BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

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COVER PAGE

WEATHERFORD 2023 SUSTAINABILITY REPORT

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TABLE OF CONTENTSA MESSAGE FROM OUR CEO
BUSINESS OVERVIEW

6. About Weatherford
7. Mission, Vision, and Core Values
8. Our Strategy for Value Creation
9. 2023 Corporate Performance Highlights
10. 2023 ESG Performance Highlights
11. Awards and Recognition

SUSTAINABLE INNOVATION
13. Visualizing New Possibilities to Support the Energy Transition
14. Products and Portfolio Capabilities
19. Sustainability in Our Products and Technology

OUR APPROACH TO ESG
21. Commitment to Long-Term Sustainable Success22. Leadership and Oversight
23. ESG Governance
24. Our Priority Topics
25. ESG Disclosure and Reporting
26. Stakeholder Engagement

3 ENVIRONMENT
5

28. Our Strategy and Approach
32. Climate: Energy and Emissions Management
37. Climate: Risks and Opportunities
39. Water and Resource Management
42. Protecting Biodiversity and Ecosystems

SOCIAL1227 INDICES

43

44. The World Class Weatherford Team
45. Recruitment and Retention
48. Creating a Diverse, Equitable, and Inclusive Workplace
50. Health and Safety in Our Workforce and Across the Value Chain
55. Supporting Our Local Communities

GOVERNANCE
The Foundation of Ethics and Integrity
20 59.
61. Business Conduct, Ethics, and Compliance
63. Human Rights in Our Workforce and Value Chain
64. Enterprise Risk Management
65. Data Privacy and Cybersecurity
66. Responsibility in Our Supply Chain
68. Tax and Political Contributions

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70. GRI
79. SASB
80. TCFD
81. UNGC COP
82. Independent Accountants' Review Report
83. Details on Our Environmental Data
87. Annex A Reconciliation of GAAP to NON-GAAP Financial Measures
88. About This Report

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INDICESA MESSAGE FROM OUR CEO

We understand the importance of our role in shaping a sustainable future for generations to come, and this is a responsibility that we takeseriously. I am pleased to share our latest advancements in environmental, social, and governance (ESG) practices and sustainability efforts
through this year’s Sustainability Report.

FOCUSED ON LONG-TERM VALUE CREATION FOR ALL STAKEHOLDERS
We endeavor to integrate sustainability into multiple aspects of our business, striving for optimal balance between economic growth, social progress,and environmental protection. We recognize the importance of considering the impact of our operations on all stakeholders–from shareholders tocustomers to employees and community members. That is why we keep the principles of sustainability and stakeholder value creation at the forefront ofour decision-making to ensure we are building a future that balances progress with responsibility. Throughout this report, you will learn more about ourcommitments to our stakeholders.

ACCELERATING THE ENERGY TRANSITION
At Weatherford, The Energy of Innovation® is more than just a tagline; it’s a promise. We understand that innovation is not merely a choice but an imperative for success in an ever-evolving industry landscape. Innovation is woven into the fabric of our organization, shaping our culture, guiding ourstrategies, and propelling us forward. We recognize that the energy sector’s challenges demand bold solutions and forward-thinking approaches, and weembrace this reality with vigor. We are excited about the opportunities the future holds and the possibility of establishing new standards of excellence
within our sector.
We remain dedicated to supporting our customers and our industry in advancing the energy transition through innovation, technology leadership, strategic partnerships, and exceptional safety and quality performance. We acknowledge our role in contributing to a sustainable world for future generations
while meeting the energy needs of today and tomorrow. Our Mission, Vision, and Core Values continue to propel us forward in this context. In the following pages, you will learn more about our leadership in this space, including:◾

Harnessing Clean Power for the Energy Transition: Through geothermal technology and partnerships with energy development leaders like Eavor
and Criterion Energy Partners, we are working to increase renewable energy production.

◾

Building Long-Term Partnerships for Increasing Energy Challenges: We announced a collaboration through which we will leverage Weatherford’s
CygNet® SCADA platform, the energy industry’s first standardized solution that allows operators to process data and information in real-time to support daily operations and strategic decision-making, and Honeywell’s Emission Management suite, to facilitate immediate access to essential data,empower decision-makers to act swiftly to mitigate risks, and enhance operational efficiency to achieve decarbonization targets.

◾

Securing the Future of Energy with Innovation and Digitalization: Many of our advanced technologies, like the Vero® Automated Connection
Integrity Solution and the CENTRO® Well Construction Optimization Platform, digitize oil fields and automate operations for tangible performancegains, enhanced safety, and decreased carbon emissions.

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INDICESENSURING ECONOMIC, ENVIRONMENTAL, AND SOCIAL PERFORMANCE
In 2023, Weatherford experienced significant growth, and we continued to make progress on our commitments to becoming Net-Zero by 2050.
Throughout this report, we are pleased to highlight our progress on the journey toward improved ESG performance and sustainability, including:◾

Economic: Last year marked a distinct shift towards tangible value creation, signifying a new growth phase for Weatherford. For example, we
achieved four consecutive years of positive adjusted free cash flow generation for our full-year and Company revenue of $5,135 million—an increaseof 19% from the prior year, driven by international revenue growth of 26%.

◾

Environmental: We completed a climate risk and opportunity assessment of our operations to inform decision-making and align strategic initiatives
with our climate ambitions. This assessment is aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework.

◾

Social: We remain committed to the UN Global Compact (UNGC) and believe our Mission, Vision, and Core Values are aligned with its principles. We
enrolled in the UNGC Gender Equality Accelerator to further our diversity, equity, and inclusion strategy.

◾

Governance: We were pleased to be recognized by leading sustainability ratings indices for our performance, including reaching an MSCI ESG A
Rating and the EcoVadis Silver Medallion Status. In addition, we continued to strengthen our supply chain processes by introducing a new supplierregistration onboarding tool and robust risk management program.

NURTURING THE ONE WEATHERFORD SPIRITOur One Weatherford spirit is powerful. Each year, I try to visit as many of our operating locations as possible, and every time I do, I am met with anenergy that is palpable. Our growing network of 19,000 dedicated individuals is working together to forge a bright future for our organization and ourindustry. A future that is built on the foundation of safety, quality, and integrity. It is my privilege to provide the One Weatherford team with personallyrewarding career opportunities and benefits, and advance our inclusive and equitable culture across our organization. The passion of our team extends
beyond our operations and into each of the communities in which we operate. This shows in the form of volunteering, fundraising, and community
engagement across all of our Geozones. I am immensely proud of our team’s accomplishments on the job site and in our communities. I encourage you
to learn about the programs, goals, and initiatives that are our guiding lights for our responsibility to our employees and our community members in thefollowing pages.

OUR JOURNEY CONTINUES
While we are proud of our accomplishments to date, we recognize that our journey towards sustainability is ongoing. We remain committed to continuous improvement, setting even more ambitious targets each year and collaborating with stakeholders to drive positive change. As we look to the future,
we are excited about the opportunities that lie ahead. I sincerely appreciate the dedication of our leadership team, the Board of Directors, and our One
Weatherford family, who are committed to driving continued progress in this space. With such passion and dedication, I’m confident we will continue tomake strides toward our goals and contribute to building a more sustainable and equitable world for generations to come.

GIRISH K. SALIGRAM | President and Chief Executive Officer“

We remain committed to continuous
improvement, setting even more ambitious
targets each year and collaborating withstakeholders to drive positive change.

“

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BUSINESSOVERVIEW
6. About Weatherford
7. Mission, Vision, and Core Values
8. Our Strategy for Value Creation
9. 2023 Corporate Performance Highlights
10. ESG Performance Highlights
11. Awards and Recognition

ENVIRONMENTSOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

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INDICESABOUT WEATHERFORD

Weatherford is at the forefront of bringing innovative energy services that combine established technologies with modern digitalization. Our goal is toprovide sustainable solutions that maximize value and return on investment for our customers.
Through collaboration with our world-class experts, we work closely with customers to optimize their resources and unlock the full potential of theirassets. We design our strategic solutions to enhance efficiency, flexibility, and responsibility across all aspects of energy operations.
We take pride in our diverse and talented team, which consists of approximately 19,000 individuals representing more than 110 nationalities. With a
global presence spanning approximately 75 countries and 330 operating locations, we are dedicated to delivering innovative energy services that benefit
the future of our industry, our customers, shareholders, employees, and the communities in which we operate.
By leveraging our expertise, embracing technology, and fostering collaborative partnerships, Weatherford is committed to driving sustainable advancements in the energy sector. We strive to meet the evolving needs of our customers while promoting responsible practices that align with the values of ourindustry.

Weatherford Across the Globe75
19,000WORLD-CLASS EXPERTS

COUNTRIES330
OPERATING LOCATIONSWEATHERFORD 2023 SUSTAINABILITY REPORT

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INDICESOUR MISSION, VISION,
AND CORE VALUESOURCORE VALUESWEATHERFORD 2023 SUSTAINABILITY REPORTPASSIONOUR MISSION
Producing energy for today and tomorrow.

OUR VISIONAs a global leader in energy services,
operators trust Weatherford to drive
maximum value, streamline operations,and enhance safety. In partnership withour customers, we are committed to
producing innovative energy solutions
that are environmentally and economicallysustainable to drive our industry forward.

INNOVATIONACCOUNTABILITYVALUE CREATION

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INDICESOUR STRATEGY FOR VALUE CREATION

Weatherford’s strategic priorities guide our path to value creation for the business and our stakeholders.

We remain committed to five Strategic Priorities that encompass what will make us successful now and in the future:

CUSTOMER
EXPERIENCEORGANIZATIONALVITALITY

CREATING
THE FUTURE

LEANOPERATIONSFINANCIALPERFORMANCE

We employ robust
processes, solutions,
technologies, and data thatspeak to customer successand satisfaction, and build
customer loyalty andretention.

Employees feel valued
and empowered, areengaged, and recognize that
Weatherford’s programs
support their individual
development and create asafe, diverse, and inclusive
workplace. We champion
leadership growth anddevelopment across alllevels of the organization.

Innovation is encouraged
and applied, enabling
people to perform at theirbest and leading to new
products and services
that differentiate us in themarket. We actively engage
in the energy transition andposition ourselves for the
next decade.

We have a LEAN enterprisethat understands customer
value and focuses our key
processes to continuously
increase it. Our goal isto provide value to thecustomer through a valuecreation process that has
zero waste.

We are sustainably able
to generate positive cash
flow and margin expansion
through cycles and remain
productive and profitable
regardless of the operating
environment.

