Weatherford International plc

Previous wording

We conduct business in approximately 75 countries, answering the challenges of the energy industry with 310 operating locations including manufacturing, research and development, service, and training facilities. Our operational performance is reviewed and managed across the life cycle of the wellbore, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention.

Current wording

We conduct business in approximately 75 countries, answering the challenges of the energy industry with 295 operating locations including manufacturing, research and development, service, and training facilities. Our operational performance is reviewed and managed across the life cycle of the wellbore, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention.

Previous wording

Lower oil and natural gas prices and lower rig count generally correlate to lower exploration and production spending, and higher oil and natural gas prices and higher rig count generally correlate to higher exploration and production spending. Therefore, our financial results can be significantly affected by oil and natural gas prices as well as rig counts. As shown in the following tables, as of September 30, 2025 oil prices and rig counts were notably lower than at September 30, 2024. The drop in oil prices and rig counts since September 30, 2024 has coincided with reduced activity levels across our industry. Henry Hub natural gas prices increased as of September 30, 2025 compared to September 30, 2024. Gas production additions were sourced from a backlog of drilled but uncompleted wells and deferred start-ups.

Current wording

Lower oil and natural gas prices and lower rig count generally correlate to lower exploration and production spending, and higher oil and natural gas prices and higher rig count generally correlate to higher exploration and production spending. Therefore, our financial results can be significantly affected by oil and natural gas prices as well as rig counts. As shown in the following tables, as of three months ended March 31, 2026, the average WTI oil price was flat compared to three months ended March 31, 2025 while the average Brent crude oil and Henry Hub natural gas prices were higher than during the three months ended March 31, 2025. Average rig counts decreased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Oil and natural gas prices have experienced increased volatility and upward pressure in response to escalating geopolitical conflict involving Iran, the U.S. and Israel (“Iran Conflict”). The Iran Conflict, which began on February 28, 2026, has caused the WTI oil price to increase from $66.96 per barrel on February 27, 2026 to $102.86 per barrel on March 31, 2026 averaging $90.84 per barrel for the month of March and Brent crude oil price to increase from $71.32 per barrel on February 27, 2026 to $126.69 per barrel on March 31, 2026 averaging $102.01 per barrel for the month of March. Despite the higher oil prices, the Iran Conflict may have an adverse impact on exploration and production spending in the Middle East during the period of the conflict and could lead to significant disruption of global energy supplies, adversely affect global supply chains, energy markets and overall macroeconomic conditions.

Previous wording

Revenues in Russia were approximately 8% and 7% of our total revenues for the three and nine months ended September 30, 2025, respectively, compared to 6% and 5% of our total revenue for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, our Russia operations included $94 million in cash, $151 million in other current assets, $74 million in property, plant and equipment, net and other non-current assets, and $62 million in liabilities. As of December 31, 2024, our Russia operations included $82 million in cash, $95 million in other current assets, $56 million in property, plant and equipment, net and other non-current assets, and $45 million in liabilities.

Current wording

Revenues in Russia were approximately 7% of our total revenues for the three months ended March 31, 2026, compared to 6% of our total revenue for the three months ended March 31, 2025. As of March 31, 2026, our Russia operations included $106 million in cash, $149 million in other current assets, $100 million in property, plant and equipment, net and other non-current assets, and $82 million in liabilities. As of December 31, 2025, our Russia operations included $107 million in cash, $152 million in other current assets, $91 million in property, plant and equipment, net and other non-current assets, and $80 million in liabilities.

Previous wording

Cost of products and services of $844 million and $2.5 billion in the three and nine months ended September 30, 2025, respectively, decreased 8% and 7% compared to $917 million and $2.7 billion in the three and nine months ended September 30, 2024, respectively. The year-over-year decrease was primarily due to decline in product sales and a reduction in headcount leading to lower personnel costs. Our cost of products and services as a percentage of revenues was 69% in both the three and nine months ended September 30, 2025 compared to 65% in both the three and nine months ended September 30, 2024, respectively. The higher cost ratio was due to costs decreasing at a slower rate than revenues.

