| | | Geschrieben am 25-10-2011 EANS-Adhoc: Weatherford Reports Third Quarter Results
 | 
 
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 ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
 distribution. The issuer is solely responsible for the content of this
 announcement.
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 Third Quarter Earnings
 
 25.10.2011
 
 Record revenue drives 136% year-on-year increase in earnings
 of $0.26 per diluted share, before items
 
 GENEVA, Switzerland, Oct. 25, 2011 -- Weatherford International Ltd.
 (NYSE / Euronext Paris / SIX: WFT) today reported third quarter 2011
 income of $197 million, or $0.26 per diluted share, excluding an
 after-tax loss of $7 million. On a GAAP basis, our net income for the
 third quarter of 2011 was $190 million, or $0.25 per diluted share.
 The excluded after-tax loss is comprised of $6 million in severance
 and exit charges and $1 million in government investigation costs.
 
 end of ad-hoc-announcement
 
 ================================================================================
 (Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)
 
 Third quarter diluted earnings per share reflects an increase of $0.15,
 
 or 136 percent, over the third quarter of 2010 diluted earnings per
 share of $0.11, before charges. Sequentially, the company's third
 quarter diluted earnings per share, before charges, was $0.09, or 53
 percent, higher than the second quarter of 2011. Field operations
 drove the entire sequential improvement in profitability. Two
 non-operating items partially offset operating improvements. First,
 foreign exchange book losses of $20 million at Weatherford recorded
 in Other, Net and our share of similar foreign exchange book losses
 at a minority-owned subsidiary in Russia, which reduced regional
 operating income by an additional $8 million. Second, a higher
 sequential effective tax rate reduced net income by $7 million.
 
 Third quarter revenues of $3,373 million were the highest in the
 company's history. Revenues were 33 percent higher than the same
 period last year and 11 percent higher than the prior quarter. North
 America revenue was up 21 percent sequentially and up 48 percent
 versus the third quarter of 2010. The sequential increase in North
 America was partially due to seasonal recovery from the Canadian
 break-up experienced in the second quarter of 2011. International
 revenues were up three percent sequentially and up 22 percent versus
 the same quarter of 2010.
 
 Segment operating income of $525 million improved 42 percent
 year-over-year and 25 percent sequentially. The company's North
 America operations provided all of the sequential growth compared to
 the second quarter of 2011 and delivered 39 percent incremental
 margins. Internationally, Latin America was the strongest contributor
 with respect to revenue and profit growth. An $8 million foreign
 exchange book loss at one of the company's minority-owned
 subsidiaries in Russia weighed on Eastern Hemisphere earnings, as the
 venture recorded a currency loss on its U.S. dollar-denominated debt
 due to a strengthening of the dollar versus the Russian rouble.
 
 Subject to the risks regarding forward-looking statements highlighted
 by the company in this press release and its public filings, the
 company expects earnings per share before excluded items of
 approximately $0.30 to $0.34 in the fourth quarter of 2011, with
 profit growth expected in all reporting regions. With respect to
 2012, the company maintains a positive but more measured outlook for
 its North American business and expects modest revenue growth and
 margin expansion as compared to 2011 annualized exit rates as a
 result of strong activity in Canada and in the U.S. oil market.
 Internationally, the company anticipates continued growth and
 expanding margins in its Latin America region, underpinned by
 improvements in Argentina, Brazil, Colombia, Mexico and Venezuela.
 Eastern Hemisphere is also expected to improve in 2012, with upticks
 in Europe and Russia, as well as a recovery in the Middle East /
 North Africa / Asia Pacific region with positive contributions from
 new contracts with better terms and pricing, the completion of
 existing contracts and activity improvements in North Africa.
 
 North America
 
 Revenues for the quarter were $1,620 million, which is a 48 percent
 increase over the same quarter in the prior year and up 21 percent
 sequentially. The Artificial Lift, Completion Systems, Wireline and
 Drilling Services product lines contributed strong results for the
 quarter.
 
 The current quarter's operating income was $352 million, up $153
 million from the third quarter of 2010, and was up $109 million, or
 45 percent, compared to the prior quarter. Strong growth and steadily
 expanding margins in the U.S. and the recovery from the second
 quarter's Canadian break-up contributed to the sequential increase.
 
