EANS-Adhoc: Weatherford Reports First Quarter 2014 Results

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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Annual Reports/3-month report
25.04.2014

GENEVA, Switzerland, April 24, 2014 -- Weatherford International
Ltd. (NYSE/Euronext Paris/SIX: WFT) reported net income before
charges of $99 million, ($0.13 diluted earnings per share on a
non-GAAP basis) on revenues of $3.60 billion for the first quarter of
2014.

Photo - http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO

end of ad-hoc-announcement

================================================================================
First Quarter 2014 Highlights

-- Operating income margins improved 115 basis points sequentially with
international margins improving 278 basis points over the fourth
quarter;
-- Executed our plan to reduce the cost base of our core business. To date,
we have identified over 6,600 positions for elimination, and during the
first quarter we completed approximately 56% of our planned reduction in
workforce with an estimated pre-tax annualized savings of $263 million
for the positions already eliminated;
-- Started the process of closing 20 underperforming operating locations in
various countries, and identified an additional 30 operating locations
to begin closing during the second quarter; and
-- Entered into an agreement to sell our pipeline and specialty services
business for a total consideration of $250 million, including $241
million in cash and $9 million in retained working capital.

Bernard J. Duroc-Danner, Chairman, President and Chief Executive Officer
commented, "We have amassed an outstanding industrial core, supported by the
quality of our management and employees. For 2014, we have established
reasonable objectives grounded on careful assessment and steadfast focus on
three clear actions: Core, Cost and Cash. Weatherford has implemented measures
needed to leverage and further develop our industrial core, placing us on a
long-term financially rewarding path. Weatherford's industrial might will again
reemerge to the greater benefit of our customers, employees and all our
stakeholders. Our direction is as simple as it is committed by all. The whole
organization understands this, and we are focused on three principal themes:

-- Core: Despite the adverse impacts of extreme weather related activity
reductions, mainly across the U.S. and Russia and our self-imposed
capital discipline driven activity reductions in Venezuela, our core
business operating income margins were 15.1% for the quarter,
re-emphasizing the overall strong attributes of our core businesses.
This compared with 15.2% for the fourth quarter of 2013. Sequentially,
our product sales businesses (Artificial Lift and Completions) declined
slightly from the fourth quarter after the normal year-end surge in
sales. Pressure pumping revenue improved measurably as more fleets were
contracted in the U.S., reflecting our internal consolidation efforts
and improving customer demand. Well Construction and Formation
Evaluation were affected in part by the adverse weather conditions. We
see strong growth in our core businesses in the balance of the year.
-- Cost: We have made significant progress on our headcount reduction plan
in the first quarter with the remaining to be substantially completed in
the second quarter. The cost savings will materially help results
starting from the second quarter. In addition, the process of
identifying and exiting underperforming operating locations has begun in
earnest. While these restructuring actions will involve one-time
severance and restructuring costs, the end result will be a leaner and
fitter company, better equipped to deliver higher margins with top line
growth.
-- Cash: While our net debt increased in the first quarter, we fully expect
to deliver positive free cash flow from operations of $500 million this
year, and reduce net debt to $7 billion by year end. The first quarter
performance included one-time payments including $253 million to settle
our U.S. government investigations, severance associated with our
headcount reduction program and cash consumed by our Zubair EPF project
in Iraq, coupled with a seasonal slowdown in customer collections. Going
forward, the severance and restructuring cash payments should
substantially end by mid-year, and the Zubair EPF project cash flow will
improve with customer reimbursements. Our divestiture efforts are
already bearing fruit this year. In the first quarter, we announced the
signing of an agreement to sell the first of our non-core businesses,
pipeline and specialty services, for $250 million, which we expect to
close after customary regulatory approvals. The process of divesting our
testing and production services business is well under way and buyer
interest is strong while the other non-core business divestitures are on
schedule. In summary, Weatherford is moving steadfastly along the plan
we outlined at the beginning of the year, and we are confident of
executing our plan successfully."

