Weatherford International Ltd. Presents at UBS Global Oil and Gas Conference, May-22-2013 09:25 AM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: Nicholas W. Gee, Senior Vice President of Strategy and Development.

Weatherford International Ltd. reported unaudited consolidated earnings results for first quarter March 31, 2013. For the period, the company reported net revenues were $3,837 million compared to $3,591 million in the same period last year. Operating income was $279 million compared to $370 million in the same period last year. Income before income taxes was $35 million compared to $240 million in the same period last year. Net income attributable to the company was $22 million or $0.03 per diluted and basic share compared to net income of $123 million or $0.16 per basic and diluted share in the same period last year. Non-GAAP operating income was $317 million compared to $448 million in the same period last year. Non-GAAP income before income taxes was $173 million compared to $315 million in the same period last year. Non-GAAP net income was $117 million compared to $192 million in the same period last year. Non-GAAP diluted earnings per share were $0.15 compared to $0.25 in the same period last year. Net debt as on March 31, 2013 was $8,642 million compared to $8,334 million as at December 31, 2012. Net debt increased $308 million sequentially, primarily as a result of the timing of interest payments associated with the company's senior notes as well as an increase in working capital of $67 million and certain prepayment items. Driving the change in working capital, days sales outstanding increased to 90 days and days sales in inventory increased to 88 days. EBITDA was $663 million and including depreciation and amortization of $346 million as compared to EBITDA of $699 million and depreciation and amortization of $343 million in the prior quarter. Capital expenditures were $376 million for the quarter, net of $24 million of lost-in-hole revenue. This is down from $478 million or 21% from the fourth quarter of 2012. The company maintains its estimate of an annual effective tax rate for 2013 of 34%. Capital expenditures were between 8% and 10% of revenues, which is lower than previous guidance of 8% to 12% of revenues. The reduction in CapEx is a result of improved capital allocation process to focus on areas where it has a differentiated offering and a competitive advantage. The company expects $600 million of free cash flow from operations.

Weatherford International Ltd.'s current directors also will be nominated for reelection, except for Dr. Samuel W. Bodman, III, who is retiring and has declined to stand for reelection for personal reasons.