As used herein, "Weatherford," the "Company," "we," "us" and "our," refer to
Weatherford International plc, a public limited company organized under the laws
of Ireland, and its subsidiaries on a consolidated basis. The following
discussion should be read in conjunction with the Condensed Consolidated
Financial Statements and Notes thereto included in "Item 1. Financial
Statements." Our discussion includes various forward-looking statements about
our markets, the demand for our products and services and our future results.
These statements are based on certain assumptions we consider reasonable. For
information about these assumptions, please review the section entitled
"Forward-Looking Statements" and the section entitled "Part II - Other
Information - Item 1A. - Risk Factors."

Overview



We conduct operations in approximately 75 countries and have service and sales
locations in oil and natural gas producing regions globally. Our operational
performance is reviewed on a geographic basis, and we report the Western
Hemisphere and Eastern Hemisphere as separate, distinct reporting segments.
Our principal business is to provide equipment and services to the oil and
natural gas exploration and production industry, both onshore and offshore. Our
two product lines are as follows: (1) Completion and Production and (2)
Drilling, Evaluation and Intervention.

•Completion and Production ("C&P") offers a suite of modern completion products,
reservoir stimulation designs, and engineering capabilities that isolate zones
and unlock reserves in deepwater, unconventional, and aging reservoirs and
production optimization services and a complete production ecosystem, featuring
our artificial-lift portfolio, testing and flow-measurement solutions, and
optimization software, to boost productivity and profitability.

•Drilling, Evaluation and Intervention ("DEI") comprises a suite of services
ranging from early well planning to reservoir management. The drilling services
offer innovative tools and expert engineering to increase efficiency and
maximize reservoir exposure. Evaluation services merge wellsite capabilities
including wireline and managed pressure drilling. We also build and rebuild well
integrity for the full life cycle of the well. Using conventional to advanced
equipment, we offer safe and efficient tubular running services in any
environment. Our skilled fishing and re-entry teams execute under any
contingency from drilling to abandonment, and our drilling tools provide
reliable pressure control even in extreme wellbores.

Financial Results and Overview



Revenues totaled $945 million and $2.7 billion in the third quarter and first
nine months of 2021, respectively, an improvement of $138 million, or 17%, and a
decline of $163 million, or 6%, compared to the third quarter and first nine
months of 2020, respectively.

The third quarter of 2021 year-over-year improvement reflects a 28% increase in
service revenues driven by higher demand in certain C&P and DEI sub-product
lines, primarily in North America and South America, which spurred the 40%
growth in the Western Hemisphere and a 3% increase in the Eastern Hemisphere.
Western Hemisphere growth was primarily driven by higher business activity
levels for C&P services and products primarily in Canada, Argentina and the
United States.

The 6% revenue decline in the first nine months of 2021 compared to 2020 was
primarily due to the lower business activity experienced during the first
quarter of 2021 compared to the pre-COVID-19 first quarter of 2020. The pandemic
had an immediate negative impact beginning in the second quarter of 2020 in the
Western Hemisphere while taking longer to significantly impact the Eastern
Hemisphere.

Total operating income improved $131 million and $1.5 billion in the third
quarter of 2021 and first nine months of 2021 compared to the third quarter and
first nine months of 2020, respectively, primarily from the absence of
impairment and restructuring charges in 2021. In addition, selling, general and
administrative, corporate, and research and development expense declined in the
first nine months of 2021, reflecting the benefits of the cost improvement
initiatives that were implemented during 2020 and earlier in 2021.

Segment operating income was $79 million and $118 million in the third quarter
and first nine months of 2021, respectively, an increase of $76 million for both
the third quarter and first nine months of 2021, compared to the third quarter
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and first nine months of 2020. The third quarter of 2021 year-over-year
improvement was driven by the increased activity levels and demand for both C&P
and DEI services primarily in North America, South America and Middle East &
North Africa and Asia ("MENA/Asia"). The first nine months of 2021
year-over-year improvement was driven by the increased activity levels and
demand for C&P and DEI services primarily in the Western Hemisphere with
improvements in North and South America.

Impairments and Other Charges (Credits), Net

Please see summary of details at "Note 2 - Impairments and Other Charges (Credits), Net" to our Condensed Consolidated Financial Statements.