 Middle East/North Africa/Asia
 
 Third quarter revenues of $573 million were five percent lower than
 the third quarter of 2010 and seven percent lower than the prior
 quarter. The sequential decline in revenues was principally the
 result of the deconsolidation of three joint ventures and a decline
 in activity in Algeria.
 
 The current quarter's operating income of $15 million decreased 77
 percent as compared to the same quarter in the prior year and
 decreased $19 million compared to the second quarter of 2011. The
 mobilization of equipment out of Algeria pending additional tenders
 weighed on margins, as did a negative swing in Iraq profitability and
 continuing operating losses in Libya due to political disruptions.
 
 Europe/West Africa/FSU
 
 Third quarter revenues of $589 million were 19 percent higher than
 the third quarter of 2010 and one percent lower than the prior
 quarter. The revenue growth over the same quarter of 2010 came from
 stronger performance in Russia and the North Sea.
 
 The current quarter's operating income of $87 million was up 37
 percent compared to the same quarter in the prior year and down $6
 million compared to the prior quarter. The current quarter was
 negatively impacted by the $8 million of foreign exchange losses
 discussed above.
 
 Latin America
 
 Third quarter revenues of $592 million were 76 percent higher than
 the third quarter of 2010 and up 19 percent compared to the second
 quarter of 2011. Mexico, Brazil and Venezuela posted strong
 sequential performances and nearly all product lines experienced
 quarter on quarter growth.
 
 The current quarter's operating income of $71 million increased 73
 percent as compared to the same quarter in the prior year and
 increased $20 million compared to the prior quarter.
 
 Liquidity and Net Debt
 
 Net debt for the quarter increased $301 million, with working capital
 increasing $333 million during the quarter.
 
 Reclassifications and Non-GAAP
 
 Non-GAAP performance measures and corresponding reconciliations to
 GAAP financial measures have been provided for meaningful comparisons
 between current results and results in prior operating periods.
 
 Conference Call
 
 The company will host a conference call with financial analysts to
 discuss the 2011 third quarter results on October 25, 2011 at 7:00
 a.m. (CDT). The company invites investors to listen to a play back of
 the conference call and to access the call transcript at the
 company's website, http://www.weatherford.com in the "investor
 relations" section.
 
 Weatherford is a Swiss-based, multi-national oilfield service
 company. It is one of the largest global providers of innovative
 mechanical solutions, technology and services for the drilling and
 production sectors of the oil and gas industry. Weatherford operates
 in over 100 countries and employs over 59,000 people worldwide.
 
 Contacts: Andrew P. Becnel                    +41-22-816-1502
 Chief Financial Officer
 
 Karen David-Green                   +1-713-693-2530
 Vice President - Investor Relations
 
 
 Forward-Looking Statements
 
 This press release contains forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995. This
 includes statements related to future levels of earnings, revenue,
 expenses, margins, capital expenditures, changes in working capital,
 cash flows, tax expense, effective tax rates and net income, as well
 as the prospects for the oilfield service business generally and our
 business in particular. It is inherently difficult to make
 projections or other forward-looking statements in a cyclical
 industry and given the current macroeconomic uncertainty. Such
 statements are based upon the current beliefs of Weatherford's
 management, and are subject to significant risks, assumptions and
 uncertainties. These include the future level of crude oil and
 natural gas prices, demand for our products and services, levels of
 pricing for our products and services, utilization rates of our
 equipment, the effectiveness of our supply chain, weather-related
 disruptions and other operational and non-operational risks that are
 detailed in our most recent Form 10-K and other filings with the U.S.
 Securities and Exchange Commission. Should one or more of these risks
 or uncertainties materialize, or underlying assumptions prove
 incorrect, actual results may vary materially from those indicated in
 our forward-looking statements. We undertake no obligation to correct
 or update any forward-looking statement, whether as a result of new
 information, future events, or otherwise.
 
