Weatherford Q2 Results Highlight Global Contract Wins, Sees Stronger H2
Weatherford International (WFRD) reported Tuesday its Q2 results, highlighting several global contract awards, an agreement to acquire NCS Multistage and an improving second-half outlook despite continued geopolitical headwinds.Weatherford secured managed pressure drilling contracts from Noble Corporation (NE) in Nigeria and Constellation Oil Services, Ventura Offshore and Valaris (VAL) in Brazil. The Valaris award covers two years.The company also won a three-year, 247-well integrated drilling services contract from Petroleum Development Oman, a five-year framework agreement with Chevron (CVX) in Australia, a 22-month contract with PTTEP Thailand, and two five-year contracts from Kuwait Oil.The company also agreed to acquire NCS Multistage, expecting at least $15 million in annual cost savings within 18 months of closing.Management said H2 2026 margins should improve despite ongoing uncertainty in the Middle East, although it expects activity to recover gradually as regional stability returns.Weatherford also expects its proposed redomestication to Delaware to deliver $20 million to $30 million in annual cash savings beginning in 2027, subject to shareholder approval.Drilling and evaluation segment revenue declined to $291 million for the quarter ended June 30, compared with $335 million a year earlier, while well construction and completions revenue decreased to $433 million from $456 million.