Industry Trends



The level of spending in the energy industry is heavily influenced by the
current and expected future prices of oil and natural gas, but is also impacted
by environmental, social and governance ("ESG") initiatives, ongoing supply
chain shortages, and customer capital spending plans. These factors result in an
increase or decrease in demand for our products and services. Rig count is an
indicator of the level of spending for the exploration and production of oil and
natural gas reserves. The following charts set forth certain statistics that
reflect historical market conditions.

The table below shows the average oil and natural gas prices for West Texas
Intermediate ("WTI"), United Kingdom Brent crude oil and Henry Hub natural gas.
                                                     Three Months Ended                              Year Ended
                                                        9/30/2021                     9/30/2020                                  12/31/2020
Oil price - WTI (1)                                        $70.62                        $40.89                                      $39.23
Oil price - Brent (1)                                      $73.47                        $42.96                                      $41.76
Natural gas price - Henry Hub (2)                           $4.36                         $2.00                                       $2.04

(1) Oil price measured in dollars per barrel (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu

The average rig counts based on the weekly Baker Hughes Company rig count information were as follows:


                            Three Months Ended                   Nine Months Ended
                            9/30/2021               9/30/2020               9/30/2021   9/30/2020
     North America           647                     301                     570         566
     International           772                     731                     735         879
     Worldwide             1,419                   1,032                   1,305       1,445



Business Outlook

There are indications that the global economic and demand recovery from the
COVID-19 pandemic is continuing to build towards pre-pandemic levels as both
COVID-19 vaccination rates and global economic activity increase. Oil prices
have risen during the year, buoyed by supply policies led by the Organization of
Petroleum Exporting Countries and the expanded alliance ("OPEC+") and other high
oil exporting non-OPEC+ nations. Average oil prices for the third quarter of
2021 are approximately 70% higher than the average oil prices for the third
quarter of 2020 and natural gas prices have increased 118% over the same period.
WTI oil spot prices have recovered to pre-pandemic levels, averaging
approximately $71 per barrel during the third quarter of 2021. However, the
North America and International average rig count continues to be well below
pre-pandemic levels.

We expect continued improvements in our customer activity levels with the
ongoing COVID-19 vaccine rollout globally and multinational economic stimulus
actions which are expected to provide a measured pathway to oil and natural gas
demand recovery throughout 2021. We believe that industry activity will likely
continue to recover and our fourth quarter 2021 consolidated revenues are
expected to increase by low -single digits above the third quarter of 2021.

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We continue to closely monitor the ongoing global impacts surrounding the
COVID-19 pandemic, including operational and manufacturing disruptions,
logistical constraints and travel restrictions. The oilfield services industry
growth is highly dependent on many external factors, such as the global response
to the COVID-19 pandemic, our customers' capital expenditures, ESG driven
business changes, world economic and political conditions, the price of oil and
natural gas, member-country quota compliance within the OPEC+, weather
conditions and other factors.

COVID-19 Pandemic Impacts



We have experienced and expect to continue to experience inflationary pressures
when sourcing raw material and services, delays and supply shortages as our
supplier base continues to return to work and reopening challenges. Shipping and
other logistics activities are experiencing tight availability for carriers,
containers and shipping materials, exacerbating the delays and lack of
availability of key components. In addition, we continue to experience certain
customer restrictions that prevent access to their sites, community measures to
contain the spread of the COVID-19 virus, and changes to our policies that have
both restricted and changed the way our employees work.

We continuously improve crew rotations and management practices to minimize our
employees' risk of exposure to the COVID-19 virus while at client facilities. We
constantly refine and update our identification and management of COVID-19 cases
through the development of updated protocols, advanced testing and response
procedures consistent with the latest guidance, from the Centers of Disease
Control and Prevention and the World Health Organization. Faced with these
challenges, we evolved our digital portfolio and enhanced our applications to
offer fully integrated digital oilfield solutions. We also increased our
offerings of automated well construction and remote monitoring and predictive
analytics related to our product offerings.

Opportunities and Challenges



As production decline rates persist and reservoir productivity complexities
increase, our customers continue to face challenges in balancing the cost of
extraction activities with securing desired rates of production while achieving
acceptable rates of return on investment. These challenges increase our
customers' requirements for technologies that improve productivity and
efficiency and puts pressure on us to deliver our products and services at
competitive rates. In addition, as consolidation of the oil and gas services
industry continues due to market conditions, there has been an increased demand
for companies with specialized products, services and technologies. We believe
we are well positioned to satisfy our customers' needs, but the level of
improvement in our businesses in the future will depend heavily on pricing,
volume of work, our ability to offer solutions to more efficiently extract oil
and gas while controlling costs, and our success in penetrating new and existing
markets with our newly developed technologies. Over the long-term, we expect the
world's demand for energy to continue rising, requiring increased oil field
services and more advanced technology from the oilfield service industry. We
remain focused on delivering innovative and cost-efficient solutions for
customers to assist them in achieving their operational, safety and
environmental objectives.