First Quarter 2014 Results

Revenue for the first quarter of 2014 was $3.60 billion compared with
$3.74 billion in the fourth quarter of 2013 and $3.84 billion in the
first quarter of 2013. Net loss for the first quarter of 2014 was $41
million, or $0.05 loss per diluted share. After-tax charges for the
first quarter of $140 million included:

-- $71 million, net of tax, primarily associated with severance and
exit

costs related to our workforce reduction and the shutdown of loss making
businesses in certain markets;
-- $47 million, net of tax, associated with our legacy lump sum contracts
in Iraq; and
-- $22 million of professional fees and other costs, net of tax, largely
associated with our divestiture program, year-end income tax material
weakness remediation and our previously announced redomiciliation
activities.

Net income on a non-GAAP basis for the first quarter of 2014 was $99
million compared to $53 million in the fourth quarter of 2013 and
$117 million in the first quarter of 2013.

Sequential operating income growth was driven by:

-- Latin America, due to the completion of lower margin project work in
Mexico, and a continued focus on higher margin activity in Argentina and
Brazil;
-- Europe/Sub-Sahara Africa/Russia as increases in activity in the North
Sea and Caspian along with new work in Sub-Sahara Africa more than
offset a larger-than-normal seasonal decline in Russia;
-- Middle East/North Africa/Asia Pacific where improvements, primarily in
the Gulf Countries, offset the seasonal decline in China and Australia;
and
-- Partially offsetting these improvements was unusually harsh winter
weather in the U.S. that negatively impacted our activity levels.

Regional Highlights

-- North America

First quarter revenues of $1.61 billion were up $38 million or 2%
sequentially, and down $82 million, or 5%, from the same quarter in
the prior year. First quarter operating income of $201 million (12.5%
margin) declined 7% sequentially and 10% from the same quarter in the
prior year. The sequential revenue improvement reflects stronger
seasonal activity in Canada more than offsetting severe weather
related weakness in the U.S. On a product service line basis, the
revenue improvements came mainly from Stimulation, Formation
Evaluation and Completions. The sequential operating income
deterioration stems mainly from the weather related activity
shortfalls in the U.S. which were partially mitigated by an
improvement in the operating income margins in Canada.

-- Middle East/North Africa/Asia Pacific

First quarter revenues of $781 million were down $40 million or 5%
sequentially, and down $4 million, or 1%, from the same quarter in
the prior year. First quarter operating income of $54 million (6.9%
margin) increased 8% sequentially and increased 20% from the same
quarter in the prior year. The sequential revenue decline is typical
of seasonal effects in China and Australia, and the recovery of
operating income is attributable to the re-start of certain
operations in the Middle East after some disruptions temporarily
halted activity during the fourth quarter, which primarily impacted
our Land Rig Drilling product line.

-- Europe/Sub-Sahara Africa/Russia

First quarter revenues of $664 million were down $24 million or 3%
sequentially, and up $31 million, or 5%, higher than the same quarter
in the prior year. First quarter operating income of $54 million
(8.1% margin) increased $7 million, or 15%, sequentially and declined
17% when compared to the same quarter in the prior year. The
sequential revenues and operating income margins were affected by
activity stoppages with the severe winter conditions in Russia, which
were partly offset by improvements in Europe and Sub-Sahara Africa.

-- Latin America

First quarter revenues of $541 million were down $116 million or 18%
sequentially, and down $186 million, or 26%, from the same quarter in
the prior year. First quarter operating income of $93 million (17.2%
margin) was up $31 million, or 50% sequentially, and down $5 million,
or 5%, compared to the same quarter in the prior year. The decline in
revenue in the first quarter was largely related to the completion of
project work in Mexico, and the continued impact of our capital
discipline driven activity reductions in Venezuela. The sequential
margin growth is due to the completion of lower margin project work
in Mexico and a continued focus on higher margin activity in
Argentina and Brazil.