Current wording

Cost of products and services of $812 million in the three months ended March 31, 2026, decreased 1% compared to $819 million in the three months ended March 31, 2025. The year-over-year decrease was primarily due to a decline in product sales and a reduction in headcount leading to lower personnel costs. The decrease was partly offset by an increase in depreciation expenses. Our cost of products and services as a percentage of revenues was 71% in the three months ended March 31, 2026 compared to 69% in the three months ended March 31, 2025. The higher cost ratio was primarily due to fixed costs decreasing at a slower rate than revenues.

Previous wording

Selling, general, administrative and research and development costs of $196 million and $580 million in the three and nine months ended September 30, 2025, respectively, decreased 17% and 19% compared to $236 million and $719 million in the three and nine months ended September 30, 2024, respectively. The year-over-year decrease was primarily due to a decline in amortization expense, a decline in the cost of employee incentive programs and a reduction in headcount leading to lower personnel costs. Selling, general, administrative and research and development costs as a percentage of revenues was 16% in both the three and nine months ended September 30, 2025 compared to 17% in both the three and nine months ended September 30, 2024.

Current wording

Selling, general, administrative and research and development costs of $189 million in the three months ended March 31, 2026, decreased 1% compared to $190 million in the three months ended March 31, 2025. Selling, general, administrative and research and development costs as a percentage of revenues was 16% in both the three months ended March 31, 2026 and the three months ended March 31, 2025.

Previous wording

Restructuring charges were $11 million and $51 million in the three and nine months ended September 30, 2025, respectively, and nil and $8 million in the three and nine months ended September 30, 2024, respectively. See “Note 4 – Restructuring Charges” for additional information.

Current wording

Restructuring charges were $13 million in the three months ended March 31, 2026 and $29 million in the three months ended March 31, 2025. See “Note 4 – Restructuring Charges” for additional information.

Previous wording

Other Charges, Net were $3 million and $19 million in the three and nine months ended September 30, 2025, respectively, and $13 million in both the three and nine months ended September 30, 2024. Other Charges, Net primarily included fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico as well as other miscellaneous charges and credits.

Current wording

Other Charges, Net were $15 million in the three months ended March 31, 2026 and $13 million in the three months ended March 31, 2025. Other Charges, Net primarily included legal fees related to the Redomestication in the three months ended March 31, 2026 and primarily included fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico in the three months ended March 31, 2025.

Previous wording

Interest Expense, Net was $23 million and $70 million in the three and nine months ended September 30, 2025, respectively, and $24 million and $77 million in the three and nine months ended September 30, 2024, respectively. Interest Expense, Net is interest expense net of interest income.

Current wording

Interest Expense, Net was $17 million in the three months ended March 31, 2026 and $26 million in the three months ended March 31, 2025. Interest Expense, Net is interest expense net of interest income.

Previous wording

Interest expense was $34 million and $106 million in the three and nine months ended September 30, 2025, respectively, and $37 million $121 million in the three and nine months ended September 30, 2024, respectively. The decrease was primarily due to the reduction in our outstanding long-term debt. Interest income was $11 million and $36 million in the three and nine months ended September 30, 2025, respectively, and $13 million and $44 million in the three and nine months ended September 30, 2024, respectively. The year-over-year decrease was due to a reduction in our cash holdings in Argentina upon execution of the BCS. See “Note 13 – Blue Chip Swap Securities - Argentina” for additional information.

Current wording

Interest expense was $27 million in the three months ended March 31, 2026 and $37 million in the three months ended March 31, 2025. The decrease was primarily due to a lower interest rate following the refinancing of long-term debt in the fourth quarter of 2025 and the reduction in our outstanding long-term debt. Interest income was $10 million in the three months ended March 31, 2026 and $11 million in the three months ended March 31, 2025.

Previous wording

Other Expense, Net was $16 million and $60 million in the three and nine months ended September 30, 2025, respectively, and $41 million and $83 million in the three and nine months ended September 30, 2024, respectively. Other Expense, Net primarily represents foreign exchange gains and losses in countries with no or limited markets to hedge, letter of credit fees and other financing charges, including bond redemption premiums partially offset by certain investment gains and losses. When economically advantageous, we enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency.