Our challenges also include market conditions that could make it more difficult
to obtain our targeted cost reduction benefits and to recruit, motivate and
retain employees, including key personnel. Increasing investor and government
focus on environmental and social governance factors, the cyclicality of the
energy industry and the ongoing COVID-19 pandemic may negatively impact demand
for our products and services. We are following our long-term strategy aimed at
achieving sustainable profitability in our businesses, servicing our customers
and creating value for our shareholders. Our long-term success will be
determined by our ability to manage effectively the cyclicality of our industry,
including potential prolonged industry downturns, our ability to respond to
industry demands in periods of over-supply or uncertain oil prices, and
ultimately to generate consistent positive cash flow and positive returns on the
invested capital.

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Results of Operations



The following table sets forth consolidated results of operations and financial
information by operating segment and other selected information for the periods
indicated.
                                                                                                      Favorable
                                                   Three Months
                                                      Ended                             (Unfavorable)
 (Dollars and shares in millions, except per
share data)                                        09/30/21         09/30/20               $ Change             % Change
Revenues:
Western Hemisphere                               $      441       $     316              $     125                      40  %
Eastern Hemisphere                                      504             491                     13                       3  %
 Total Revenues                                         945             807                    138                      17  %
Operating Income (Loss):
Western Hemisphere                                       45              (2)                    47                   2,350  %
Eastern Hemisphere                                       34               5                     29                     580  %
Total Segment Operating Income                           79               3                     76                   2,533  %
Corporate                                               (16)            (28)                    12                      43  %
Total Operating Income (Loss) Before Other
Operating Expenses                                       63             (25)                    88                     352  %

Restructuring Charges                                     -             (31)                    31                     100  %
Other (Charges) Credits, Net                              8              (4)                    12                     300  %

Total Operating Income (Loss)                            71             (60)                   131                     218  %
 Interest Expense, Net                                  (69)            (64)                    (5)                     (8) %

 Loss on Extinguishment of Debt and Bond
Redemption Premium                                      (59)              -                    (59)                      -  %
 Loss on Termination of ABL Credit Agreement              -             (15)                    15                     100  %

 Other Expense, Net                                      (4)            (20)                    16                      80  %
Loss Before Income Taxes                                (61)           (159)                    98                      62  %
Income Tax Provision                                    (28)             (8)                   (20)                   (250) %
Net Loss                                         $      (89)      $    (167)             $      78                      47  %
Net Income Attributable to Noncontrolling
Interests                                                 6               7                      1                      14  %
Net Loss Attributable to Weatherford             $      (95)      $    (174)             $      79                      45  %

Net Loss per Diluted Share                       $    (1.36)      $   (2.48)             $    1.12                      45  %
Weighted Average Diluted Shares Outstanding              70              70                       N/A                     N/A
Depreciation and Amortization                    $      112       $     117              $       5                       4  %


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                                                                                                  Favorable
                                                       Nine Months Ended                        (Unfavorable)
 (Dollars and shares in millions, except per share
data)                                                9/30/2021    9/30/2020            $ Change               % Change
Revenues:
Western Hemisphere                                 $    1,256    $   1,214          $         42                      3  %
Eastern Hemisphere                                      1,424        1,629                  (205)                   (13) %
 Total Revenues                                         2,680        2,843                  (163)                    (6) %
Operating Income (Loss):
Western Hemisphere                                         97            4                    93                  2,325  %
Eastern Hemisphere                                         21           38                   (17)                   (45) %
Total Segment Operating Income                            118           42                    76                    181  %
Corporate                                                 (51)         (80)                   29                     36  %
Total Operating Income (Loss) Before Other
Operating Expenses                                         67          (38)                  105                    276  %
Goodwill and Long-Lived Asset Impairments                   -       (1,057)                1,057                    100  %
Restructuring Charges                                       -         (114)                  114                    100  %
Other (Charges) Credits, Net                               16         (170)                  186                    109  %