Net Debt

Net debt increased by $673 million, reflecting mainly the payment of
$253 million to settle our U.S. government investigations, capital
expenditures of $286 million (net of lost-in-hole) and the seasonal
impact on working capital balances.

Outlook

In 2014, we remain focused on achieving a step change in
profitability by:

-- Focusing the organization on growing our core businesses;
-- Making our cost base more efficient; and
-- Divesting our non-core businesses and reducing our net debt.

We have completed the initial phase of our cost reduction
initiatives, and have identified over 6,600 positions for our
reduction in workforce, with expected annualized pre-tax cost savings
of approximately $450 million. This reduction remains on track to be
substantially completed during the first half of 2014. Our strategic
business reviews of operations that do not have critical mass, are
currently unprofitable and are a drain on our cash flow are well
underway. We have already started eliminating select operating
locations identified during these reviews and will continue to do so
during the next two quarters. We expect these actions will bring
additional costs savings, both in the form of headcount reductions
and other savings. These additional headcount reductions will enable
us to fully deliver on the 7,000 reduction target and achieve our
$500 million targeted annualized pre-tax cost savings.

In 2014, we expect revenue growth in North America, Europe/Sub-Sahara
Africa/Russia and Middle East/North Africa/Asia Pacific regions,
while Latin America is expected to decline year-over-year. Overall
margins will improve with lower costs and the growth in our more
profitable core businesses. Based on our current and projected
activity profile, and inclusive of the already identified and
expected benefits from the cost reduction actions outlined above, we
re-affirm our most recent guidance, and expect 2014 earnings per
share (non-GAAP) to range between $1.10 and $1.20. Our effective tax
rate is forecasted to be between 25% and 30% and will depend on the
geographical mix of earnings going forward. Capital expenditures are
estimated at $1.3 billion for 2014 and include core and non-core
product lines until the divestitures are complete. The continued
focus on reducing working capital coupled with improved earnings is
expected to generate positive free cash flow from operations of
approximately $500 million for the year. Given these targets and the
divestiture program, we expect net debt to reduce to $7 billion by
the end of the year.

Non-GAAP Performance Measures

Unless explicitly stated to the contrary, all performance measures
used throughout this document are non-GAAP. Corresponding
reconciliations to GAAP financial measures have been provided in the
following pages to offer meaningful comparisons between current
results and results in prior periods.

About Weatherford

Weatherford is a Swiss-based, multinational oilfield service company.
It is one of the largest global providers of technology and services
for the oil and gas industry. Weatherford operates in over 100
countries, and employs over 64,000 people worldwide. For more
information, visit www.weatherford.com

Conference Call

The Company will host a conference call with financial analysts to
discuss the quarterly results on April 25, 2014, at 8:30 a.m. eastern
daylight time (EDT), 7:30 a.m. central daylight time (CDT).
Weatherford invites investors to listen to the call live via the
Company's website, www.weatherford.com in the Investor Relations
section. A recording of the conference call and transcript of the
call will be available in that section of the website shortly after
the call ends.

Contacts: Krishna Shivram +1.713.836.4610
Executive Vice President and
Chief Financial Officer