Current wording

Other Expense, Net was $1 million in the three months ended March 31, 2026 and $20 million in the three months ended March 31, 2025. Other Expense, Net primarily represents foreign exchange gains and losses in countries with no or limited markets to hedge, letter of credit fees and other financing charges, including bond redemption premiums partially offset by certain investment gains and losses. When economically advantageous, we enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency.

Previous wording

Of the third quarter year-over-year revenue decrease, approximately 60% of the decrease was from lower activity in cementation products and approximately 35% of the decrease was attributable to a decline in activity for completions. Geographically, approximately 55% of the revenue decrease was from Latin America and approximately 25% of the revenue decrease was from Europe/Sub-Sahara Africa/Russia. The remaining decrease was in the Middle East/North Africa/Asia region.

Current wording

Of the first quarter year-over-year revenue decrease, approximately 55% of the decrease was from lower activity in managed pressure drilling and approximately 45% of the decrease from lower activity in wireline. Geographically, within the regions with revenue decreases, approximately 40% of the revenue decrease was from Latin America, approximately 35% of the decrease was from Middle East/North Africa/Asia and approximately 25% of the revenue was from the North America region. This was partly offset by revenue increase in Europe/Sub-Sahara Africa/Russia.

Previous wording

The third quarter year-over-year revenue decrease was primarily due to a decline in activity for intervention services and drilling tools and pressure pumping which impacted 50% and 45% of the decrease, respectively, among product lines within the segment that experienced year-over-year decreases. The sale of our pressure pumping business in Argentina in the second quarter was the primary contributor to the decline in pressure pumping activity. The decrease in revenue was partly offset by revenue increase from sub-sea intervention activity. Geographically, approximately 65% of the revenue decrease was from the Latin America region.

Current wording

Of the first quarter year-over-year revenue decrease, approximately 65% of the decrease was from lower activity in pressure pumping and approximately 40% of the decrease was attributable to a decline in activity for intervention services and drilling tools. The sale of our pressure pumping business in Argentina in the second quarter of 2025 was the primary contributor to the decline in pressure pumping activity. The decrease in revenue was partly offset by a revenue increase from sub-sea intervention activity. Geographically, within the regions with revenue decreases, approximately 55% of the revenue decrease was from North America and approximately 40% of the revenue decrease was from Latin America. This was partly offset by revenue increase in the Europe/Sub-Sahara Africa/Russia region.

Previous wording

DRE segment adjusted EBITDA of $83 million and $226 million in the three and nine months ended September 30, 2025, decreased $28 million or 25%, and decreased $145 million or 39%, compared to $111 million and $371 million in the three and nine months ended September 30, 2024, respectively. DRE segment adjusted EBITDA margin was 24.0% and 21.9% in the three and nine months ended September 30, 2025 compared to 25.5% and 28.9% in the three and nine months ended September 30, 2024, respectively. The third quarter and year-to-date segment adjusted EBITDA decreased year-over-year primarily due to a decline in activity in Latin America. In the third quarter, both direct costs and other expense decreased along with the decrease in activity. The rate of decrease for direct costs was the same as the rate of decrease in revenue. However, the rate of decrease in other expense was lower than rate of decrease in revenue, contributing to the decrease in margin. Year-to-date, both direct costs and other expense generally decreased in line with the decrease in activity. However, the rate of decrease in direct costs and other expense was lower than the rate of decrease in revenue, contributing to the decrease in margin.

Current wording

PRI segment adjusted EBITDA of $54 million in the three months ended March 31, 2026, decreased $8 million or 13% compared to $62 million in the three months ended March 31, 2025. PRI segment adjusted EBITDA margin was 18.2% in the three months ended March 31, 2026, compared to 18.6% in the three months ended March 31, 2025. The first quarter segment adjusted EBITDA decreased year-over-year primarily due to a decline in overall activity. Both direct costs and other expense decreased along with the decrease in activity. The rate of decrease for direct costs was higher than the rate of decrease in revenue. However, the rate of decrease in other expense was lower than rate of decrease in revenue, contributing to the decrease in margin.

