WFTLF - Earnings call transcript Q3 2020 | Weatherford International plc

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Weatherford International Third Quarter 2020 Earnings Call. [Operator Instructions].

As a reminder, today's call is being recorded. I would now like to turn the call over to Sebastian Pellizzer, Senior Director, Investor Relations. Sir, you may begin.

Sebastian Pellizzer

Weatherford Quarter the Conference to everyone, International XXXX Third Call. Welcome, Vice President today COO; Karl Executive by joined and and and Girish Jennings, and I'm President Saligram, CEO, CFO. Vice Blanchard Keith President Executive

start open up will will then it today remarks, for prepared We and our we questions. with

forward-looking that today’s remind Relations These may our section statements. slides the website. download comments everyone call today’s I of copy with You to that of of some from include the want are presentation correspond the statements Investor subject results risks and to factors Commission and herein. any our to Exchange uncertainties many risk refer that to expectation cautions cause regarding could our Please from and for actual latest forward-looking Securities differ statements. materially filings expressed

a non-GAAP our noted to With to that, include release, of the fresh-start And to underlying found comments website. which the our reconciliation press comments and The the call adopted company of and today press on turn of the can in quarter include measures and successor non-GAAP financial in December are I'd in third accounting XXXX, results predecessor today GAAP Karl. our also details as measures. be our comparison release, included a Our over financial like companies.

Girish Saligram

and you call Thanks the Sebastian, thank all today. joining for

We three. on will slide start

lead begin me creation. excited I’m Weatherford. about to entrusted by for our responsibility value Let saying and the it’s be an to with journey opportunity honor

and a talented, seeing I with to have flourish. and look to relationships partners. strengthen our has continue fortunate are and strong to those team suppliers We committed dedicated that customers, both forward

I our of foundation resilience all been the on role. efforts, I’ve our innovation and global collaboration grateful today, I’m for driving this these, for dedication teamwork in concept more. to strong serving footprint customers the to resting In a and on the learn see factors and one action Weatherford I’d short a of everyone’s team. Before were nasty take both like during The to and three topics has and into in of spirit recognize Weatherford to for year. demonstrations business we of key the of am the me to pleasure forward weeks, brand, It the of tangible my challenging and the technology deciding eager witnessed already me get

Our senior of very and Keith I’m with CFO and new and General are experienced leadership has a as team have very recently changed this help. to Counsel. company’s Both CEO, leaders Scott team mature our caliber a and pleased

execute like you rare the a over additional Karl, it some for few past from and an you on drive turning to who to privilege quarter, our to over we like highlights him have give his continued It’s will someone Karl. Before months. I’d for CEO on I’m leadership Karl incoming Over as to rely leadership grateful for focus, the and priorities. key thank his to

Karl Blanchard

enhancing of cash unlevered during target. annualized we We local priorities. focus expanding efforts on efficiency deliver our And families been cost free on made regulations. our the excellent and guidance continues our on line team our margins the saving portfolio, the service our CDC, to Those I'm are welcome of we WHO, critical with exceed employees progress Thank service and further remarks on of previously $XXX over the from $XXX we’ve our slide And quarter, quarter an their million profile, cash of will areas $XXX costs and in safety We going once prepared And forward. our and workplace announced million our from cost which laid team. four. to increase XXXX. to and implemented leveraging how flow of these Through the Weatherford flow required focus return position. actions generating product on progress savings expect you, our Girish. and we the proud million improvements in One improved again, today, four to out liquidity quality, managing third to plans, have safety continue

North our and five September. of activity at were quarter our on drilling will and of counts remarks. America cash spending our drilling also declined with closing financing enhance and position $X.X transactions of for approximately XX% International. in Slide rig recent North expectations. liquidity with touch our with completion both end on line We reductions rig transaction, North in financial the Keith profile, quarter-on-quarter. having In strengthened highlights Weatherford meaningfully America America, These in Average his counts trends which total in hand billion the third

recovery resulting However, counts declining OPEC anticipated. targets. an due we production Africa by needs Latin lifted in safely XX% customer’s without anticipated, in our these faster to activity. meet completion slightly rate average America largely activity higher in were with disruptions continue shut-ins despite largely operations. for had with customers cuts our to increased declines over work and the declines, of and Europe expectations comply we Middle rig than quarter, the were than their and in Notably, spending and activity adjusting line parts with plus again quarter, the The faster of and stabilized Internationally, production sequentially. materialized saw East to and to efficiently, challenges,