Karen David-Green +1.713.836.7430
Vice President -Investor
Relations

Forward-Looking Statements

This press release contains, and the conference call announced in
this release may include, forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among other things, the
Company's annual non-GAAP earnings per share, effective tax rate,
free cash flow, net debt, capital expenditures and the size, timing
and benefits of the reduction in workforce, and are also generally
identified by the words "believe," "project," "expect," "anticipate,"
"estimate," "budget," "intend," "strategy," "plan," "guidance,"
"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.
Such statements are based upon the current beliefs of Weatherford's
management, and are subject to significant risks, assumptions and
uncertainties. Should one or more of these risks or uncertainties
materialize, or underlying assumptions prove incorrect, actual
results may vary materially from those indicated in our
forward-looking statements. Readers are also cautioned that
forward-looking statements are only predictions and may differ
materially from actual future events or results due to the Company's
ability to implement workforce reductions in various geographies;
possible changes in the size and components of the expected costs and
charges associated with the workforce reduction; and risks associated
with the Company's ability to achieve the benefits of the planned
workforce reduction. Forward-looking statements also are affected by
the risk factors described in the Company's Annual Report on Form
10-K for the year ended December 31, 2013, and those set forth from
time-to-time in other filings with the Securities and Exchange
Commission ("SEC"). We undertake no obligation to correct or update
any forward-looking statement, whether as a result of new
information, future events, or otherwise, except to the extent
required under federal securities laws.

Weatherford International Ltd.
Consolidated Condensed Statements of Operations
(Unaudited)
(Stated in Millions, Except Per Share Amounts)

Three Months Ended
3/31/2014 3/31/2013
--------- ---------
Net Revenues:
North America $1,610 $1,692
Middle East/North Africa/Asia 781 785
Europe/SSA/Russia 664 633
Latin America 541 727
Total Net Revenues 3,596 3,837
----- -----

Operating Income (Expense):
North America 201 224
Middle East/North Africa/Asia 54 45
Europe/SSA/Russia 54 65
Latin America 93 98
Research and Development (69) (67)
Corporate Expenses (47) (48)
Restructuring Charges (70) -
Other Items (86) (38)
Total Operating Income 130 279

Other Income (Expense):
Interest Expense, Net (126) (131)
Devaluation of Venezuelan Bolivar - (100)
Other, Net (9) (13)

Net Income (Loss) Before Income
Taxes (5) 35

Provision for Income Taxes (27) (5)

Net Income (Loss) (32) 30
Net Income Attributable to
Noncontrolling Interests (9) (8)
---
Net Income (Loss) Attributable to
Weatherford $(41) $22
==== ===

Income (Loss) Per Share Attributable
to Weatherford:
Basic $(0.05) $0.03
Diluted $(0.05) $0.03

Weighted Average Shares Outstanding:
Basic 776 769

Diluted 776 773

Weatherford International Ltd.
Selected Statements of Operations Information
(Unaudited)
(Stated In Millions)

Three Months Ended
3/31/2014 12/31/2013 9/30/2013
Net Revenues:
North America $1,610 $1,572 $1,597
Middle East/
North
Africa/Asia 781 821 819
Europe/SSA/
Russia 664 688 691
Latin America 541 657 713
Total Net
Revenues $3,596 $3,738 $3,820
====== ====== ======

Three Months Ended
3/31/2014 12/31/2013 9/30/2013

Operating Income (Expense): North America $201
$216 $215 Middle East/ North

Africa/Asia 54 50 69
Europe/SSA/
Russia 54 47 103
Latin America 93 62 115
Research and
Development (69) (63) (65)
Corporate
Expenses (47) (58) (45)
Restructuring

Charges (70) -
- U.S. Government Investigation

Loss - - -
Other Items (86) (304) (153)
---
Total
Operating
Income
(Expense) $130 $(50) $239

Three Months Ended
3/31/2014 12/31/2013 9/30/2013
Product

Service Line Revenues: Formation Evaluation and Well Construction
(a) 2,164 2,307
2,330 Completion and Production

(b) 1,432 1,431 1,490
-----
Total Product
Service Line
Revenues $3,596 $3,738 $3,820

Three Months Ended
3/31/2014 12/31/2013 9/30/2013

Depreciation and Amortization: North America $107
$106 $108 Middle East/ North

Africa/Asia 102 104 101
Europe/SSA/
Russia 72 78 69
Latin America 64 69 71
Research and
Development
and
Corporate 6 6 3
---
Total
Depreciation
and
Amortization $351 $363 $352