Focus on these priorities
enabled our positive
performance in 2023.
We invite you to learn morein our 2023 Annual Update
and 2024 Proxy Statement.

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INDICES92023 CORPORATE PERFORMANCE HIGHLIGHTS

2023 was an outstanding year for Weatherford and we thank our stakeholders for their support. We continue to see growth across all segments, and our strong operating performance has enabled us to achieve increasing adjusted
free cash flow and sustainable profitability.

Revenue Growth

Sustainable Profitability$5,135 million Revenue,+ 19% over prior year
26% International Revenue Growth year-over-year

Full-year adjusted EBITDA* of $1,186 million,
23.1% margin*, the highest Full Year in over 15 years,+ 45% and 423 basis points over prior year

Adjusted Free Cash Flow*$651 million FY23 Adjusted Free Cash Flow*Four consecutive years of delivering
positive adjusted free cash flow*$820 million Operating Income,+ 99% over prior year
$417 million Net Income,a 8.1% margin,+ 1,504% over prior year

Credit Rating Upgrades:◾

S&P Global Ratings to ‘B+’◾

Moody’s to ‘B1’◾

Newly initiated Fitch Rating of ‘B+’

* Adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow, and net leverage ratio are non-GAAP financial measures. Please refer to Annex A for more information about these measures, as well as a reconciliation of the non-GAAP financial measures to the most closely related GAAP
financial measure.

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INDICESESG PERFORMANCE: HIGHLIGHTSOUR BUSINESS &APPROACH TO ESG◾ Reached an MSCI ESG A Rating and improved◾ Reductions Compared to 2019:◾ Recognized by Newsweek as One of America'sȂ Scope 1 & 2 - Energy 27%*
Ȃ Scope 1 & 2 - Intensity 23%*
Ȃ Waste Generated 37%
Ȃ Water Use 27%2023 KEY HIGHLIGHTS

EcoVadis rating to Silver Medallion Status,
putting Weatherford within the top 15% ofcompanies assessed

Most Responsible Companies for Our Commitment toAdvancing ESG Priorities◾ Established a tactical 2050 Scope 1 & 2 Roadmap

SOCIAL

GOVERNANCE◾ Employees completed more than 529,000 total◾ Launched enhanced supplier onboarding and risk

◾ Contributed more than $850K to our local◾ Conducted cybersecurity phishing campaigns◾ Launched a Health and Safety Leadership◾ Established a cross-functional ESG Controls◾ Launch and embed our new Human Capital◾ Expand Third-party Risk Management◾ Launch Executive Sponsored DEI Committee,◾ Further strengthen Cyber-Security Incident◾ Further embed IOGP Start Work Checks globally,◾ Improve automation capabilities withhours of training

communities through donations and sponsorships
Engagement Program

management programwith employees
Working Group

with defined pathways and/or projects through to 2035
◾ Optimize performance and partnerships with Eavor,

Honeywell, and Criterion Energy Partners toenhance geothermal activity and decarbonization
efforts with key acquisitions of Ardyne Technologies,
Impact Selector International, and Probe

OUR COMMITMENTS: 2024 AND BEYONDENVIRONMENT◾ Complete Double Materiality Assessment across◾ Completed Climate Risk and Opportunity

assessment, and related scenario planning◾ Continue to expand emissions metrics and trackprogress against 2050 Scope 1 & 2 Roadmap

ESG topics◾ Ongoing readiness activities for the EU Corporate

Sustainability Reporting Directive (CSRD) and proposed
SEC Climate Ruling disclosures◾ Continue focus on scalable energy transition anddigital portfolio to address sustainability needs ofthe industry◾ Ongoing digital automation capacity building

across Environmental metrics tracking

Management system

roadmap and new Mentorship Programand standardize driver qualification process◾ Perform a risk and opportunity assessment in alignment

with the Taskforce on Nature-related Financial
Disclosures (TNFD)*Scope 2 emissions is currently based on location-based method, and the Company intends to incorporate market-based method in the future.

Programming
Readiness

key suppliers

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INDICESAWARDS AND RECOGNITION

We are honored to have been recognized for our performance and commitment to safety, sustainability, a positive workplace, and volunteering in the community. Examples of global, national, and regional awards and recognition
include:MSCI ESG A Rating

EcoVadis Silver Medallion Status

Newsweek Most Responsible
Employers 2024

Excellence Awardee in the 2023
Canada’s Safest Employers Awards
Oil and Gas Category

Certificate of Honor for Excellent
Environmental Performance
Company for the Tianjin Economic
Technological Development Area

Opal Award for Best Practices inEnvironment and Net-Zero Emission
Integrated Services and Projects in
the Large Contractor Category from
the Minister of Energy in Oman

Commended by Kuwait Energy
Basara Limited for Outstanding
Safety Performance in Iraq

Safeguard Strengthening ExcellenceAward from Chevron in Thailand

Recognition from the Council of
Bogotá District Secretariat of theEnvironment for Environmental
Volunteerism in Colombia

Received Multiple Awards for Safety
and Compliance from Pertamina
Hulu Rokan and Recognition from
Harbour Energy in Indonesia

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13. Visualizing New Possibilities to Support the Energy Transition
14. Products and Portfolio Capabilities
19. Sustainability in Our Products and Technology

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTVISUALIZING NEW POSSIBILITIESTO SUPPORT THE ENERGY TRANSITION

The energy transition to lower carbon and renewable energy is not without challenges, but the answers all start with people. We will embrace theopportunities of a more sustainable world and face the demands, both as a company and as the family of people we call One Weatherford.
In our facilities across the globe, we adopt more sustainable practices
like installing energy efficient lighting and regulating water usage. We
also see this as an opportunity to channel our traditional energy service
technology and expertise to improve the accessibility and viability of
renewable sources at scale.
We continue our legacy of innovation–visualizing possibilities, forming
partnerships, and making strategic acquisitions that will contribute to
new energy solutions. Recent highlights include:
◾

◾

◾

◾

Weatherford and Honeywell signed a memorandum of understandingthat combines Honeywell’s Emissions Management suite with ouradvanced CygNet® SCADA platform to accelerate our customers’
decarbonization strategies.
Our complete portfolio of wireline technologies–including the additions of Impact Selector International and Probe–deliver actionableevaluation information to optimize reservoir performance and guideour customers’ life-of-well decisions.
With the acquisition of Ardyne Technologies and the exclusive casing
recovery systems from Trident® and Titan®, Weatherford now represents the world’s leading compilation of plug-and-abandonment(P&A) and slot-recovery technologies and expertise–all designed toextend productive well life and maximize asset value before final
decommissioning.
The ForeSite® POWER Regenerative System is the energy industry’s
first regenerative variable-speed drive for rod lift systems and features
the unique ability to recycle, store, and optimize power, helping tocontrol operating expenses while reducing carbon emissions forthe ultimate eco-friendly alternative to conventional VSDs andregenerative energy systems.

LOWERING EMISSIONSWITH GREATER EFFICIENCIES
We strive to streamline every aspect of what we do, both through processes and technological innovation to improve our overall efficiency. We
recognize that when our technology supports production more efficiently,
we help decrease our customers’ carbon footprint.

INVESTING IN THE ENERGY TRANSITION
The energy transition is not an overnight shift. It demands a gradualevolution. Progress towards a lower carbon future, powered by sustainable
and renewable energy, intertwines with the conventional energy industry.
Leveraging our spirit of innovation and the legacy of technology, we arecommitted to developing lower emissions technology, proactively seeking
opportunities for environmental improvements when upgrading existingproducts, and exploring ways to apply current technologies toward ourgoals for sustainability and new energy.

PROVIDING AFFORDABLE ENERGY FOR EVERYONE
By directing our expertise into improving ways to acquire hydrocarbons
from existing reservoirs, we encourage more well rejuvenation and reduce
the emissions caused by new construction.

Weatherford Geothermal Energy Forumin Munich, Germany
In November 2023, we hosted a conference dedicated to building
long-term partnerships designed to meet the unique challenges
associated with geothermal energy. The meeting showcased not
only Weatherford’s expertise, specialized technology, and innovative ideation that enables our customers to create a sustainableinfrastructure for maximized return on investment, but those of ourpartners as well, including OMV, the European Geothermal Energy
Council, Eavor, Deutsche Erdwaerme, ENEL, and Erdwerk.

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INDICESPRODUCT AND PORTFOLIO CAPABILITIESGEOTHERMAL ENERGY SOLUTIONS
Increasing Access to Clean, Reliable Energy
Our comprehensive end-to-end solutions are designed to meet the unique challenges of geothermal. Drawing on over 25 years of geothermal experience and collaborating with experts from around the world, we offer efficient
high-temperature drilling and advanced digitalization capabilities that optimize sustainable operations and reduce carbon emissions. Our end-to-end solutions are based on specialized technologies and innovation that enable ourcustomers to harness geothermal energy successfully and empower progressive advancement for future geothermal exploration and production.

Moving Geothermal Forward
Partnerships with geothermal technology
and energy development partners like
Criterion Energy Partners, we are working toincrease the production of renewable energy.
We also maintain active memberships withorganizations such as theEuropean Geothermal Energy Council,
the Geothermal Industry Advisory Group, andthe Texas Geothermal Energy Alliance (TXGEA)
to advocate for geothermal energy.
Read More

REAL RESULT:
Close Partnership, Specialized Technologies,
Operational Efficiencies Delivered Three German
Geothermal Wells in Record TimeREAL RESULT:
Compact™ Logging Technology Easily Passed
Through Collapsed Section in Geothermal Injection
Well, Enabled Operator to Develop Forward Plan

Weatherford and Eavor Partnership for
the Geothermal Future

Key to the effective delivery of geothermal wells for ourcustomers is drilling efficiency. Weatherford collaborated
with a project management company based in Germany
to devise a well plan that featured our field-proven technology that can withstand the harsh downhole environmentsof geothermal wells. The combined experience and close
management and coordination from both teams delivered
the project approximately 15 to 30% faster than planned.

A geothermal operator’s well plan halted when a sectionof casing collapsed. Conventional technology proved
unsuccessful in finding and diagnosing the location of thedamaged casing. Weatherford’s field-proven Compact logging technology was able to snake through the collapsed
section and log the well from the bottom. Not only did we
confirm the collapsed casing was in the 13 3/8-in. section,
but we also identified the presence of scaling in the 10
3/4-in. section. This actionable information enabled theoperator to revise the well plan and continue operations.