Previous wording

All Other revenues were $92 million and $246 million in the three and nine months ended September 30, 2025, compared to $94 million and $329 million in the three and nine months ended September 30, 2024. The year-over-year decrease was due to a decline in international activity for integrated services and projects.

Current wording

All Other revenues were $92 million in the three months ended March 31, 2026, compared to $68 million in the three months ended March 31, 2025. The year-over-year increase was due to higher international activity for integrated services and projects.

Previous wording

Depreciation and amortization expense was $67 million and $193 million in the three and nine months ended September 30, 2025 compared to $89 million and $260 million in the three and nine months ended September 30, 2024. The year-over-year decreases were primarily due to certain intangible assets reaching full amortization in the fourth quarter of 2024.

Current wording

Depreciation and amortization expense was $70 million in the three months ended March 31, 2026 compared to $62 million in the three months ended March 31, 2025. The year-over-year increase was primarily due to a larger asset base.

Previous wording

We recognized $10 million and $26 million of share-based compensation in the three and nine months ended September 30, 2025 compared to $10 million and $35 million in the three and nine months ended September 30, 2024. The year-over-year decrease was primarily due to the vesting of previously granted equity awards, resulting in a lower number of unvested awards subject to expense recognition.

Current wording

We recognized $12 million of share-based compensation in the three months ended March 31, 2026 compared to $7 million in the three months ended March 31, 2025. The year-over-year increase was primarily due to the timing of equity grants and increased expense related to performance-based awards.

Previous wording

Over the mid to long-term, we expect demand for oil and natural gas exploration and production as well as new energy platforms to continue to require more advanced technology from the energy service industry. While we remain cautious on our activity profile as we calibrate macroeconomic conditions with customer demand, we are confident that adoption of our differentiated technologies and market penetration will provide a pathway to long-cycle growth. We continue to closely monitor and adapt to macroeconomic and trade conditions, potential supply chain disruptions, inflationary factors, and other labor and logistical constraints that could impact our operations and results.

Current wording

Over the mid to long-term, we believe the industry is entering a period of tighter physical oil and gas markets, and we are well positioned to benefit as customers prioritize energy security, capacity additions, redundancy and infrastructure hardening, and as service intensity supports a tightening services environment. While we remain cautious on our activity profile as we calibrate macroeconomic conditions with customer demand, we are confident that our differentiated technologies and market penetration will provide a pathway to long-cycle growth. We continue to closely monitor and adapt to macroeconomic and trade conditions, potential supply chain disruptions, inflationary factors, and other labor and logistical constraints that could impact our operations and results.

Previous wording

At September 30, 2025, we had cash and cash equivalents of $967 million and $64 million in restricted cash, compared to $916 million of cash and cash equivalents and $59 million in restricted cash at December 31, 2024.

Current wording

At March 31, 2026, we had cash and cash equivalents of $1,012 million and $38 million in restricted cash, compared to $987 million of cash and cash equivalents and $55 million in restricted cash at December 31, 2025.

Previous wording

Cash used in investing activities was $82 million for the nine months ended September 30, 2025. The primary investing use of cash was for capital expenditures of $175 million, partially offset by $97 million of proceeds received from the sale of our pressure pumping business in Argentina (see “Note 2 – Segment Information”). Cash used in investing activities also includes the use of the BCS mechanism in Argentina, of which the purchases of $103 million offset the proceeds of $102 million, resulting in a loss of $1 million during the nine months ended September 30, 2025 (see “Note 13 – Blue Chip Swap Securities - Argentina”).

Current wording

Cash used in investing activities was $68 million for the three months ended March 31, 2026. The primary investing use of cash was for capital expenditures of $54 million. Cash used in investing activities also includes $12 million in equity investments.