Total Operating Income (Loss)                              83       (1,379)                1,462                    106  %
 Interest Expense, Net                                   (211)        (181)                  (30)                   (17) %

 Loss on Extinguishment of Debt and Bond
Redemption Premium                                        (59)           -                   (59)                     -  %
 Loss on Termination of ABL Credit Agreement                -          (15)                   15                    100  %
 Other Expense, Net                                       (19)         (65)                   46                     71  %

Loss Before Income Taxes                                 (206)      (1,640)                1,434                     87  %
Income Tax Provision                                      (66)         (64)                   (2)                    (3) %
Net Loss                                                 (272)      (1,704)                1,432                     84  %
Net Income Attributable to Noncontrolling
Interests                                                  17           17                     -                      -  %
Net Loss Attributable to Weatherford               $     (289)   $  (1,721)         $      1,432                     83  %

Net Loss per Diluted Share                         $    (4.13)   $  (24.58)         $      20.45                     83  %
Weighted Average Diluted Shares Outstanding                70           70                      N/A                    N/A
Depreciation and Amortization                      $      337    $     387          $         50                     13  %



Segment Revenues

Western Hemisphere revenues increased $125 million, or 40%, in the third quarter
of 2021 and $42 million, or 3%, in the first nine months of 2021 compared to the
third quarter and first nine months of 2020. The third quarter of 2021
year-over-year growth in the Western Hemisphere was due to increased demand for
service and products across both C&P and DEI in North America and South America.
Western Hemisphere growth was primarily driven by higher business activity
levels for C&P services and products primarily in Canada, Argentina and the
United States. The Western Hemisphere revenue improvement in the first nine
months of 2021 compared to 2020 was due to higher business activity levels for
C&P services and products.

Eastern Hemisphere revenues increased $13 million, or 3%, in the third quarter
of 2021 and decreased $205 million, or 13%, in the first nine months of 2021
compared to the third quarter and first nine months of 2020. The third quarter
of 2021 year-over-year increase was due to increased demand for the DEI services
in MENA/Asia. The nine months of 2021 year-over-year decrease was due to a
decline in international activity resulting in lower C&P and DEI service and
product sales since the COVID-19 pandemic.

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Segment Operating Results



Western Hemisphere segment operating income of $45 million and $97 million in
the third quarter and first nine months 2021, respectively, increased $47
million and $93 million, respectively, compared to the third quarter and first
nine months of 2020. The third quarter year-over-year improvements were driven
by the increased demand for services across both C&P and DEI businesses in North
and South America, as well as lower operational and employee costs. The nine
months year-over-year improvements were driven by the increased demand for C&P
services in North and South America, as well as lower operational and employee
costs.

Eastern Hemisphere segment operating income of $34 million and $21 million in
the third quarter and first nine months of 2021, respectively, increased $29
million and decreased $17 million, respectively, compared to the third quarter
and first nine months of 2020. The third quarter year-over-year improvement was
driven by the improved services mix across both the C&P and DEI businesses in
MENA/Asia. The year-over-year decline in the nine months was driven by lower
activity levels across for C&P and DEI services related to the COVID-19
pandemic, partially offset by lower operational and employee costs.

Interest Expense, Net



Net interest expense was $69 million and $211 million in the third quarter and
first nine months of 2021, respectively, and primarily represents interest on
our 11.0% Exit Notes due 2024 ("Exit Notes") and our 8.75% Senior Secured Notes
due 2024 ("2024 Senior Secured Notes") as well as amortization of debt issuance
costs and discounts.

Net interest expense was $64 million and $181 million in the third quarter and
first nine months of 2020, respectively, and primarily represents interest on
our Exit Notes and our 2024 Senior Secured Notes.

Loss on Termination of ABL Credit Agreement



On December 13, 2019, we entered into a senior secured asset-based lending
agreement in an aggregate amount of $450 million (the "ABL Credit Agreement")
which was terminated on August 28, 2020. Upon its termination, we recorded $15
million of noncash "Loss on Termination of ABL Credit Agreement" on our
Condensed Consolidated Financial Statements related to unamortized deferred debt
issuance costs.

Loss on Extinguishment of Debt and Bond Redemption Premium



On September 30, 2021, we repaid our 2024 Senior Secured Notes and recognized a
$22 million bond redemption premium on the early redemption and a $37 million
noncash loss on extinguishment of debt related to unamortized debt issuance
costs and discount, which is presented as "Loss on Extinguishment of Debt and
Bond Redemption Premium" on the Condensed Consolidated Statements of Operations.