 Weatherford International Ltd.
 Consolidated Condensed Statements of Income
 (Unaudited)
 (In Thousands, Except Per Share Amounts)
 Three Months
 Ended September 30,
 2011          2010
 Net Revenues:
 
 North America                    $ 1,619,601   $ 1,096,963
 Middle East/North Africa/Asia        572,707       601,215
 Europe/West Africa/FSU               588,572       496,113
 Latin America                        591,770       335,461
 3,372,650     2,529,752
 Operating Income (Expense):
 North America                        352,163       199,029
 Middle East/North Africa/Asia         15,341        65,718
 Europe/West Africa/FSU                86,595        63,236
 Latin America                         70,878        40,914
 Research and Development             (58,888)      (54,457)
 Corporate Expenses                   (41,981)      (41,907)
 Revaluation of Contingent
 Consideration                              -        90,011
 Severance, Exit and Other
 Adjustments                           (8,402)      (87,120)
 415,706       275,424
 Other Income (Expense):
 Interest Expense, Net               (114,448)      (99,318)
 Bond Tender Premium                        -       (10,731)
 Devaluation of Venezuelan Bolivar          -             -
 Other, Net                           (26,261)      (12,277)
 Income Before Income Taxes               274,997       153,098
 Benefit (Provision) for Income Taxes:
 Provision for Operations               (83,758)      (74,411)
 Provision for Legal
 Entity Reorganization                        -        (7,890)
 Benefit from Devaluation of
 Venezuelan Bolivar                           -             -
 Benefit from Severance, Exit and
 Other Adjustments                        1,902        28,142
 (81,856)      (54,159)
 Net Income (Loss)                        193,141        98,939
 Net Income Attributable to
 Noncontrolling Interest                   (2,781)       (4,286)
 Net Income (Loss)
 Attributable to Weatherford            $ 190,360      $ 94,653
 Earnings (Loss) Per Share
 Attributable to Weatherford:
 Basic                                   $ 0.25        $ 0.13
 Diluted                                 $ 0.25        $ 0.13
 Weighted Average Shares
 Outstanding:
 Basic                                  753,896       745,502
 Diluted                                759,946       751,394
 
 
 Nine Months
 Ended September 30,
 2011          2010
 Net Revenues:
 
 North America                    $ 4,324,318   $ 2,903,238
 Middle East/North Africa/Asia      1,765,609     1,765,873
 Europe/West Africa/FSU             1,691,453     1,456,049
 Latin America                      1,499,270     1,172,822
 9,280,650     7,297,982
 Operating Income (Expense):
 North America                        879,473       434,462
 Middle East/North Africa/Asia         60,109       215,425
 Europe/West Africa/FSU               216,610       176,900
 Latin America                        143,050       108,979
 Research and Development            (185,666)     (156,844)
 Corporate Expenses                  (140,840)     (129,635)
 Revaluation of Contingent
 Consideration                              -        (2,752)
 Severance, Exit and Other
 Adjustments                          (47,927)     (158,461)
 924,809       488,074
 Other Income (Expense):
 Interest Expense, Net               (340,638)     (290,376)
 Bond Tender Premium                        -       (10,731)
 Devaluation of Venezuelan Bolivar          -       (63,859)
 Other, Net                           (67,194)      (35,681)
 Income Before Income Taxes               516,977        87,427
 Benefit (Provision) for Income Taxes:
 Provision for Operations              (154,511)     (146,940)
 Provision for Legal
 Entity Reorganization                        -        (7,890)
 Benefit from Devaluation of
 Venezuelan Bolivar                           -        23,973
 Benefit from Severance, Exit and
 Other Adjustments                        7,250        33,473
 (147,261)      (97,384)
 Net Income (Loss)                        369,716        (9,957)
 Net Income Attributable to
 Noncontrolling Interest                  (10,057)      (11,637)
 Net Income (Loss)
 Attributable to Weatherford            $ 359,659     $ (21,594)
 Earnings (Loss) Per Share
 Attributable to Weatherford:
 Basic                                   $ 0.48      $ (0.03)
 Diluted                                 $ 0.47      $ (0.03)
 Weighted Average Shares
 Outstanding:
 Basic                                  750,634       742,192
 Diluted                                758,491       742,192
 
 
 
 Weatherford International Ltd.
 Selected Income Statement Information
 (Unaudited)
 (In Thousands)
 
