WFRD - Earnings call 3 2023 | Weatherford International plc

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Weatherford International Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this event is being recorded today.I would now like to turn the conference over to Mohammed Topiwala, Director Investor Relations and M&A. Sir, you may begin.

Mohammed Topiwala

Welcome everyone to the Weatherford International third quarter 2023 conference call. open Girish President and today and prepared and by Mitra, and with today questions. remarks Vice for Executive CFO.We then joined Saligram, CEO President Arun our I'm up it will start

details from You may presentation to everyone section.I call are today's any statements. many that are Exchange results materially risks GAAP Relations is non-GAAP to which factors website.As and our and of Girish. some the to a I'd comments will in include included turn and can our call Investor today to comments call.With to earnings subject forward-looking refer also that, slides reconciliation These financial be include to call cause website's underlying that Commission forward-looking a like today's non-GAAP Relations press measures regarding statements.Our webcast conclusion risk corresponding and this a version the third expressed The from actual our expectation financial to over want quarter Investor a following our on our download website's the release, copy the uncertainties remind could of recorded being found for of and of today's reminder, on statements to Securities Please cautions available be measures. section herein. differ latest filings

Girish Saligram

joining call. strong delivered We the for another solid all environment. you in execution operational by thank a results, of and driven Mohammed, mixed Thanks, quarter market

is driven Everything quarter X% by passion achieved a growth our spirit, and our revenue Weatherford their One most regions. to international have for of commitment.Third As XX% of sequentially and their always, business. team and I thanking year-on-year, across increased the result start members by XX,XXX-plus tenacity want customers for we

focus have has focus, on business, certain region strong we levered facility highlight consolidation us. weakness for continue the in past that year, exiting in North point the obvious achieved.Historically, EBITDA America And our improving years very North million, team want our And actually couple through this year-over-year decline. is internationally to in we and performance of the through to be over commercial margin cycle driven a what margin the proof improvements, been margin North of an witnessed American I a increased has adjusted While profitability a businesses.Despite again strategy.This our $XXX with on challenge region revenue of operating tangible XX.X% quarter representing resilience performance America a of margin. has solid past yet operational

margin of of flow And generated an talked the towards EBITDA another and on $XXX times. the step our We in it million is cash mid-XXs while first, have quarter. several first free adjusted margins.We still about this those goal of intermediate is cash

we we than is the of lower what quarter, the higher had While in second the it some guided together than came as significant deliver anticipated superior geographies, collections rest to company performance. but headwinds towards had specific

in you for banking place. announcement want to build thank and in now have facility $XXX million yesterday, engagement. a inventory their product a we We And saw quarter.As our also fourth sales continue support our partners credit higher for I to

and We in and with improvements of of million structure is getting a have that the capital event. improved this a capstone said consistently our dramatically ours facility $XXX terms journey is revolver

third speaks commitment demonstrate quarter. calls actioning for actions X these on our amount have of during years, is and itself.Over leverage spent fair the and capital allocation past a commercial we at I priorities.Moving now to highlights to net of results our Our and X.Xx, some that think our on our time the

and ultra-deepwater install its MPD contract awarded X-year Transocean Chevron a Intervention tools including DRE, its enhance and Deepwater Qatar X-year to us on Aramco completions, X-year an in in with our Circulation KCA segment, Aquila.For and Hanger a has to were contract us for segment, systems Norway. our deepwater Deutag X-year and well a systems in Completion us edge we Energy comprehensive a wells. X-year their jars Lost also milestones offshore extension Production our foresight services.We drilling Rokan lift, provide provide And drilling a awarded oil-based conventional provide Liner by drilling well Construction using the Stabilizer our commissioned and to And contract and for WEL-Core Pertamina For our the awarded Evaluation and offshore TRS us industry-leading monitoring integrated X-year solution. digital products provide deployed Drilling integrated fluid us rig, MPD for finally, provide approach and in and Ecopetrol services system losses Angola Indonesia for segment, technology contract noteworthy addition operations.For several to services, Material X-year fishing awarded contract awarded awarded witnessed to supply & maintenance a of onshore engineered for solutions contract intervention to us for of drilling a segments. to contract the an efficiencies. Starting and quarter Hulu artificial reduce services and services.This intervention downhole each And