is lost demonstration over Brazil operated by this in of incident. now team time just having without Our days XXX one a

in six. which highlighted also have and QX, commercial on operational are successes slide We numerous

its of conference the I weather work during mentioned discipline from all across remained previously users, the the our Weatherford WESC, for over customer of solely digitalization sacrifice their and virtually. teams, world. industry's to the hard another constant. XXth user yet and now all times. of our change, customers trying current all a focused event remotely in is partnership, year, the it CygNet attendance as adapted begin I've and thank situation, Now XXXX forum. home in annual employees hosted both in as hosted organization we globe collaboration, the Throughout Weatherford this these spirit the field. the how skating It for pre-eminent of or recently from This having over known, largest Enterprise Conference, record event Software XXX on achieved the will is

we is addition we the which attend. the of In drilling to completions event a integrated as industry standard X.X, that platforms? ForeSite test next-generation we ForeSight wells how just our to But case success and customers. delivered What other portions technologies. conference, incredible our for digital unique breadth our that set presenting offerings. testament and if that expanded optimization well, using value Weatherford’s What across of significant this the production With to equally known is is on of have the achieved customers studies and include offering and it don't event production, technology They the it production a we for deliver our digital than XXX,XXX products CygNet technologies. globally, CygNet service makes is have and is to important, more

So digital to turn to let's that through results. technology generate slide examples how seven. use you take Weatherford’s some tangible demonstrate we I'll

an managed gas automation to customers Control operating XXXX First, over use nearly X.X hours XX.X%. we with We've our or and million with recording drilling wells, drill Smart drilling efficiency of influences. system, pressure Intelligent algorithms control our helped during fluid

from average connections. to The rig time and time human delivering been making cost. the up The the Artificial of when connections. in approximately significant removes we a XX% Second, required globe. eliminate of members red reduces the savings, we’ve Technology judgment and connections, rig Vero enhancing and across and size that crew most Automation reduction job reduction has and Facing Intelligence crews damage subjective roughly the perform important, the an zone, result in XXXX, from to Vero deployed This used XX% make Solution our safety

a Whipstocks, efficient and introduction execute re-entry platform to in time. jobs. increase And fourth, Since on plan improvement production XX% non-productive we’ve over Advanced in the has Third, XXX Hanger, been operating we've Fishing Analytics efficiency. established Liner remote XXXX, resulting incorporated capabilities jobs, to used AccuView and more its in

the approximately $XX optimization by I've of about takes personnel their accelerated our As a challenges like drill to realize enabling it Middle transformation year customers per XXXX this in over These us to year, lift, example, service time faced by particularly decrease within average wells, financial help non-productive also the to artificial client. revenue goals Moreover, turn above their we the of and increased live on-board have achieve for that, equating and solutions I'd on helped barrels to per an red million increase zone. solutions the provide the achieved application in the day, many have They our wells costs, across and an reduce XXXX production platform, reduce of to Keith these With production digital things operated reducing the the barrels through produced. safety the quality, to improve goals. time. they number update. solutions rig, East and outlined of customers incremental overcome The operational of

Keith Jennings

Thank you, am join Weatherford my excited to and during engaging all you Karl. with of here. forward I time look to

our resulted the turn million, This partially quarter, Mexico, single the and were Middle decline Revenues primarily in second low $XXX East summary below from in offset X% quarter in period which by Let's elsewhere. drilling will same of quarter digit with the activity third eight, begin third a to XXXX. were sequential results. reduced slide and the and I below XX% growth

decrementals EBITDA XX%. margins Despite EBITDA the was slightly reduced versus points $XXX but our EBITDA over prior Third well the benefit quarter, revenue margin declined related expanded quarter revenue. adjusted XXX This adjusted has change the EBITDA from favorable sequentially million, basis sales year, margins change EBITDA during of from defined or a resulted adjusted expand over as as in in as the to XXXX. onetime capital actions to in

were X% Our year-to-date the and XX% an XXXX. quarter impressive decrementals year-over-year third during EBITDA

with third drilling and profitability drilling prior American or in starting and and Revenue shut-ins estimated X% which Hemisphere. grew of the work of as the X% or to rig in product and completion Hemisphere declined wireline our in decline resulted North now producers XX% as the hydrocarbon intervention growth services sequentially, well count, line outperforming grew activity, improve and declined provide XX% regional year. North lower X% in in Production $XXX changes business well corresponding America our me during quarter On versus as a drilling, quarter. Western Let activity. revenue evaluation production increased to million revenues completion Revenues America the in lines. North over PNC Western in within lifted model increased average nine, breakdown sequentially X% and with for the slide sequentially due sequentially DTI

