Thanks, everyone. good Christian morning, and
take a than the employees a went for a but challenging lenders, because As was financial today resolved through XX. year were we ago, year we we like are our shareholders, all Chapter and you believe particularly Weatherford a that our we restructuring the believe we vendors it’s of moment our acknowledge I our receive not as enormous company very better to and from Weatherford, to including XXXX know, customers, support I’d stakeholders, challenges.
and operational As issues its you had structure. just Weatherford’s too. more than structure capital issues, cost know, were We
began a launched aimed streamlining working we XXXX, our the XXXX. market increasing at profitability of XXXX, work. simplifying plan these We structurally steady the way in systematizing negatively goals program, early XXXX of in our organization to plan, our financial And operations by transformation headwinds in standardizing, transformation process did XX. on made efficiency. decision-making toward were we and improve pace we changing we the challenges Chapter our Through impacted stop back and and late We not improving this while throughout progress our while
efficient more and business North In by restructured to our profitable product we service reducing and rightsizing and our footprint, headcount offerings. America, our be our evaluating
terms progress our We manufacturing significantly began our relationships As made vendor earlier, and operations. new make on cost. work service and began global our maintained optimizing customer rewarded with and to We relationships those quality, and focus reducing safety progress on we described realizing We support from critical meaningful be strengthened better customers. footprint continued our pricing. and our repaired Christian reduced to on
commercialization limited our Vero continue single-trip Magnus included to our of system, And optimization disruptive ForeSite production connection technologies, but the and driving which integrity, weren’t finally, rotary we TRXP, automated steerable the platform completions technology. new
particularly accounted under consolidated attractive and a diverse combined the our revenues market just for the year, of environment. Our offering XX% international revenues footprint, during Weatherford in current
combined revenues of divestitures, X% our impact international in grew by Excluding year-over-year the XXXX.
to close us continue believe financial restructuring. because possible was growth partnership who our with throughout us these Our our customers, supported in markets and in of
key a our than in customers. have shows campaign decision-makers. achieve goal, yielded of opportunities, road transparent which The new of materialized. we than more year, XX shows we and more engaged already They received the enhanced Last this way the with with feedback sales zones we engage in experience hosted also technology customers. XXX with X positive communications road geo some proactive To we and these
In wins in positioned contract our Eastern leave well Hemisphere, successes us XXXX. and the operational
won steerable deliver a to we Magnus example, contract For our services with directional with $XXX-million ADNOC drilling system. rotary
received running award services X-year awards and also for casing-handling a and fishing tubular for services. We
of one proven that our targeting largest selectively profile in how fields well integrated and fit X won fully These are contracts Iraq. services in awards We rig highlight and contract the requirements. contracts X also commercial we service integrated operational
Victus rig the of date contractor consisting integrity services, major Finally, of we operator. Kingdom, connection were automated to technology, offering pressure differentiated drilling and solutions The and to technically in project logging-while-drilling drilling on pressure running drilling awarded our behalf managed first a HEX, combines services. integrated drilling tubular deliver United intelligent Vero managed to a
achieved in operations risk. to example, LWD total operation we team the and providing to red campaign will remove be to from commence to combination data. valuable of MPD transition personnel zone XXXX milestone reduce the quarter fourth MPD the casing quickly to depth reservoir rig, to For the the system by the The expect first the of well With of and will and the shortly. rig on Vero integrity providing maintain while able running the
Western Despite issues average there. to with involve time of America, sizes. the delivered adherence nearly X was market-leading because Hemisphere solutions whipstocks and we and In X we logged particularly the and casing installed installation market under several execution. Weatherford hours in possible successfully casing-exiting our North Weatherford for spans working per the reentry procedures, X,XXX several in XXX% consecutive This faced stringent technology-based run. operators an milling processes teams delivered and and technology. customers hours success of XXX to single-trip The example, our U.S.,
completion The integrated reciprocating To facilitated and requiring Optibarrier rod-lift an the the is contract oil operational tubing operator savings, valve the Weatherford finally, in which time RFID-enabled X-year this tree which nearly deepwater awarded saved further services. valve well. intervention, recovery. Weatherford saved time isolation Christmas valve artificial line rig depth Santos a delivered by record providing time. solution, slick heavy lift contract, in additional new reduced Weatherford installation, Basin and increase Brazil, – XX%. In ball the Under Canada, without set for a Opti was nd equipment
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and core Things, strategy of cloud like Internet digitalization the applies Our or Industry leverages data our concepts competencies analytics and X.X IoT, computing.