 Three Months Ended
 9/30/2011     6/30/2011     3/31/2011
 Net Revenues:
 North America           $ 1,619,601   $ 1,344,245   $ 1,360,472
 Middle East/North
 Africa/Asia                 572,707       617,376       575,526
 Europe/West Africa/FSU      588,572       592,458       510,423
 Latin America               591,770       497,735       409,765
 $ 3,372,650   $ 3,051,814   $ 2,856,186
 Operating Income (Expense):
 North America             $ 352,163     $ 243,613     $ 283,697
 Middle East/North
 Africa/Asia                  15,341        33,964        10,804
 Europe/West Africa/FSU       86,595        92,511        37,504
 Latin America                70,878        51,081        21,091
 Research and Development    (58,888)      (62,231)      (64,547)
 Corporate Expenses          (41,981)      (43,030)      (55,829)
 Revaluation of Contingent
 Consideration                     -             -             -
 Severance, Exit and Other
 Adjustments                  (8,402)      (18,693)      (20,832)
 $ 415,706     $ 297,215     $ 211,888
 
 Three Months Ended
 9/30/2011     6/30/2011     3/31/2011
 Product Line Revenues
 Stimulation and Chemicals   $ 584,550     $ 544,953     $ 457,557
 Artificial Lift Systems       600,822       535,016       443,691
 Drilling Services             550,722       487,559       474,440
 Well Construction             414,593       382,077       346,052
 Integrated Drilling           331,446       316,554       319,661
 Completion Systems            269,235       248,850       206,760
 Drilling Tools                215,720       182,956       220,538
 Wireline and
 Evaluation Services           195,731       160,246       188,778
 Re-entry and Fishing          171,463       159,851       164,274
 Pipeline and
 Specialty Services             38,368        33,752        34,435
 $ 3,372,650   $ 3,051,814   $ 2,856,186
 
 Three Months Ended
 9/30/2011     6/30/2011     3/31/2011
 Depreciation and Amortization:
 North America                $ 90,994      $ 88,006      $ 87,793
 Middle East/North
 Africa/Asia                    83,441        82,548        81,380
 Europe/West Africa/FSU         58,782        57,696        56,594
 Latin America                  50,577        48,722        46,388
 Research and Development        2,391         2,471         1,964
 Corporate                       2,265         2,725         2,936
 $ 288,450     $ 282,168     $ 277,055
 
 
 
 
 Three Months Ended
 12/31/2010     9/30/2010
 Net Revenues:
 North America                        $ 1,263,643    $1,096,963
 Middle East/North Africa/Asia            684,630       601,215
 Europe/West Africa/FSU                   528,380       496,113
 Latin America                            446,162       335,461
 $ 2,922,815   $ 2,529,752
 Operating Income (Expense):
 North America                          $ 261,145     $ 199,029
 Middle East/North Africa/Asia             49,222        65,718
 Europe/West Africa/FSU                    64,398        63,236
 Latin America                             52,960        40,914
 Research and Development                 (57,637)      (54,457)
 Corporate Expenses                       (43,283)      (41,907)
 Revaluation of Contingent
 Consideration                             15,349        90,011
 Severance, Exit and Other
 Adjustments                    (48,775)      (87,120)
 $ 293,379     $ 275,424
 
 
 Three Months Ended
 12/31/2010     9/30/2010
 Product Line Revenues
 Stimulation and Chemicals                $ 396,241     $ 333,630
 Artificial Lift Systems                    471,276       417,464
 Drilling Services                          481,687       428,930
 Well Construction                          362,668       332,118
 Integrated Drilling                        356,871       261,974
 Completion Systems                         256,676       191,559
 Drilling Tools                             211,823       200,555
 Wireline and Evaluation Services           159,426       155,402
 Re-entry and Fishing                       165,094       153,569
 Pipeline and Specialty Services             61,053        54,551
 $ 2,922,815   $ 2,529,752
 
 
 Three Months Ended
 12/31/2010     9/30/2010
 Depreciation and Amortization:
 North America                             $ 83,996      $ 81,843
 Middle East/North Africa/Asia               81,596        75,968
 Europe/West Africa/FSU                      53,408        56,960
 Latin America                               47,377        46,527
 Research and Development                     2,398         2,420
 Corporate                                    3,075         3,491
 $ 271,850     $ 267,209
 