from Additionally, product in benefited lines both seasonal Canada. increases activity

was sequentially quarter Latin and recover and partially Argentina offset Segment in improved X% with Colombia, margin America improvements while the the XXX This X% million Hemisphere Western year. declined in sequentially and XX% growth Mexico. significant to began at declined company's impact customer actions. improvement $XX adjusted were line year. of revenue for product represents and segment drilling growth over reduction of lower with EBITDA DTI prior grew versus lines of basis COVID-XX the revenues by sequentially. by spending X% points was million activity X% and a The increased in prior Third third PNC EBITDA driven both $XXX in both related Adjusted in across cost from shutdowns. were activity the with quarter,

Let's move the eastern down to hemisphere.

year’s year. Middle sequentially, COVID except X% and DEI across the million revenue in sequential restrictions easing activity. digit declined Europe. North the Turning was revenues Sub increased declined by levels flat experienced XX, of quarter basis Segment and XX% quarter, $X XXX third Kuwait, million revenues. related versus slightly, in in for sequentially, the sales by the revenues the the Saharan and the our and Middle restructuring. cost by prior driven year-on-year sequentially, efforts sequentially, of activity X% driven Africa is improvement basis, lower declined monetization a level company's $XXX growth. a Adjusted PNC This Company of the were into million highlights capital, quarter due sequentially prior and by million liquidity East, points the Eastern XX and revenues the $XXX reduction were primarily in Revenues financial capital in prior was prior of and non-repeating levels in of of year. mid-single in revenue outflows the primarily year-to-date Eastern of third offset XX% free $XX Slide which from grew lower was down versus region Saharan XX% Asia improvement year. Europe, where Revenues in with increased Russia, EBITDA the the XX% $XXX enhancements. reductions Africa activity DEI generated X% our The East. components margins versus XXXX, Africa. benefit lower cash slide to $XXX a sequentially PNC negative EBITDA Sub onetime to driven significant Hemisphere cash million Russia and savings of we by and for essentially from to third sequentially, quarter, On despite over associated partially $XXX year-on-year of million. driven related generally flow increased by which of Hemisphere by networking activity XX% drilling product CapEx sales the X% of declined declined the XX% and million

activities cash with free and the with flow, combined $X.X severance or of third restructuring closing flow includes quarter approximately in positive The on the of free million $XX quarter’s financing billion payments, hand. cash cash resulted Weatherford

In August, that closed on transactions senior the included which secured of senior Company increasing the briefly terminating agreement to issuing the during our secured $XXX of quarter. late first notes set secured agreement, related the million. touch senior asset-based me million $XXX credit letter and lending Let size financing lien and of of amending also a completed we our

As customers the closing of breach by with enabling approximately company on we eliminated on associated and prior our and until of liquidity Karl hand focus at language meaningfully the financial potential total $X.X alleviated the financial priorities. cash of no supporting continued we enhanced liquidity on With risk XXXX, delivering end the the with of including our quarter statements. Further, increased going ABL, and billion our complexities, included covenants transactions in noted, September. our the have terminating runway, maturities a the extended the other our concern

adjusted with transactions. primarily of which and results $XX our Our that financing EBITDA include million associated totaling the not costs in charges severance consisted restructuring charges were other included and

specific thoughts the we comments economic and expect to Turning will specific the our to significant combination like There drivers on convey is that business from by would more qualitative monitoring input and guidance. driven progress and of year. are to industry provide a fourth precludes I slide us for the uncertainty remainder XX, the some how business still I providing we quarter, of not to stable or pandemic is assume These commodity extended our of oil environment activity related from underway. comments gas in consider assume round and not curtail demand. that sustained the hydrocarbon do another and customers. or due recurrence prices of recovery lockdowns reductions Further, relatively of consumption expected further disrupt may weakening price comments increases sustained do these a a production hydrocarbon that

as expect with comments the across America, we recover expect to we of revenue activity in Western their expected seasonal extent basis, is customers to and spending levels progression. continue to to my expect start due me continues revenues East flat our Middle recovery by it Europe, Let reductions Canada. to On Hemisphere, a In activity lesser the high activity increases to seasonal pandemic the increase related In expect driven to in decline PNC shutdowns. most region expect monitor continue the largely a revenues mid-to-high and we as see Eastern to down levels. digits. to to slightly increases to we by reductions. consolidated single be America, from Hemisphere, activity we Latin by digits QX revenues from in In North single In adjust

