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SERVICES Capital expenditures for full year 2021 were Transaction could enable us to pay back our
$85mn, compared to $154mn in 2020. investment in 2-2.5 years and significantly
Weatherford announces WEATHERFORD INTERNATIONAL, February 16, expands the cash flow profile of our US
business. The technology rental model is
2022
fourth-quarter and full-year Cathedral Energy Services evolving as a critical service in the directional
drilling business, particularly in the US
2021 results market. Our collective capacity positions
us to meet the growing demand for high-
Weatherford International announced today acquires Discovery performance mud motors and provide ‘best-
its results for the fourth quarter of 2021. Downhole Services, in-breed’ motor and measurement-while-
Fourth quarter 2021 revenues were drilling technology to a broader customer
$965mn, an increase of 15% year-over-year advancing its consolidation base. Additionally, in the face of ongoing
and 2% sequentially. Fourth quarter 2021 global supply chain issues, we believe this
operating income was $33mn compared to an and growth strategy access to critical motor technology provides
operating loss of $107mn in the fourth quarter the company a competitive advantage and the
of 2020 and operating income of $71mn in the Cathedral Energy Services today announced opportunity to expand this service offering to
third quarter of 2021. Fourth quarter 2021 net the closing of its acquisition of the operating the Canadian market.”
loss was $161mn compared to $200mn in the assets of Discovery Downhole Services for a Cathedral has retained key Discovery
fourth quarter of 2020 and $95mn in the third purchase price of CAD20.8mn. Discovery is personnel under employment and consulting
quarter of 2021. a privately held, US-based, high-performance contracts to ensure a seamless customer
Fourth quarter 2021 cash flows provided mud motor technology rental business with service experience, successful integration and
by operations were $88mn compared to operations in North Dakota, Texas, and long-term alignment with Cathedral’s strategy.
$22mn in the fourth quarter of 2020 and Wyoming. Cathedral is focused on growing its
$114mn in the third quarter of 2021. Capital “Our acquisition of the Discovery assets operations, driving improved efficiency,
expenditures were $41mn in the fourth adds valuable and strategic operations at and increasing cash flow generation. This
quarter of 2021 compared to $54mn in the a time when industry fundamentals are acquisition aligns with Cathedral’s goals and
fourth quarter of 2020 and $20mn in the third pointing to improving conditions. We are follows two successful acquisitions completed
quarter of 2021. excited to welcome the Discovery personnel, in Canada in the third quarter of last year.
Revenues for the full year 2021 were customers, and suppliers to the Cathedral Cathedral remains disciplined in its approach
$3.65bn, compared to revenues of $3.69bn in team,” said Tom Connors, Cathedral’s to acquisitions, only pursuing opportunities
2020. Full year operating income was $116mn president and CEO. “This acquisition also that provide strategic growth in select areas,
compared to an operating loss of $1.5bn in increases our US market share and adds a that add value on a per-share basis and
2020. The company’s full year 2021 net loss high-quality customer base of oil and gas maintain a conservative balance sheet.
was $450mn compared to $1.9bn in 2020. producers and directional drilling companies “Current industry conditions and
Full year cash flows provided by operations active in all the major US land basins. We valuations continue to support acquisitions
were $322mn, compared to $210mn in 2020. believe that the cash flow generated from this and we are actively pursuing additional

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