Weatherford issued their Q4 results and below are the operational highlights and financial information for Q4 and the full year of 2021.
Operational Highlights
Weatherford was awarded two five-year contracts with Abu Dhabi National Oil Company with a combined value of more than $1 billion for downhole completions equipment and liner hanger systems. The Downhole Completions contract is the world's largest in this category.
Weatherford was awarded a three-year contract from Kuwait Oil Company ("KOC") to support its digital transformation strategy in the North Kuwait Heavy Oil field and for deploying its Integrated Enterprise Excellence Platform across KOC. The award includes instrumentation, real-time monitoring, and production optimization enabling KOC to optimize its production and workover plans.
Saudi Aramco awarded Weatherford a five-year Tubular Running Services contract to support onshore and offshore operations. Weatherford was selected based on its technology, safety record, quality performance, and commitment to local content.
Following successful implementation of the Weatherford Managed Pressure Drilling System, Shell awarded the Company a two-year, multi-rig contract extension for Managed Pressure Drilling operations in deep water to continue the well delivery benefits offered by this technology.
Tourmaline awarded Weatherford a one-year contract extension for approximately 200 wells with increased scope for its completion products, backed by the deployment of Weatherford ZoneSelect® Frac Sliding Sleeves and Openhole Isolation Packers to deliver longer laterals, more stages, and higher pumping rates, while reducing overall operating costs.
A European supermajor selected Weatherford to provide liner hanger products and services in its first Carbon Capture, Utilization, and Storage (CCUS) pilot project, as it endeavors to achieve carbon neutrality for its operations.
Weatherford signed a global collaboration agreement with LYTT, a digitally led business backed by bp launchpad. The agreement combines LYTT's proprietary sensing insights with Weatherford expertise in distributed fiber-optic sensing (DFOS), deployed through the industry-leading ForeSite® platform to help customers revitalize and optimize their energy assets.
A major operator awarded Weatherford a five-year contract to deploy fiber optics and intelligent screens solutions in the North Sea. This award reinforces the Company's leadership position in delivering reservoir monitoring in the Norwegian Continental Shelf.
Fourth quarter 2021:
Adjusted EBITDA[1] of $154 million, an increase of 57% year-over-year and a decrease of 14% sequentially
Unlevered free cash flow[1] of $147 million, an increase of $52 million year-over-year and $6 million sequentially
Free cash flow[1] of $49 million, an increase of $72 million year-over-year and a decrease of $62 million sequentially
Full year 2021:
Adjusted EBITDA of $571 million, an increase of $112 million, or 24%, compared to full year 2020
Unlevered free cash flow of $547 million, an increase of $237 million, or 76%, compared to full year 2020
Free cash flow of $278 million, an increase of $200 million compared to full year 2020
Source: Weatherford
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