For more than two decades, we have delivered successful
results in geothermal projects, including entering into a
joint development agreement with Eavor, a revolutionary
geothermal company, to develop whipstock and sidetracktechnology for future projects to reduce overall well construction costs. This agreement bolsters Weatherford’s
geothermal offering and builds on an existing contract toprovide liner hanger systems, cementation products, andopen-hole/cased-hole wireline services to support thefirst commercial Eavor-loop™ in Germany.

Read More

Read More

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INDICESPLUG AND ABANDONMENT SOLUTIONS
Mitigating Risk Through Responsible Long-Term Well Integrity Solutions
We recognize the substantial environmental and ecological risk that unplugged wellbores pose, specifically leaking methane into the atmosphere or contaminants leaching into the groundwater. A proper abandonment solution
should restore the natural integrity of the formation with a permanent wellbore isolation. Last year, we challenged operators to finish responsibly with the Firma™ Plug and Abandonment Solution, a comprehensive method that
simplifies the task of abandonment with a high degree of integrity and put operators’ minds and balance sheets at ease.
We have continued this drive to deliver long-term barrier performance with a new thru-tubing P&A solution. The revolutionary well-cessation system enables fast and reliable plug and abandonment operations without the need forhigh-horsepower rigs or completion-retrievals. By setting cross-annular plugs from the tubing, the thru-tubing P&A solution substantially reduces the time and costs associated with pulling and properly disposing of contaminatedtubing. This rigless, thru-tubing process saves valuable time and costs without sacrificing barrier performance—ensuring long-term environmental protection.

Image
Advancing Late-Life Well Management
The acquisition of Ardyne by Weatherford offers a comprehensive
portfolio of Plug and Abandonment and Slot Recovery solutions.
The acquisition, first established as a partnership in 2022, delivers specialized well-decommissioning solutions designed to tap
additional reserves and sustainably abandon nonproductive wells
in complex well environments. Read More
Additional collaboration targets specific geographic aims, suchas our partnership with the Center of Decommissioning Australia(CODA), which supports de-risking of Australian operations throughvarious initiatives in the community ecosystem. Read More

REAL RESULT:
Thru-Tubing Plug and Abandonment Solution Prevented Gas
Migration in 70-Year-Old Well, Protected Water Table andAvoided Surface Leakage
An operator needed to isolate a permeable and hydrocarbon-bearing formation to protect underground resources in a
70-year-old well. Drawing on our extensive P&A experience, ourexperts recommended the new thru-tubing P&A solution which
created a permanent hydraulic seal in one trip, establishing thebarrier without impacting current or future production zones. The
single-trip efficiency reduced rig time and associated emissions.
Gas migration to the surface was effectively shut off, protecting
the underground environment and potable-water resources.

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INDICESDIGITAL TRANSFORMATION
Digitalization and Automation: Key Enablers for the Energy Transition
Traditional oil and gas production will sustain the world’s overall energy needs for the foreseeable future, but we understand the fundamental role we can play and continuously seek to find new ways to help our customers
reduce their carbon footprint and make operations more efficient and sustainable.
Many of our advanced technologies like the Vero® Automated Connection Integrity Solution and the CENTRO® Well Construction Optimization Platform digitize oil fields and automate operations for tangible performance gains.
The ForeSite® Production Optimization Platform applies asset-wide data from every well, leveraging the industry’s most advanced real-time analytics and physics-based modeling, to help find and prioritize uplift opportunities forcontinuous life-of-well performance with a reduced carbon footprint. But the results are not limited to profits and production. Automation decreases field personnel at rig site, and the cascading benefits of fewer people translate
into a reduction of the carbon expended to transport, house, and support the crew. The AccuView® Real-Time Remote-Support System, an end-to-end service, spans all well planning and execution phases to enable operations
quality, safety, and repeatability anywhere our customers operate. This system also reduces onboard personnel and lowers overall HSE risks.

PRODUCT SPOTLIGHT:
ForeSite® POWER Regenerative System
The ForeSite POWER regenerative system is the energy industry’s
first regenerative variable-speed drive (VSD) for rod-lift systems,
featuring its seamlessly integrated power-management technology.
Due to its unique ability to recycle, store, and optimize power, thisinnovative solution helps control operating expenses while
reducing carbon emissions for the ultimate eco-friendly alternative
to conventional VSDs and regenerative energy systems.
Read More

The FWRD Digital Conference
In 2023, we hosted our 19th annual digital conference, withindustry representatives, technology partners, and Weatherford
technical experts. This edition of the FWRD conference highlighted
important subjects related to integrated workflows, implementing
advanced control systems, the use of artificial intelligence (AI)to enhance operational efficiency, approaches to reduce carbon
emissions through digitalization, and Weatherford’s uniqueproduct offerings.

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INDICESWELL REJUVENATIONMETHANE EMISSION MITIGATION

Maximizing Recoverable Production and Reducing Carbon Emissions and Resource Use

Measurement for Better Management

Every well eventually declines. The easy and immediate solution is to drill more wells, but that incurs substantial costs as well as an increase in theoverall carbon intensity. In existing wells, most of the emissions to find, develop, and produce the given asset have already occurred. We offer turnkey
solutions that diagnose the problem, plan for contingencies, and quickly and cost-efficiently revive underperforming or shut-in wells without environmental risks. We help our customers maintain production performance with a continuous and proactive monitoring, diagnosis, and optimization cycle which
includes emissions monitoring.

Identifying methane emissions, quantifying them, and determining themost effective remediation methods remain constant challenges for theindustry. Energy companies have the technical abilities to monitor,
manage, capture, and mitigate emissions most effectively. Weatherford iscommitted to managing and mitigating methane emissions.

Image

Image

The Emissions Manager enables continuous monitoring and reportingof potential methane leaks using the premier CygNet platform alreadyavailable on the majority of gas-producing sites. The fast leak detection
and reporting technology saves operators from costly fugitive methane
emissions fines and enables preventive maintenance, thereby reducing
overall production loss.

Innovative Solution/Product Spotlight
The MARS™ Mature Asset Rejuvenation by Surveillance System isthe energy industry’s most advanced intervention and reservoir
data solution. This cost-effective, all-in-one reservoir-surveillancesystem ensures a continuous stream of actionable well data for
critical management and decision-making. MARS decreases
production costs in operational wells by precisely positioning fluids
and, maximizes performance at production intakes throughout theentire reservoir. Real-time well intelligence data enables proactive
remediation of challenges for rigless intervention efficiency at
any operational stage. Rigless operations and reduced footprintdelivers well intelligence across the reservoir. This provides tailored
monitor/intervention periods for streamlined operations, reduced
OPEX, and decreased environmental impact.
Read More

Memory Raptor® Cased-Hole Evaluation System
Our Memory Raptor system reveals and quantifies what lies behindcasing, enabling our customers to detect bypassed reserves withaccurate through-casing reservoir characterization. The winner of
the Offshore Technology Conference Asia (OTC Asia) Spotlight on
New Technology award in 2022, the Memory Raptor system delivers
the same quality data as conventional wireline technology but
without the equipment and crew requirements, effectively extending the life of existing assets with a lower carbon footprint.
Read MorePartnership with Honeywell
Honeywell’s Emissions Management suite measures, monitors, reports,
and ultimately reduces greenhouse gas emissions using a programmatic
approach to decarbonization. It supports data accuracy, early detection
and remediation, stakeholder transparency, and actionable insights. Our
CygNet™ SCADA platform collects, manages, and distributes critical data
across our customers’ enterprises, empowering our customers to makestrategic decisions that keep them informed, in control, and on target.
Together, these technologies, and the innovative experts who createdand sustain them, form a premier solution that surpasses EPA regulation
standards for full compliance.

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GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTSOLUTION MINING
The global mining industry faces similar goals and challenges on environmental stewardship. These challenges require mining to adopt new methods and approaches to managing on-site operations, the utilization of technology,
and the incorporation of the massive amount of data gathered.
Leveraging more than 50 years of experience delivering innovation and technology, Weatherford is strategically aligned to deliver a much-needed competitive advantage to the solution mining sector. Solutions in the form of new
corporate strategies, innovative methods for increasing productivity, improving safety, and lessening environmental impacts are all integral to Weatherford’s commitment to eliminating heavy machinery emissions, improving
mining’s sustainability, and keeping the earth intact. From advanced data analytics support for risk-reduced decision making to resolving complex subsurface lithology, together with our customers, we strengthen and evolve themining sector’s value chain to improve financial returns and environmental stewardship.

Image
Lithology and Formation Evaluation are the Cornerstoneof Mining Operations
Subsurface assets are continually exposed to the dynamic stresses of ongoing operations yet must maintain structural integrity
throughout the asset lifetime to mitigate potential environmental
impact. Weatherford’s integrated multidiscipline geoscienceteams stand at the forefront of formation characterization. Seamlessly integrating predictive algorithms and advanced modelinginto characterization of all formation and reservoir data, our experts provide analytics-driven solutions for the mining sector that
reduce uncertainty in the decision-making process and mitigate
risk. Read More

Digitalization and Automation Streamline Mining Operations

Wireline’s Role in the Lifecycle of Critical Mineral Assets

With dynamically different pressure, temperature, structural, andfluid characteristics, no two reservoirs will behave or react toinduced pressure changes the same. The CENTRO platform andAccuView system provide seamless wellsite integration of dataand services, ensuring real-time management of all aspects ofwell construction and providing the mining sector the ability todirectly control dynamic downhole variations with minimal risk.
ForeSite technology implements advanced data processing technology to consolidate the monumental amounts of data gatheredacross remote mining locations, streamlining thedecision-making process and removing geographical silos.
Read More

Weatherford’s extensive portfolio of progressive openhole andcased-hole wireline services seamlessly integrates with localized
Interpretation and Evaluation Service teams to provide themining industry with the latest in advanced lithology andmineralogy evaluation services.
The recent acquisitions of Probe, Ardyne, and Impact Selector
expand our comprehensive portfolio to further support our
mining customers focus on continued growth that is bothfinancially and environmentally sustainable.

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES19

SUSTAINABILITY IN OUR PRODUCTS AND TECHNOLOGY

Last year, we listed many traditional technologies that were being repurposed toward new energy transition applications that save on resources, mitigate emissions, and support our geothermal and CCS new energy goals.
This year we’re proud to be able to add several new technologies to that list that demonstrate our continued investment in the transition. Learn more about our portfolio capabilities.

