Weatherford announced the main results for the last quarter of the year 2022, with large numbers in its cashier. The contract with Petrobras to provide offshore services in the Brazilian pre-salt layer was also highlighted at the end of the year.

Last Tuesday (07/02), the multinational offshore company Weatherford announced its results for the fourth quarter of 2022. Among the highlights is the new contract for the provision of services aimed at the Brazilian pre-salt, signed with the state-owned oil company Petrobras. The company will supply its newly improved chemical injection system to the company's operations in the Brazilian oil and gas market.

Oil and gas company posts net income of US$72 million and credit line of US$400 million in the fourth quarter of 2022

The multinational oil and natural gas company Weatherford announced to the press the main operating results for the fourth quarter of 2022, as well as the annual data.

It achieved a strong cash expansion over the last year, as well as new major contracts for the supply of its offshore services, with emphasis on the agreement with Petrobras.

As per company data, fourth-quarter revenue of $1.209 million increased 8% sequentially and 25% year-over-year. In addition, fourth-quarter operating income of $169 million increased 40% sequentially and 412% year-over-year.

The highlight of the company's results in the offshore segment were the year's net profits, which reached US$ 72 million.

Fourth-quarter adjusted EBITDA was $266 million, a margin of 22,0% with a sequential improvement of 290 basis points and a 73% year-over-year improvement.

Finally, fourth quarter net cash provided by operating activities was $193 million and free cash flow was $171 million.

In this way, Weatherford made its presence felt in the international oil and gas industry with its offshore support services.

Petrobras signs contract with Weatherford to provide offshore services aimed at the state-owned company's operations in the Brazilian pre-salt

In addition to the large profits achieved during the last quarter of 2022, Weatherford also expanded its business card in the global market.

The company signed a unique 2-year contract with the state-owned oil company Petrobras to provide its offshore services in Brazil.

The agreement marks another important step towards the growth of the company's presence in the domestic market.

Under the contract signed with the oil company, Weatherford will supply its newly improved chemical product injection system, meeting pre-salt reliability and transportation requirements.

The company will utilize a Weatherford advanced recoverable wire chemical injection system that will be deployed starting in the first quarter of 2024.

In addition to the agreement with Petrobras, the company also received three contracts in Latin America to provide integrated drilling and completion services in onshore and offshore operations.

It will work with its services in exploration campaigns in shallow waters and exploration wells throughout the Latin American continent.

The contract with Petrobras to supply operations in the Brazilian pre-salt layer is the highlight of Weatherford's new business portfolio in Latin America for the year 2023.