The Energy Of Innovation

Technology innovation across our products and services portfolio is critical to delivering value to our customers and bringing differentiated offerings to the industry. The investment and commitment we put into innovating our processes and portfolio have strengthened our portfolio, improved our operational efficiencies, enhanced customer relationships, and boosted our performance-driven culture.

Product & Service Portfolio

In 2022, we continued evolving our portfolio structure to align it with our customers’ investment trends and our strategy. This resulted in our portfolio structure being organized into three segments organized around the well lifecycle: Drilling & Evaluation (DRE), Well Construction & Completions (WCC), and Production & Intervention (PRI).

Each segment offers products and services to core oil and gas and new energy markets, enabling improved customer collaboration, stronger operating processes, and aligning our investment choices with growth opportunities. Our strategic focus across all facets of our business is driven by three strategic growth vectors: our Product & Service Portfolio, Digital Transformation, and ESG & the Energy Transition.

Drilling & Evaluation (DRE)

Covering a broad spectrum from High Pressure, High Temperature deepwater wells to unconventional wells to Geothermal wells, Weatherford offers drilling and evaluation technologies complemented with front-end engineering and planning processes to help our customers safely access, evaluate, and maximize reservoir potential and productivity.

Product Highlight

As we continue to drive innovation in this space, we leveraged over five decades of leadership in Managed Pressure Drilling (MPD) and expanded our capabilities to every part of the well life cycle with the recent commercialization of Managed Pressure Wells (MPW). Our new-technology driven MPW solutions enable us to deliver a stable, concentric wellbore with a comprehensive pressure management strategy resulting in higher-quality wells drilled faster and with fewer surprises. Our MPW approach delivers increased production while lowering well construction costs and well control risks.

Following the commercialization of our MPW solution, it was successfully deployed on the Maersk Viking ultra-deepwater drillship in the Asia region where MPD capabilities are in high demand and growing. This MPD-drillship integration is another proof point of our collaboration with drilling contractors to provide significant MPD benefits to customers.

Notable DRE Contracts

• Kuwait Oil Company awarded Weatherford a five-year contract to provide directional drilling and Logging-While-Drilling (LWD) services, which provide fit-for-purpose solutions to overcome complex challenges.
• Weatherford received a two-year contract from YPF in Argentina to continue delivering drilling fluids and the associated services in unconventional wells. This success is attributed to our proven track record in the region, with more than 250 wells delivered and providing high-quality offerings and services focused on health, safety, and environment.
• Weatherford received a five-year contract from Abu Dhabi National Oil Company (ADNOC) to provide directional drilling and LWD. Deploying these services and technology offerings will add value to ADNOC's drilling operations by minimizing OPEX, reducing risks, and optimizing production.
• ADNOC awarded Weatherford a five-year contract with an optional two-year extension to provide wireline logging and perforating services. We were selected for our cased-hole reservoir characterization and monitoring expertise, extensive pipe recovery capabilities, and world-class perforation services.
• Weatherford received a two-year contract from a major operator in Latin America for MPD.

Well Construction & Completions (WCC)

Our WCC segment comprises of products and services that provide well integrity assurance across the full life cycle of the well. The primary offerings in WCC are tubular running services, completions cementation products, liner hangers, and well services, and are focused on connecting the reservoir to the surface in the most efficient manner while providing our customers the highest levels of integrity, monitoring, control, and operational flexibility.

Product Highlight

In Tubular Running Services (TRS) we have leveraged our decades long industry-leading position and field-proven technologies, such as the premier Vero^® automated connection integrity offering to deliver innovative and differentiated technology solutions across multiple market tiers. Soloist^™ torque-turn monitoring solution is our latest TRS offering which enables single-person operation and simplified remote data viewing during tubing or casing running and pulling. This solution provides customers high accuracy torque monitoring without the hassle of arduous rig up from a single Wi-Fi-enabled tablet thereby reducing rig time, equipment requirement, and HSE risk. This enhancement to our service offerings showcases our commitment to solving industry problems through innovation, while creating value for us by delivering cost savings, safety, and operational improvements for our customers.

Notable WCC Contracts

• Chevron in Thailand awarded Weatherford a six-year commercial contract to deliver TRS. We credit this award to our 60 years of experience in TRS, our track record of incident-free operations in the region, and our high level of operational efficiency.
• Weatherford received a three-year contract to provide cemented liner hangers for a bp-operated business in Azerbaijan with the potential for increased scope in the future. Superior run-in features, combined with our high level of service quality and strong presence in the region, were instrumental in securing this award.
• Pertamina awarded Weatherford a five-year contract to deliver intervention, through-tubing services, and TRS. This integrated win comes on the back of strong performance as the incumbent provider of similar services, showcasing our commitment to quality and customer satisfaction.
• Shell awarded Weatherford a three-year contract to continue providing cementing products and casing accessories in the Gulf of Mexico. We are a leading provider of deepwater cementing systems, with a well-integrity portfolio that optimizes cement placement, manages surges, and sets the stage for life-of-well integrity.