DRILLING AND EVALUATIONWELL CONSTRUCTION & COMPLETIONPRODUCTION & INTERVENTIONPRIMARY AREA OF IMPROVEMENT IMPACT

PRIMARY AREA OF IMPROVEMENT IMPACTENABLING TECHNOLOGIESWATER/WASTE

ENERGY

EMISSIONSSAFETYAPPLICATION*ENABLING TECHNOLOGIESWATER/WASTE

Downhole Deployment Valves

●

●

●

●

GT, CCS

Vero® Connection Integrity●●

GT, CCS

PressurePro® MPD System●

Magnus® RSS

●
●

●

●

●

GT, CCS, MM

HeatWave® Service

●

●

●

●

GT

RipTide® Underreamer

●

●

●

CCS

GAPS® Service●

Memory Raptor® System●

SecureView® Cement Evaluation
CENTRO® Optimization Platform●

Modus™ Managed Pressure Wells
Solution NEW

●

●

●

●

●

●

●

●

●

Probe ProTherma™ Geothermal
PTS NEW●

Probe Ultra-High Temperature
Dimension™ X-Y Caliper NEW●

Probe Geothermal Battery Packs
NEW●

Probe Quantum™ Geothermal PT
Gauge NEW●

Probe Quantum™ Geothermal PTS
Gauge NEW●

Probe Depth Logger & Encoder
NEW●

WEL-Hib™ Inhibitor NEW●

Integrated Solutions NEW

●

●

●

●

●

CCS
WR
GT, CCS, MM

GT
●

●

ENERGY

EMISSIONSSAFETYAPPLICATION*ENABLING TECHNOLOGIES

●

●

●

GT, CCS

Mechanized Services

●

●

●

GT, CCS, P&A

COMPLETESM Post-TD Solution

●

●

●

GT, CCS

TR1P™ Single Trip Completions●

RFID Completions

●

●

●

●

●

●

MM

●

●

CCS

●

ESS® Expandable Sand Screens

●

●

●

●

Alternative Gas Lift Completion
Systems

●

●

●

●

●

●

●

●

ForeSite® Sense NEW
Reclaim™ Thru-Tubing P&A NEW

CCS

●

●

●

EMISSIONSSAFETY

Permanent Magnetic Motor (PMM)

●

●

●

Rotaflex® Long Stroke Pump

●

●

●
●

COROD® Continuous Sucker Rod●●

Plunger Lift●●

Electric Actuated Motor Valve

●

●

●

DuraSeal® Stuffing Box●

Firma™ P&A Solutions●

AccuView™ for Remote Operations●

GT, CCSWR
GT, CCS

●
●

●

●

P&A
WR

MARS™ Mature Asset
Rejuvenation by Surveillance NEW●

GT

Tubular Running Assurance NEW

WATER/WASTE

ENERGY

ForeSite® Platform

Completions: New Energy
Applications
Renaissance™, Inverted Gas Lift,
Deep Gas Lift, Foam-lift Capillary
Services

MM●

Electric Completions

GT●

GT, CCS, MM

●

●

●

●

●

●

●

●

P&A
GT, CCS, P&A
GT, CCS, MM,
SM

●

●

ForeSite® FLOW

●

●

●

Foresite® EDGE

●

●

●

Foresite® SENSE

●

●

●

ForeSite® POWER
Regenerative System NEW

●

●

●

CygNet® SCADA Platform

APPLICATION*

●

●

●

●

●

●

CCS, MM

GT, CCS

Amplifrac® Fluid●●

TBlockSure® Diverting Agent●●

Emissions Manager NEW●●

CCS, MM

●

●

P&A

●

VERO® OneTouch System NEW●

GT

MetalSkin® Solid Expandable
Tubular Systems NEW●

WR

Ardyne Trident® Casing Recovery
System NEW

GT

Multi-Stage Cementing andAccessories NEW●

GT

Ardyne Titan® Casing Recovery
System NEW

●

●

P&A

Ardyne Shogun® Casing Recovery
System NEW

●

●

P&A

●

●

WR

●
●

PRIMARY AREA OF IMPROVEMENT IMPACTWR●SOLOIST™/ENFORCE™ Services
NEW●

FloReg ICV NEW●

Integrated Solutions NEW●●*Energy Transition Offerings Application
GT - Geothermal
MM - Methane Mitigation
CCS - Carbon Capture and Storage
P&A - Plug and Abandonment●

Integrated Solutions NEW●

WRWR - Well Rejuvenation
SM - Solution Mining●

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

OUR APPROACH
TO ESG
21. Commitment to Long-Term Sustainable Success22. Leadership and Oversight
23. ESG Governance
24. Our Priority Topics
25. ESG Disclosure and Reporting
26. Stakeholder Engagement

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

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INDICESCOMMITMENT TO LONG-TERM SUSTAINABLE SUCCESSAt Weatherford, we believe that sustainable, long-term success requires us to adhere to three core principles: lowering impacts on the natural world,
investing in social interests, and acting with integrity and transparency. We integrate these principles into our business strategy and decision-making towork toward a sustainable future for our Company, employees, communities, and planet.

We set ambitious goals, invest in innovative technologies, and collaborate
across our value chain to:
◾
◾
◾
◾
◾
◾
◾

Manage our environmental impact
Prioritize environmental protection in the operation of our products and services
Help our customers extract and produce energy more sustainably
Create a positive workplace culture
Deliver safe and efficient operations
Contribute to our communities of operation
Adopt global leading practices for ethical business conduct and corporate governance

We hold ourselves accountable for our progress through goals and targets, leadership and stakeholder engagement, policies, and best practicestandards. Weatherford’s Operational Excellence and Performance System (OEPS), our long-standing integrated management program, integrates ourmanagement of quality, health, safety, security, environment, and other critical business requirements and supports these efforts.
To guide the business forward, we use performance indicators, metrics, objectives, and assessments to evaluate and improve ESG performance. We also
incorporate the perspective of internal and external stakeholders, gathered from ongoing interactions and in connection with our process for identifying
our key focus areas. For example, in our Innovation and New Energy departments, dedicated Commercial, Business Development, and Research andDevelopment teams work with current and prospective customers to identify and align their needs with our existing and new technologies. Business risk
assessments are conducted concerning ESG matters with active leadership involvement. This approach underscores our commitment to developing ESG
metrics that effectively align our operations with the Company’s strategic goals and ensuring that all team members are working towards achieving them.

WEATHERFORD 2023 SUSTAINABILITY REPORT

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT22LEADERSHIP AND OVERSIGHT

Weatherford’s Board of Directors and leaders are dedicated to advancing our ESG performance over the long term. We have processes in place to establish clarity for the oversight, management, and implementation of our
ESG strategy, leading up to our Board. To support these efforts, the Board’s Safety, Environment, and Sustainability (SES) Committee oversees our sustainability strategy and initiatives to help us navigate the ever-changing ESG
landscape. The Committee’s Charter outlines its objectives and responsibilities in detail. The Board also assigns responsibility for overseeing specific ESG risks and opportunities to each of its Committees, which engage withthe executive leaders responsible for each area quarterly.

ESG GOALS AND LEADERSHIP COMPENSATION
We believe aligning our strategic priorities with our compensation programs supports a cohesive drive toward value creation for all
our stakeholders. For example, our incentive programs for leadership roles include ESG as a focus area, which is outlined in our
Proxy Statement each year.

ESG COMMITTEES AND WORKING GROUPS
Weatherford’s executive-level ESG Committee is composed of departmental leaders from a wide cross-section of the Company acrossenvironmental, social, and governance dimensions. The Committee is crucial in driving our ESG strategy forward and ensuring that we
remain responsible for achieving our objectives. To align our ESG efforts with industry standards, our ESG Committee executives haveparticipated in awareness engagements and are active members of the Energy Workforce and Technology Council. Members meetquarterly to review progress and performance.
Ownership of sustainability is spread throughout the organization. Each department impacting an environmental, social, or governancedimension is responsible for identifying, assessing, and developing strategies for sustainability risks and opportunities in collaboration
with the Sustainability department. The Sustainability function is led by our Senior Vice President, CHRO and Sustainability. The department also includes a Global Director of Sustainability and several supporting team members to ensure our strategic programs continue toprogress. The team is accountable for spearheading the creation of ESG strategies, including performance metrics and disclosures, which
the ESG Committee approves. It is also responsible for supervising the activities of the Carbon Committees and Geozone Committees.
In 2023, a new working group was created to focus on ESG Controls. The cross-functional group is dedicated to ensuring high-quality
processes and internal controls are in place for reporting ESG metrics and aligning existing policies and practices with these metrics.
The group is also responsible for reviewing ESG processes for completeness and accuracy.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESESG GOVERNANCE
BOARD OF DIRECTORSThe Board has the responsibility of reviewing, monitoring, and approving the overall operating, financial and strategic plans, operating goals, and performance of the Company and significant corporate actions of the Company.
Audit Committee

Safety, Environment & Sustainability Committee

Compensation & Human Resources Committee

Nominating & Governance Committee

Provides oversight of the Company’s
accounting and financial reporting andcompliance process, as well as the internal
audit process.

Oversees and improves the Company’s
quality, health, safety, security,environmental, and sustainability
policies, programs, and initiatives.

Monitors and reviews the Company’scompensation and benefits policies,
practices, and programs related to theCompany’s CEO, executive officers, andcertain other employees.

The Committee will monitor trends,
changes in law, and the listing standards
and best practices in corporate governance.

Environmental◾ Innovation and New Energies◾ Sustainability Department— Carbon Committees• Facilities• Sourcing (Upstream & Scope-Free)• Product Line & Fleet— Geozone ESG Committees◾ Environmental Department (HSSE)

SocialGovernance◾ Human Resource Department— Employee Resource Groups◾ Health & Safety Department (HSSE)◾ Legal Department— Ethics Ambassador Network◾ Finance Department— Internal Controls Committee◾ Information Technology Department◾ Global Supply Chain

ERM & Internal Assurance
The Board has the responsibility ofsupervising the Company's ESG risks andopportunities to ensure sustainable andlong-term growth. The Board assigns
responsibility for auditing specific ESG risks
and opportunities to its Committees.

CROSS-DEPARTMENTAL ESG CHAMPION NETWORKESG COMMITTEE
Carbon Committees
They are comprised of three distinct groups,
including Facilities, Sourcing, and ProductLines/Fleet, which are cross-functional teams
located across various geographies.

Geozone ESG Committees
Cross-functional teams that operate at the geographic level.
These teams share information about the local ESG landscape,customer trends, and progress toward sustainability initiatives.
They also promote the development of ESG competencies andfacilitate effective two-way communication between Corporate
Sustainability and local leadership teams.