Other Expense, Net



Other expense, net was $4 million and $19 million in the third quarter and first
nine months of 2021, respectively, compared to other expense of $20 million and
$65 million in the third quarter and first nine months of 2020, respectively.
Other expense, net is comprised of letter of credit fees, other financing
charges and foreign exchange losses, primarily attributed to currency losses in
countries with no or limited markets to hedge. The first nine months
year-over-year improvement was primarily due to lower currency volatility in
2021 compared to the significant volatility in the same period in the prior year
following the start of the COVID-19 pandemic. In 2020, the balance included $9
million in reorganization expenses.

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Income Taxes



In the three and nine months ended September 30, 2021, we recognized tax expense
of $28 million and $66 million, respectively, on a loss before income taxes of
$61 million and $206 million, respectively, compared to the three and nine
months ended September 30, 2020 where we recognized tax expense of $8 million
and $64 million, respectively, on a loss before income taxes of $159 million and
$1.6 billion, respectively. Our income tax provisions are primarily driven by
income in certain jurisdictions, deemed profit countries and withholding taxes
on intercompany and third-party transactions that do not directly correlate to
ordinary income or loss and other adjustments. Impairments and other charges
recognized do not result in significant tax benefit as a result of our inability
to forecast realization of the tax benefit of such losses.

Please see "Note 13 - Income Taxes" to our Condensed Consolidated Financial Statements for additional details.

Restructuring, Facility Consolidation and Severance Charges

Please see "Note 6 - Restructuring, Facility Consolidation and Severance Charges" to our Condensed Consolidated Financial Statements for additional details of our charges by segment.

Liquidity and Capital Resources



At September 30, 2021, we had total cash and cash equivalents and restricted
cash of $1.45 billion, which increased $161 million compared to the year ended
December 31, 2020. Included in total cash and cash equivalents was $155 million
and $167 million of restricted cash at September 30, 2021 and December 31, 2020,
respectively. Restricted cash is primarily cash collateral for letters of credit
not held under the senior secured letter of credit agreement (the "LC Credit
Agreement"). The following table summarizes cash flows provided by (used in)
each type of activity and a reconciliation of operating cash flow to non-GAAP
free cash flow for the nine months ended September 30, 2021 and September 30,
2020:
                                                                  Nine Months Ended September 30,
(Dollars in millions)                                                   2021              2020
Net Cash Provided by Operating Activities                       $             234    $        188
Net Cash Used in Investing Activities                                          (2)            (65)
Net Cash Provided by (Used in) Financing Activities                           (65)            376

Reconciliation of Operating Cash Flow to Non-GAAP Free Cash Flow: Net Cash Provided by Operating Activities

                       $             234    $        188
Capital Expenditures for Property, Plant and Equipment                        (44)           (100)
Proceeds from Disposition of Assets                                            39              13
Non-GAAP Free Cash Flow                                         $             229    $        101



Operating Activities

Cash provided by operating activities was $234 million for the nine months ended
September 30, 2021 compared to $188 million for the nine months ended September
30, 2020. During the nine months ended September 30, 2021, the primary sources
of cash provided by operating activities were driven by higher operating income
and lower accounts payable spend partially offset by higher interest payments.

During the nine months ended September 30, 2020, the primary sources of cash
provided by operating activities were from collections on our accounts
receivable, and lower payments for working capital activities, retention and
performance cash bonuses, partially offset by payments for interest.

Investing Activities



Cash used in investing activities was $2 million for the nine months ended
September 30, 2021 compared to $65 million for the nine months ended September
30, 2020. During the nine months ended September 30, 2021, the primary uses of
cash
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were capital expenditures of $44 million for property, plant and equipment, offset by proceeds of $39 million from asset dispositions. During the nine months ended September 30, 2020, the primary uses of cash were capital expenditures of $100 million for property, plant and equipment, offset by proceeds of $13 million from asset dispositions and $25 million of cash proceeds from Angolan government bonds.

