Financial Analysis

7 Borrowings and Other Debt Obligations (Dollars in millions) June 30, 2026 December 31, 2025 Current Portion of Finance Leases $ 30 $ 30 Current Portion of Long-term Debt $ 30 $ 30 6.75% Senior Notes due 2033 2033 Senior Notes $ 1,182 $ 1,181 8.625% Senior Notes due 2030 2030 Senior Notes 234 234 Finance Leases 34 40 Long-term Debt $ 1,450 $ 1,455 2030 Senior Notes On October 27, 2021, Weatherford International Ltd. (Weatherford Bermuda) issued 8.625% senior notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the 2030 Senior Notes). Interest on the 2030 Senior Notes is payable semiannually on June 1 and December 1 of each year, and commenced on June 1, 2022. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford International, LLC (now Weatherford US Holding, LLC following a name change effective March 19, 2026, Weatherford Delaware) as co-issuer and co-obligor, and concurrently release the guarantee of Weatherford Delaware. At June 30, 2026 and December 31, 2025, the carrying value represented the remaining unpaid principal of $236 million, offset by unamortized deferred issuance cost of $2 million. 2033 Senior Notes On October 6, 2025, Weatherford Bermuda issued 6.75% senior notes in aggregate principal amount of $1.2 billion maturing on October 15, 2033 (the 2033 Senior Notes). Interest on the 2033 Senior Notes is payable semiannually on April 15th and October 15th of each year, beginnin …

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The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenues were $22 million and $40 million in the three and six months ended June 30, 2026, respectively, and $32 million and $67 million for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the U.S. accounted for 15% and 14% of total revenue, respectively. During the three and six months ended June 30, 2025, the U.S. accounted for 16% of total revenue in each period and the Kingdom of Saudi Arabia accounted for 11% of total revenue in each period. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2026 2025 2026 2025 Revenue by Geographic Areas: North America (a) $ 205 $ 241 $ 425 $ 491 International 900 963 1,832 1,906 Middle East/North Africa/Asia 446 524 922 1,027 Latin America 197 195 420 436 Europe/Sub-Sahara Africa/Russia 257 244 490 443 Total Revenue $ 1,105 $ 1,204 $ 2,257 $ 2,397 (a) North America consists of the U.S. and Canada.

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6 Intangibles, Net The components of intangible assets, net were as follows: (Dollars in millions) June 30, 2026 December 31, 2025 Developed and Acquired Technology, Net of Accumulated Amortization of $595 at June 30, 2026 and $586 at December 31, 2025 $ 119 $ 118 Trade Names, Net of Accumulated Amortization of $263 at June 30, 2026 and $242 at December 31, 2025 146 167 Intangibles, Net of Accumulated Amortization of $858 at June 30, 2026 and $828 at December 31, 2025 $ 265 $ 285 Amortization expense was $16 million and $31 million in the three and six months ended June 30, 2026, respectively, and $15 million and $29 million in the three and six months ended June 30, 2025, respectively, and is reported in Selling, General and Administrative on our Condensed Consolidated Statements of Operations. …

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11 Income Taxes We recognized a tax expense of $33 million and $29 million for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 where we recognized a tax expense of $46 million and $56 million, respectively. Income tax expense was lower in the three months ended June 30, 2026 compared to the same period in 2025 primarily due to decreased earnings before taxes. Income tax expense was lower in the six months ended June 30, 2026 compared with the corresponding period in 2025 primarily due to decreased earnings before taxes and increased recognition of benefits from previously uncertain tax positions. The recognized benefit amounts for the first quarters of 2026 and 2025 were $44 million and $26 million, respectively. We calculate our income tax provision using the estimated annual effective tax rate method in accordance with Accounting Standards Codification ASC 740 - Income Taxes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period due to various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered residents for income tax purposes. Our income tax provis …

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8 Disputes, Litigation and Legal Contingencies We are subject to lawsuits and claims arising out of the nature of our business. We have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, which would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these cases, the aggregate impact to our financial condition could be material. …

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Accounting Standards Issued Not Yet Adopted Please refer to Note 1 Summary of Significant Accounting Policies of our Consolidated Financial Statements from our 2025 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Condensed Consolidated Financial Statements. …