Production & Intervention (PRI)

The PRI segment encompasses multiple production optimization technologies based on our ability to design, engineer and deliver a complete production ecosystem ranging from enhancing production, to boosting reservoir productivity to the responsible abandonment of a well at the end of its economic life. The primary offerings are Intervention Services & Drilling Tools, Artificial Lift, Digital Solutions (previously production automation & software), sub-sea intervention, and pressure pumping services in select international markets. PRI offers a suite of reservoir stimulation solutions, well intervention capabilities and a broad array of lift techniques customized to customer requirements - all enabled by automation and asset optimization technologies. and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs.

Product Highlight

Our digitally enabled Artificial Lift Solutions (ALS) offer customers a broad range of lift techniques that address their production needs across the productive life of the well. ALS provides downhole pressure-enhancing methods in multiple lift forms, including reciprocating rod lift systems, progressing cavity pumping, gas-lift systems, hydraulic-lift systems, plunger-lift systems, and hybrid lift systems for special applications while harnessing the power of our industry leading optimization for maximized production and asset uptime. Operators worldwide trust us to provide complete, asset-level solutions featuring field-wide digitalized systems, autonomous intelligence, and IoT automations at the edge.

Notable PRI Contracts

• Hess and Weatherford entered into a three-year commercial agreement, with Weatherford serving as the primary supplier of artificial lift equipment and services, including automation, in Hess's Bakken operations in North America. We received this award because of the field-proven application of our Rotaflex^® long-stroke pumping technology combined with Weatherford WellPilot^® Regen variable speed drives (VSD) and the ability to provide value-added services and engineering.
• Weatherford received two five-year artificial lift awards from Tatweer Petroleum in Bahrain to deliver, install, and service beam pumping units and downhole pumps.
• Cairn awarded Weatherford a five-year integrated artificial lift and production automation contract across its workover and rigless activities in Western India. This contract will enable greater production optimization and help drive collaboration between the operator and its service partners.
• Weatherford entered into a strategic partnership with Ardyne, a leader in specialized well-decommissioning technology to deliver significant value to customers globally by offering the industry's most comprehensive portfolio of Plug and Abandonment (P&A) and Slot Recovery solutions.

Leveraging products and services from these three segments, we bring the power of the complete Weatherford portfolio together under our Integrated Services & Projects (ISP) offering which provides solutions that address the challenges of our customers’ complex projects. Our integrated management teams work collaboratively as a customer focused project task force across the well lifecyle, from well construction and production to abandonment. In doing so, we streamline operations from conception to delivery leveraging a comprehensive portfolio of technologies, combining the best-fit project delivery model, goal-oriented service integration, and customer-centric project management, thereby elevating the customer experience through impactful results.

Notable Integrated Services & Projects (ISP) Contracts

• Weatherford received a three-year contract from Aramco to deliver multiple well construction services in a lump-sum turnkey project, with the possibility to extend for two years.
• Weatherford received a five-year contract exceeding $500 million from Petroleum Development Oman (PDO) to deliver Integrated Drilling Services in the Marmul and Greater Saqar fields.

Digital

Recognized as a strategic vector, Digital Transformation remains critical to our ability to deliver our customers' evolving needs and growing our competitiveness in the market. The seamless integration of our digital offerings under one team has been critical to growth in our core operations and is delivering value to our customers in their ongoing digital transformation. Existing digital offerings contained in our Digital Solutions business include Production Automation & Software, Centro^™ Drilling Software, ForeSite^® Flow measurement, and our internal Well Construction & Completion software tools.

Notable Digital Partnerships

• Weatherford entered into a strategic agreement with Kwantis, a leading advanced drilling analytics company. This agreement strengthens the Weatherford Centro^™ well construction optimization platform with multi-well benchmarking and drilling KPI analytics to provide exceptional visibility and performance optimization across multiple operations for our customers.
• As a further enhancement to our digital capabilities, Weatherford signed a multi-year agreement with DataRobot, a leader in artificial intelligence (AI) and machine learning (ML), to deliver advanced AI/ML solutions across our digital platforms, including the ForeSite^® production optimization and Centro^™ well construction platforms.