Three Months Ended
6/30/2013 3/31/2013
Net Revenues:

North America $1,529 $1,692
Middle East/
North

Africa/Asia 919 785
Europe/SSA/
Russia 681 633
Latin America 739 727
Total Net
Revenues $3,868 $3,837
====== ======

Three Months Ended
6/30/2013 3/31/2013

Operating
Income
(Expense):
North America $167 $224
Middle East/
North

Africa/Asia 66 45
Europe/SSA/
Russia 83 65
Latin America 90 98
Research and
Development (71) (67)
Corporate
Expenses (49) (48)
Restructuring

Charges - -
U.S.
Government
Investigation

Loss (153) -
Other Items (78) (38)
Total
Operating
Income
(Expense) $55 $279

Three Months Ended
6/30/2013 3/31/2013

Product
Service Line
Revenues:
Formation
Evaluation
and Well
Construction
(a) 2,361 2,273
Completion
and
Production
(b) 1,507 1,564

Total Product
Service Line
Revenues $3,868 $3,837

Three Months Ended
6/30/2013 3/31/2013

Depreciation
and
Amortization:
North America $102 $108
Middle East/
North

Africa/Asia 98 93
Europe/SSA/
Russia 68 71
Latin America 68 68
Research and
Development

and
Corporate 5 6

Total
Depreciation
and
Amortization $341 $346

(a) Formation Evaluation and Well Construction includes Controlled
Pressure Drilling and Testing, Drilling Services, Tubular Running
Services, Drilling Tools, Integrated Drilling, Wireline Services,
Re-entry and Fishing, Cementing, Liner Systems, Integrated
Laboratory Services and Surface Logging.
(b) Completion and Production includes Artificial Lift Systems,
Stimulation and Chemicals, Completion Systems and Pipeline and
Specialty Services.

We report our financial results in accordance with U.S. generally
accepted accounting principles (GAAP). However, Weatherford's
management believes that certain non-GAAP financial measures and
ratios (as defined under the SEC's Regulation G) may provide users
of this financial information, additional meaningful comparisons
between current results and results of prior periods. The non-GAAP
amounts shown below should not be considered as substitutes for
operating income, provision for income taxes, net income or other
data prepared and reported in accordance with GAAP, but should be
viewed in addition to the Company's reported results prepared in
accordance with GAAP.

Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(Stated In Millions, Except Per Share Amounts)

Three Months Ended
3/31/2014 12/31/2013
--------- ----------
Operating Income:
GAAP Operating Income $130 $(50)
Restructuring, Exited
Businesses and Severance
Cost (a) 84 30
Legacy Contracts (b) 46 168
Accounts Receivable
Reserves and Write-offs - 98
Tax Remediation and
Restatement Expenses 5 2
Investigation Related
Expenses - 5
Professional Fees and
Other (c) 21 1
--- ---
Total Non-GAAP
Adjustments 156 304
--- ---
Non-GAAP Operating Income $286 $254
==== ====

Income (Loss) Before
Income Taxes:
GAAP Income (Loss) Before
Income Taxes $(5) $(194)
Operating Income
Adjustments 156 304
Devaluation of Venezuelan
Bolivar - -
Non-GAAP Income Before
Income Taxes $151 $110
==== ====

Provision for Income
Taxes:
GAAP Provision for Income

Taxes $(27) $(70)
Tax Effect on Non-GAAP
Adjustments (16) 20
Non-GAAP Provision for
Income Taxes $(43) $(50)
==== ====

Net Income (Loss)

Attributable to
Weatherford:
GAAP Net Income (Loss) $(41) $(271)

Restructuring, Exited
Businesses and Severance
Cost 71 25
Legacy Contracts 47 171
Devaluation of Venezuelan
Bolivar - 33
Accounts Receivable
Reserves and Write-offs - 96
Tax Remediation and
Restatement Expenses 4 (2)
Investigation Related
Expenses - 2
Professional Fees and
Other (c) 18 (1)
Total Charges, net of tax 140 324
---
Non-GAAP Net Income $99 $53
=== ===