 
 We report our financial results in accordance with generally accepted
 accounting principles (GAAP). However, Weatherford's management believes
 that certain non-GAAP performance measures and ratios may provide users
 of this financial information additional meaningful comparisons between
 current results and results in prior operating periods. One such non-GAAP
 financial measure we may present from time to time is operating income or
 income from continuing operations excluding certain charges or amounts.
 This adjusted income amount is not a measure of financial performance
 under GAAP. Accordingly, it should not be considered as a substitute for
 operating income, net income or other income data prepared in accordance
 with GAAP. See the table below for supplemental financial data and
 corresponding reconciliations to GAAP financial measures for the three
 months ended September 30, 2011, June 30, 2011, and September 30, 2010
 and for the nine months ended September 30, 2011 and September 30, 2010.
 Non-GAAP financial measures should be viewed in addition to, and not as
 an alternative for, the Company's reported results prepared in accordance
 with GAAP.
 
 Weatherford International Ltd.
 Reconciliation of GAAP to Non-GAAP Financial Measures
 (Unaudited)
 (In Thousands, Except Per Share Amounts)
 
 Three Months Ended
 
 September 30,     June 30,     September 30,
 2011           2011          2010
 Operating Income:
 GAAP Operating Income    $ 415,706      $ 297,215      $ 275,424
 Severance,
 Exit and Other
 Adjustments           8,402         18,693         87,120
 Revaluation of
 Contingent
 Consideration             -              -        (90,011)
 Non-GAAP Operating
 Income                   $ 424,108      $ 315,908      $ 272,533
 Income (Loss) Before
 Income Taxes:
 GAAP Income (Loss)
 Before Income Taxes      $ 274,997      $ 161,164      $ 153,098
 Severance,
 Exit and Other
 Adjustments           8,402         18,693         87,120
 Revaluation of
 Contingent
 Consideration             -              -        (90,011)
 Devaluation of
 Venezuelan
 Bolivar                   -              -              -
 Bond Tender
 Premium                   -              -         10,731
 Non-GAAP Income
 (Loss) Before Income
 Taxes                    $ 283,399      $ 179,857      $ 160,938
 Benefit (Provision) for
 Income Taxes:
 GAAP Benefit
 (Provision) for
 Income Taxes             $ (81,856)     $ (46,128)     $ (54,159)
 Legal Entity
 Reorganization
 Charges                   -              -          7,890
 Devaluation of
 Venezuelan
 Bolivar                   -              -              -
 Bond Tender,
 Severance,
 Exit and Other
 Adjustments          (1,902)        (2,827)       (28,142)
 Non-GAAP Benefit
 (Provision) for
 Income Taxes             $ (83,758)     $ (48,955)    $  (74,411)
 Net Income (Loss)
 Attributable to
 Weatherford:
 GAAP Net Income
 (Loss)                   $ 190,360      $ 110,098       $ 94,653
 Total Charges,
 net of tax            6,500 (a)     15,866 (b)    (12,412) (c)
 
 Non-GAAP Net Income      $ 196,860      $ 125,964       $ 82,241
 Diluted Earnings (Loss)
 Per Share Attributable
 to Weatherford:
 GAAP Diluted
 Earnings (Loss) per
 Share                       $ 0.25         $ 0.15         $ 0.13
 Total Charges,
 net of tax             0.01 (a)       0.02 (b)      (0.02) (c)
 Non-GAAP Diluted
 Earnings per Share          $ 0.26         $ 0.17         $ 0.11
 
 
 
