Weatherford International Says Q1 Unfavorable Adjustment for Operating Income $24M; Q2 Unfavorable Adjustment for Operating Income $55M

Weatherford International Ltd. (NYSE and SIX: WFT) today reported preliminary third quarter 2012 earnings before income taxes of $191 million, or $264 million after excluding pre-tax losses of $73 million. The excluded items include: $29 million for a lower of cost or market adjustment to the carrying value of our inventory, $27 million in professional fees associated with our ongoing income tax remediation efforts, $11 million in fees and expenses associated with our August 2012 consent solicitation that extends the financial statement filing deadline of our senior notes to March 31, 2013 and Severance, exit and other charges of $6 million. The company also reports a revised preliminary second quarter 2012 loss before income taxes of $753 million, or earnings of $146 million after excluding pre-tax losses of $899 million. These results had been previously reported on a preliminary basis, and the excluded items include: