Current Portion of Long-term Debt	20	168
Accounts Payable	771	679
Accrued Salaries and Benefits	293	387
Income Taxes Payable	143	138
Current Portion of Operating Lease Liabilities	46	46
Other Current Liabilities	418	448
Total Current Liabilities	1,691	1,866
Long-term Debt	1,628	1,715
Operating Lease Liabilities	127	131
Non-current Taxes Payable	278	282
Other Non-Current Liabilities	147	152
Total Liabilities	3,871	4,146
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 73.2 shares at June 30, 2024 and 72.1 at December 31, 2023	0	0
Capital in Excess of Par Value	2,997	2,906
Retained Deficit	(1,717)	(1,954)
Accumulated Other Comprehensive Loss	(52)	(28)
Shareholders’ Equity	1,228	924
Noncontrolling Interests	12	(2)
Total Shareholders’ Equity	1,240	922
Total Liabilities and Shareholders’ Equity	$ 5,111	$ 5,068

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Losses	$ 10	$ 16
Property, Plant and Equipment, Accumulated Depreciation	934	883
Intangibles, Accumulated Amortization	$ 718	$ 639
Ordinary Shares, Par Value (in dollars per share)	$ 0.001	$ 0.001
Ordinary Shares, Authorized (in shares)	1,356	1,356
Ordinary Shares, Issued (in shares)	73.2	72.1
Ordinary Shares, Outstanding (in shares)	73.2	72.1

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net Income	$ 260	$ 171
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	171	161
Foreign Exchange Losses	23	58
Loss on Blue Chip Swap Securities	10	57
Inventory Charges	15	11
Gain on Disposition of Assets	(32)	(7)
Deferred Income Tax Provision (Benefit)	27	(53)
Share-Based Compensation	25	17
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits:
Accounts Receivable	(73)	(83)
Inventories	(92)	(75)
Accounts Payable	79	68
Accrued Salaries and Benefits	(88)	(72)
Other Changes, Net	(44)	32
Net Cash Provided by Operating Activities	281	285
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(121)	(100)
Proceeds from Disposition of Assets	18	14
Purchases of Blue Chip Swap Securities	(50)	(110)
Proceeds from Sales of Blue Chip Swap Securities	40	53
Business Acquisitions, Net of Cash Acquired	(36)	(4)
Proceeds from Sale of Investments	41	33
Other Investing Activities	(7)	(8)
Net Cash Used in Investing Activities	(115)	(122)
Cash Flows From Financing Activities:
Repayments of Long-term Debt	(259)	(230)
Distributions to Noncontrolling Interests	(9)	(6)
Tax Remittance on Equity Awards Vested	(9)	(54)
Other Financing Activities	(12)	(7)
Net Cash Used in Financing Activities	(289)	(297)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(20)	(56)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(143)	(190)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,063	1,112
Cash, Cash Equivalents and Restricted Cash at End of Period	920	922
Supplemental Cash Flow Information:
Interest Paid	81	95
Income Taxes Paid, Net of Refunds	89	64
Supplemental Noncash Information:
844,702 Shares of Common Stock Issued for Acquisitions	$ 75	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended
	Jun. 30, 2024 shares
Acquisitions
Ordinary shares issued for acquisition (in shares)	844,702

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. Summary of Significant Accounting Policies Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on our significant accounting policies. Certain reclassifications have been made to these Condensed Consolidated Financial Statements and accompanying footnotes for the three and six months ended June 30, 2023 to conform to the presentation for the three and six months ended June 30, 2024. Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Condensed Consolidated Financial Statements.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	2 – Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2023 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI.” Our primary measure of segment profitability is segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. All other results were from non-core business activities (including integrated services and projects). Corporate includes overhead support and centrally managed or shared facility costs. All other and corporate do not individually meet the criteria for segment reporting. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2024 2023 2024 2023 Revenues: DRE Revenues $ 427 $ 394 $ 849 $ 766 WCC Revenues 504 440 962 861 PRI Revenues 369 366 717 715 All Other 105 74 235 118 Total Revenues $ 1,405 $ 1,274 $ 2,763 $ 2,460 Operating Income: DRE Segment Adjusted EBITDA $ 130 $ 106 $ 260 $ 214 WCC Segment Adjusted EBITDA 145 109 265 205 PRI Segment Adjusted EBITDA 85 81 158 149 All Other 23 9 50 18 Corporate (18) (14) (32) (26) Depreciation and Amortization (86) (81) (171) (161) Share-based Compensation (12) (8) (25) (17) Other Credits (Charges) (3) (1) (8) 4 Operating Income $ 264 $ 201 $ 497 $ 386

