Weatherford announced their second quarter 2021 results and below are the highlights
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Revenues of $903 million increased 9% sequentially driven by a 12% increase in service revenues.
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Operating income totaled $25 million and adjusted EBITDA[1] totaled $136 million or 15% adjusted EBITDA margins.
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Second-quarter cash provided by operating activities totaled $46 million and free cash flow[1] totaled $48 million.
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During the quarter, Weatherford won more than $270 million in new and extended commercial awards within our market-leading product lines of Managed Pressure Drilling ("MPD"), Tubular Running Services ("TRS"), Fishing and Re-Entry Services, and Cementation Products.
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On June 2, 2021, Weatherford shares began trading on The Nasdaq Global Select Market under the ticker symbol "WFRD".
Girish Saligram, President and Chief Executive Officer, commented, "Our results from the second quarter of 2021 clearly demonstrate that efforts to streamline the business over the last several quarters have begun to take hold.”
Source: Weatherford
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