-- Weatherford International (WFRD) reported Tuesday its Q1 results, highlighting a new global record of 29,121 feet for extended-reach Wireline work in Saudi Arabia, surpassing its 2024 record of 28,067 feet.
The Houston-based company's drilling and evaluation segment reported $321 million in revenue during the quarter, down from $350 million, or 8%, year over year and $340 million, or 6%, from the prior quarter, which it attributed to softer activity across key regions.
Well construction and completions segment generated $443 million in sales, up from $441 million in the prior year, but down from $510 million sequentially. Production and intervention segment at $296 million posted a steeper 11% and 16% decline compared to the prior year and quarter, respectively.
Weatherford had a cautious outlook for Q2, expecting results to be "softer than previously anticipated" amid the ongoing conflict in the Middle East, which it said clouds the company's "near-term visibility."
Management also said that they expect it to take "several weeks" at a minimum for "activity levels to normalize, logistics to stabilize and incremental costs to come down."