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3 – Revenue Disaggregated Revenue The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenues were $39 million and $73 million in the three and six months ended June 30, 2024, respectively, and $39 million and $72 million for the three and six months ended June 30, 2023, respectively. During the three and six months ended June 30, 2024, the U.S. accounted for 14% of total revenue in each period, respectively, and the Kingdom of Saudi Arabia accounted for 11% and 10% of total revenue, respectively. In addition, for the three and six months ended June 30, 2024, Mexico accounted for 12% and 13% of total revenue, respectively, driven by a customer which accounted for 10% and 11%, respectively. During the three and six months ended June 30, 2023, the U.S. accounted for 17% and 18%, respectively and Mexico accounted for 13% in each period, respectively. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2024 2023 2024 2023 Revenue by Geographic Areas: North America (a) $ 252 $ 265 519 551 International 1,153 1,009 2,244 1,909 Middle East/North Africa/Asia 542 421 1,039 797 Latin America 353 371 723 688 Europe/Sub-Sahara Africa/Russia 258 217 482 424 Total Revenue $ 1,405 $ 1,274 $ 2,763 $ 2,460 (a) North America consists of the U.S. and Canada. Contract Balances The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of June 30, 2024 and December 31, 2023: (Dollars in millions) June 30, 2024 December 31, 2023 Receivables for Product and Services in Accounts Receivable, Net $ 1,288 $ 1,182 Receivables for Equipment Rentals in Account Receivable, Net $ 31 $ 34 Accounts Receivable, Net $ 1,319 $ 1,216 Contract Assets in Other Current Assets $ 53 $ 61 Contract Assets in Other Non-Current Assets $ 28 $ 24 Contract Liabilities in Other Current Liabilities $ 35 $ 58 Contract Liabilities in Other Non-Current Liabilities $ 3 $ 5

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, Net	4 – Inventories, Net Inventories, net of reserves of $114 million and $121 million as of June 30, 2024 and December 31, 2023, respectively, are presented by category in the table below: (Dollars in millions) June 30, 2024 December 31, 2023 Finished Goods $ 750 $ 688 Work in Process and Raw Materials, Components and Supplies 134 100 Inventories, Net $ 884 $ 788 The change in inventory reserves includes inventory charges primarily offset by the disposal of inventory previously reserved. The net charges are recorded in “Cost of Products” on our Condensed Consolidated Statements of Operations in the amount of $9 million and $15 million in the three and six months ended June 30, 2024, respectively, and nil and $11 million in the three and six months ended June 30, 2023, respectively.

Intangibles, Net

Intangibles, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, Net	5 – Intangibles, Net The components of intangible assets, net were as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Developed and Acquired Technology, Net of Accumulated Amortization of $538 at June 30, 2024 and $479 at December 31, 2023 $ 165 $ 135 Trade Names, Net of Accumulated Amortization of $180 at June 30, 2024 and $160 at December 31, 2023 219 235 Intangibles, Net of Accumulated Amortization of $718 at June 30, 2024 and $639 at December 31, 2023 $ 384 $ 370 Amortization expense was $41 million and $82 million in the three and six months ended June 30, 2024, respectively, and $40 million and $80 million for the three and six months ended June 30, 2023, respectively, and is reported in “Selling, General and Administrative” on our Condensed Consolidated Statements of Operations. The increase was primarily related to intangibles acquired in connection with acquisitions during the three months ended March 31, 2024. Please refer to “Note 13 – Acquisitions.”

