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Item 2.02 | Results of Operations and Financial Condition. |
On July 27, 2022, Weatherford International plc (“Weatherford” and together with its subsidiaries, “we” or the “Company”) issued a news release announcing results for the second quarter ended June 30, 2022. A copy of the news release is furnished as Exhibit 99.1 and incorporated into this Item 2.02.
We will host a conference call on Thursday, July 28, 2022, to discuss the results for the second quarter ended June 30, 2022. The conference call will begin at 9:00 a.m. Eastern Time (8:00 a.m. Central Time).
Participants are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.
Listeners can participate in the conference call via a live webcast. Alternatively, the conference call can be accessed by registering in advance (which will provide a PIN for immediate access) or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until August 10, 2022, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 7442205.
A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Interim Chief Financial Officer
As previously announced, H. Keith Jennings, our Executive Vice President and Chief Financial Officer, will be leaving Weatherford effective July 31, 2022. While the Company is conducting a search for Mr. Jennings’ replacement, on July 25, 2022, the Board determined that effective August 1, 2022, Desmond J. Mills, Senior Vice President and Chief Accounting Officer, will assume the role of Chief Financial Officer and principal financial officer on an interim basis. Mr. Mills will receive an additional award of 5,000 performance share units (at target performance) under the previously disclosed Weatherford Accelerating Growth & Efficiency Program in connection with these interim responsibilities. Additional information regarding Mr. Mills has been previously reported in our Annual Report on Form 10-K for the period ending December 31, 2021 filed with the SEC on February 17, 2022 and in our proxy statement for the 2022 Annual Meeting of Shareholders filed with the SEC on April 22, 2022.
There are no arrangements or understandings between Mr. Mills and any other persons pursuant to which Mr. Mills was selected to act on an interim basis as the Chief Financial Officer and principal financial officer of the Company. Mr. Mills does not have any family relationships subject to disclosure under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.