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4 Restructuring Charges Restructuring charges were $9 million and $22 million in the three and six months ended June 30, 2026, respectively, and $11 million and $40 million in the three and six months ended June 30, 2025, respectively, and are presented as Restructuring Charges on the accompanying Condensed Consolidated Statements of Operations. These charges were related to optimization and efficiency initiatives throughout the organization and primarily relate to severance expenses. Restructuring liabilities were $20 million as of June 30, 2026 and $22 million as of December 31, 2025, respectively. Of the restructuring liabilities, $17 million and $19 million are recorded in Other Current Liabilities on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. The remaining $3 million is recorded in Other Non-Current Liabilities on the accompanying Condensed Consolidated Balance Sheets as of both June 30, 2026 and December 31, 2025, respectively. Changes in the liabilities are primarily driven by restructuring charges and cash payments. The following table presents total restructuring charges by segment and Corporate and Other in the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2026 2025 2026 2025 DRE $ 2 $ 1 $ 4 $ 9 WCC 5 1 6 8 PRI 2 5 8 Corporate and Other 9 7 15 Total Restructuring Charges $ 9 $ 11 $ 22 $ 40 …

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3 Revenue Disaggregated Revenue The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenues were $22 million and $40 million in the three and six months ended June 30, 2026, respectively, and $32 million and $67 million for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the U.S. accounted for 15% and 14% of total revenue, respectively. During the three and six months ended June 30, 2025, the U.S. accounted for 16% of total revenue in each period and the Kingdom of Saudi Arabia accounted for 11% of total revenue in each period. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2026 2025 2026 2025 Revenue by Geographic Areas: North America (a) $ 205 $ 241 $ 425 $ 491 International 900 963 1,832 1,906 Middle East/North Africa/Asia 446 524 922 1,027 Latin America 197 195 420 436 Europe/Sub-Sahara Africa/Russia 257 244 490 443 Total Revenue $ 1,105 $ 1,204 $ 2,257 $ 2,397 (a) North America consists of the U.S. and Canada. Contract Balances The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of June 30, 2026 and December 31, 2025: (Dollars in millions) …

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2 Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2025 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation DRE, (2) Well Construction and Completions WCC, and (3) Production and Intervention PRI. The Companys chief operating decision maker (CODM), our chief executive officer, uses segment adjusted EBITDA to measure the profitability of each segment. The regularly reviewed historical, current and forecasted segment adjusted EBITDA data is utilized by the CODM to allocate Company resources. The CODM also uses segment adjusted EBITDA to drive efficiencies and develop competitive strategies. Segment adjusted EBITDA is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. All Other includes results from non-core business activities (including integrated services and projects), and Corporate Costs includes overhead support and centrally managed or shared facilities costs. All Other and Corporate Costs do not individually meet the criteria for segment reporting. Three Months Ended June 30, 2026 Reportable Segments All (Dollars in millions) DRE WCC PRI Other Total Revenue $ 291 $ 433 $ 316 $ 65 $ 1,105 Direct Costs (a) (192) (272) (206) Other Expense (b) (41) (54) (40) DRE Segment Adjusted EBITDA 58 58 WCC Segment Adju …

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9 Shareholders Equity Shares issued and outstanding on our Condensed Consolidated Balance Sheets increased from 71.6 million as of December 31, 2025 to 71.8 million as of June 30, 2026. The increase was due to the issuance of 0.4 million of our ordinary shares for equity awards vested and delivered, net of shares withheld for taxes, partially offset by the cancellation of 0.2 million of our ordinary shares repurchased for $26 million. During the six months ended June 30, 2026, we declared and paid $40 million in dividends and accrued an immaterial amount of dividend equivalent rights on share-based awards. The following summarizes our shareholders equity activity for the three and six months ended June 30, 2026 and 2025: (Dollars in millions) Ordinary Shares Par Value Capital in Excess of Par Value Retained Deficit Accumulated Other Comprehensive Income (Loss) Non-controlling Interests Total Shareholders Equity Balance at December 31, 2025 71.6 $ $ 2,815 $ (1,129) $ 13 $ (3) $ 1,696 Net Income 108 1 109 Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes 0.4 (6) (6) Share Repurchases (0.1) (10) (10) Dividends Declared ($0.275 per share) (1) (20) (20) Other Comprehensive Loss (13) (13) Other 3 3 Balance at March 31, 2026 71.9 $ $ 2,799 $ (1,041) $ $ 1 $ 1,759 Net Income 39 3 42 Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes 11 11 Share Repurchases (0.1) (16) (16) Dividends Declared ($0.275 per share) (1) (20) (20) Distributions to Noncontro …

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12 Subsequent Events Declaration of cash dividend On July 16, 2026, our Board of Directors declared a cash dividend of $0.275 per share of the Companys ordinary shares, payable on September 3, 2026 to shareholders of record as of August 6, 2026. …

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