Borrowings and Other Debt Oblig

Borrowings and Other Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings and Other Debt Obligations	6 – Borrowings and Other Debt Obligations (Dollars in millions) June 30, 2024 December 31, 2023 Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ — $ 151 Current Portion of Finance Leases 20 17 Current Portion of Long-term Debt $ 20 $ 168 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,588 $ 1,587 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” — 92 Finance Leases 40 36 Long-term Debt $ 1,628 $ 1,715 2028 Senior Secured Notes On September 30, 2021, Weatherford International Ltd. (“Weatherford Bermuda”) issued 6.50% senior secured notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest was payable semiannually on September 15 and March 15 of each year, and commenced on March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs. At December 31, 2023, the carrying value represented unpaid principal of $248 million offset by unamortized deferred issuance cost of $5 million. The remaining principal of our 2028 Senior Secured Notes was redeemed and paid in full on May 23, 2024. 2030 Senior Notes On October 27, 2021, Weatherford Bermuda issued 8.625% senior notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest is payable semiannually on June 1 and December 1 of each year, and commenced on June 1, 2022. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford International, LLC (“Weatherford Delaware”) as co-issuer and co-obligor, and concurrently release the guarantee of Weatherford Delaware. At June 30, 2024 and December 31, 2023, the carrying value represents the remaining unpaid principal of $1.6 billion at each date, offset by unamortized deferred issuance cost of $12 million and $13 million, respectively. Credit Agreement Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At December 31, 2023, the Credit Agreement allowed for a total commitment amount of $550 million, maturing on the earlier of October 24, 2028 and 91 days prior to the maturity of the 2028 Senior Secured Notes. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00. On April 22, 2024, additional lenders joined the Credit Agreement, providing an increase in total commitments from $550 million to $680 million (performance letters of credit increased from $250 million to $309 million and borrowings or additional performance or financial letters of credit increased from $300 million to $371 million). On June 6, 2024, an additional lender joined the Credit Agreement, providing an increase in total commitments from $680 million to $720 million (performance letters of credit increased to $327 million and revolving loan borrowings or additional performance or financial letters of credit increased to $393 million). In addition, we amended the Credit Agreement to allow for future increases in total commitments of up to $1 billion. As of June 30, 2024, we had zero borrowings outstanding under the Credit Agreement and $389 million of letters of credit outstanding. The letters of credit consisted of $289 million for performance letters of credit and $48 million for financial letters of credit under the Credit Agreement and $52 million letters of credit under various uncommitted bi-lateral facilities ($44 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). As of December 31, 2023, we had zero borrowings outstanding under the Credit Agreement and $376 million of letters of credit. The letters of credit consisted of $218 million for performance letters of credit and $52 million for financial letters of credit under the Credit Agreement and $106 million letters of credit under various uncommitted bi-lateral facilities ($101 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). Fair Value The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The table below presents the fair value and carrying value of our long-term debt (excluding finance leases). June 30, 2024 December 31, 2023 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 6.50% Senior Secured Notes due 2028 $ — $ — $ 243 $ 258 8.625% Senior Notes due 2030 1,588 1,658 1,587 1,673 Long-Term Debt (excluding Finance Leases) $ 1,588 $ 1,658 $ 1,830 $ 1,931

Disputes, Litigation and Legal

Disputes, Litigation and Legal Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Legal Contingencies	7 – Disputes, Litigation and Legal Contingencies We are subject to lawsuits and claims arising out of the nature of our business. We have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, which would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these cases, the aggregate impact to our financial condition could be material.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	8 – Shareholders’ Equity Shares issued and outstanding on our Condensed Consolidated Balance Sheets increased from 72.1 million as of December 31, 2023 to 73.2 million as of June 30, 2024. The change was due to equity awards granted, vested, and exercised, net of shares withheld for taxes, which also included the issuance of 844,702 of our ordinary shares in connection with acquisitions during the six months ended June 30, 2024. The following summarizes our shareholders’ equity activity for the three and six months ended June 30, 2024 and 2023: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2023 $ 2,906 $ (1,954) $ (28) $ (2) $ 922 Net Income — 112 — 11 123 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 4 — — — 4 Other Comprehensive Loss — — (24) — (24) Equity Issued for Acquisitions 75 — — — 75 Balance at March 31, 2024 $ 2,985 $ (1,842) $ (52) $ 9 $ 1,100 Net Income — 125 — 12 137 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 12 — — — 12 Distributions to Noncontrolling Interests — — — (9) (9) Balance at June 30, 2024 $ 2,997 $ (1,717) $ (52) $ 12 $ 1,240 (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2022 $ 2,928 $ (2,371) $ (22) $ 16 $ 551 Net Income — 72 — 9 81 Distributions to Noncontrolling Interests — — — (6) (6) Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes (43) — — — (43) Other Comprehensive Income — — 3 — 3 Balance at March 31, 2023 $ 2,885 $ (2,299) $ (19) $ 19 $ 586 Net Income — 82 — 8 90 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 6 — — — 6 Other Comprehensive Loss — — (10) — (10) Balance at June 30, 2023 $ 2,891 $ (2,217) $ (29) $ 27 $ 672 The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2024 and 2023: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2023 $ (43) $ 15 $ (28) Other Comprehensive Loss (24) — (24) Balance at June 30, 2024 $ (67) $ 15 $ (52) Balance at December 31, 2022 $ (41) $ 19 $ (22) Other Comprehensive Loss $ (7) — (7) Balance at June 30, 2023 $ (48) $ 19 $ (29)

