NEW YORK, May 22, 2026, 19:04 EDT
Weatherford International plc stock fell Friday, with shares down 1.1% at $108.79. That came after the company said it landed a new deepwater contract with ExxonMobil for work in Nigeria. The stock traded between $106.09 and $109.98 on Nasdaq.
Weatherford picked up another international offshore contract, but the timing is in focus. Investors are trying to figure out if wins like this can balance Middle East disruption and mixed service demand elsewhere.
Weatherford said it landed a deepwater integrated completions contract from Esso Exploration & Production Nigeria Ltd., which is part of ExxonMobil. The deal is for offshore Nigeria. Completions are the gear and services to finish a well so it can pump oil or gas. The company said this work is in Weatherford’s Well Construction and Completions unit, with coverage for upper and lower completions. Gear will come from its global supply chain, with local support in Nigeria.
Weatherford CEO Girish Saligram said the latest award pointed to the company’s ability to provide “integrated completions solutions for deepwater operations” and tech to support “well integrity, reliability, and efficient execution.” Weatherford did not say how much the contract was worth. Weatherford International
The move in the stock happened as Wall Street stayed strong. The Dow Jones Industrial Average ended at a record high and the S&P 500 logged its eighth straight weekly rise, according to Reuters. Investors seemed encouraged by signs of Middle East diplomacy and corporate earnings. “The earnings season looked really good,” James St. Aubin, chief investment officer at Ocean Park Asset Management, told Reuters. He said headlines about war had been a “speed bump” for stocks. Reuters
Oilfield services stocks showed a mixed tape. SLB ended the session at $57.28. Halliburton dropped 1.17% to $41.47. Baker Hughes added 0.40% to finish at $66.06.
Weatherford, which is smaller than SLB, Halliburton and Baker Hughes, has been working to show that demand overseas and offshore is enough to support its business as regional markets turn uneven. Reuters calls Weatherford a global energy services firm and breaks out its business into Drilling and Evaluation, Well Construction and Completions, and Production and Intervention.
Weatherford International’s last quarterly results showed mixed signals for investors. Revenue for the first quarter dropped 3% from a year ago to $1.15 billion and operating income fell 13% to $123 million. Still, net income moved up 42% to $108 million. Adjusted EBITDA landed at $233 million, while adjusted free cash flow came in at $85 million.
Saligram pointed to Middle East disruptions for the revenue hit and higher costs, warning that the second quarter would likely come in weaker than the company had earlier thought. But he also said Weatherford had “increased confidence” in a stronger second half if the conflict cleared by the end of the quarter. Weatherford International
Offshore contract wins may not settle doubts over near-term earnings. Barclays on Friday stuck with its 2026 Brent crude call at $100 a barrel and said risk was tilted to the upside, according to Reuters. Brent traded near $105 as traders doubted fast progress between the U.S. and Iran, while the Strait of Hormuz stayed shut. Higher crude prices can help producers boost spending, but fighting pushes up costs, causes work delays, and tangles logistics.
Calendar effects are in play too. Nasdaq notes the U.S. stock market is closed for Memorial Day on Monday, May 25. That means investors will get three days to think over Weatherford before seeing new data on international awards and their impact on revenue.