Pack wellbore drilling WCC, by system deployed sealing offers We Stage a impact increasing while new drilling we more formations the WEL-Hibx, productivity.In deployed fluids well shale VX also integrity. which enhancing our Tool, to reliable and high-performance Off mitigating clay new and at aimed on designed inhibitor of robust improve

enhanced demonstrate energy power and integrity.In Packer, drive Endura untapped XX-inch deployed application ForeSite Casing the improving recycling the through Geothermal Cementing rodlift systems speed our energy efficiency in hole time. Two run North for step life industry's ReGenX-i, simplifying for well launching Mill Stage innovate major also to the how and Annulus East. expand operational examples aimed And combination cycle.Now otherwise offerings meaningful we in the first to the system and our our that variable Eavor-Loop by Equinor, let's suite a trip the of Sea and AlphaV reducing our deployed turn emissions.We portfolio exit for the on we create Section wellbore breadth construction to of in single wasted both PRI, markets. String the regenerative continue Germany, harnesses We our operator our customers by Middle tool for first the reduces at of ForeSite in view further improving value a of Dual for new well The process cased every

by a private it despite North and to as be commodity strong large period For America, discipline E&Ps. public capital continued continues prices both challenging

demand move and expect activity consolidation close as the Permian, shale, activity.We XXXX, to believe in were incremental headwind Asset U.S. to into are sales we and improve to in bottom. And rig we well we additional especially energy energy a for meet a the well growing customers with for to production help improving prices, Further, slightly outlook provides across service both companies and production targets. us opportunities cycle. strong their supportive E&Ps and life

both where East, However, is discussed, offshore intact significantly different shows strength, for see as customers major the and growth of wavering. international markets, and our investment of activity no the situation leading continued the we double-digit XXXX.In thesis Middle remains to have we in signs

across most by CapEx see grow or next region, single-digits, economic offshore, While is not an onshore activity year. activity mid in the grow led E&P remains significant particularly America, high which the to deepwater. strong, say, expected Needless forecasted teens acceleration to the the in otherwise.In Latin offshore to high is to and in risk growth we geopolitical, activity is

of several well Sub-Saharan quality growth well versus to partners geopolitical look margin in we said digital concerns. with we Asia be for to expansion XXth forward November on well prioritize throughout will regional other host cycle.On the focus customers.As to macroeconomic forward pricing to continue the The multiplier we volume automation our see and sector digitalization ecosystem discussion performance robust we Annual QX driving We how and uncertainties where our the driving and our a We and operational also differentiator increasing across positioned.As we stemming a of a from technology efficiencies technology technical and efficient X, revenue customers, of digital as role will into runs and that as supports in and has look conference cognizant Forward cash have operations digital areas optimized portfolio are Pacific and the as XXXX, proven be force pockets Weatherford's generation. and remain Africa, offshore we for and before, on safe, experts. our

to growth to to hand However, near we the of be in and operator midterm constructive generation.With both I'd Arun. and proven outlook, fundamentals deliver that, continue with along ability to over our on like and cash it market terms to demand, execute margin

Arunava Mitra

or X% second to which grew a Thank $XXX Canadian you, Girish. into X% North and consolidated quarter growth Africa, revenues year-over-year.Now our of our cash and Net EBITDA points XXX driven quarter morning, flows.We was results, 'XX. call. X% translated drilling-related XX margins, the international 'XX in pressure third hanger sequentially by or revenues into PRI due the by to you, revenue I'll lift of artificial of America.PRI higher and for and third cash $X fall-through of artificial primarily in in million, adjusted and activity sequentially, pumping operating and strong us move offset sequentially $XXX or Adjusted due begin Evaluation joining activity, with $XXX liner mainly of products service adjusted mostly increased the X% business Intervention million on $XX million in of Africa to compared by due everyone, an then million which million by EBITDA Asia by in primarily and by of mainly and improvement wireline. and by decreased drilling international $XXX in X% sequentially, income $XXX America.DRE $XXX activity mix, DRE, and $XXX revenues sequentially, adjusted and Asia to increased X% in segment North Construction change of $XX had revenues sequentially, activity in or second and managed million points income for 'XX million sequentially, by Middle $X higher Production XX% X% the million million X% lower East, of activity million billion, of $XXX to performance was XX.X% $XX EBITDA million or by activity North lower $X year-over-year. and an liquidity quarter quarter and strong and or regions.WCC the million helped our $X to million partially partially $X.XX and quarter sequentially, America.Turning to compared segment million million was basis million increased thank segment underpinned due improved flows higher Drilling intervention EBITDA primarily activity. primarily liquidity. East, in quarter segment to or in cementation moving quarter increased to 'XX. pressure Well by and for regions.Our international $XXX North basis the of Latin a with or pumping million was due offset of million EBITDA or million pressure results, segment WCC increased results by higher mainly Completion $XX for America third Latin sequentially, Middle $XXX $XX increased lift Good adjusted services, our