Income per Share

Income per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Income per Share	9 – Income per Share A reconciliation of the number of shares used for the basic and diluted income per share calculation was as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars and shares in millions, except per share amounts) 2024 2023 2024 2023 Net Income Attributable to Weatherford $ 125 $ 82 $ 237 $ 154 Basic Weighted Average Shares Outstanding 73.2 72.1 73.1 72.1 Dilutive Effect of Awards Granted in Stock Incentive Plan 2.1 1.3 1.9 1.3 Diluted Weighted Average Shares Outstanding 75.3 73.4 75.0 73.4 Basic Income per Share $ 1.71 $ 1.14 $ 3.25 $ 2.14 Diluted Income per Share $ 1.66 $ 1.12 $ 3.16 $ 2.11 Anti-dilutive Weighted Average Shares: Warrants — 7.8 — 7.8 Equity Awards 0.5 1.0 0.5 0.9 Total Anti-dilutive Weighted Average Shares 0.5 8.8 0.5 8.7 Basic income per share for all periods presented equals net income divided by our weighted average shares outstanding during the period. Diluted income per share is computed by dividing net income by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Anti-dilutive weighted average shares represent securities that could potentially dilute income per share in the future, which are excluded from the computation as their impact was anti-dilutive. Warrants to purchase 7.8 million ordinary shares at $99.96 per share were issued on December 13, 2019 and expired on December 13, 2023. For the three and six months ended June 30, 2023 warrants were excluded from the diluted weighted average shares outstanding as the exercise price of the warrants was greater than the average market price of the Company’s ordinary shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10 – Income Taxes We recognized a tax expense of $73 million and $132 million for the three and six months ended June 30, 2024, respectively, and a tax benefit of $16 million and tax expense of $22 million for the three and six months ended June 30, 2023, respectively. Income tax expense was higher in the three and six months ended June 30, 2024 compared to the same periods in 2023, primarily due to increased earnings before taxes. In addition, during the three and six months ended June 30, 2023, we had a release of valuation allowances and the recognition of a benefit from previously uncertain tax positions in the second quarter. Those benefits were offset by the establishment of a valuation allowance of approximately $20 million related to the sale of Blue Chip Swap securities in Argentina. We calculate income tax provision using the estimated annual effective tax rate method in accordance with Accounting Standards Codification “ASC” 740 - Income Taxes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period due to various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered residents for income tax purposes. Our income tax provisions are primarily driven by income in certain jurisdictions and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss. Certain charges and impairments recognized do not result in significant tax benefit as a result of being attributed to a non-income tax jurisdiction or our inability to forecast realization of the tax benefit of such losses. This is partially offset by the utilization of previously unbenefited deferred tax assets, such as net operating loss carryforwards. In December 2023, Ireland enacted tax legislation that models the Organization of Economic Cooperation and Development reform plans focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as “Pillar Two.” This is not expected to materially increase the taxes we owe. We routinely undergo tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. As of June 30, 2024, we anticipate that it is reasonably possible that our uncertain tax positions of $278 million, including interest and penalties offset by net operating losses and other tax attributes if settled, may decrease by up to $13 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

Credit Default Swap

Credit Default Swap	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Credit Default Swap	11 – Credit Default Swap During the fourth quarter of 2023, we entered into a credit default swap (“CDS”) with a third-party financial institution terminating in February of 2026 related to a secured loan between that third-party financial institution and our largest customer in Mexico. The secured loan was utilized by this customer to pay certain of our outstanding receivables and accordingly, in the fourth quarter of 2023 and January of 2024, we received $140 million and $142 million, respectively. Under the CDS terms, within five

Blue Chip Swap Securities - Arg

Blue Chip Swap Securities - Argentina	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Blue Chip Swap Securities - Argentina	12 – Blue Chip Swap Securities - Argentina The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. As such, we have used an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) which allows entities to remit U.S. dollars from Argentina through the purchase and sale of securities. During the second quarter of 2024 and 2023, we completed a series of BCS transactions at implied exchange rates (“BCS rates”) that were approximately 26% and 106% higher, respectively, than the official exchange rate, resulting in a loss of $10 million and $57