ESG Champion Network
Cross-departmental team members are
responsible for collecting, assessing, andproviding ESG progress and content to the
Sustainability department for analysis andreporting purposes.

ESG Internal Controls Working Group
Cross-departmental subject matter experts responsible
for building and implementing internal ESG controls.

NEW

INTERNAL & EXTERNAL SHAREHOLDERSESG COMMITTEE (EXECUTIVE LEVEL)
Our executive management team leads the ESG Committee, which is accountable for devising the Company’s sustainability and ESG strategy, goals, and investment for the purpose of creating long-term value.

23

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESV E RY H I G H

BUSINESS OVERVIEWOUR PRIORITY TOPICS

Climate Change

To ensure that our ESG strategy is relevant, impactful, and aligned withnew regulations, we initiated a double materiality assessment in 2023,
which will conclude mid 2024. Priority topics are being identified basedon surveys, focus groups, peer and industry benchmarks, enterprise risk
assessment results, globally recognized ESG frameworks, and rating
indices, among other factors.

Health, Safety& Wellness
Human
RightsDiversity, Equity& Inclusion

HIGH

Waste and water
Management

Talent Attraction,
Development
and Retention

Biodiversit y
EnergyUse

Public Policy

Cyber &
Data Security

Compliance &Business Ethics/
COBC

MEDIUM

Communit y
ImpactLOW

This work has identified the following ESG topics as significant to thebusiness and our stakeholders:

IMPO RTANCE TO ST AKEHOLDERS

We will publish the relevant results of this assessment and align our
disclosures in future reports. As this work concludes, we continue tofocus on topics identified in the previous assessment.

SupplyChain Risk

Impact of Energy
Transition on theBusiness ModelLOW

MEDIUM

HIGH

BUSINESS IMPACTV E RY H I G H

24

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTESG DISCLOSURE AND REPORTING

Weatherford has incorporated sustainability into the procedures and governing bodies responsible for creating and implementing the Company’s
strategy at all levels. Weatherford is committed to reporting on our ESG performance transparently and consistently to reinforce the quality of external
disclosures and deliver ESG performance.
We are guided by international frameworks, including the Global Reporting Initiative (GRI), the Sustainable Accounting Standards Board (SASB), the Task
Force on Climate-related Financial Disclosures (TCFD), and the United Nations frameworks that are associated with the Global Compact (UNGC) andthe Sustainable Development Goals (SDGs). Details about specific disclosures and alignment to these frameworks are in the indices at the back of thisreport. We also submit annually to CDP (formerly the Carbon Disclosure Project).
In preparation for newly enacted and anticipated regulatory requirements, we take ongoing action to align our disclosures. Recent examples are the U.S.
Securities and Exchange Commission (SEC) guidelines on The Enhancement and Standardization of Climate-Related Disclosures for Investors, the EU
Corporate Sustainability Reporting Directive (CSRD), and the California Corporate Data Accountability Act. In addition to the double materiality assessment, we continue to conduct gap analyses and readiness assessments of our existing programs for these regulatory expectations and others. As the
ESG landscape evolves, we will continue to monitor and adapt to emerging domestic and international policies, disclosure frameworks, and industry bestpractices.
In 2023, we continued to incorporate an ESG disclosure software platform with automated workflows that support the collection and validation of reported data. Additionally, we established a cross-functional ESG Controls Working Group responsible for developing, reviewing, and approving end-to-end
environmental, social, and governance disclosure processes, internal control workflows, and risk and control matrices for our reporting metrics.
As we progress on our regulatory readiness plan, we aspire to align our internal controls with the Committee of Sponsoring Organizations (COSO) Internal-Control-Integrated Framework (ICIF) guidance, and Internal Control over Sustainability Reporting (ICSR). Adopting COSO’s seventeen principles will
enhance the qualitative and long-term analysis of our ESG programming and support internal decision-making and external reporting.

ASSURANCE
Weatherford’s internal department of assurance is an objective assurance and consultative function designed to add value and improve Weatherford’s
operations by providing risk-based objective assurance, advice, and insight through a systematic, disciplined approach to evaluate and improve theeffectiveness of governance, risk management, and controls processes. The team reports to the Audit Committee and administratively to theChief Financial Officer.
In 2023, we continued to advance our foundational ESG Programming Roadmap developed in 2021. In alignment with this, we continue to add moredetail, programming, and data points in our content and obtained external limited assurance on our 2019 and 2023 Scope 1 and Scope 2 GHG
emissions and related notes. The Independent Accountants' Review Report is found on page 82.

United Nations Global Compact (UNGC)
Weatherford is proud to actively participate in the UNGC andworks to integrate the universally recognized human rights, labor,
environment, and anti-corruption principles into our strategies andoperations.
Our Company has upheld these principles and is committed tocontinually improving our business practices to align with the
UNGC and to support the corresponding United Nations Sustainable Development Goals. We believe that our efforts can have apositive impact on the world and benefit all our stakeholders.

25

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESSTAKEHOLDER ENGAGEMENTAt Weatherford, we believe engaging with our stakeholders is crucial for building strong relationships. We regularly communicate with our stakeholders,both formally and informally, to gather feedback on a range of issues, including ESG matters. Considering the insights and perspectives of our
stakeholders helps us make better-informed decisions about our ESG-related strategy, goals, and plans.

CUSTOMERSEMPLOYEESWe actively seek to understand our customers’ goals, andexpectations through ongoing meetings with account managers
and local management teams, surveys, and focus groups to gather
feedback on our products and services.

We value our employees’ opinions and regularly engage
them throughout the year through town halls, safety meetings,
performance reviews, coaching, feedback, and development plans.

COMMUNITIESSUPPLIERS

We connect with non-profit organizations and community leaders
through regular meetings, events, and ongoing dialogue to identify
areas where we can contribute positively.

We collaborate with suppliers on our expectations for sustainability
and ethical business practices. We engage with them through various
methods, including surveys, interviews, due diligence, contract negotiations, and meetings to ensure they align with our standards.

INDUSTRYUNIONS AND COLLECTIVE BARGAINING ENTITIESINVESTORS AND ANALYSTS

Engaging in the industry and sharing our knowledge andexpertise is essential for collective progress. We actively participate
in conversations surrounding issues and standards that impact our
industry, including conferences, events, committees, and association
memberships.

We have employees who are members of 47 trade unions, employee/
enterprise forums, or workers’ councils in 18 different countries, andwe are committed to collaborating with them directly or through achamber model alongside other service providers and operators.

As part of our commitment to transparency and compliance, we
engage with investors and analysts through quarterly earnings
release calls, face-to-face and/or virtual meetings, investor
conferences, annual and quarterly disclosures, and the Investor
Relations section on our website.

26

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCEENVIRONMENT
28. Our Strategy and Approach
32. Climate: Energy and Emissions Management
37. Climate: Risks and Opportunities
39. Water and Resource Management
42. Protecting Biodiversity and Ecosystems

Our Environmental efforts align with:

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

27

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCEOUR STRATEGY AND APPROACH

At Weatherford, we strive to uphold our responsibility as stewards of the environment by utilizing technologies, products, and services that enableboth our customers and our own operations to minimize their environmental footprint, mitigate risks, and promote sustainability. As the world focuseson preserving our planet and combating climate change, we are dedicated to managing the environmental impact of our activities while assisting ourcustomers in transitioning to a lower carbon economy and renewable energy sources.

SUSTAINABILITY AT WEATHERFORD

Reducing energy use and emissions in our products
and services and our operations◾ Continuing the energy transition◾ Managing risks and opportunities associatedwith climate change◾ Managing water, natural resources, and waste◾ Protecting biodiversity and ecosystems◾

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES

2023 PROGRESS AND 2024 GOALS◾

Completion of our Climate Risk and Opportunity
Assessment, Scenario Analysis, and Financial Impact
Analysis project ACHIEVED◾

Enrollment in the UNGC Climate Ambition Accelerator
Program ACHIEVED◾

Furthering climate-related screening, measurement, andreporting of supplier relationships through our Supply
Chain Risk Management Program ACHIEVED◾

Simplification of the Environmental Management System
and re-alignment with ISO 14001:2015 ACHIEVED ONGOING◾

Where applicable, engaging in readiness assessments
related to forthcoming regulatory climate disclosures
ONGOING◾

Continuation of multi-year plan to simplify HSSEManagement System in alignment with BS/ISO 45001
and ISO 14001 ONGOING

28

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTENVIRONMENTAL MANAGEMENT STRUCTURE
Active participation across all levels of Weatherford’s organization plays a critical role in the Company’s sustainability journey. Environmental sustainability governance begins with the Board’s oversight and extends to theimplementation process at the local level. Additional information regarding our overall ESG governance structure is included in the Our Approach to ESG section of this report.

Board of Directors
Weatherford's Board of Directors has established the Safety, Environment, and Sustainability (SES) Committee to support
the Board in overseeing and enhancing the Company's policies, programs, and initiatives related to quality, health, safety,
security, environment, and sustainability. The SES Committee’s primary objectives and responsibilities include:◾
◾
◾

Addressing the ongoing global energy challenges in a sustainable mannerOversight of the Company's environmental policies
Review of quarterly updates on the Company's environmental performance, delivered by the Executive Leadership Team

Sustainability TeamA dedicated team is in place to drive progress toward our sustainability goals. The team, led by the Senior Vice
President, CHRO and Sustainability, increased in size in 2023 with new roles added and future growth planned.

Our Global Environmental Network
Our global Health, Safety, Security, and Environment (HSSE) department is responsible for the operational day-to-day
environmental activities at our locations and the maintenance of our HSSE programming. The global HSSE and
Sustainability teams actively partner on climate-related initiatives and other continuous improvement efforts
regarding sustainability.
Three Carbon Committees are in place, each focusing on a key aspect of reducing our emissions: Facilities, Sourcing, andProduct Lines and Fleet. In addition to expanding competencies around Scope 1, 2, and 3 greenhouse gas (GHG) emissions,some of their notable achievements are highlighted in the Emissions section of this report.

29

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES30ENVIRONMENTAL MANAGEMENT SYSTEM
We are dedicated to maintaining robust environmental management practices worldwide. Our Operational Excellence and Performance System(OEPS) serves as the foundation for our enterprise-wide programming and commitments towards environmental sustainability. The program
outlines environmental controls, in place to support compliance with all relevant regulatory and legal requirements and with standards set byorganizations such as the International Organization for Standardization. The attainment of 24 ISO 14001:2015 certifications for our management
system across 21 countries exemplifies our commitment to environmental sustainability.