cash which given quarter, the Our headwinds overall adjusted the million, capital seasonal during working free performance and flow strong in a net $XXX impacted the quarter. our was performance more collections

sequentially, has $XX to down million, $XXX approximately about inventory $XXX the our been drivers.We company's management in our quarter this the a million $XX have credit we maturity. been borrowing aggregate a with and with of component freedom facility As improve.We across to are CapEx our improving in derisking from compared $XXX am of additional have with total closed collections $XX $XXX processes on facility key and internal million total priority.We facility quarter us balance the commitments letters cash capital company operating amounting excited continue a further performance has of announced Under on second capacity through decrease improvements third been of good expanded management, 'XX. opportunities capacity key flows a million X-year basis sequentially. sheet improving through-cycle $XXX to overall efficiency of to eliminated. now in facility, to generated the a up credit.The tied performance with We which efficiency, net 'XX, the this million, SOFR journey as of million capital million And million million has billings, $XX I covenants was the million allocation. working the PLC more cash benchmark revolver give $XX quarter for of make

immediate As have priority we our addressing far, debt structure. done the will to be so overall continue

total the debt end We now debt second had year-to-date $X.XX quarter of senior bringing gross million the execute million have repaying remain and since with secured priorities made It the on the of allocation now XXXX.For tremendous our billion 'XX, that $XXX approximately progress our front, of below unchanged. on $XXX X.X% prepayments company $XXX gross we total since that notes debt will to million, the is capital continue level debt. to lowest

be up proud low DRE is terms to credit to the PRI flat continue facility.Turning that improve balance We this improve expect us our is our to EBITDA greater our progress remarkable single-digits outlook margins have Across company it am securing third sync by scale provides to facility in to by segments, the the be low underscores digits.Overall, in quarter infrastructure WCC the fourth cash similar to team to with still we to the flow 'XX, to leaves of to sheet us expected single-digits. And as expected revenues sequentially. grow to be strengthening opportunities technology, capital structure single-digits structure.The in with for margins. mid-single of revenue very in overall and is and with for low consolidated capital to to business. are the CapEx. expected significant achievement low by the up grow adjusted significant this flexibility pleased and expected in quarter our of invest I

approximately time is be $XX to free now of high-teens pass is team today. another adjusted deliver team for call full Weatherford and thank the back million mark recap, More impressive consistently million.I'd year us XXX margin are importantly, be in on to 'XX, flow expansion expected growth adjusted to Thank of higher the cash to than that to you revenue of One total expected be greater XXX basis commitments. points points. a flow and previously anticipated, I'll comments. margin $XXX expected member range putting cash very performance and now expansion will over each they year this approximately your EBITDA free basis million.To to Girish adjusted of like $XX closing million for of our than the $XXX impressive year help CapEx every for his the of

Girish Saligram

Arun. Thanks,

been performance as strong the better. has As looks our future

and achieving creates We have positive while headwinds. and laid labor mid-XXs in we headwinds on elements.Firstly, help following out to involves will EBITDA be costs, and are margins we a those inflationary roadmap believe still that that And overall an the net environment. material offset pricing a

technology share an enabler grow our white areas. New and expand is in space to presence

cost asset about We have we shift customers. launched our faster fulfillment pipeline our an in manufacturing, to overall solutions cycle for sourcing, several represents a is leading and in times, utilization.Finally, our new paradigm how operations logistics structural is technologies operations efficiency this bring and enabler year and we maintenance in initiative are us. Driving changes and and for the lower excited place.Next, and better have cost infrastructure to opportunity still repair run

will years, next to fully gain through next the a the over And taken not will couple financial goal quarterly out demonstrate step have past our These on and progress improving balance only unfold also margins better efficiencies but technology. simplification few be cash steps priority the in updates.Our these and ultimate we to While of continue lot years. remains is on on strategic the performance, sheet. to

priority. that an capitalizing questions, are executing driving of quarter while third current the in let's it results the credit announcement is on capable The operator, long-term outcomes open that, for of clear that organization value is Weatherford cycle and facility up please. creation.With Our new on

Operator

first our from Lemoine And Luke today will Sandler. come Instructions] question Piper [Operator with