Financing Activities



Cash used in financing activities was $65 million for the nine months ended
September 30, 2021 compared to cash provided by financing activities of $376
million for the nine months ended September 30, 2020. During the nine months
ended September 30, 2021, the primary uses of cash were repayments of long-term
debt of $510 million primarily for the repayment of our 2024 Senior Secured
Notes and finance lease obligations, a $22 million bond redemption premium
payment for the early redemption of our 2024 Senior Secured Notes, and $20
million primarily for dividends paid to noncontrolling interests. The primary
sources of cash were net proceeds of $491 million, net of commitments fees and
debt issuance costs, from the issuance of the 2028 Senior Secured Notes. See
"Note 7 - Borrowings and Other Obligations" to our Condensed Consolidated
Financial Statements for further details on the debt financing.

During the nine months ended September 30, 2020, the primary source of cash were
net proceeds of $457 million from the issuance of our 2024 Senior Secured Notes,
offset by uses of cash of $81 million for the repayment of short-term debt and
other financing activities related to a deferred payment for our 2018
acquisition of our Qatari joint venture and dividends paid to noncontrolling
interests.

Non-GAAP Free Cash Flow

Non-GAAP free cash flow ("free cash flow") represents cash provided by operating
activities less capital expenditures for property, plant and equipment plus
proceeds from the disposition of assets. It is a non-GAAP financial measure that
should be considered in addition to, not as substitute for or superior to, cash
provided by operating activities. Management believes that free cash flow is
useful to investors and management as an important operating liquidity measure
and is an indicator of our ability to generate cash, pay obligations, reinvest
in the business and create shareholder value.

Cash provided by operating activities was $234 million and $188 million in the
nine months ended September 30, 2021 and 2020, respectively. Free cash flow was
a positive $229 million and $101 million in the nine months ended September 30,
2021 and 2020, respectively.

Sources of Liquidity

Our sources of available liquidity include cash generated by our operations,
cash and cash equivalent balances, accounts receivable factoring, and
dispositions of businesses or capital assets that no longer fit our long-term
strategy. We historically have accessed banks for short-term loans and the
capital markets for debt and equity offerings. Based upon current and
anticipated levels of operations and our recently completed and announced
anticipated long-term debt refinancing, we believe we have sufficient cash from
operations and cash on hand to fund our expected financial obligations and cash
requirements (discussed below) both in the short-term and long-term.

LC Credit Agreement Amendment
The LC Credit Agreement is a senior secured letter of credit agreement in an
aggregate amount of $215 million maturing on May 29, 2024, which is used by the
Company and certain of its subsidiaries for the issuance of bid and performance
letters of credit.

On September 20, 2021, certain provisions and covenants of the LC Credit Agreement were amended as follows:



•Permit the borrowing of up to an additional $400 million of secured
indebtedness under an asset-based lending facility or a revolving credit
facility upon compliance with certain conditions;
•Removed the minimum secured liquidity requirement;
•Increased the minimum aggregate liquidity requirement from $175 million to $300
million;
•Decreased the minimum aggregate book value of certain pledged assets
requirement from $1.25 billion to $1 billion; and
•Increased the ability to redeem debt to $500 million subject to a minimum
aggregate liquidity of $400 million
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at the time of redemption.

2028 Senior Secured Notes

On September 30, 2021, we entered into an indenture and issued the 6.5% Senior
Secured Notes in aggregate principal amount of $500 million maturing September
15, 2028 (the "2028 Senior Secured Notes"). Interest accrues at the rate of 6.5%
per annum and is payable semiannually on September 15 and March 15 of each year,
commencing on March 15, 2022. The 2028 Senior Secured Notes are guaranteed by
the Company and the same subsidiaries that guaranteed the 2024 Senior Secured
Notes.

Exit Notes Redemption

On October 20, 2021 we redeemed $200 million of our Exit Notes and paid related accrued interest of $8 million with an early bond redemption premium of $6 million.

2030 Senior Notes and Exit Notes Redemption



On October 27, 2021, we issued $1.6 billion of 8.625% senior notes due April 30,
2030 (the "2030 Senior Notes"). The net proceeds and cash on hand were used to
redeem $1.6 billion in principal of our Exit Notes at applicable prices, plus
accrued and unpaid interest. The 2030 Senior Notes pay interest semi-annually on
June 1 and December 1 of each year, beginning on June 1, 2022 at a rate of
8.625% per year and will mature on April 30, 2030. The 2030 Senior Notes are
guaranteed by the Company and the same subsidiaries that guaranteed the 2028
Senior Secured Notes.

