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Weatherford Reports Fourth Quarter 2017 Results

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BAAR, Switzerland, Feb. 2, 2018 /PRNewswire/ — Weatherford International plc (NYSE: WFT) reported a net loss of $1.94 billion, or a loss of $1.95 per share for the fourth quarter of 2017. Non-GAAP net loss for the fourth quarter of 2017, excluding charges and credits, was $329 million, or $0.33 diluted loss per share. This compares to a $221 million non-GAAP net loss for the third quarter of 2017, or $0.22 diluted loss per share, and a $303 million non-GAAP net loss for the fourth quarter of the prior year, or $0.32 diluted loss per share. Revenue in the fourth quarter of 2017 was $1.49 billion, which increased 2% from revenue of $1.46 billion for the third quarter of 2017 and was 6% higher than the $1.41 billion of revenue reported for the fourth quarter of 2016. The sequential and year-over-year increase was primarily led by the Eastern Hemisphere, with increased activity from contract deliveries and sales. Net cash provided by operating activities was $96 million for the fourth quarter of 2017, as compared to net cash used of $243 million during the third quarter of 2017.

Operating loss for the fourth quarter of 2017 was $1.74 billion. Excluding charges and credits, segment operating loss for the fourth quarter of 2017 was $84 million, compared to a loss of $8 million for the third quarter of 2017. The sequential decline was almost equally attributed to both hemispheres and included a number of exceptional items negatively impacting operating income by $49 million, or $0.05 diluted loss per share. A change in accounting for revenue to a cash basis, as well as lower activity in Venezuela, negatively impacted operating income by $17 million, or $0.02 diluted loss per share and lower margins on year-end product sales out of existing inventory negatively impacted operating results by $17 million, or $0.02 diluted loss per share.

Segment operating results for the fourth quarter of 2017 improved $32 million, or 28%, compared to the fourth quarter of 2016. The year-over-year improvement was primarily driven by growth in Completions in North America, realization of savings from cost reduction measures and the impact from the shutdown of Pressure Pumping operations in the United States in the prior year fourth quarter as well as the recovery of activity levels in North America. This improvement was partially offset by lower results in Venezuela related to the change in

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