Luke Lemoine

contingent on EBITDA and from the mid-XX% of really there? most pricing less XX% Could you believe or already refresh to and you're roadmap activity initiatives basically I target. than in internal get basis XXX wasn't higher. this locked flexing that margin through away hitting Girish, was us points that's some on really

Girish Saligram

That's right, Luke.

just we talked X the on Luke, about call, components. As really it's

inflationary an and to both pressures The offset first at as looking we're is pricing, the we see that really material. which labor

some inflationary international environment, to strong the got we've see arena. headwinds. especially we continue very a constructive But in We pricing think

that.The positive announced help more across is the come. of and net think technology, us launches we spectrum. year multiple second so new to we'll several out these technology have we this get that So a And

first carve initiative. second our great we compete today. the The to earlier opportunity a new is new in on that have in a that segment out Motus example solutions. creating don't that new capitalizing of in to of is third sort and MPD this fulfillment our exciting we And in where year is more announced opportunities markets, space business.The white we

and we going overall still customers. fulfillment way are to run the we lot and change of deliver how manufacturing our through in sourcing our operations, We a

I've before, As designed is was be really said today. to never it Weatherford what

starting us cost better of both amount utilization.And and support of a infrastructure. sort side the that, So us deliver direct we a the to We will give overall think, asset are well as piece customer lot on over, and of allow cost still infrastructure. inefficiencies, is have cost as efficiency significant our and we better our to fourth drive

continue commercial cetera, in to while resources, et still technology have invest we gain and to efficiency. So we opportunity

on there. a in up But you So when roadmap.And to elements an should make really enable said, us those our that. internal context get initiatives put higher those help acceleration getting environment activity, that, of X that fall-through to growth as really, the of it's and you more then,

Luke Lemoine

repaying any Okay, Does probably changing the is returns focus restrictions revolver or repurchases to total recognizing return then, year. share on next include negative or great. and covenants capital gears, plan just debt near-term the still on And is shareholder new the shareholders?

Arunava Mitra

eliminates attached and liquidity of a facility. to The governors, comfortable it the or fact, revolver or restrictions, a what be matter is which are which it amendment, the prior very leverage as prior couple paced, -- does we feel introduces to with. which gets the Luke, of used

gives it decrease more of So us much freedom.

Operator

Sachs. will question from next our come And Modak with Goldman Ati

Ati Modak

Just margin on next leg get any your are expansions. some progressing? components But just X, Just the that provide What understand you're XX% wondering, so What's on the how completed? the EBITDA working to can has to to you XX-month factors the on? been What you is free last cash target? mentioned color flow target? things

Girish Saligram

head time want Ati, number Look, But not that. given directionally, where we or towards. have Yes. on explicit is to a an explicitly I think again, that frame we

on that.The automatically down think elements closer. us we few I different costs taking helps getting just is a interest out first debt, pay as

So factor. really important that's one

The That's of emphasis second we're is putting of all is X it. And working capital that a components really improvements. lot it something on.

on terms fulfillment management.On long-term On mindset. far the really in the resolution time payable in and our of are cycle collection again, a a strengthening between operations. S&OP a view.The dispute call, that which better of that give I components processes for we higher of another efficiency Again, we product our operating making more, more function shows that that my of and around of out that the CapEx billing, jurisdictions to side, making trade-off base terms taxes, side, them a refreshed our them we next put of models, of that's really and relationships both supply some in process, think, improving with to in talked payables I'll of X% type we've return value, the lines, that's and we and of operate about, a pushing as which there as on get have et asset-lighter X% work final are in. enabler as collections specific that's cost the our as sure our pivoting we inventory inventory right overall we in CapEx. much we on of transitioning years. But is are exciting company cetera, we combination faster.On journey. of side, and little our a in business vendors is on much to continue to asset-lighter the that's lot in element And the making with others, also emphasis ourselves different I is as more the few And well big it just to initiative all sure improving strategy rigorous view that something really is revenue, are element our sure a what mechanisms are bit really CapEx a a much the make a last factor.The more is better

elements. So probably but I'll at is add better to on to And pass basis. the but to those to quarterly on it continue basis will improve looked any color again, expect, There fluctuations, on be that. Arun be annual this an that, are we an annual really

Arunava Mitra

around -- Yes, to I'm that. put some talking just numbers in terms of

that cash down up XXX. As We far of to that 'XX up, is this that meaningfully were all to is helps efficiency We second quarter. And conversion able conversion. components XXX going the the It's is and journey days the our capital concerned, is we continue some burden as drive to on. to And course, in of with down had our days. the automatically working down get XXX But coverage we interest headwinds number back going cycle quarter. of interest was Girish last quarter that expect it highlighted.

