WFRD · CIK 1603923
What Weatherford International plc told the SEC could break it.
Weatherford's exposures trace to the oil-and-gas cycle and the specific national markets it serves. Its customers are mostly fossil-fuel producers, so falling oil or gas demand or prices — WTI averaged $65.46 in 2025, down from $76.55 — cuts activity and pressures collections. That collection risk is concentrated: its largest Mexican customer, the national oil company, made up about 24% of year-end 2025 receivables and has a history of late payment. Its revenue is geographically concentrated too, with Saudi Arabia at 10% of total revenue and Russia around 7%, where sanctions and possible nationalization have it weighing whether to curtail, wind down or divest material in-country assets.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Russia operations under sanctionsmedium
Russia generated ~7% of Weatherford's total revenue in 2025 and the company holds material Russian assets ($107M cash, $152M other current assets, $91M PP&E); it continues to evaluate curtailing, winding down or divesting operations and faces potential nationalization amid sanctions.
“Revenues in Russia were approximately 7% of our total revenue for the year ended December 31, 2025, and were approximately 5% of our total revenues for the year ended December 31, 2024 and 6% for the year ended December 31, 2023.”
- Saudi Arabia revenue concentrationmedium
The Kingdom of Saudi Arabia accounted for 10% of Weatherford's total revenue in both 2025 and 2024, concentrating exposure to a single national oil market.
“During 2025 and 2024, the Kingdom of Saudi Arabia accounted for 10 % of total revenue in each period.”
SEC filing →As of 2026
Commodity & input dependence
- oil and natural gas price / demand cyclemedium
Weatherford's customers are primarily in fossil-fuel industries, so broad declines in oil or natural-gas demand or pricing (WTI averaged $65.46 in 2025 vs $76.55 in 2024) reduce activity and threaten collection of customer receivables.
“In addition, our customers are primarily in fossil fuel-related industries and broad declines in demand for or pricing of oil or natural gas might impact the collections of our customer receivables.”
Customer concentration
- largest Mexico customer accounts-receivable concentrationmedium
Weatherford's largest customer in Mexico (its national oil company) represented about 24% of total accounts receivable at year-end 2025 (5% of 2025 revenue) and has a history of late payments, concentrating collection risk.
“Approximately 24% of our December 31, 2025 accounts receivables were related to our largest customer in Mexico, which comprised 5% of our revenue during the twelve months ended December 31, 2025.”
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