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	13 – Acquisitions During the six months ended June 30, 2024, we closed on acquisitions with total consideration of $136 million, which includes $36 million in cash net of cash acquired and 844,702 of our ordinary shares valued at $75 million on the closing dates. The purchases were accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification “ASC” 805 Business Combinations and the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values measured in accordance with the guidance under ASC 820 Fair Value Measurement.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14 – Subsequent Events On July 23, 2024, we announced that our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 12, 2024 to shareholders of record as of August 13, 2024. We also announced that our Board has authorized a dividend program under which we intend to pay regular quarterly cash dividends, subject to our Board’s discretion and continuing determination that it is in the best interest of the Company and complies with applicable legal requirements. Also on July 23, 2024, we announced our Board’s approval of a new $500 million share repurchase program. The CDS agreement at “Note 11 – Credit Default Swap” was terminated on July 17, 2024 and the remaining notional balance was eliminated.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income Attributable to Weatherford	$ 125	$ 82	$ 237	$ 154

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.
Principles of Consolidation	In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated.
Accounting Standards Issued Not Yet Adopted	Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Condensed Consolidated Financial Statements.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Financial information by segment	Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2023 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI.” Our primary measure of segment profitability is segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. All other results were from non-core business activities (including integrated services and projects). Corporate includes overhead support and centrally managed or shared facility costs. All other and corporate do not individually meet the criteria for segment reporting. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2024 2023 2024 2023 Revenues: DRE Revenues $ 427 $ 394 $ 849 $ 766 WCC Revenues 504 440 962 861 PRI Revenues 369 366 717 715 All Other 105 74 235 118 Total Revenues $ 1,405 $ 1,274 $ 2,763 $ 2,460 Operating Income: DRE Segment Adjusted EBITDA $ 130 $ 106 $ 260 $ 214 WCC Segment Adjusted EBITDA 145 109 265 205 PRI Segment Adjusted EBITDA 85 81 158 149 All Other 23 9 50 18 Corporate (18) (14) (32) (26) Depreciation and Amortization (86) (81) (171) (161) Share-based Compensation (12) (8) (25) (17) Other Credits (Charges) (3) (1) (8) 4 Operating Income $ 264 $ 201 $ 497 $ 386

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenues were $39 million and $73 million in the three and six months ended June 30, 2024, respectively, and $39 million and $72 million for the three and six months ended June 30, 2023, respectively. During the three and six months ended June 30, 2024, the U.S. accounted for 14% of total revenue in each period, respectively, and the Kingdom of Saudi Arabia accounted for 11% and 10% of total revenue, respectively. In addition, for the three and six months ended June 30, 2024, Mexico accounted for 12% and 13% of total revenue, respectively, driven by a customer which accounted for 10% and 11%, respectively. During the three and six months ended June 30, 2023, the U.S. accounted for 17% and 18%, respectively and Mexico accounted for 13% in each period, respectively. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2024 2023 2024 2023 Revenue by Geographic Areas: North America (a) $ 252 $ 265 519 551 International 1,153 1,009 2,244 1,909 Middle East/North Africa/Asia 542 421 1,039 797 Latin America 353 371 723 688 Europe/Sub-Sahara Africa/Russia 258 217 482 424 Total Revenue $ 1,405 $ 1,274 $ 2,763 $ 2,460 (a) North America consists of the U.S. and Canada.
Schedule of Contract Balances	Contract Balances The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of June 30, 2024 and December 31, 2023: (Dollars in millions) June 30, 2024 December 31, 2023 Receivables for Product and Services in Accounts Receivable, Net $ 1,288 $ 1,182 Receivables for Equipment Rentals in Account Receivable, Net $ 31 $ 34 Accounts Receivable, Net $ 1,319 $ 1,216 Contract Assets in Other Current Assets $ 53 $ 61 Contract Assets in Other Non-Current Assets $ 28 $ 24 Contract Liabilities in Other Current Liabilities $ 35 $ 58 Contract Liabilities in Other Non-Current Liabilities $ 3 $ 5

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Components of Inventory	Inventories, net of reserves of $114 million and $121 million as of June 30, 2024 and December 31, 2023, respectively, are presented by category in the table below: (Dollars in millions) June 30, 2024 December 31, 2023 Finished Goods $ 750 $ 688 Work in Process and Raw Materials, Components and Supplies 134 100 Inventories, Net $ 884 $ 788

Intangibles, Net (Tables)

Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of intangible assets, net were as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Developed and Acquired Technology, Net of Accumulated Amortization of $538 at June 30, 2024 and $479 at December 31, 2023 $ 165 $ 135 Trade Names, Net of Accumulated Amortization of $180 at June 30, 2024 and $160 at December 31, 2023 219 235 Intangibles, Net of Accumulated Amortization of $718 at June 30, 2024 and $639 at December 31, 2023 $ 384 $ 370