Ati Modak

has And obviously well, the here. stock done

do the obviously, about in narrative as strong story We've talk the going curious But the you forward, as frame are we macro forward light going how especially from seeing as performance I of the investors just got mean how you've narrative? you so and you So well. micro far. factors. the to think here, factors got

Girish Saligram

it's Look, The think way demonstrating it's that different we has Weatherford consistent of building credibility. have I company Yes. before. story one Ati, a been with fairly the actually that portrayed of

a our substantial that think, and And allows last our those achieved a say company, XXX% have it's look for still on we've years to do you very have an record are it's results.The leverage. whole this the play it track I I to it of take sector, is in, are quarter delivering that great consistent international when second in thing the today, we we out. and got the track -- is I discount given on the robust leverage, I we have now performance, a at us is made so structure. of it the warranted cycle international X that quarter because But to point. So think think never say we we will a stands given that narrowing given discount. of very international capital that a is improvements at record, piece we a X of And multiple you way believe creates multiple much the the at that where

So proposition. that's a good why we is think it really value

Operator

And Becker our Capital next question will come with One. from Doug

Doug Becker

seems for revenue Girish, year. your commentary have endorse once to double-digit again growth next

double Just a about Or like to toward be up think XX% growth a trying, you probably say, Should environment? modestly, we anchoring low of double-digits. -- North to, see path up a do more mid in America the end only international, favorable digits?

Girish Saligram

Yes.

where you've yourself, look, be Middle next see, early, positive solid to wait international in growth Doug, East tremendous sort growth robust to think hopefully, on in think said and the too a be continues experienced I to environment, the well we'll think a lot standpoint. geographies. as expect the modest QX but We But the international specific low story see are of probably right single-digits. rest then it has same geopolitical think different North But Latin jump call. a and it's will uncertainties America of is. Middle this we year. I of extent, But is We of it's a bit regions. East. a not look, macro the somewhere it and think guidance give there to multiple very think the in from now to year, especially But is the in our in the the I number right? a We but expansion that. again, detailed And America,

North think what a double in specifics there's much So I is. it's I But tepid get think on of notion bit America. But thesis. correct I it more an digits, a in kind is overall a to international think early tad to of

Doug Becker

process, couple an about characterize initiatives period to of times over way margins call. could kind through would what And And extended this how for the just you of it? sense. some on how during you far a think any this you Makes along But characterize time? of mean touched would

Girish Saligram

Yes. when complicated said several about is to stuff X-year closing this about a started year, where it of we we fairly years. -- now about it's factories. it's a been we've are journey. sort This Doug, talking X.X We've for a talking always X

the are work You shifting across planet.

logistics You're supply new bases, channels. creating new

vendors. qualifying You're

You're getting certifications lines, different on at for facilities quality et different product cetera.

tremendous transfer So work. every very of got single qualification. around it's a We've a supplier amount around rigorous plan

out built of so terrific a a about company in doing X team have that the is a I X.X quality years on, We function journey. all job into say that. year, would we're probably X-year

'XX. focus to to the to we benefits part on what is to fulfillment of that. we next and really expansion think alluded margin continue a start is we've I expect up the show really of then I some start significant through. will of that, see is year will start initial that And that to of come will And in what benefits that's

Doug Becker

one sense. in. And Makes just then more briefly, slipping

Just quarter. issues terms the collection of during the in

how and those expect going color resolve you Just forward? that any on to more

Girish Saligram

have that. I'll not so Yes. was say, again, anticipated much issues -- as had or just softer. Look, knew we we fully QX QX that it's just was relative that It would to some cause we that dynamics

coming in nothing America. a more in Latin see bit but Q, was our that get our what just is track that by. that little specificity on in we'll have QX. it track back little the So And We that we And of baked guidance. really It into really, unduly confident out very on one in back things alarmed are QX. was customers a bit. pushing we But we'll are we

Arunava Mitra

reminder we quarter Doug, in good quarter. And that really the just had a second as a

recover So into quarter. fourth and expect anticipating in some the to headwinds in we And came the were it third fruition fully we quarter.