In 2022, we rebranded our long-standing Weatherford Enterprise Software Conference (WESC) to FWRD and continued to focus on digitally enabled solutions like ForeSite^® Edge, Vero^®, Victus^™, the Centro^™ drilling optimization software platform, and AccuView^™. FWRD brings together leading authorities from our broad base of customers, technology partners, and technical experts within Weatherford to share perspectives on the industry's trajectory and the increasing role of digitalization and automation.

This year's digital conference was a two-day event showcasing the value created through our next-generation digital solutions, which enhance operational efficiencies, increase performance, and improve safety while enabling cost savings and a reduction in carbon emissions.

ESG Portfolio & The Energy Transition

ESG and the Energy Transition are extremely important themes to Weatherford, both for our Company and our customers. As a Company, we are making progress on our actions to reduce our carbon footprint. We have affirmed our commitment to being net-zero by 2050 and have signed on to the UN Global Compact.

In 2022, we announced the release of our inaugural Sustainability Report, which details our strategic approach to advancing ESG objectives and highlights our recent accomplishments. Sustainable operations have always been at the core of how Weatherford runs its business. We invite you to explore the following sections of our ESG report to learn more about our collective impact across our focus areas:

• Environment: We aspire to be stewards of the environment through technologies, products, and services that enable our customers and our business to operate in ways that minimize the impact on the environment, mitigate risks, and increase sustainability.
• Social: Our One Weatherford team is our most critical asset, and vital to our sustained long-term success. Fostering an environment where team members can thrive both individually and as part of the Company is a top priority for the organization.
• Governance: Our commitment to responsible governance is grounded in our Core Values, which begins with the Board, is championed by our Executive Leadership team, and permeates throughout the organization. To ensure a responsible Weatherford, we have established a strong culture of ethics, compliance, and risk management policies and processes across our value chain.

Our technology portfolio supports our customers' drive to achieve net-zero emissions and their initiatives across several operations, showing that we already have what it takes to help customers produce with fewer emissions and aid in the development and implementation of new energy technologies, such as carbon capture, utilization and storage (CCUS) and geothermal projects.

We continue to see increasing levels of engagement in Geothermal activity and are engaged in advanced conversations with multiple customers about carbon-capture operations

For more than two decades, Weatherford has delivered successful results in geothermal projects around the world, including drilling the world's hottest borehole in Iceland, geosteering the world's first 90-degree geothermal well in Canada, pioneering the Turkish geothermal market, and drilling and logging wells for Munich's largest geothermal heating plant.

To ensure a sustainable future in the energy transition as an energy services company, we will drive the same value creation playbook using technology differentiation and innovation as we have in traditional oilfield services. We are actively pursuing new opportunities in CCUS and working on P&A projects for customers in multiple geographies. We also remain excited about the potential for geothermal as an essential renewable energy source to lower carbon emissions. As a responsible organization that is committed to its sustainability journey, Weatherford will continue to advance both its own ESG strategies to achieve net-zero commitments and to collaborate with our customers to support their energy transition needs.

Our Commitment to Safety & Quality

We put our customers at the heart of every decision we make because they are the reason we do what we do. We continue to be a trusted partner among our customer base because of our focus on strengthening our relationships with value-added solutions, unique offerings, and a commitment to quality.

Safety and quality are fundamental to our operational integrity and customer commitments. Weatherford continuously works to improve its safety and quality, and our customers recognize these efforts and their impact on operations. This continues to be our foundation, and as such, we have reorganized our safety function to help drive improvements in our safety culture and reduce incident rates. While we have many goals as a Company, the safety and well-being of each employee are at the core of our operations.

Throughout 2022, several customers globally recognized Weatherford operating teams for our outstanding commitment to health, safety, and the environment:

• In India, an offshore services company awarded Weatherford the HSE Excellence Award for 1 Million Safe Manhours and 1 Year of LTI Free Operations.
• In Canada, we were recognized as an Excellence Awardee in the 2022 Canada's Safest Employers Award in the Oil and Gas category. This award recognizes a strong health and safety program and culture against nominated peers.
• An independent energy company in Chile recognized Weatherford for having five years free of recordable injuries.

We also intimately understand the importance of delivering consistent quality products and services to our customers. We invest in ongoing training and competency assurance of our people and equip them with the tools and resources needed to conduct each job safely and efficiently. Our Quality Pillars of Supplier/Vendor Quality, Incident Management, Lean and Continuous Improvement, and Quality Management Systems and Audits ensure our team operates with a quality mindset to deliver exceptional results and promptly address issues if they arise.

We will continue to relentlessly pursue top safety performance and ensure that our team keeps safety and quality at the forefront of everything they do every day. We remain committed to ensuring that we deliver quality products and services and that everyone makes it home to their loved ones at the end of each day.