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of a South wells. enterprise-wide. began major recently installing Let’s ForeSite XX,XXX A talk about few America those operator in
was first multi-well the stories within of One lifted ESP success a asset.
operator quickly ForeSite to of which wells, number in the in recommended enacted adjustments a the the systems ESP those field.
CapEx spent solutions economic by Whether side means limited tracking solutions no itself digital but simple free millions paid of production completing, specifically have digitalization these and are we production, minutes several X automation of for increasing I immediately producing, by investment are cycle. With for talking to developing our a our by day efforts comprehensive per worth digitalization is from asset’s dollars about life that onward. drilling, year. can measures, segment and or generate customers’ our an X%, value operator an or single
and more longer. technology our and or finish their have add road and to they What technology best-in-class interactions customers’ unique both. to want long-term heard value and address faster customers our is between our alone to won’t produce them concerns during choose to solutions points don’t conversations numerous strategic want pain wells on and conversations enable that Based their integration; widgets understand operations. need we for address cost-effective They that shows, we these during that
one Our our aligned and and integrate wellbore overarching for teams provide strategy with individual the is one technologies to innovative production customers evolving market-focused that with our therefore technologies market-leading around organization Weatherford solutions. was ideas into that
more Providing become efficient customers efficient got our to we’ve solutions to means internally too.
of well the profitability as operational a that we way our full going to we footprint work. as these our of efforts ensure further forward of structural changes focus the and organization To get quickly efforts and improvement transformation are value Our combination adjusting we program prior that the possible, ran with our with instead financial narrowed restructuring away to the as as the we’ve to have broad highest hundreds opportunities initiatives moved our yield. from
materially and markets world, engine the volatility Given commodity the energy COVID-XX capital the and XX% outlook still, too, cautious. see to countries and on and precipitous members Remember, is supply-demand Further have activity the economic to by Middle XXXX oil we’re gas a pricing spread primary of activity partners outlook East beginning significant WTI for in many for The actions the offer Europe. Asia, is COVID-XX-driven impacting the and its disruptions of impacting year-to-date. with global for recent production and in decline remains conditions the down caused increasingly discounts in and OPEC balance crew and and over already that Brent increase around consumption. are our economic
assessing market The is developments. recent these actively
their capital spending, their plans and ultimately, reassessing no and we’re on there on material There Our actively with is that forward. will question going impact our customer a be working them levels results. activity customers are spending,
said of depth transactional to are recent most we events However, for and such to timeline markets of expect North That and pronounced currently impacts seen anyone’s initially a America. impact such guess. length be the recovery the the the and as in be
North in cash earlier reductions but be expenditure flow. also year. expect land this budgets living decline will material declines XX% the more we versus hedged than While a approximately in activity spending natural customer Moreover, are oil pronounced focus operators less for in Internationally, in operators and expected, year-over-year North and America. gas, as announced on within U.S. pronounced on in America customer are spending for capital XX%
profile, given drilling in a production spending completion weighted To lower wells heavily on incremental will clear, on be We the prioritize lower them customer and production. versus production more expect and and capital their immune, an for return be to operators spending. barrels, optimize and drilling presents associated but impact be this believe opportunity will with reductions towards spending spending new activity to outlays we not completing
lot while have still XXXX, we where of did we we’re satisfied not an to as a we today. work do closing, In stand have organization, some and in successes with
to believe footprint headwinds meaningful year, I product but we’re during offer geographic coming market operations a today. making this our Weatherford’s a to differentiated the capital organization. environment. position, in improvements healthier and expect our throughout mix we We and us And have structure committed particularly
returns, to during prioritize We’re actively base adjusting cost our committed XXXX. our improving cash and are flows to and profitability flow and cash
prepared this concludes Q&A? Operator, open the our remarks. for Will call you
