Weatherford Reports First Venezuela Revenue in Q3, Sees Growth Through 2028

Weatherford International plc recorded its first revenue from Venezuela in the third quarter, while President and CEO Girish Saligram described a possible expansion through 2028 as the oilfield services company set its next-quarter outlook.

Weatherford’s third-quarter sales totaled $1.143 billion, a 3% increase from the prior quarter and a 7% decline from the year-earlier period. Net income attributable to Weatherford rose 48% year over year to $120 million. Diluted EPS was $1.66, up from $1.12 in the year-earlier quarter.

Adjusted EBITDA was $254 million, down 6% year over year, while its margin increased 39 basis points to 22.2%. Cash from operations totaled $192 million, and adjusted free cash flow was $155 million.

Venezuela is included in Weatherford’s Latin America segment, which generated $225 million in third-quarter revenue, up 5% year over year. Weatherford received a 46-unit award from an unnamed major operator for Venezuelan well completions using its Progressive Cavity Pumping systems.

On an Oct. 21 earnings call at 8:30 a.m. ET (12:30 UTC), Saligram said, “we saw our first revenue in Q3” from Venezuela. He expects a “tangible” contribution in the fourth quarter. Saligram said the business could reach “triple-digit revenues” in 2027, grow further in 2028 and potentially approach a previous peak in the next few years if conditions remain stable.

For Q4, Weatherford projected revenue between $1.28 billion and $1.33 billion, with adjusted EBITDA of $270 million to $290 million. The company expects startup costs in Venezuela to weigh on the quarter’s margin. Its 2026 outlook calls for revenue of $4.68 billion to $4.73 billion and adjusted free cash flow conversion in the high-40% range.