Cash Requirements

Our cash requirements will continue to include interest payments on our
long-term debt, payments for capital expenditures, repayment on finance leases,
payments for short-term working capital needs and costs associated with our
revenue and restructuring payments, including severance. During 2020, we
accumulated working capital due to the sharp decrease in demand due to the
COVID-19 pandemic. In 2021, operating cash flow benefited from the monetization
of working capital accumulated in 2020. As business activity rises to
pre-COVID-19 pandemic levels we expect that we will utilize cash to invest in
capital assets and inventory. Our cash requirements may also include awards
under our employee incentive programs and other amounts to settle litigation
related matters.

As of September 30, 2021, we had $2.1 billion in aggregate principal amount
maturing on December 1, 2024 and $500 million in aggregate principal amount
maturing on September 15, 2028 for our Exit Notes and 2028 Senior Secured Notes,
respectively. In addition, on October 20, 2021 we redeemed $200 million of our
Exit Notes and on October 27, 2021, we issued $1.6 billion in aggregate
principal amount of the 2030 Senior Notes with an interest rate of 8.625%. We
used the net proceeds from the 2030 Senior Notes issuance and cash on hand to
redeem $1.6 billion principal amount of our Exit Notes. Please see "Note 7 -
Borrowings and Other Obligations" and "Note 14 - Subsequent Events" to our
Condensed Consolidated Financial Statements for additional details.

Prior to refinancing of our Exit Notes and 2024 Secured Senior Notes we expected
to make annual interest payments of approximately $275 million until their
maturity. Subsequent to refinancing our Exit Notes and the 2024 Secured Notes,
we expect to make annual interest payments of approximately $204 million until
their maturity. Our 2021 payments on operating leases are expected to be $91
million and capital spending is expected to be approximately $100 - $110
million.

Cash and cash equivalents (including restricted cash of $155 million primarily
related to cash collateral on our letters of credit) totaled $1.45 billion at
September 30, 2021 and are held by subsidiaries outside of Ireland. At September
30, 2021 we had approximately $195 million of our cash and cash equivalents that
cannot be immediately repatriated from various countries due to country central
bank controls or other regulations. Based on the nature of our structure, other
than the restrictions noted above, we foresee we will be able to redeploy cash
with minimal to no incremental tax.

Customer Receivables



We may experience delayed customer payments and payment defaults due to, among
other reasons, a weaker economic environment, reductions in our customers' cash
flow from operations, our customers' inability to access credit markets, as well
as unsettled political conditions.
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Accounts Receivable Factoring

From time to time, we participate in factoring arrangements to sell accounts
receivable to third-party financial institutions or cash proceeds net of
discount and hold-back. The programs we factor under are uncommitted and thus we
cannot assure they will be available as a source of liquidity. Our factoring
transactions in the three and nine months ended September 30, 2021 and 2020 were
recognized as sales of accounts receivable, and the proceeds are included as
operating cash flows in our Condensed Consolidated Statements of Cash Flows.
During the three and nine months ended September 30, 2021, we received cash
proceeds from the sale of accounts receivable of $12 million and $46 million,
respectively, compared to $10 million and $30 million in the three and nine
months ended September 30, 2020, respectively.

Ratings Services' Credit Ratings

On July 1, 2021, the Standard and Poor's ("S&P") credit ratings of our 2024 Senior Secured Notes and the LC Credit Agreement improved to a B with a stable outlook. The S&P credit rating of our Exit Notes improved to a CCC+ with a stable outlook. On October 12, 2021, S&P placed our issuer credit rating on CreditWatch with positive implications related to our refinancing of a substantial portion of our Exit Notes.



On October 12, 2021, Moody's Investor Services ("Moody's") changed its outlook
for the Company to stable from negative and assigned a B3 rating to our new 2030
Senior Unsecured Notes. The ratings on our other debt remained unchanged
including a Ba3 credit rating on the 2028 Senior Secured Notes and the LC Credit
Agreement, B3 on our Exit Notes, and a B2 long-term corporate family rating.

Off Balance Sheet Arrangements

Guarantees

Weatherford International plc, a public limited company organized under the laws
of Ireland, and as the ultimate parent of the Weatherford group, guarantees the
obligations of its subsidiaries. Please see our discussion on guarantees in
"Part II - Item 7 - Management's Discussion and Analysis of Financial Condition
and Results of Operation" of our Annual Report on Form 10-K for the year ended
December 31, 2020 ("2020 Annual Report").