Borrowings and Other Debt Obl_2

Borrowings and Other Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Dollars in millions) June 30, 2024 December 31, 2023 Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ — $ 151 Current Portion of Finance Leases 20 17 Current Portion of Long-term Debt $ 20 $ 168 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,588 $ 1,587 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” — 92 Finance Leases 40 36 Long-term Debt $ 1,628 $ 1,715
Fair Value and Carrying Value of Long-Term Debt	The table below presents the fair value and carrying value of our long-term debt (excluding finance leases). June 30, 2024 December 31, 2023 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 6.50% Senior Secured Notes due 2028 $ — $ — $ 243 $ 258 8.625% Senior Notes due 2030 1,588 1,658 1,587 1,673 Long-Term Debt (excluding Finance Leases) $ 1,588 $ 1,658 $ 1,830 $ 1,931

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stockholders' Equity	The following summarizes our shareholders’ equity activity for the three and six months ended June 30, 2024 and 2023: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2023 $ 2,906 $ (1,954) $ (28) $ (2) $ 922 Net Income — 112 — 11 123 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 4 — — — 4 Other Comprehensive Loss — — (24) — (24) Equity Issued for Acquisitions 75 — — — 75 Balance at March 31, 2024 $ 2,985 $ (1,842) $ (52) $ 9 $ 1,100 Net Income — 125 — 12 137 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 12 — — — 12 Distributions to Noncontrolling Interests — — — (9) (9) Balance at June 30, 2024 $ 2,997 $ (1,717) $ (52) $ 12 $ 1,240 (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2022 $ 2,928 $ (2,371) $ (22) $ 16 $ 551 Net Income — 72 — 9 81 Distributions to Noncontrolling Interests — — — (6) (6) Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes (43) — — — (43) Other Comprehensive Income — — 3 — 3 Balance at March 31, 2023 $ 2,885 $ (2,299) $ (19) $ 19 $ 586 Net Income — 82 — 8 90 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 6 — — — 6 Other Comprehensive Loss — — (10) — (10) Balance at June 30, 2023 $ 2,891 $ (2,217) $ (29) $ 27 $ 672
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2024 and 2023: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2023 $ (43) $ 15 $ (28) Other Comprehensive Loss (24) — (24) Balance at June 30, 2024 $ (67) $ 15 $ (52) Balance at December 31, 2022 $ (41) $ 19 $ (22) Other Comprehensive Loss $ (7) — (7) Balance at June 30, 2023 $ (48) $ 19 $ (29)

Income per Share (Tables)

Income per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	A reconciliation of the number of shares used for the basic and diluted income per share calculation was as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars and shares in millions, except per share amounts) 2024 2023 2024 2023 Net Income Attributable to Weatherford $ 125 $ 82 $ 237 $ 154 Basic Weighted Average Shares Outstanding 73.2 72.1 73.1 72.1 Dilutive Effect of Awards Granted in Stock Incentive Plan 2.1 1.3 1.9 1.3 Diluted Weighted Average Shares Outstanding 75.3 73.4 75.0 73.4 Basic Income per Share $ 1.71 $ 1.14 $ 3.25 $ 2.14 Diluted Income per Share $ 1.66 $ 1.12 $ 3.16 $ 2.11 Anti-dilutive Weighted Average Shares: Warrants — 7.8 — 7.8 Equity Awards 0.5 1.0 0.5 0.9 Total Anti-dilutive Weighted Average Shares 0.5 8.8 0.5 8.7

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Revenue	$ 1,405	$ 1,274	$ 2,763	$ 2,460
Total Revenue	1,405	1,274	2,763	2,460
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	210	74	392	193
Depreciation and Amortization	(86)	(81)	(171)	(161)
Share-based Compensation	(12)	(8)	(25)	(17)
Other Credits (Charges)	(3)	(1)	(8)	4
Operating Income	264	201	497	386
Operating Segments | Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenue	427	394	849	766
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	130	106	260	214
Operating Segments | Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	504	440	962	861
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	145	109	265	205
Operating Segments | Production and Intervention
Segment Reporting Information [Line Items]
Revenue	369	366	717	715
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	85	81	158	149
All Other
Segment Reporting Information [Line Items]
Revenue	105	74	235	118
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	23	9	50	18
Corporate
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (18)	$ (14)	$ (32)	$ (26)

Revenue - Narrative Section (De

Revenue - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Equipment rental revenue	$ 39	$ 39	$ 73	$ 72
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | United States
Concentration Risk [Line Items]
Concentration risk, percentage	14%	17%	14%	18%
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Saudi Arabia
Concentration Risk [Line Items]
Concentration risk, percentage	11%		10%
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Mexico
Concentration Risk [Line Items]
Concentration risk, percentage	12%	13%	13%	13%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | One customer
Concentration Risk [Line Items]
Concentration risk, percentage	10%		11%

