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Weatherford Announced The Main Results For The Last Quarter Of 2022, With Large Numbers In Its Cash. The Contract With Petrobras For The Supply Of Offshore Services In The Brazilian Pre-Salt Was Also Highlighted At The End Of The Year.
On the 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 supply of services aimed at the Brazilian pre-salt, signed with the state oil company Petrobras. The company will provide its newly enhanced chemical injection system for the operations of the company in the Brazilian oil and gas market.
Oil And Gas Company Reports 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 operational results of the fourth quarter of 2022, as well as the annual data.
It achieved a strong cash expansion throughout the last year, as well as new large contracts for the supply of its offshore services, with a highlight on the agreement with Petrobras.
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According to the company’s data, revenues for the fourth quarter of US$ 1,209 million increased 8% sequentially and 25% year over year. Additionally, the operating income for the fourth quarter of US$ 169 million increased 40% sequentially and 412% year over year.
The major highlight of the company’s results in the offshore sector was the net income for the year, which reached US$ 72 million.
The adjusted EBITDA for the fourth quarter was US$ 266 million, a margin of 22.0% with a sequential improvement of 290 basis points and a year-over-year improvement of 73%.
Finally, the net cash for the fourth quarter provided by operating activities was US$ 193 million and the free cash flow was US$ 171 million.
Thus, Weatherford made its presence known in the international oil and gas sector with its offshore support services.
Petrobras Signs Contract With Weatherford For The Supply Of Offshore Services Aimed At The State Company’s Operations In The Brazilian Pre-Salt
In addition to the large profits obtained during the last quarter of 2022, Weatherford also expanded its business portfolio in the global market.
The company signed a unique 2-year contract with the state oil company Petrobras for the supply of its offshore services in Brazilian territory.
The agreement marks another important step for the company’s growth in the national market.
According to the contract signed with the oil company, Weatherford will provide its newly enhanced chemical injection system, meeting the reliability and transportation requirements of the pre-salt.
The company will utilize an advanced recoverable wire chemical injection system from Weatherford that will be implemented starting from 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 operate with its services in exploration campaigns in shallow waters and exploration wells throughout the Latin American continent.
The contract with Petrobras for the supply of operations in the Brazilian pre-salt is the major highlight in Weatherford’s new business portfolio in Latin America for the year 2023.
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