Letters of Credit and Surety Bonds



As of September 30, 2021, we had $329 million of letters of credit outstanding,
consisting of $173 million under the LC Credit Agreement and $156 million under
various bi-lateral uncommitted facilities (for which there was $152 million in
cash collateral held and recorded in "Restricted Cash" on our Condensed
Consolidated Balance Sheets).

As of September 30, 2021, we had outstanding surety bonds of $287 million, which
were primarily in Latin America where we utilize surety bonds as part of our
customary business practice. Any of our outstanding letters of credit or surety
bonds could be called by the beneficiaries should we breach certain contractual
or performance obligations. If the beneficiaries were to call the letters of
credit under our LC Credit Agreement or our surety bonds, our available
liquidity would be reduced by the amount called.


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Forward-Looking Statements



This report contains various statements relating to future financial performance
and results, business strategy, plans, goals and objectives, including certain
projections, business trends and other statements that are not historical facts.
These statements constitute forward-looking statements. These forward-looking
statements generally are identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "budget," "strategy," "plan," "guidance,"
"outlook," "may," "should," "could," "will," "would," "will be," "will
continue," "will likely result," and similar expressions, although not all
forward-looking statements contain these identifying words.

Forward-looking statements reflect our beliefs and expectations based on current
estimates and projections. While we believe these expectations, and the
estimates and projections on which they are based, are reasonable and were made
in good faith, these statements are subject to numerous risks and uncertainties.
Accordingly, our actual outcomes and results may differ materially from what we
have expressed or forecasted in the forward-looking statements. We undertake no
obligation to correct, update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise, except to the
extent required under federal securities laws. The following, together with
disclosures under "Part II - Other Information - Item 1A. - Risk Factors", sets
forth certain risks and uncertainties relating to our forward-looking statements
that may cause actual results to be materially different from our present
expectations or projections:

•risks associated with disease outbreaks and other public health issues,
including COVID-19 and COVID-19 variants, their impact on the global economy and
the business of our Company, customers, suppliers and other partners, changes
in, and the administration of, treaties, laws, and regulations, including in
response to such issues and the potential for such issues to exacerbate other
risks we face, including those related to the factors listed or referenced
below;
•further spread and potential for a resurgence of COVID-19 in a given geographic
region and related disruptions to our business, customers, suppliers and other
partners and additional regulatory measures or voluntary actions that may be put
in place to limit the spread of COVID-19, including vaccination requirements and
the associated availability of vaccines, restrictions on business operations or
social distancing requirements, and the duration and efficacy of such
restrictions;
•the price and price volatility of, and demand for, oil, natural gas and natural
gas liquids;
•member-country quota compliance within the Organization of Petroleum Exporting
Countries and the expanded alliance;
•our ability to realize expected revenues and profitability levels from current
and future contracts;
•our ability to generate cash flow from operations to fund our operations;
•global political, economic and market conditions, political disturbances, war,
terrorist attacks, changes in global trade policies, weak local economic
conditions and international currency fluctuations;
•increases in the prices and lack of availability of our procured products and
services;
•our ability to timely collect from customers;
•our ability to realize cost savings and business enhancements from our revenue
and cost improvement efforts;
•our ability to attract, motivate and retain employees, including key personnel;
•our ability to access capital markets on terms that are commercially acceptable
to the Company, or at all;
•our ability to manage our workforce, supply chain and business processes,
information technology systems and technological innovation and
commercialization, including the impact of our organization restructure,
business enhancements, improvement efforts and the cost and support reduction
plans;
•potential non-cash asset impairment charges for long-lived assets, intangible
assets or other assets;
•adverse weather conditions in certain regions of our operations; and
•failure to ensure on-going compliance with current and future laws and
government regulations, including but not limited to environmental, social,
governance and tax and accounting laws, rules and regulations as well as stock
exchange listing rules.

Many of these factors are macro-economic in nature and are, therefore, beyond
our control. Should one or more of these risks or uncertainties materialize,
affect us in ways or to an extent that we currently do not expect or consider to
be significant, or should underlying assumptions prove incorrect, our actual
results, performance or achievements may vary materially from those described in
this quarterly report as anticipated, believed, estimated, expected, intended,
planned or projected.

Finally, our future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in our other filings with the SEC under the Exchange Act and the Securities Act. For additional information regarding


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risks and uncertainties, see our other filings with the SEC. In the event of an inconsistency between any prior or current SEC filing, the most current SEC filing would control.

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