muted more years. than we expect to year in previously, end benefits be indicated seasonal As prior

be increase payments, due Free net reoccur also we capital the range, in is with cash interest will time in to to call non-cash who inventory the comments. in has as of well adjusted capital over today. the XXXX begin your as unwinding turn now reduction the expect the quarter previous XX% comments. The expect sales For during total a third realized for sequentially, decline and activity the primarily levels Girish working our in charges. our in you expected as decrementals flow line will XX% stabilizing. EBITDA, quarter fourth closing we Thank to year benefits not sequential to to from I

Girish Saligram

you, Keith. Thank

substantial close the cash by savings give doubt our on quarter. and confidence drilling our my objectives the execute liquidity has to of the future. like of outlook discussing EBITDA delivered language $XXX generated strong in activity $XXX transactions, and filings closing coupled will cost market strong continue forward. with enhancing our of removal over we the term. team I'd in million a results to we meaningful third me anticipate our approach the flow million, going the Our America, These for today North and We in do not In actions. of recovery and near a free

prices the commodity Given remains bound. cover the fact range that would fall

gradual see reductions activity parts to spending negative and and back and expect America through the to continue Internationally, in bringing in we locations. overall perhaps go other recoveries of activity as may online. production with do slightly outweigh bias slightly a customer ducts operators Middle increases to be flat in we However, down as completion production Latin expect in East,

and seen count significant spending rig globally customer and outlook this remains our year, term market in have the for cautious. near reductions We

However, whose industry of the our early of near term far economic and remains weeks and protection of to it from certain, any potential global on have cases factors measures. measures, volatility recovery conclusions last the there external in community rising policy draw including the as the high, vaccine effectiveness definitive activity, is trends. impact indicated, timing are couple based a outcome Clearly reinstatement COVID-XX and many and are likely and too on global

activity act we that quickly are to as planning demonstrated. adapt can continuing on confidence our based result, evolving and a have conditions levels we current we As with the

consistent must must we be slide and and cash ensure summarized for can for XX. profitable objectives Weatherford My follows; free positive sustainably that to flow. Company customers We deliver generate will our Moving be results as shareholders. the

are make leadership capitalize we eyed goals. we are necessary strong We in as are to about these results. in company to challenge decisions team, these company's transition, face. belief these recognize ability We a that we are to the simple While and the clear achieve the a prepared a harbor objectives,

employees of going initial areas. achieve goals, three continue we operate To prioritize safety forward, main of quality our and is will on focus outstanding these we the my customers. As our delivery to to the

review in operations First, a to developing finally to be term inputs XXXX standout a the talented while current our all speak I two, to to committed will of needs plan our structure. their and few our In A opportunity our I've personal reaffirming and will our members These energy my strategy with will us teams on market. listening a the simultaneously with on-going short that longer commitment understanding of and on encompass allow beyond. discussions. our transition term developing role me and evolving weeks, And this employee and many first three customers. cost our portfolio, for and team these thorough to customers base, reflect had provide engaging portfolio that and conducting successful focus as

our tenacity the been have the us. customer commitment With the Number and and team and challenges of in customers key serve differentiation it we keyspaces. of product to all resilience, through and a our centricity Firstly, see that it this through for value our shows innovation delivery. portfolio service two, heartening is incredible product breadth to is

manage especially innovation, free approach. technologies us about spearhead production segments convergence and of cementation overall geographies. excited and provide market pressure strength drilling, leaders ground generation of in our multiple important an among profitability solutions Capturing we running the the that be globally, businesses outstanding our of breaking our to and some digits, flow optimization. of the While the and and will others, products like services, is part share leveraging I'm tubular our them and to overall mid-single across have market in enable goal cash

We technology, that their have digital results been line. providing a which in from comes bottom tangible leader customers impact

We succeed. and every our strong enjoy us Now challenges between Clearly, our and wrap loyal dealing up each them, customer them, earn and that represent be to but that superior Still customers days rely must see to me, part day a a we it's on value serve proposition. demonstrate is we feedback ahead excited still customers know and cost but encouragement, I'm with, a something more of has they that early support, significant and we leverage. services recognize products passing easy, the access our continue and that while want you support happy collaboration spirit to day we'll the up, of To for road to challenge. right they're and are and to from been I'm the to have proud for Weatherford.