Revenue - Geographic Areas (Det

Revenue - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,405	$ 1,274	$ 2,763	$ 2,460
North America
Disaggregation of Revenue [Line Items]
Total Revenue	252	265	519	551
Non-US
Disaggregation of Revenue [Line Items]
Total Revenue	1,153	1,009	2,244	1,909
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Total Revenue	542	421	1,039	797
Latin America
Disaggregation of Revenue [Line Items]
Total Revenue	353	371	723	688
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Total Revenue	$ 258	$ 217	$ 482	$ 424

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 1,319	$ 1,216
Accounts Receivable, Net	1,319	1,216
Contract Assets in Other Current Assets	53	61
Contract Assets in Other Non-Current Assets	28	24
Contract Liabilities in Other Current Liabilities	35	58
Contract Liabilities in Other Non-Current Liabilities	3	5
Product and Services
Disaggregation of Revenue [Line Items]
Receivables, Net	1,288	1,182
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 31	$ 34

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 114		$ 114		$ 121
Finished Goods	750		750		688
Work in Process and Raw Materials, Components and Supplies	134		134		100
Inventories, Net	884		884		$ 788
Inventory [Line Items]
Inventory Charges	$ 9		$ 15	$ 11
Cost of Products
Inventory [Line Items]
Inventory Charges		$ 0		$ 11

Intangibles, Net - Schedule of

Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, Net of Accumulated Amortization of $718 at June 30, 2024 and $639 at December 31, 2023	$ 384	$ 370
Intangibles, Accumulated Amortization	718	639
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	165	135
Intangibles, Accumulated Amortization	538	479
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	219	235
Intangibles, Accumulated Amortization	$ 180	$ 160

Intangibles, Net - Narrative (D

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 41	$ 40	$ 82	$ 80

Borrowings and Other Debt Obl_3

Borrowings and Other Debt Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Current Portion of Finance Leases	$ 20	$ 17
Current Portion of Long-term Debt	20	168
Finance Leases	40	36
Long-term Debt	1,628	1,715
Senior Notes | Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt	1,588	1,587
Interest rate			8.625%
Senior Notes | Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	0	151
Long-term debt	$ 0	$ 92
Interest rate				6.50%

Borrowings and Other Debt Obl_4

Borrowings and Other Debt Obligations - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 06, 2024 USD ($)	Apr. 22, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 24, 2023 USD ($)	Oct. 27, 2021 USD ($)	Sep. 30, 2021 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding, amount	$ 389			$ 376
Performance Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	289			218
Financial Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	48			52
Uncommitted Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	52			106
Letters of credit outstanding, cash collateral	44			101
Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity		$ 720	$ 680		$ 550
Credit agreement, increase limit		1,000
Amended LC Credit Agreement | Performance Letters of Credit
Short-term Debt [Line Items]
Credit agreement, maximum capacity		327	309		250
Amended LC Credit Agreement | Borrowings or Additional Performance or Financial Letters of Credit
Short-term Debt [Line Items]
Credit agreement, maximum capacity		$ 393	$ 371		$ 300
Senior Notes | Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt							6.50%
Face amount of debt							$ 500
Long-Term Debt, Gross				248
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				5
Senior Notes | Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Stated interest rate on debt						8.625%
Face amount of debt						$ 1,600
Long-Term Debt, Gross	1,600			1,600
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	12			13
Line of Credit | Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity				550
Credit Agreement Minimum Liquidity Requirement	250
Credit Agreement Minimum Liquidity Requirement, Increase Limit	$ 400
Debt instrument, covenant, minimum interest coverage ratio	2.50
Debt Instrument, Covenant, Maximum Net Leverage Ratio	3.50
Debt Instrument, Covenant, Maximum Secured Net Leverage Ratio	1.50
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Face amount of debt	$ 0			$ 0

Borrowings and Other Debt Obl_5

Borrowings and Other Debt Obligations - Fair and Carrying Value of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 0	$ 243
Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,588	1,587
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,588	1,830
Senior Notes | Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate				6.50%
Senior Notes | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate			8.625%
Fair Value, Inputs, Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,658	1,931
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value | Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	258
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,658	$ 1,673

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Issued and Treasury Shares [Line Items]
Ordinary Shares, Issued (in shares)	73,200,000	72,100,000
Ordinary Shares, Outstanding (in shares)	73,200,000	72,100,000
Acquisitions
Schedule of Issued and Treasury Shares [Line Items]
Ordinary shares issued for acquisition (in shares)	844,702