 Nine Months Ended
 September 30,    September 30,
 2011             2010
 Operating Income:
 GAAP Operating Income                 $ 924,809        $ 488,074
 Severance,
 Exit and Other
 Adjustments                       47,927          158,461
 Revaluation of
 Contingent
 Consideration                          -            2,752
 Non-GAAP Operating
 Income                                $ 972,736        $ 649,287
 Income (Loss) Before
 Income Taxes:
 GAAP Income (Loss)
 Before Income Taxes                   $ 516,977         $ 87,427
 Severance,
 Exit and Other
 Adjustments                       47,927          158,461
 Revaluation of
 Contingent
 Consideration                          -            2,752
 Devaluation of
 Venezuelan
 Bolivar                                -           63,859
 Bond Tender
 Premium                                -           10,731
 Non-GAAP Income
 (Loss) Before Income
 Taxes                                 $ 564,904        $ 323,230
 Benefit (Provision) for
 Income Taxes:
 GAAP Benefit
 (Provision) for
 Income Taxes                         $ (147,261)       $ (97,384)
 Legal Entity
 Reorganization
 Charges                                -            7,890
 Devaluation of
 Venezuelan
 Bolivar                                -          (23,973)
 Bond Tender,
 Severance,
 Exit and Other
 Adjustments                       (7,250)         (33,473)
 Non-GAAP Benefit
 (Provision) for
 Income Taxes                         $ (154,511)      $ (146,940)
 Net Income (Loss)
 Attributable to
 Weatherford:
 GAAP Net Income
 (Loss)                                $ 359,659        $ (21,594)
 Total Charges,
 net of tax                        40,677 (d)      186,247 (e)
 Non-GAAP Net Income                   $ 400,336        $ 164,653
 Diluted Earnings (Loss)
 Per Share Attributable
 to Weatherford:
 GAAP Diluted
 Earnings (Loss) per
 Share                                    $ 0.47         $ (0.03)
 Total Charges,
 net of tax                          0.06 (d)        0.25 (e)
 Non-GAAP Diluted
 Earnings per Share                       $ 0.53          $ 0.22
 
 
 Note (a): This amount is comprised of severance and exit charges of
 $6 million, net of tax, and costs incurred in connection with
 on-going investigations by the U.S. government of $1 million.
 Note (b): This amount is comprised of severance charges of $12 million,
 net of tax, and costs incurred in connection with on-going
 investigations by the U.S. government of $3 million. We also
 incurred charges totaling $1 million, net of tax, for facility
 closure costs and termination fees.
 Note (c): This amount is comprised of (i) a $90 million gain for the
 revaluation of contingent consideration included as part of
 our acquisition of the Oilfield Services Division ("OFS") of
 TNK-BP, (ii) a $54 million charge for revisions to our
 estimates in our project management contracts in Mexico
 and (iii) a $7 million charge for a premium paid on tendering
 a portion of our senior notes. We also incurred investigation
 costs in connection with on-going investigations by the U.S.
 government and severance charges associated with our
 restructuring activities. In addition, we incurred a tax
 charge of $8 million as a result of a legal entity
 reorganization initiative completed during the third quarter
 of 2010.
 Note (d): This amount is comprised of a $9 million charge associated
 with terminating a corporate consulting contract and $26
 million for severance and exit costs. We also incurred
 investigation costs of $5 million in connection with on-going
 investigations by the U.S. government.
 Note (e): This amount is comprised of (i) a $38 million charge related
 to our supplemental executive retirement plan that was frozen
 on March 31, 2010, (ii) a $40 million charge related to the
 devaluation of the Venezuelan Bolivar, (iii) a $54 million
 charge for revisions to our estimates in our project management
 contracts in Mexico and (iv) a $7 million charge for a premium
 paid on tendering a portion of our senior notes, and (v) a net
 $3 million charge for revaluation of contingent consideration.
 During the year to date period ended September 30, 2010, we
 incurred a tax charge of $8 million as a result of a legal
 entity reorganization initiative completed during the third
 quarter of 2010. We also incurred investigation costs in
 connection with on-going investigations by the U.S. government
 and severance charges associated with our restructuring
 activities.
 
