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Did Weatherford International Violate a Debt Covenant?

PART:
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Part 5
Did Weatherford International Violate a Debt Covenant? PART 5 OF 14

Does Rig Count affect WFT’s International Revenues?

Revenue from international operations

In the past year, Weatherford International’s (WFT) revenue share generated outside the US rose 4.5%. WFT’s revenue from international geographies rose to 64% of its total revenues in 3Q16, as compared to ~60% in 3Q15.

Does Rig Count affect WFT’s International Revenues?

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By comparison, Schlumberger’s (SLB) 3Q16 revenues from its international operations rose to 76% of its total revenues, as compared to 71% in 3Q15.

International rig count

By October 31, WFT’s international rig count fell 17% YoY, and this fall is lower than the overall US rig count YoY fall of 26% as of November 4. Notably, WFT makes up only 0.06% of the iShares Russell Mid-Cap ETF (IWR) while the energy sector makes up 6.1% of IWR.

In the next part, we’ll discuss Weatherford International’s indebtedness.

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