Chapter 11 Proceedings and Ability to continue as a Going Concern (Tables)

9 Months Ended

Sep. 30, 2019

Reorganizations [Abstract]

Schedule of Reorganization Items

For the three and nine months ended September 30, 2019, “Reorganization Items” were $303 million and consisted of the following items:

(Dollars in millions)	September 30, 2019
Unamortized Debt Issuance and Discount Expensed	$	126
Unamortized Interest Rate Derivative Loss Expensed	8
Reorganization Items (Non-Cash)	134
Backstop Commitment Fees	81
DIP Financing Fees	56
Professional Fees	32
Reorganization Items (Fees)	169
Total Reorganization Items	$	303
Reorganization Items (Fees) Unpaid	$	45
Reorganization Items (Fees) Paid	$	124

Liabilities Subject To Compromise

At September 30, 2019, liabilities subject to compromise of $7.6 billion consisted of the notes listed below and unpaid accrued interest as of the Petition Date:

	September 30,
(Dollars in millions)	2019
5.125% Senior Notes due 2020	$	365
5.875% Exchangeable Senior Notes due 2021	1,265
7.75% Senior Notes due 2021	750
4.50% Senior Notes due 2022	646
8.25% Senior Notes due 2023	750
9.875% Senior Notes due 2024	790
9.875% Senior Notes due 2025	600
6.50% Senior Notes due 2036	453
6.80% Senior Notes due 2037	259
7.00% Senior Notes due 2038	461
9.875% Senior Notes due 2039	250
6.75% Senior Notes due 2040	463
5.95% Senior Notes due 2042	375
Accrued Interest on Senior Notes and Exchangeable Senior Notes	207
Liabilities Subject to Compromise	$	7,634

Schedule Of Debtor In Possession, Consolidated Financial Statements

Following are the consolidated financial statements of the entities included in the Cases:

WEATHERFORD INTERNATIONAL PLC DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED STATEMENTS OF OPERATIONS

(UNAUDITED)

(Dollars in millions)	Three Months Ended September 30, 2019
Revenues	$	—
Operating Expenses	(39		)
Operating Loss	(39		)
Other Expense:
Reorganization Items	(303		)
Interest Expense, Net	(26		)
Intercompany Charges for Interest and Dividends	(32		)
Equity in Losses of Subsidiaries	(838		)
Other Expense, Net	(8		)
Loss Before Income Taxes	(1,246		)
Income Tax Provision	—
Net Loss	$	(1,246	)

WEATHERFORD INTERNATIONAL PLC DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED BALANCE SHEETS

(UNAUDITED)

(Dollars in millions)	September 30, 2019
Assets:
Cash and Cash Equivalents	$	153
Restricted Cash	146
Income Tax Receivable	529
Total Current Assets	828
Investment in Subsidiaries	8,539
Intercompany Receivables, Net	1,217
Other Non-Current Assets	6
Total Assets	$	10,590
Liabilities:
Debtor in Possession Financing	$	1,386
Short-term Borrowings and Current Portion of Long-term Debt	310
Accounts Payables and Other Current Liabilities	64
Total Current Liabilities	1,760
Intercompany Payables, Net	2,902
Other Non-Current Liabilities	7
Total Liabilities Not Subject to Compromise	4,669
Liabilities Subject to Compromise	7,634
Debtor Entities Shareholders’ Deficit	(1,713		)
Debtor Entities Total Liabilities and Shareholders’ Deficit	$	10,590

WEATHERFORD INTERNATIONAL PLC DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in millions)	Three Months Ended September 30, 2019
Cash Flows From Operating Activities:
Net Loss	$	(1,246	)
Adjustments to Reconcile Net Loss to Net Cash From Operating Activities:
Reorganization Items	134
Charges from Parent of Subsidiary	32
Equity in Losses of Affiliates	838
Other Assets and Liabilities, Net	(583		)
Net Cash Used in Operating Activities	(825		)
Cash Flows From Financing Activities:
Borrowings from Debtor in Possession Credit Facility, net	1,386
Debtor in Possession Financing Payments and Payments on Backstop Agreement	(110		)
Borrowings (Repayments) of Short-term Debt, Net	(526		)
Other Financing Activities Among Subsidiaries	230
Net Cash Provided by Financing Activities	980
Net Increase in Cash and Cash Equivalents and Restricted Cash	155
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	144
Cash and Cash Equivalents and Restricted Cash at End of Period	$	299