Weatherford International Ltd. (WFT) Q2 2010 Earnings Call July 20, 2010 09:00 am ET Executives Bernard Duroc-Danner - Chairman of the Board, President & CEO Andy Becnel - CFO & SVP Analysts Ole Slorer - Morgan Stanley Jim Crandell - Barclays Capital Kurt Hallead - RBC Capital Markets Bill Herbert - Simmons & Company Jeff Tillery - Tudor Pickering Holt Dan Boyd - Goldman Sachs Brad Handler - Credit Suisse Mike Urban - Deutsche Bank Robin Shoemaker - Citigroup Geoff Kieburtz - Weeden PresentationOperator
Good day ladies and gentlemen and welcome to the Second Quarter 2010 Weatherford International Earnings Conference Call. My name is [Katie] and I will be your coordinator for today. At this time, all participants will be in a listen-only mode. We will be conducting a question-and-answer session for today’s call. (Operator Instructions). I will like to now to hand the call over to your host for today, Mr. Bernard Duroc-Danner, Chairman and CEO, please proceed. Bernard Duroc-Danner Good morning. Andy will start off with his prepared comment and I will lead by taking Q&A as usual, Andy? Andy Becnel Good morning. For the second quarter of 2010, our reported EPS number is $0.11 before excluded items. This is a $0.04 improvement over last quarter and better than our anticipated performance of flat quarter-on-quarter earnings. The reported number excludes the following items totaling $106 million after tax. A non-cash charge of $82 million related to the revaluation of the TNK put and $24 million in severance costs related to the separation of four executives during the quarter as well as restructuring initiatives primarily in the Western Hemisphere.