Weatherford Sustainability Strategy
At a global level, we have developed policies, standards, and requirements that guide our operations across the core principles within our sustainability
strategy. These include:

Environmental initiatives take place at the enterpriseand individual site levels:◾

At the operational level, 2023 was dedicated to current state
analysis to strategize enhancements for 2024. An initiative toimprove safety was also in place in 2023 and will continue tobe a focus in 2024 and beyond.

◾

At the site level, we ask that our facilities create an
Environmental Improvement Plan, which centers around
reducing energy consumption, water usage, waste generation,and the potential for spills. This process was updated in 2023 to
streamline planning and enhance idea sharing across facilities.

DRIVING ENVIRONMENTAL PERFORMANCETo ensure compliance with both Company policies and local regulatory requirements, we have established formal and informal procedures for environmental inspections and audits. We employ a rigorous process to measure our
performance and analyze comprehensive environmental data to assess the impact of our programs and initiatives. We have also placed a significant focus on enhancing the completeness of our data sets. In 2023, we continued toenhance our data and expanded our reportable data coverage to encompass our full business operations based on 2023 revenue.
As an integral part of OEPS, our environmental management system encourages our employees to actively engage in managing waste and water, land, and energy resources. Comprehensive training programs support our commitment to health, safety, and environmental excellence. We equip our employees with the necessary skills and knowledge to uphold our environmental standards through initiatives such as the Weatherford Competency Assurance
Program and ongoing awareness sessions.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESENVIRONMENTAL EXCELLENCE AWARDS
Each year, we recognize projects across our global footprint that support our environmental strategies and demonstrate our commitment to long-term sustainable success. The four categories of awards were updated, and a newteam of judges was selected in 2023 to enhance organizational attention to sustainability. We thank all participants and congratulate our 2023 winners for their contributions.

NET-ZERO INITIATIVES - ENERGY AND
EMISSION REDUCTION

IMPROVED WASTE AND WATERMANAGEMENTCHEMICAL AND HAZARDOUS
MATERIALS MANAGEMENT

BIODIVERSITY AND CONSERVATIONWITHIN COMMUNITIES

Promoting a 1.5C° world and our
Net-Zero 2050 aspirations related toemissions across our value chain.

Promoting improvements inresource management andcircular economy practices
across our value chain.

Promoting improvements in hazardous
materials management that enhancesafety and minimize impacts on theenvironment.

Promoting the protection of biologicaldiversity to ensure the survival of plant andanimal species, genetic diversity, andnatural ecosystems that contribute to theprovision of clean water, clean air, foodsecurity, and human health.

1st

CO2 Mineralization Project,
Fujairah, United Arab Emirates
In partnership with a third-party climate
technology company, the teamengineered and executed a pilot carbon
dioxide mineralization project in
Peridotite rock formations.

Pit-less Well Pads,
Muscat, Oman
The team developed an innovative well pad
design that eliminates drilling waste and waterpits for infill drilling in congested large fields.

Acid Flow Remediation Project,
Bogota, Colombia
Implementation of a smart acid systemeliminated acid preflows, reducing the volume ofacid, operating hours in the equipment, andexposure to chemicals.

Environmental Initiatives Across MexicoTuxpan, Reynosa, Ciudad del Carmen, Poza
Rica, Villahermosa, Paraíso, Mexico
Employees across locations in Mexico
recognized World Environmental Day and World
Earth Day by planting trees and cleaning
community beaches, parks, and green spaces
with families and clients.

2nd

Solar-Powered Office,Poltava City, Ukraine
This team created an on-site power
plant with 30 solar panels, which
generates almost 100% of theenergy needed in the officebuilding.

Reduced Water Consumptionin Kattamya Base, Cairo, Egypt
The team reduced water consumption by 35% byinstalling new water-saving faucet valves andmodifying flush tanks water volume.

Neutralization of Phosphate Water, Multiple
Locations, Latin America
The team neutralized phosphate used in acustomer equipment process to maintain it at
non-hazardous PH levels.

Greening the Park,
Ploesti, Romania
The team established the Weatherford Green Area
at Ploiesti’s Municipal Park. More than 700 trees
will be planted by the end of the project and an
irrigation system installed. In honor ofInternational Women’s Day, a flower path was also
created at Prahova County’s Botanical Garden.

3rd

Diesel Conversion,
Dhahran, Saudi Arabia
The facility was converted from diesel
generators to the power grid electricity,
reducing emissions of CO2 by 7 tons
and NOx and SOx by 65 kg.

Water from Air,
Abu Dhabi, United Arab Emirates
Our team employed an Atmospheric Water
Generator that draws in humidity from regularair, filters and condenses it to produce drinking
water, saving an estimated purchase of 73,000
water bottles annually.

Purchase Reduction of New Water-Based
Hydraulic Fluid, Rio De Janeiro, Brazil
This team reduced use of hydraulic fluid byincreasing acquisition of hydraulic fluid that had
been previously used and cleaned.

AC Waste to Plant Water,
Rig Main Camp, Marmul
The team began capturing air
conditioning condensate for watering
plants and other office use.

AWARD

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CLIMATE: ENERGY AND EMISSIONS MANAGEMENTAt Weatherford, we recognize the importance of managing energy and emissions in the face of climate change. We endeavor to address our carbon footprint in three key areas: 1) products and services and customer use in their operations, 2) our own operations, and 3) our new energy strategy.

2023 GOALS AND PROGRESS

2024 GOALS◾

Define a tactical Net-Zero 2050 Roadmap with mid-term pathways
for Scope 1 and 2* decarbonization ACHIEVED◾

Continue tracking progress against Net-Zero 2050 Roadmap◾

Launch participation in the UN Global Compact Climate Ambition
Accelerator Program ACHIEVED◾

Launch interactive Facility Profile and Improvement Tracking
application◾

Introduce emissions intensity metrics across our Geozones ACHIEVED◾

Continue progress with the US DOE Better Climate Challenge andexpand globalization of programming◾

Enrollment in the U.S. DOE Better Climate Challenge ACHIEVED◾

Further enhance business intelligence, automation, and analytics
related to emissions tracking

IMAGE

ADVANCING OUR NET-ZERO 2050 AMBITION
In 2023, we continued on our path toward our Net-Zero 2050 ambition through a variety of energy and emissions reduction projects across our global footprint. To aid our efforts, we introduced emissions accounting software, which
will be fully deployed in 2024 to help leaders identify energy and emission-intensive hotspots and trends. We are proud to have achieved reductions of 24% in our Scope 1 and 2 GHG CO₂e emissions since our 2019 baseline.

THE ROAD TO NET-ZERO
Weatherford launched our Net-Zero 2050 ambition in 2021. Since then, we have made progress toward this goal each year, and in 2023, we began a comprehensive planning strategy to design a roadmap and targets to achieve it.
◾ Baseline year
◾ Established SES Committee◾ Resourced Sustainability Function

2019-2020◾ Joined UN Global Compact◾ Launched Carbon Committees◾ Launched digital carbon accounting tool
◾ Issued first sustainability report2021◾ Developed Scope 1 and 2 transition plan
◾ Launched lifecycle assessment program◾ Launched TCFD aligned climate risk andopportunity assessment

2022*Scope 2 emissions is currently based on location-based method, and the Company intends to incorporate market-based method in the future.

◾ Established intensity metrics◾ Launched 2050 Net-Zero Roadmap◾ Participation in the UNGC Climate
Ambition Accelerator and US DOE Better
Climate Challenge◾ External Assurance over Scope 1 and 2
GHG emissions

2023◾ Double Materiality Assessment◾ CSRD Readiness Assessment◾ Continue to measure progress against
our 2050 Net-Zero Roadmap and leverage decarbonization pathways

2024

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INDICES2024 TO 2050: SCOPE 1 AND 2 EMISSIONS REDUCTION LEVERS
As we continue to evaluate our roadmap, we continue to identify key levers for reducing our emissions.
Projects are underway with many of these in place:◾

Property footprint consolidations◾

Diesel to grid electricity conversions◾

Solar energy conversions◾

Energy efficiency projects, including the U.S. DOE Better Climate Challenge◾

Automation and remote operations◾

Fleet reduction and EV conversions◾

Continuation of energy efficiency measures in our operations

Weatherford launched participation in the UN Global Compact
Climate Ambition Accelerator program in 2023. The programis designed to support organizations’ progress toward setting
science-based emissions reduction targets. The partnership will
support our goal of becoming a Net-Zero enterprise.

NEW ENERGY STRATEGYWith world-class engineering of leading quality, we deliver solutions that allow our customers to optimize and decarbonize their operations. By relentlessly
advancing innovation through diverse thinking and expert collaborations, we provide cutting-edge technologies and advanced digitalization solutions that
our customers can rely on to secure the future of energy and a cleaner planet, enabling a cleaner energy future.
See our Sustainable Innovation section for more details.

MANAGING ENERGY IN OUR OPERATIONS
Weatherford prioritizes energy management in our operations to help mitigate our climate impact. We strive to
reduce energy consumption throughout the entire life cycle of our products and technologies, from design tomanufacturing, production, and service delivery. To achieve this, we employ various strategies and practices:◾

Direct Impact Reduction: Actively seeking opportunities to reduce our direct energy use, such as utilizing
energy-efficient equipment and implementing measures to minimize waste generation◾

Indirect Impact Reduction: Exploring and adopting more efficient drilling techniques that optimize energy
usage

◾

Personnel and Equipment Optimization: Aiming to minimize energy consumption by utilizing fewer or
remote personnel or equipment wherever feasible and reducing equipment operating times on-site◾

Footprint Optimization: Continuously seeking opportunities to optimize our environmental footprint, suchas consolidating locations where practical and responsibly decommissioning facilities

Reducing Fuel and Electricity Usage
Fuel and electricity consumption are key drivers of energy usage
within our operations. We focus on these areas in our energy
management strategy, including:◾

Fuel: Our Energy Management OEPS Standard outlines
requirements for the procurement of highly energy-efficientequipment, including vehicles. To further reduce emissions,
our EnergyWise program promotes best practices such as
minimizing idling time, adhering to speed limits, and conducting regular maintenance. We also work closely withthird-party logistics companies to optimize delivery routes.

◾

Electricity: We prioritize energy-saving initiatives at the facility level. These include energy-efficient LED lighting, automated lighting and temperature controls, compressor leak detection, heat recovery systems, and other initiatives. We alsoutilize capacitor banks and continue to upgrade refrigerantgas equipment where possible to enhance energy efficiency
and reduce electricity consumption. Employee education andawareness campaigns across our locations promote better
energy use behaviors.