Shareholders' Equity - Sharehol

Shareholders' Equity - Shareholders' Equity Activity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Issued and Treasury Shares [Line Items]
Ordinary Shares, Issued (in shares)	73,200,000				73,200,000		72,100,000
Ordinary Shares, Outstanding (in shares)	73,200,000				73,200,000		72,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 1,100	$ 922	$ 586	$ 551	$ 922	$ 551
Net Income	137	123	90	81	260	171
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	12	4	6	(43)
Distributions to Noncontrolling Interests	(9)			(6)
Equity Issued for Acquisitions		75
Other Comprehensive Loss		(24)	(10)	3
Balance, ending balance	1,240	1,100	672	586	$ 1,240	672
Acquisitions
Schedule of Issued and Treasury Shares [Line Items]
Ordinary shares issued for acquisition (in shares)					844,702
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	2,985	2,906	2,885	2,928	$ 2,906	2,928
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	12	4	6	(43)
Equity Issued for Acquisitions		75
Balance, ending balance	2,997	2,985	2,891	2,885	2,997	2,891
Retained Income (Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(1,842)	(1,954)	(2,299)	(2,371)	(1,954)	(2,371)
Net Income		112	82	72
Balance, ending balance	(1,717)	(1,842)	(2,217)	(2,299)	(1,717)	(2,217)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(52)	(28)	(19)	(22)	(28)	(22)
Other Comprehensive Loss		(24)	(10)	3
Balance, ending balance	(52)	(52)	(29)	(19)	(52)	(29)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	9	(2)	19	16	(2)	16
Net Income		11	8	9
Distributions to Noncontrolling Interests	(9)			(6)
Balance, ending balance	$ 12	$ 9	$ 27	$ 19	$ 12	$ 27

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (28)
Other Comprehensive Income (Loss)	(24)	$ (7)
Ending balance	(52)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(28)	(22)
Ending balance	(52)	(29)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(43)	(41)
Other Comprehensive Income (Loss)	(24)	(7)
Ending balance	(67)	(48)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	15	19
Other Comprehensive Income (Loss)	0	0
Ending balance	$ 15	$ 19

Income per Share - Weighted Ave

Income per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income Attributable to Weatherford	$ 125	$ 82	$ 237	$ 154
Basic Weighted Average Shares Outstanding (in shares)	73.2	72.1	73.1	72.1
Dilutive Effect of Awards Granted in Stock Incentive Plan (in shares)	2.1	1.3	1.9	1.3
Weighted Average Number of Shares Outstanding, Diluted	75.3	73.4	75	73.4
Basic Income per Share (in dollars per share)	$ 1.71	$ 1.14	$ 3.25	$ 2.14
Diluted Income per Share (in dollars per share)	$ 1.66	$ 1.12	$ 3.16	$ 2.11
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	0.5	8.8	0.5	8.7
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	0	7.8	0	7.8
Equity Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	0.5	1	0.5	0.9

Income per Share - Narrative (D

Income per Share - Narrative (Details) shares in Millions	Dec. 13, 2019 $ / shares shares
Earnings Per Share [Abstract]
Warrants outstanding (in shares) | shares	7.8
Warrants exercise price (in dollars per share) | $ / shares	$ 99.96

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 73	$ (16)	$ 132	$ 22
Valuation allowance		$ 20		$ 20
Uncertain tax positions	278		278
Decrease in uncertain tax positions reasonably possible	$ 13		$ 13

Credit Default Swap (Details)

Credit Default Swap (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Derivative [Line Items]
Proceeds from loans receivable	$ 142	$ 140
Credit default swap
Derivative [Line Items]
Period from notification of default that could be required to pay outstanding notional amount		5 days
Notional balance	$ 260	$ 130	$ 108

Blue Chip Swap Securities - A_2

Blue Chip Swap Securities - Argentina (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Derivative, Percentage Higher Than Official Exchange Rate	0.26	1.06	0.26	1.06
Loss on Blue Chip Swap Securities	$ (10)	$ (57)	$ (10)	$ (57)

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Payments to acquired businesses, net of cash acquired	$ 36	$ 4
Acquisitions
Business Acquisition [Line Items]
Total consideration	136
Payments to acquired businesses, net of cash acquired	$ 36
Ordinary shares issued for acquisition (in shares)	844,702
Ordinary shares issued for acquisition	$ 75
Intangibles acquired	$ 88

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Jul. 23, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Dividend declared (in dollars per share) | $ / shares	$ 0.25
Share repurchase program, authorized amount | $	$ 500