Previous wording

Cash used in investing activities was $207 million for the nine months ended September 30, 2024. The primary investing activities were cash used for capital expenditures of $199 million and cash used for acquisitions net of cash acquired, of $51 million. Cash used in investing activities also includes the use of the BCS mechanism in Argentina, of which the purchases of $50 million offset the proceeds of $40 million, resulting in a loss of $10 million during the nine months ended September 30, 2024. The uses of cash were primarily offset by proceeds from sale of investments of $41 million from our marketable securities in Argentina.

Current wording

Cash used in investing activities was $79 million for the three months ended March 31, 2025. The primary investing activities were cash used for capital expenditures of $77 million.

Previous wording

Cash used in financing activities was $277 million for the nine months ended September 30, 2025. The primary financing uses of cash were for share repurchases of $94 million (see “Note 9 – Shareholders’ Equity”), repayments and repurchases of long-term debt of $80 million (including $61 million in repurchases of our 2030 Senior Notes, see “Note 7 – Borrowings and Other Debt Obligations”), cash dividends of $54 million and tax remittances on equity awards vested of $20 million.

Current wording

Cash used in financing activities was $56 million for the three months ended March 31, 2026. The primary financing uses of cash were for cash dividends of $20 million, tax remittances on equity awards vested of $17 million and share repurchases of $10 million (see “Note 9 – Shareholders’ Equity”).

Previous wording

Cash used in financing activities was $378 million for the nine months ended September 30, 2024. The primary financing uses of cash were for repayments and repurchases of long-term debt of $264 million and share repurchases of $50 million.

Current wording

Cash used in financing activities was $133 million for the three months ended March 31, 2025. The primary financing uses of cash were share repurchases of $53 million, repayments and repurchases of long-term debt of $39 million, tax remittances on equity awards of $20 million and cash dividends of $18 million.

Previous wording

Our cash requirements will continue to include payments for principal and interest on our long-term debt, capital expenditures, payments on our finance and operating leases, payments for short-term working capital needs, operating costs and restructuring payments. We expect to utilize cash in our capital allocation framework, which includes investments in technology and infrastructure upgrades, and in strategic mergers and acquisitions. Our cash requirements also include personnel costs, including awards under our employee incentive programs and other amounts to settle litigation related matters. In addition, we have derivative financial instruments where we have notional amounts that do not generally represent cash amounts exchanged by the parties and are calculated based on the terms of the derivative instrument, however, in the event of a related default, we could potentially be required to pay. See further discussion in our Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and “Note 12 – Credit Default Swap.” Our cash requirements also include payments for our shareholder returns programs described in “Note 9 – Shareholders’ Equity.”

Current wording

In addition, we have derivative financial instruments where we have notional amounts that do not generally represent cash amounts exchanged by the parties and are calculated based on the terms of the derivative instrument, however, in the event of a related default, we could potentially be required to pay. See further discussion in our Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). Our cash requirements also include payments for our shareholder returns programs described in “Note 9 – Shareholders’ Equity.”

Previous wording

As of September 30, 2025, the aggregate principal amount of our primary debt outstanding was $1.54 billion of our 2030 Senior Notes. Subsequent to September 30, 2025, we issued $1.2 billion of 2033 Senior Notes and redeemed $893 million of our 2030 Senior Notes. We expect to pay $120 million in interest payments in 2025 specific to these notes which includes $68 million paid for interest on our 2030 Senior Notes during the nine months ended September 30, 2025. See “Note 7 – Borrowings and Other Debt Obligations” and “Note 14 – Subsequent Events” for additional information.

Current wording

As of March 31, 2026, we had outstanding debt of $236 million in aggregate principal amount for our 2030 Senior Notes and $1.2 billion in aggregate principal amount for our 2033 Senior Notes. We expect to pay $103 million in interest payments in 2026 specific to these notes. See “Note 7 – Borrowings and Other Debt Obligations” for additional information.

Previous wording

Our capital spend is expected to be 3-5% of revenue over a 12 to 18 month rolling period and our 2025 capital spend is projected to be within the same framework. Our payments on our operating and finance leases in 2025 are expected to be approximately $64 million and $37 million, respectively.