2023 ENERGY USE
ENERGY CONSUMPTION(MWH)*
229, 475
27%
683, 083

179,286

484,734

2019

2023

Scope 1

Scope 2

*Scope 1 Mobile Combustion for 2019 was restated, and Scope 2 emissions is currently based on the location-based method. Please refer to Details on Our Environmental Data for more information about these measures.

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INDICESMANAGING OUR EMISSIONS
We are actively monitoring and taking action on our emissions sources and innovating our portfolio of products, services, and technologies to support
our customers as they progress in their own climate aspirations. We also review opportunities to source energy differently at locations globally and shift
to lower emissions energy sources as feasible. To achieve Net-Zero greenhouse gas emissions for Scopes 1 and 2 by 2050, we continue to enhance ourinternal processes and controls to measure our environmental impact accurately and evolve our Net-Zero 2050 roadmap in step with changing climate
science, regulation, and technology.
◾

Reductions in our Scope 1 and 2 greenhouse gas emissions since the 2019 baseline year underscore our commitment to operating more efficiently,
improving our data inventory, and minimizing our carbon footprint.

◾

A reduction in Scope 1 emissions in 2023 was largely driven by conversion of diesel generators to grid electricity in some facilities,
as well as ongoing footprint consolidation efforts.

Scope 1
Scope 2Since our 2019 baseline year,
Weatherford has achieved:

Scope 1 and 2 Greenhouse Gas Emissions(mt of CO2e)*77,306
158,11224%
63,050116,153

2019

2023

Scope 1 and 2 Greenhouse Gas Emissions Intensity(mT of CO2e/ $ million revenue)*
14.8

23%

30.3

12.28
22.62

Scope 1
Scope 2

2019

2023

Scope 1
Scope 224%

in absolute Scope 1 and 2
greenhouse gas CO₂eemissions*23%

in Scope 1 and 2 greenhousegas emissions intensity*

Energy Innovation
Our team in Iraq is exploring modular solutions to eliminate flaring.
This new technology uses flared gas to produce clean electricalenergy for the site.

(mT CO2e/$M Revenue)*Scope 1 Mobile Combustion for 2019 was restated, and Scope 2 emissions is currently based on the location-based method. Please refer to Details on Our Environmental Data for more information about these measures.

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INDICESENVIRONMENTAL IMPROVEMENT PROJECTS
We achieved greenhouse gas reductions in 2023 by executing improvement projects across our operations. Each represents a step toward our Net-Zero
2050 goal. Our locations identified and executed energy and emission reduction projects across our Geozones as part of annual planning. A few energy
reduction projects are noted here.

Better Climate Challenge
In our U.S. locations, we continued to participate in the U.S.
Department of Energy (DOE) Better Climate Challenge in 2023
with a goal to reduce portfolio GHG emissions (Scope 1 and 2)
by at least 50% and energy intensity by 25% within 10 years.
This voluntary program enables partner organizations to accelerateenergy efficiency and procurement through the provision oftechnical assistance, peer-to-peer learning, and sharing of reliable
real-world solutions. To launch the process, we developed a2023-2024 project plan and completed several actions:
In Mexico, Weatherford created a platform that compares current andhistorical emissions data to better monitor fuel consumption in our vehicle
fleet and specialized equipment (generators, compressors, forklifts, etc.).

Weatherford was selected by a third-party climate technology company
that specializes in carbon dioxide mineralization to engineer, plan, andexecute integrated completion services for a pilot project in Fujairah tocomplete the UAE's first carbon dioxide mineralization project in
Peridotite rock formations.

In Pakistan, we decreased energy consumption with a concerted effort that
included:

Our operations in Saudi Arabia eliminated reliance on diesel-powered
generators as the main power source. Connection to the power grid
was completed in 2023, which resulted in a 37% reduction in emissions.
The team continues to work toward further reductions via a solar energy
feasibility and design study to be completed in 2024. This teamalso changed their hauling operations in 2023 to reduce trips,
diesel consumption, emissions, and road safety risk.

1

US EPA Greenhouse Gas Equivalencies Calculator◾
◾

Optimization of electrical geyser usage by setting specific timings◾
◾

Stringent HVAC system temperature management◾
◾

LED light conversion

A daylight utilization campaign in our glass office building inIslamabad to maximize the use of natural sunlight
Launch of air conditioning systems conversion in Karachi to more
efficient inverter-type
Refurbishment of our electrical system◾

Identification of the highest energy-intensive facilities across
our portfolio to prioritize in-depth baselining and reduction
opportunities related to the building envelope, operations, andmachinery at each site◾

Categorized our portfolio by emissions sources and reduction
potential◾

Completed a DOE training boot camp and began InPLANT
training, which concluded in early 2024◾

Developed baseline emissions measurement for each facility
and assessed measures for reduction◾

Developed visual modeling to support future business planning

InPLANT Training
In 2023, Weatherford was awarded a DOE workshop to understandthe energy consumption of machinery and operations and quantify
energy savings. The multi-day expert-led sessions occurred at ourfacility in early 2024, and was attended by a cross-functional teamof leaders from across our business. At the end of the workshop, theattendees developed action plans and summarized opportunities
for improvements, that quantified both energy reduction andpayback periods for the host location.

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INDICESENVIRONMENTAL IMPROVEMENT PROJECTSWe recognize the role we play in reducing Scope 3 emissions as part of our industry’s overall strategy. We continue to work with companies andstakeholders across our value chain to quantify material Scope 3 emissions to enhance our ability to manage our emissions.

IMAGE

The foundational efforts to quantify these categories, improve data sets, and apply emission reduction levers will remain a focus area for our Sourcing,and Product Line and Fleet Carbon Committees, as well as business leaders across our value chain. For detailed information on boundaries,
methodologies, emission factors, estimations, and uncertainties, please refer to the Details on our Environmental Data in the indices of this report.

Scope 3 Emissions (mT CO2e)
1 – Purchased goods and services
2 – Capital goods NEW
3 – Fuel and energy-related activities not included in Scope 1 and 2 NEW
4 – Upstream transportation and distribution
5 – Waste generated in operations
6 – Business travel
7 – Employee commuting
9 – Downstream transportation and distribution
15 - Investments NEW

2023 Baseline
595,578
13,844
46,34855,552
26,98420,94238,902
16,827140,474

Universal Command Of Multi-disciplinary Rigsite Operations
Enables Emissions Reduction
Weatherford's cohesive, collaborative CENTRO® Well Construction
Optimization Platform elevates the power of predictive algorithms,
best practices, and continuous performance improvement for theideal vendor-neutral stage that promotes safety, cost reduction, andemissions management. Best-in-class engineering, machine learning,
and artificial intelligence provide performance analytics that ensure
optimal processes for maximized speed, setting the stage for precision
drilling and high-volume production that elevates OPEX and KPIs forminimized waste and dramatically reduced carbon emissions.

2023 Global Carbon
Committee Activity* Please refer to Details on Our Environmental Data for more information about these measures.

Our Carbon Committees are made up of voluntary team members from across our footprint and include leadership oversight. The Committees engage in decarbonization pathway projects, including those thatmove Weatherford toward our Net-Zero 2050 goal. This includes improving tracking and quantification of facility improvement impacts, identifying decarbonization opportunities in the supply chain, and further
assessing the environmental impact of our products and technologies to drive additional improvements.
Product Lines and Fleet Committee◾
◾
◾

Focused on the development of full Life Cycle Analysis (LCA) programming and conducted comprehensive LCAs on our battery and turbine-driven Rotary-Steerable System (RSS)
Launched the procurement project of LCA software for internal use
Developed an ESG Impact Assessment to be used in designing and planning product lines

Sourcing Committee◾
◾

Identification and engagement of key suppliers such as those in transportation/logistics, energy brokers, and waste vendors, to review decarbonization opportunities
Improved Scope 3 data collection through a simplified employee commuting survey

Facility Committee◾
◾

Employee engagement through monthly sustainability awareness activities
Developed a Facility Improvement Intake Portal and Profiling Application that will be used to collect and identify facility improvement initiatives that help decarbonize our operations

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CLIMATE: RISKS AND OPPORTUNITIESWe are committed to managing and communicating risks and opportunities associated with climate change by formally embedding the Task Force on
Climate-related Financial Disclosures (TCFD) framework into our Financial Planning and Analysis (FP&A) process.
In 2023, Weatherford completed an assessment of climate risks and opportunities that might impact our business in the future in alignment with the
TCFD recommendations. Our assessment included a low and a high emissions scenario aligned with the Intergovernmental Panel on Climate Change
Share Socioeconomic Pathways, and three time horizon scenarios encompassing short, medium, and long-term perspectives. Through a combination ofrisk assessment, scenario analysis, financial impact analysis, stakeholder interviews, industry-leading benchmarks, and expert evaluation, we evaluatedeach risk identified based on inherent risk, the likelihood of occurrence, the impact on financial planning, and the effectiveness of mitigation measures.

COMPLETECOMPLETEONGOING

1. Climate Risk Assessment
Framework

2. Conduct Physical Risk Scenario
Analysis

3. Conduct Quantative Analysis& Estimate Financial Impact

Develop a climate risk assessment framework to identify & inventory potential
risks & opportunities for WFRD

Develop quantification approaches forthe most material risks and opportunities
identified in the prior step

Model potential financial impact to 5 of
the most material climate risks and opportunities to estimate financial impact

Quantifying Climate Risk and Opportunity
Using results from the qualitative climate risk assessment, five risks
and opportunities were chosen for further quantitative analysis
based on overall potential impact, importance to Weatherford,
and data availability:

Physical Risks◾

Quantifying how changes in severe weather patterns,
including hurricane frequency and severity, may result infacility and equipment damages as well as businessinterruptions.

◾

Modeling how rising mean temperature may impact
Weatherford by reducing worker productivity.

Transition Risks◾

Projecting changes in customer preferences for oil and gas
and the resulting impact on business in areas such as talentacquisition, insurance costs, and access to capital markets
using qualitative impact pathways.

◾

Analysis to show correlation between historical ESG scoresand financial performance.

1.

We will use results from the entire assessment to inform decision-making and align strategic initiatives with our business goals and climate ambitions. The results have also been integrated into
our Enterprise Risk Management framework to continue to assess the physical and transition riskspresented to our business from climate change. We also intend to leverage findings in engagementwith our internal and external stakeholders to identify and realize opportunities to enhance stakeholder value. Results will also support enhancement of metrics and targets for our business.
Our assessment considered physical and transition climate risks across short (0-5 years), medium(6-10 years), and long (11-30 years) time horizons across two scenarios, one with low emissions(IPCC SSP1-2.6) and one with high emissions (IPCC SSP5-8.5). Initial results indicate the most
relevant risks for Weatherford are related to reputation, policy and legal, and chronic physical risks.
Further details on our scenario analysis for key risks and opportunities can be reviewed as part ofour annual CDP climate change disclosure.