leader the board will immediate by being production Our customers. solutions for be [ph] a our defined in future and

We expanding on are committed improving returns. to and focusing margins

to world our responsible strength career and confident employees and stewards. is also and our our have we operate technology, provide footprint, changing in be the and today a be opportunities in We committed communities that to responsibility exciting leaders global future. team we The are and will ESG the into

for provide XXXX will for year. stay listening you fourth detailed on for safe our early successful and a and strategic let's a it Thank Operator, update plan today We in everyone. open Q&A. up quarter direction update next our

Operator

Thank Instructions].Today's first Bianchi from question Marc you Cowen. go ahead. comes with Please [Operator

Marc Bianchi

mid-to-high a than do do bit for it fourth so what outlook we've Thank question that have I you go that quarter -- you'd like quarter, Eastern seems to point you. XXXX? more in anything other Good given Hemisphere revenue down we companies And their to with quarter severe there's international? digit see far is out? heard for Curious this unique? unique if fourth progressing just would single How the that as has morning. fact, Weatherford outlook into here. from first if

Girish Saligram

Marc. morning. Good Hi, Good question.

a So to things that think, of specific few circumstances. I sort our are

East. are pushed that the in with also we've to this Middle count that being We've in activity decline their scaling line rig some have XXXX. and activities. We the contracts that is back believe seen We customers out certain certain seen

I'll invite may have commercial color we that outlook Karl have? the different specific activities, about the he some from to anything that's moment So or at that others. say is

Karl Blanchard

Marc, Yes, is Karl. that

and any got. We've But reflection I what positions But timing got work drop. held particularly. work. be the position than where specifics lost us just about as one you of the sequencing but isn't the work of may the etcetera. it or think think little it. longer lost in understand But, think major good in some I some some differences still we Middle there, this East, contractual our of the over for and a some more the great countries good we contract of the is occurs work way in contract countries or feel we've to timing all the looking you rigs areas see in as position we when It's doing a are certain ground I to the the forward market, more changes into year’s just well, next continue some losses, contractual of of it's know,

Marc Bianchi

quarter very Okay, I decrementals wide of for I get between comment because mean, And I range have look you a down, to and is if use could what's so down tailwind? kind driving it closer a be so how and willing million. if XX XX% would you within okay, would much it or fourth I guys Curious range? or it savings that of guidance it you sort great. the kind that you XX% be maybe breakeven the cost or, Is thought to $XX goes are see can really much at adjusted to here EBITDA, can if decrementals if the for of it

Karl Blanchard

again Thank you. question. Marc, good So

roughly through we've at year, look our today, you been been September, decrementals X%. where If respectable, have

do we've terms in. of And outlook and for the a slightly QX. quarters how come the through, environment, We've to think in barring calculate in about that we both up expect changes flat terms given that able should also stock on be range. any we beginning down We material as in be with that three needs so, range comp. macro to activity, And of of that low hit adjustment. excluding customer in because, think side a revenues, to calculate to But spending remember got we in low I the we to to side of have that, there we slight for follow executive think

looking looking of you're for revenues So you're you of then and when if at comp, million. the exec for XXXX, year at it's the a $X.X full base adjust billion, $XX stock baseline

So…

Marc Bianchi

Got it? Got it.

just Okay, be you using as so XX%, the flow decrementals closer devastating you're clarify, to about, default? the low say through, when to we should talking of And end

Karl Blanchard

Yep.

Marc Bianchi

Got on How it. that it. the crystal follow into just nobody's then are how and about Got got But as XXXX. I up fairly that we know, we a is things America think bit And be as that think North grinding you mentioned, you've as cost revenue. stable, And think little may program of if timeframe you the going you've, beyond a what's that? the higher. about realizing? XXX should we these about savings And talked material ball

Karl Blanchard

of right now baseline. our as an at looked at cost is we've we way run algorithm XXXX savings looking use rate the at The December the

we at analyze so our that if you delta. asked And rate took of ourselves, September run snapshot XXXX a and

set the a it's that target I now activity. for XX/XX And run that million ourselves. the we easily so at we, between what out rate structural we believe if characteristics and of say savings, look annualize we that above lower annualized of the $XXX what If delta, you split would because came we're

that's that together in given no, finish we we kind And got of as it. play the for some XXXX. put where as and planning, But being about future, and out forward so the think think about, guidance going will that we, all