Diluted Earnings Per Share
Attributable to
Weatherford:
GAAP Diluted Earnings
(Loss) per Share $(0.05) $(0.35)
Total Charges, net of tax 0.18 0.42
Non-GAAP Diluted Earnings
per Share $0.13 $0.07
===== =====

GAAP Effective Tax Rate

(d) (540)% (36)%
Non-GAAP Effective Tax

Rate (e) 28% 45%

Three Months Ended
3/31/2013
---------
Operating Income:
GAAP Operating Income $279
Restructuring, Exited
Businesses and Severance
Cost (a) 8
Legacy Contracts (b) 3
Accounts Receivable
Reserves and Write-offs -
Tax Remediation and
Restatement Expenses 21
Investigation Related
Expenses 5
Professional Fees and
Other (c) 1
---
Total Non-GAAP
Adjustments 38
---
Non-GAAP Operating Income $317
====

Income (Loss) Before
Income Taxes:
GAAP Income (Loss) Before
Income Taxes $35
Operating Income
Adjustments 38
Devaluation of Venezuelan
Bolivar 100
Non-GAAP Income Before
Income Taxes $173
====

Provision for Income
Taxes:
GAAP Provision for Income
Taxes $(5)
Tax Effect on Non-GAAP
Adjustments (43)
Non-GAAP Provision for
Income Taxes $(48)
====

Net Income (Loss)

Attributable to
Weatherford:
GAAP Net Income (Loss) $22

Restructuring, Exited
Businesses and Severance
Cost 6
Legacy Contracts 8
Devaluation of Venezuelan
Bolivar 61
Accounts Receivable
Reserves and Write-offs -
Tax Remediation and
Restatement Expenses 18
Investigation Related
Expenses 3
Professional Fees and
Other (c) (1)
Total Charges, net of tax 95
---
Non-GAAP Net Income $117
====

Diluted Earnings Per Share
Attributable to
Weatherford:

GAAP Diluted Earnings

(Loss) per Share $0.03
Total Charges, net of tax 0.12
Non-GAAP Diluted Earnings
per Share $0.15
=====

GAAP Effective Tax Rate
(d) 14%
Non-GAAP Effective Tax
Rate (e) 28%

(a) Restructuring, Exited Businesses and Severance Cost includes $70
million in severance and exit costs associated with our 2014
workforce and cost reduction initiatives, as well as $14 million in
operating losses related to businesses exited in the three months
ended March 31, 2014. These results are presented in comparison to
the severance amounts recognized in the prior periods.
(b) The revenues associated with the legacy lump sum contracts in
Iraq were $95 million, $52 million and $166 million for the three
months ended 3/31/2014, 12/31/2013 and 3/31/2013, respectively.
(c) Professional Fees and Other, during the three months ended March
31, 2014, includes the cost of our divestiture program, the
restatement related litigation, and the cost incurred to date in
association with our planned redomiciliation.
(d) GAAP Effective Tax Rate is GAAP provision for income taxes
divided by GAAP income before income taxes.
(e) Non-GAAP Effective Tax Rate is the Non-GAAP provision for
income taxes divided by Non-GAAP income before income taxes.