 
 
 Weatherford International Ltd.
 Consolidated Condensed Balance Sheet
 (Unaudited)
 (In Thousands)
 
 September 30,  December 31,
 2011          2010
 Current Assets:
 Cash and Cash
 Equivalents                     $ 273,562     $ 415,772
 Accounts Receivable, Net        3,180,861     2,629,403
 Inventories                     3,071,830     2,590,008
 Other Current Assets            1,068,295       856,884
 7,594,548     6,492,067
 Long-Term Assets:
 Property, Plant and
 Equipment, Net                  7,140,692     6,939,754
 Goodwill                        4,351,160     4,185,477
 Other Intangibles, Net            722,315       730,429
 Equity Investments                599,730       539,580
 Other Assets                      258,831       244,347
 13,072,728    12,639,587
 Total Assets                             $ 20,667,276  $ 19,131,654
 Current Liabilities:
 Short-term Borrowings
 and Current Portion of
 Long-term Debt                $ 1,349,624     $ 235,392
 Accounts Payable                1,565,728     1,335,020
 Other Current
 Liabilities                     1,122,803     1,012,567
 4,038,155     2,582,979
 Long-term Liabilities:
 Long-term Debt                  6,266,190     6,529,998
 Other Liabilities                 466,358       553,830
 6,732,548     7,083,828
 Total Liabilities                          10,770,703     9,666,807
 Shareholders' Equity:
 Weatherford
 Shareholders' Equity            9,872,321     9,400,931
 Noncontrolling Interest            24,252        63,916
 Total Shareholders' Equity                  9,896,573     9,464,847
 Total Liabilities and Shareholders'
 Equity                                   $ 20,667,276  $ 19,131,654
 
 
 
 Weatherford International Ltd.
 Net Debt
 (Unaudited)
 (In Thousands)
 
 
 Change in Net Debt for the Three Months Ended September 30, 2011:
 
 
 Net Debt at June 30, 2011                      $ (7,040,880)
 Operating Income                                415,706
 Depreciation and Amortization                   288,450
 Severance, Exit and Other Adjustments             8,402
 Capital Expenditures                           (377,088)
 Increase in Working Capital                    (342,325)
 Income Taxes Paid                               (59,270)
 Interest Paid                                  (179,248)
 Acquisitions and Divestitures of Assets
 and Businesses, Net                             (27,374)
 Foreign Currency Contract Settlements             7,218
 Other                                           (35,843)
 Net Debt at September 30, 2011                 $ (7,342,252)
 
 Change in Net Debt for the Nine Months Ended September 30, 2011:
 
 Net Debt at December 31, 2010                  $ (6,349,618)
 Operating Income                                924,809
 Depreciation and Amortization                   847,673
 Severance, Exit and Other Adjustments            47,927
 Capital Expenditures                         (1,120,325)
 Increase in Working Capital                    (821,362)
 Income Taxes Paid                              (194,730)
 Interest Paid                                  (413,677)
 Acquisitions and Divestitures of Assets
 and Businesses,  Net                            (65,884)
 Foreign Currency Contract Settlements           (82,728)
 Other                                          (114,337)
 Net Debt at September 30, 2011                 $ (7,342,252)
 
 
 September 30,     June 30,    December 31,
 Components of Net Debt        2011            2011         2010
 Cash                   $ 273,562      $ 329,555       $ 415,772
 Short-term Borrowings
 and Current Portion
 of Long-Term Debt     (1,349,624)    (1,113,724)       (235,392)
 Long-term Debt        (6,266,190)    (6,256,711)     (6,529,998)
 Net Debt            $ (7,342,252)  $ (7,040,880)   $ (6,349,618)
 
 
 "Net Debt" is debt less cash. Management believes that Net Debt provides
 useful information regarding the level of Weatherford indebtedness by
 reflecting cash that could be used to repay debt.
 Working capital is defined as accounts receivable plus inventory less
 accounts payable.
 
 SOURCE  Weatherford International Ltd.
 
 Further inquiry note:
 Andrew P. Becnel, Chief Financial Officer, +41-22-816-1502, Karen David-Green,
 Vice President - Investor Relations, +1-713-693-2530
 
 end of announcement                               euro adhoc
 --------------------------------------------------------------------------------
 
 issuer:      Weatherford International Ltd.
 Rue Jean-Francois Bartholoni 4-6
 CH-1204 Geneva
 phone:       +41.22.816.1500
 FAX:         +41.22.816.1599
 mail:        karen.david-green@weatherford.com
 WWW:         http://www.weatherford.com
 sector:      Oil & Gas - Upstream activities
 ISIN:        CH0038838394
 indexes:
 stockmarkets: stock market: Euronext Paris, New York, Main Standard: SIX Swiss
 Exchange
 language:   English
 
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