Current wording

Our capital spend is expected to be 3-5% of revenue over a 12 to 18 month rolling period and our 2026 capital spend is projected to be within the same framework. Our payments on our operating and finance leases in 2026 are expected to be approximately $59 million and $37 million, respectively.

Previous wording

Cash and cash equivalents and restricted cash are held by subsidiaries outside of Ireland. At September 30, 2025 and December 31, 2024, we had approximately $36 million and $127 million, respectively, of our cash and cash equivalents that cannot be immediately repatriated from various countries due to country central bank controls or other regulations. As we continue to conduct business in certain countries with cash that cannot be immediately repatriated, we may consider infrequent transactions to safeguard our cash from exposure to the effects of inflation and currency devaluation. Repatriation of those cash balances might result in incremental taxes or losses.

Current wording

Cash and cash equivalents and restricted cash are held by subsidiaries outside of Ireland. At March 31, 2026 and December 31, 2025, we had approximately $145 million and $31 million, respectively, of our cash and cash equivalents that cannot be immediately repatriated from various countries due to country central bank controls or other regulations. As we continue to conduct business in certain countries with cash that cannot be immediately repatriated, we may consider infrequent transactions to safeguard our cash from exposure to the effects of inflation and currency devaluation. Repatriation of those cash balances might result in incremental taxes or losses.

Previous wording

Our credit ratings at December 31, 2024 have been upgraded through September 30, 2025 as follows:

Current wording

Our credit ratings at December 31, 2025 have been maintained as follows:

Previous wording

•Moody's Investors Service upgraded our Corporate Family Rating from ‘Ba3’ to ‘Ba2;’ with a positive outlook

Current wording

•Moody's Investors Service maintained a Corporate Family Rating of Ba2 and a positive outlook

Previous wording

•Standard and Poor upgraded our issuer credit ratings from ‘BB-’ to ‘BB;’ with a stable outlook

Current wording

•Standard and Poor maintained issuer credit ratings of ‘BB;’ with a stable outlook

Previous wording

•Fitch Ratings upgraded our issuer credit ratings from ‘BB-’ to ‘BB;’ with a stable outlook

Current wording

•Fitch Ratings maintained our issuer credit ratings of ‘BB;’ with a stable outlook

Previous wording

Our net accounts receivables in Mexico were 37% and 31% of our total net accounts receivables, as of September 30, 2025 and December 31, 2024, respectively, of which our largest customer in the country accounted for 34% and 26% of our total net outstanding accounts receivables, respectively. Mexico continues to account for a large and increased percentage of our receivables despite dropping below 10% of total revenues for the three and nine months ended September 30, 2025 due to further payment delays from our largest customer in Mexico. Our largest customer in Mexico has a history of making late payments and, in more recent periods, has utilized third-party financial institutions to pay certain of our receivables. The balances due are not in dispute, however, additional or continued delays in customer payments in the future could differ from historical practice and management’s current expectations; and delays or failures to pay or defaults, if any, could negatively impact the future results of the Company.

Current wording

Our net accounts receivables in Mexico were 28% and 27% of our total net accounts receivables, as of March 31, 2026 and December 31, 2025, respectively, of which our largest customer in the country accounted for 24% of our total net outstanding accounts receivables at each date. Our largest customer in Mexico has a history of making late payments and, in more recent periods, has utilized third-party financial institutions to pay certain of our receivables. The balances due are not in dispute, however, additional or continued delays in customer payments in the future could differ from historical practice and management’s current expectations; and delays or failures to pay or defaults, if any, could negatively impact the future results of the Company.

Previous wording

Except for the above, no other country accounted for more than 10% of our net accounts receivables balance.

Current wording

As of March 31, 2026 and December 31, 2025, our net accounts receivables in the U.S was 10% and 11% of total net accounts receivables, respectively. Except for the above, no other country accounted for more than 10% of our net accounts receivables balance.