Doug Becker

anxious I'm to get guess a capital to XX% of and net XX% little working just be revenue I to revenue. of

Girish Saligram

You and time. these take a little things bit of but Doug, do me both

Operator

Raymond And Rollyson Jim come from our will James. next with question

James Rollyson

but a wondering seen answered, A on you couple talked a offshore. giving offshore large And been would of topic rate of And that's peers, I'm great of offshore. your these the of tied color maybe to exposure about growth And lot there. popular from percentage and you a just kind We've where quarter. if stands of to asked on of given again kind Weatherford job follow-ups. some Girish, this days. obviously, questions some revenue that's their a give hint us

Girish Saligram

of bit break given offshore, terms and I that But by we've Look, a cetera. we in There's, thank couple think a never geography. variable it of it really Jim, number specific all around things et first how Yes. changes relevant. some look, you. is are out, segments, of our of a it on a varies because

First talked product lines, more skewed the have plays. MPD, element. said But of even towards are talk always high-risk that about both We offshore market-leading as cementing is services. and We've onshore the products, we these offshore about TRS, all, of because the intervention value right? our proposition

product we to as do several drilling. those contract also businesses, tend but wins about such include of product So these lines, really lines in our that have well right?We talked

in For example, quarters ago. Thailand Gulf our we win few the with of talked about PTPP a

in lift little because the extremely to we not rate of different continued hopefully Suffice the got our got grow we it of multiple think for that it natural completions. it we product opportunities get marketing got that are look, but of growth is us does create part though, can additional some product to break But offshore We've We've lines. important multiple different And explicitly bit business. pieces. drilling, we what is. we've present in, the play with just an out don't out in got more So we've growth say, we lines excited continue of. a it to terms opportunities about

James Rollyson

helpful America, you color. press Yes, one in appreciate as they're who you your there's follow-up. opportunity any that. to Chevron how to situated the noticed just buy? for a curious And think given customer? to announcement that's down Chevron recent news, are of with I award Angola of kind And the I'm very Latin I in lead Chevron just potential light attempting that if release. in

Girish Saligram

a terrific Chevron of is first Look, all, customer.

X customers, highlights as true other to earlier, talked and in is some really, where we've win. product differentiation win other quarters a we our terrific a this example. with have of our about talked on of customers. for win Hess, a are As with continue about you or terrific about Look, with call, We think, I ago this many offshore lines got relationships lot again, significant also it Again, earnings X customers.

prepared As for but a will remarks, will also challenges, do think we interesting there opportunities out be continued create creates lot us. our that we in consolidation some of pointed that

and customers consolidation. their to try conversation all make come in and very with look sure them continue of our up they that we can So expand serve to challenges as engage to they constructive we portfolios new in that help with solve they

Operator

Kurt will next Hallead Our come Benchmark. question from with

Kurt Hallead

than be So of Yes, I for quick been questions give of closer you, that conviction your international you international the got you to follow-up XX% just revenue right? you that given Does to growth a that the couple have pipeline XX%. already awarded, projects overall right? think

Girish Saligram

the way I Kurt, answer it minutes So few ago. a just I did will

think I number soon give a too that. way around specific to it's

give XQ the our think to when little grow. mixed We by we XXXX. very think strong. it's is will for We color to guidance and We will more results again, But Latin think region. America our bit going Middle provide a East continue guidance I be on

markets in in We expect in Asia, Europe. to many see offshore continued growth

a our is. to specifics into So call be best of But mixed be would QX what it bag. a bit think wait to to it it's get I until on going

Kurt Hallead

balance then what the additional expect of you to that. in XXXX? appreciate do debt elements, in -- on I sheet reduction, achieve Yes. And terms what

Arunava Mitra

as Kurt, and -- to peers, peers. before, previous still even when our our compared scale calls, debt mentioned there larger not terms the of gross in is in interest we coverage See,

to So increasing down down keep we paying like senior focus on specific would going and with this of notes interest path a coverage. our secured debt,

to to So expect in to point. months, doing continue it meaningful and we with returns X a shareholder XX investors on next at hope conversation have that our

Operator

session. would like the management to turn I closing any question-and-answer now our for to conference over This concludes back remarks.

Girish Saligram

joining the look the to to update you And the I Thank on all you, fourth you call Thank forward full you. again quarter you Thank year. Great. operator. for speaking today. to after

Operator

attending Thank has you now for today's much very The presentation. concluded. conference

your lines. now may You disconnect

Weatherford International (WFRD) 25 Oct 232023 Q3 Earnings call transcript