Weatherford International Ltd.
Selected Balance Sheet Data
(Unaudited)
(Stated In Millions)

3/31/2014 12/31/2013 9/30/2013
--------- ---------- ---------
Assets:
Cash and Cash
Equivalents $367 $435 $316
Accounts
Receivable, Net 3,723 3,594 4,004
Inventories, Net 3,403 3,371 3,580
Property, Plant and
Equipment, Net 8,213 8,368 8,397
Goodwill and
Intangibles, Net 4,241 4,335 4,421
Equity Investments 297 296 686

Liabilities:
Accounts Payable 2,012 2,091 2,117
Short-term

Borrowings and
Current Portion of
Long-term Debt 2,293 1,666 2,230
Long-term Debt 7,039 7,061 7,065

6/30/2013 3/31/2013
--------- ---------
Assets:
Cash and Cash
Equivalents $295 $286
Accounts
Receivable, Net 3,837 3,850
Inventories, Net 3,637 3,744
Property, Plant and
Equipment, Net 8,333 8,299
Goodwill and
Intangibles, Net 4,402 4,485
Equity Investments 671 660

Liabilities:
Accounts Payable 2,144 2,191
Short-term

Borrowings and
Current Portion of
Long-term Debt 2,148 1,896
Long-term Debt 7,087 7,032

Weatherford International Ltd.
Net Debt
(Unaudited)
(Stated In Millions)

Change in Net Debt for the
Three Months Ended
3/31/2014:
Net Debt at 12/31/2013 $(8,292)
Operating
Income 130
Depreciation and Amortization 351
Capital Expenditures (286)
Increase in Working Capital (284)
Income Taxes Paid (103)
Interest Paid (179)
FCPA /Sanctioned Country
Matters
Payment (253)
Acquisitions and
Divestitures of Assets and Businesses, Net 12
Net Change in Billing in
Excess/Costs in Excess (66)
Other 5
Net Debt at 3/31/2014
$(8,965)

=======

Components of Net Debt 3/31/2014 12/31/2013 3/31/2013
--------- ---------- ---------
Cash $367 $435 $286
Short-term Borrowings and
Current Portion of Long-
term Debt (2,293) (1,666) (1,896)
Long-term Debt (7,039) (7,061) (7,032)
------ ------ ------
Net Debt $(8,965) $(8,292) $(8,642)
======= ======= =======

"Net Debt" is debt less cash. Management believes that Net Debt
provides useful information regarding the level of Weatherford
indebtedness by reflecting cash that could be used to repay debt.

Working capital is defined as accounts receivable plus inventory less
accounts payable.

We report our financial results in accordance with U.S. generally
accepted accounting principles (GAAP). However, Weatherford's
management believes that certain non-GAAP financial measures and
ratios (as defined under the SEC's Regulation G) may provide users of
this financial information, additional meaningful comparisons between
current results and results of prior periods. The non-GAAP amounts
shown below should not be considered as substitutes for cash flow
information prepared and reported in accordance with GAAP, but should
be viewed in addition to the Company's reported cash flow statements
prepared in accordance with GAAP.

Weatherford International Ltd.
Selected Cash Flow Data
(Unaudited)
(Stated In Millions)

Three Months Ended
3/31/2014 12/31/2013 3/31/2013
--------- ---------- ---------
Net Cash Used in
Operating Activities $(406) $662 $(11)

Less: Capital
Expenditures for
Property, Plant and
equipment (286) (364) (400)

Free Cash Flow $(692) $298 $(411)
===== ==== =====

Free cash flow is defined as net cash provided by or used in
operating activities less capital expenditures. Free cash flow is
an important indicator of how much cash is generated or used by our
normal business operations, including capital expenditures.
Management uses free cash flow as a measure of progress on its
capital efficiency and cash flow initiatives.

Further inquiry note:
Contacts: Krishna Shivram +1.713.836.4610
Executive Vice President and
Chief Financial Officer

Karen David-Green +1.713.836.7430
Vice President -Investor
Relations

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: Weatherford International Ltd.
Rue Jean-Francois Bartholoni 4-6
CH-1204 Geneva
phone: +41.22.816.1500
FAX: +41.22.816.1599
mail: karen.david-green@weatherford.com
WWW: http://www.weatherford.com
sector: Oil & Gas - Upstream activities
ISIN: CH0038838394
indexes:
stockmarkets: Main Standard: SIX Swiss Exchange, stock market: New York, Euronext
Paris
language: English