Weatherford Reports Second Quarter 2017 Results

BAAR, Switzerland, July 28, 2017

Second Quarter 2017 Highlights

• Excluding the adjustment related to a change in our revenue recognition in Venezuela, operating margins improved by 400 basis points sequentially;
• Net cash used in operating activities was $62 million, a sequential improvement of 65%;
• OneStim^SM joint venture with Schlumberger on track to close in the second half of 2017;
• Signed a Memorandum of Understanding (MOU) with Saudi Aramco, advancing localization in Saudi Arabia; and
• Signed a technology cooperation agreement with Gazprom Neft intended to further develop current business relationships and collaborations between the two companies.

Mark A. McCollum, President and Chief Executive Officer, commented, "I am pleased that our team has delivered a solid second quarter performance. We generated significantly higher incrementals, improved our cash flow compared to the previous quarter and provided our customers with nearly flawless service quality execution. Looking forward, I see a lot of opportunities for further performance improvements, and we have initiated several projects to unlock and accelerate these opportunities to drive stronger financial results and meaningfully reduce our debt and increase market share. We have great technology, a global presence, outstanding collaborative customer relationships and a high-caliber workforce, allowing us to be a partner of choice for our customers in many basins around the world."

McCollum continued, "The compelling strength of our fundamental qualities suggests an attractive upside and, by better aligning our strengths, we will soon have a more focused and effective organization, forging a solid path towards improving returns and renewing shareholder trust and value."