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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