Weatherford International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Weatherford International Ltd. (WFT)

Q1 2012 Earnings Call

April 24, 2012 9:30 am ET

Executives

Bernard J. Duroc-Danner – Chairman, President and Chief Executive Officer

John H. Briscoe – Senior Vice President and Chief Financial Officer

Analysts

Jim Crandell – Dahlman Rose

William Herbert – Simmons & Company Intl.

Angie Sedita – UBS

James West – Barclays Capital

Joe Hill – Tudor, Pickering, Holt & Company

Robin Shoemaker – Citi Investment Research

Kurt Hallead – RBC Capital Markets

Scott Gruber – Sanford Bernstein & Co.

Michael Urban – Deutsche Bank Securities

Bernd Pomrehn – MainFirst Schweiz AG

Presentation

Operator

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Weatherford International First Quarter 2012 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. (Operator instructions) As a reminder ladies and gentlemen, today’s call is being recorded.

Thank you. I’d now like to turn the conference over to Mr. Bernard Duroc-Danner, Chairman, President and Chief Executive Officer. Sir, you may begin your conference.

Bernard J. Duroc-Danner

Thank you. Good morning, everyone. John will read his prepared comments, and I’ll do the same as usual.

John H. Briscoe

Thank you, Bernard, and good morning, everyone. Before my prepared comments, I would like to remind listeners that this call contains forward-looking statements within the meaning of applicable securities laws, and also includes non-GAAP financial measures. A detailed disclaimer related to our forward-looking statements is included in our press release which has been filed with the SEC and is available on our website at weatherford.com or upon request. Similarly a reconciliation of excluded items and non-GAAP financial measures is included in our press release and also on our website.

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