Marc Bianchi

turn much. back. it very Thanks it. Got I'll

Operator

next And gentlemen, and of our America. with Gregg comes ladies Bank from Brody question Please go ahead

Gregg Brody

morning guys. Good

impacted minutes clarify how XX much Did the in XQ I late. your a Just you joined capital -- one sale I'm couple sorry, results? time

Karl Blanchard

Yes.

be million, us. transaction infrequent for eastern the in commensurate done. for it's, how minds service of a know, The So to, work. deployed that's changed to And to service hemisphere, you happened It's, in nature the it perform us. they purchase time transaction of instead it's we it's deployed, is closed an This gain not wanted really as it's equipment. And unusual transaction. the or or to was about should the the customer the a last It It's, [Indiscernible]. some $XX their work think quarter. close, year, first

not So we But from transaction. And not the getting ground, excessive do more equipment sold that had it. the this inventory. gain for on equipment, sell, versus created, is we we our that sell fleet we equipment capital should we do disclose since on basically equipment the

Gregg Brody

quarter Got it. I'm provide and line clarity sense. if just cash free can fourth beyond. see That through to going some just for to items run makes you flow maybe

you payment sense So I interest XXXX working appreciate be taxes, and of we cash would big stick Can And quarter. too? how fourth give the about for if helpful talk you in us then expenses, it you about have capital? restructuring a

Karl Blanchard

We’re before. we talk XXXX. come we to if not prepared think what know about yet cash going in we're if to to I said think we've But, taxes, about

given earlier million I $XXX year, to should that. think in they've a of range be $XX the inside million of

think In in line. terms interest, I of we're cash

In guidance gave the terms XXX. of CapEx, I XXX think that to was we

other in of all with And I restructuring the terms line other, and think so in components, line in we're that. forth.

$XXX that also I up to we, in million we've going $XXX to with given think line be we're million. that, the between guidance

Gregg Brody

quarters, that And an up there's shows line expectation the that there's reminders this other in there. they're item just

Karl Blanchard

which item? other Which, line

Gregg Brody

reconcile to XX your think had Is a say, last there there. way quarter before there? this you there's positive XX. to flow, you looking And we're at about cash the number Just free about quarter, million

Karl Blanchard

Restructuring, here that in is so LTVs Severance, included all FX, everything other includes different the covered that line. I've everything. [Indiscernible] pieces,

Gregg Brody

that's maybe my That's, And then last helpful. Perfect. question.

capital a done. congrats So getting on raise

environment, How, cash is you is If then sort much get or flow a capital also XXX is quantify way recovery just that you to how stick? to you to reduce, free any there today’s the cash flowing, if ability of within of long before and or million a could how their to raise in situation, venture. there just more

you be that great? If highlight could [ph] that

Karl Blanchard

the were we So some covenants capital. think inside to think our indentures more we about situation you we have about I if do think to, indeed, have at raise the that moment, to if

of need at time that think think raise I best it way the we more capital. this to to don't

right full having which that our a to not to structure business, in business. manage dynamics complicated our was million current ABL, designed $XXX raised on work the have through with the us We liquidity lace hand, to affords for ABL our versus

better will international how can of the runway. ABL the over time, something which course we that think use to we this the with so reflects business, best about replace our is And an nature hopefully And of business.

If hemisphere of at to earnings, to our app we the you work operate with tools EBITDA. about delivers how look such, of need And an our as structure our a still lot that business. think

what cash through flow cash our as if of It look terms work flow us the In for profile we we're profile XXXX. you free our tell will at free positive. But time, is. model year-to-date

we of business. And of cash so, we'll then cash, billion in once we structure bit our But flow. pay $X.X when slightly QX, probably terms the about runway negative free do think fair sitting in our be to interest you're how on of to

Gregg Brody

I the it time. from appreciate, me. That’s appreciate

Karl Blanchard

Thank you Gregg.

Operator

to over final turn answer And the conference ladies the question team remarks. management gentlemen, and like to any this the back I'd concludes for session. and

Girish Saligram

That calling said. Appreciate everyone for thanks, in. Hey, it.

Operator

This concludes for today's everybody. today's conference attending presentation. thank call. We you all Thanks,

and have wonderful disconnect a You lines your day. may now

Weatherford International (WFRD) 4 Nov 202020 Q3 Earnings call transcript