Previous wording

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions for cash proceeds net of discounts and hold-back. During the three and nine months ended September 30, 2025, we sold accounts receivable balances of $91 million and$234 million, and received cash proceeds of $90 million and $231 million, respectively, at the time of factoring. During the three and nine months ended September 30, 2024, we sold accounts receivable balances of $4 million and $55 million, and received cash proceeds of $4 million and $54 million, respectively, at the time of factoring.

Current wording

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions for cash proceeds net of discounts and hold-back. During the three months ended March 31, 2026 and March 31, 2025, we sold accounts receivable balances of $6 million and$55 million, and received cash proceeds of $6 million and $55 million, respectively, at the time of factoring. The above factoring proceeds were included in Net Cash Provided by Operating Activities in the Condensed Consolidated Statements of Cash Flows.

Previous wording

Our 2030 Senior Notes were issued by Weatherford International Ltd. (“Weatherford Bermuda”) and guaranteed by the Company and other subsidiary guarantors party thereto. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford International, LLC (“Weatherford Delaware”) as co-issuer and co-obligor, and concurrently released the guarantee of Weatherford Delaware.

Current wording

Our 2033 Senior Notes were issued by Weatherford Bermuda and guaranteed by the Company and other subsidiary guarantors party thereto. On October 24, 2025, the indenture related to our 2033 Senior Notes was amended and supplemented to add Weatherford Delaware as co-issuer and co-obligor, and concurrently released the guarantee of Weatherford Delaware.

Previous wording

Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At December 31, 2024, the Credit Agreement allowed for a total commitment amount of $720 million, maturing on October 24, 2028. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00.

Current wording

Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At March 31, 2026 and December 31, 2025, the Credit Agreement allowed for a total commitment amount of $1 billion, maturing on the earlier of (a) September 18, 2030 and (b) to the extent that more than $200 million of 2030 Senior Notes or Permitted Refinancing Indebtedness in respect thereof is outstanding on such date, the date that is 91 days prior to the stated maturity date of the 2030 Senior Notes or any Permitted Refinancing Indebtedness in respect thereof. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00.

Previous wording

As of September 30, 2025, under the Credit Agreement we had zero borrowings, $6 million in financial letters of credit and $255 million in performance letters of credit outstanding. Additionally as of September 30, 2025, we had $179 million letters of credit under various uncommitted bi-lateral facilities ($48 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

Current wording

As of March 31, 2026, under the Credit Agreement we had zero borrowings, $7 million in financial letters of credit and $257 million in performance letters of credit outstanding. Additionally as of March 31, 2026, we had $193 million letters of credit under various uncommitted bi-lateral facilities ($32 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

Previous wording

As of December 31, 2024, under the Credit Agreement we had zero borrowings, $12 million in financial letters of credit and $279 million in performance letters of credit outstanding. Additionally as of December 31, 2024, we had $91 million of letters of credit under various uncommitted bi-lateral facilities ($49 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

Current wording

As of December 31, 2025, under the Credit Agreement we had zero borrowings, $7 million in financial letters of credit and $245 million in performance letters of credit outstanding. Additionally as of December 31, 2025, we had $207 million of letters of credit under various uncommitted bi-lateral facilities ($47 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

Previous wording

We utilize surety bonds as part of our customary business practice in certain regions, primarily Latin America. As of September 30, 2025 and December 31, 2024, we had surety bonds outstanding of $503 million and $520 million, respectively. Any of our outstanding letters of credit or surety bonds could be called by the beneficiaries should we breach certain contractual or performance obligations and could reduce our available liquidity if we are unable to mitigate the issue.

Current wording

We utilize surety bonds as part of our customary business practice in certain regions, primarily Latin America. As of March 31, 2026 and December 31, 2025, we had surety bonds outstanding of $570 million and $629 million, respectively. Any of our outstanding letters of credit or surety bonds could be called by the beneficiaries should we breach certain contractual or performance obligations and could reduce our available liquidity if we are unable to mitigate the issue.

Previous wording

•global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations (including the Russia Ukraine Conflict and conflicts in the Middle East);

Current wording

•global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations (including the Russia Ukraine Conflict, the Iran Conflict and other conflicts in the Middle East);