On February 7, Weatherford released its financial statements for the fourth quarter of 2022 and the whole year of 2022. According to the financial report, Weatherford’s revenue in the fourth quarter of 2022 was $1.209 billion, up 8% month-on-month and 25% year-on-year; The annual revenue was 4.331 billion US dollars, an increase of 19% over the previous year, the highest growth rate in more than 10 years. Net profit in the fourth quarter was $72 million, up 157% month-on-month; In 2022, the net profit of the whole year was $26 million, and the net loss of the previous year was $450 million.

Step by step, the former oilfield services giant is finally making progress after its bankruptcy reorganization in early July 2019. Girish Saligram, Weatherford’s president and chief executive officer, commented, “The excellent results for the fourth quarter and full year of 2022 represent the success of the initiatives we have undertaken to turn the company around.”

It’s worth noting that the 2022 results of Weatherford, Baker Hughes, Halliburton, and Schlumberger — the former top-four — show that Weatherford has moved out of the bottom tier, while Baker Hughes was the only one to post a full-year net loss of $601 million in 2022.

As the world emerges from the pandemic and the economy recovers, the oil industry is recovering from the pandemic and changing. The global Energy services market is expected to grow to $1 trillion by 2025, according to research by Rystad Energy, a leading energy consulting firm. For Weatherford and his peers, this is an opportunity to make a remarkable turnaround.