Qualitativerisk
assessment

Opportunities
◾

5.

2.

Ongoing
monitoring anddisclosure

4.

Strategic
implications

Scenario
analysis

3.

Internal review
and challenge

Model the opportunity for realized revenue through energy
alternatives and low-emission products and services.

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Relevant Risks by Topic based on current Climate Risk Assessment

PHYSICAL RISKS

Acute

Increased severity of hurricanes leading to damage of facilities in vulnerable
geographies that can result in business interruptions

Chronic

SOCIAL

GOVERNANCE

Weatherford Risks
Policy and
Legal

TRANSITIONAL RISKS

15

Transition to regionally located suppliers

16

Use of recycling

10

Increased exposure to litigation related to Weatherford's impact on the climate

Invest in efficiencies in buildings that Weatherford will operate in long
term

12

Competitor's investment in R&D and innovation could lead to rapid development of low
emissions processes, tools, or products, leading to stranded assets for Weatherford

Reduce water usage and consumption

9

Transition to renewable energy

9

Use of supportive energy policy incentives

9

Costs to implement lower emissions, renewable energy, or carbon capture technologies
at Weatherford's facilities & in operations could put a strain on Company margins

Use of low emissions technology

12

Use of carbon pricing

9

Buying and contracting preferences may shift toward more climate focused solutions andproducts

Purchasing PPAs or RECs

6

Investigate opportunities to partner with local companies to use/
install renewable energy

9

Products
andServices

Development or expansion of low emission products and services

16

Development of new products or services through R&D and innovation

12

Continue enhancing emission reducing service offerings

16

Markets

Access to new markets including CCUS and low emission product andservices

12

Extreme variability in weather patterns result in disruptions in the global supply
chain

Inability to comply with globally evolving and emerging regulation may lead to litigation

Regulations requiring operations chances and/or installation of new technology

Technology

Failed implementation of future climate-based or emissions-reducing technology resulting
in significant financial loss

Policy andLegal

Difficulty adhering to advancements in emissions disclosure requirements

Technology

Failed implementation of future climate-based or emissions-reducing technology resulting in significant financial loss

MarketShifting regulations and consumer preferences may lead to increased cost of
raw materials

Forecasts made by research agencies and services to dictate the strategy of the Oil &Gas sector may prove to be untrue

Reputation

Shift in consumer preferences and increased stakeholder concerns impacting
oil and gas

Shifting regulations and consumer preferences may lead to increased cost of raw
materials

Increased exposure to litigation related to Weatherford's impact on the climate

Inability or difficulty recruiting new and top talent based on sector stigmatization

MarketResilience

EnergySourceConsumer preferences and increased stakeholder concerns impacting Oil & Gas
Inability or difficulty recruiting new and top talent based on sector stigmatization

Increased stigmatization of the sector as a result of increased climate
awareness

Increased stigmatization of the sector as a result of increased climate awarenessInability to achieve Net Zero by 2050 target
Increased stakeholder concern and negative feedback can negatively affect investor
pipeline

Relevant Opportunities by Topic Based on Current Climate Risk Assessment
Resource
Efficiency

Resource
Efficiency

Resilience

Eligibility for tax credits and incentives

9

Resource substitution or diversification

12

Alternative energy sources and use of renewable energy

12

Reduce emissions through leaner field operations and energy-efficient transportation
fleet

Inherent
Risk

Residual
Risk

Increased severity of hurricanes leading to damage of facilities in vulnerable geographies that can result in business interruptions

16

6.4

Extreme events such as floods, wind, storms, wildfires, etc., causing business interruptions & direct damage to facilities

15

6

Extreme variability in weather patterns result in disruptions in global supply chain

15

9Decreased insurance policy limits/availability on property for weather related peril coverage

12

9.6

16

6.4

Rising mean temperature impact operations through increased risk heat waves, causing heat stress in field workers

20

12

Sea level rise impacts operations on coastlines due to increased flooding

15

6

Sea level rise impacts supply chain ports

6

4.8

Transition to regionally located suppliers

Weatherford Risks

Invest in efficiencies in buildings that Weatherford will operate in the long term

Acute

Energy Source

Use of low emissions technology

Products andServices

Development or expansion of low-emission products and services
Development of new products or services through R&D and innovation
Weatherford can continue enhancing emission-reducing service offerings

Markets

Access to new markets, including CCS and low emission products and services

Resilience

Resource substitution or diversification
Alternative energy sources and the use of renewable energy

Chronic Increased incidences of drought or water shortages in geographies where Weatherford operates

38

Opportunity
RatingWeatherford Opportunity
Reduce emissions through leaner field operations and energy-efficienttransportation fleet

Difficulty adhering to advancements in emissions disclosure requirements
Financial penalties due to not adhering to updated climate mandates

Increased incidences of drought or water shortages in geographies where
Weatherford operates

2

The implementation of a carbon tax in countries which Weatherford primarily operates

Extreme events such as floods, wind, storms, wildfires, etc., causing businessinterruptions & direct damage to facilities

Rising mean temperature impact operations through increased risk of heatwaves, causing heat stress in field workers

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESSSP refers to Share Socioeconomic Pathways, scenarios developed by the Intergovernmental Panel on Climate Change (IPCC) that describe plausible future socio-economic conditions and their potential impact on greenhouse gas emissions, climate change, and related factors.

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WATER AND RESOURCE MANAGEMENT

2023/ ONGOINGProgram
PROGRAMEnhancements
ENHANCEMENTS
2023GOALS
GoalsAND
andPROGRESS
Progress/Ongoing

At Weatherford, we recognize the critical role water plays in the overall health of life on the planet and in human societies. Weatherford’s Water Management Standard guides responsible water management across the organization. We monitor and track water consumption and set annual targets.

WATER AND EFFLUENTS

WATER RISKWe proactively identify opportunities for reducing water consumption
through system monitoring and inspection and integrate initiatives toaddress them in our annual business plans and facility environmental
improvement plans. Conservation efforts at our facilities seek to reducewater usage and waste, such as low-flow fixtures, reusing and recycling
rainwater for landscaping and equipment washing, water reclamation,
employee awareness campaigns, and other projects.

We evaluate water risk to enhance our understanding of how our operations may impact or be impacted by water-related risks across our geographies. Risk indicators such as physical risks, infrastructure challenges,
access to clean drinking water and sanitation, and regulatory and reputational risks aid our decision-making regarding where and how we operate.

We carefully manage wastewater in alignment with our Waste Management
Standard. We conduct wastewater monitoring surveys and water sensitivity
assessments to comply with discharge permits where necessary.
In 2023, our operations withdrew 489 ML of water, a decrease of 27%
compared to our baseline year of 2019. Through focused footprint justification projects, risk identification, and mitigation efforts, we continue toreduce our water withdrawals year over year.

Water Use (Million Liters)

675

27%

489

◾

Expanded review of potential impacts on water stressed locations◾

Waste reduction and expansion of HazMat Self-Assessment
Program as part of the 2023 HSSE Strategic Initiatives Plan◾

Continue to strengthen water and resource management
tracking for reporting purposes ACHIEVED ONGOING

ACHIEVED ONGOING

ACHIEVED ONGOING

At-risk locations were identified and assessed utilizing the World Resources Institute Aqueduct geospatial tool, which produces digital mappingand data sets for our operations globally. 48 of our locations are in highwater-stress areas, with 37 locations in extremely high water-stress areas.
Additionally, this assessment identified that roughly a third of the countries where we operate are considered high or extremely high due to theirregulatory and reputational risk profile.

Water Stress Locations

2023

Low
Low-Medium
Medium-HighHigh
Extremely High

23%
25%
25%
15%
12%

Water Conservation
Multiple unique water management projects were reported in 2023.
A few of our water conservation projects are noted here.

◾

In Iraq, we are designing an in-house filtration and water purification plant that will desalinate grid water for general use. The
facility aims to achieve zero water waste by the end of 2024.

◾

In Bakersfield, California, we conserve water by treating andrecycling wastewater to wash equipment as it returns from thefield, saving an estimated 1.9 million liters of water annually.

* WRI Water Aqueduct geospatial tool utilized to analyze water risks for each country/location.

67

47

2019

2023

Withdrawn
T

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INDICESWASTE
We aim to reduce the waste generated by our operations by minimizing, reusing, and recycling in accordance with the guidelines set in our Waste Management Standard. Waste reduction initiatives occur at the enterprise and facility level, such as single-use plastic elimination, composting, bulk supply
purchases, and electronics recycling programs, among other projects.
Our 2023 HSSE Plan identified waste reduction as a strategic global initiative. As part of this endeavor, improvements were made to our waste reporting
to support data completeness and accuracy and help identify future opportunities for improvement. We also increased reporting scope to all countries
where we maintain facilities in 2023 improved our waste record keeping systems, which were implemented in early 2024. Additionally, we increased thescope of third-party effluent discharge reporting to include effluent discharged to municipal sewage systems.

IMAGE

In 2023, our operations generated 37,270 metric tons of waste. This was a decrease of by 37% compared to 59,435 metric tons in our 2019 baseline year,
driven by ongoing footprint justification efforts and targeted waste reduction and recycling activities at locations.*

Compared
to our 2019baseline:*

37%

WASTE INTENSITY DECREASED FROM

11.4 to 7.26

WASTE
REDUCTION(metric tons/$M Revenue)

Hunting for Waste
The Sustainability Hunt Program was launched in 2023 by our
Facilities Carbon Committee. Each month features a waste
management improvement theme and offers training,location-based waste assessments, and evaluation using our
Waste Management Standard guidance. We then set specific goals
and monitor progress at each facility.

2023 Waste Generation - Metric Tons*
Incinerated
3.95%

Energy Recovery.96%

10,12549,31037%
4,059
33,211
2019
Non-Hazardous

Recycled
27.26%

Total 2023 Waste
by Disposal Type*

2023
Hazardous*Waste for 2019 was restated. Please refer to Water and Waste Environmental Data for more information about these measures.

Landfill
67.82%

Environmental Improvement Plans
Multiple unique waste management improvement projects were
implemented across our facilities in 2023. A few waste reduction
projects are noted here.

◾

Our Vadodara, India location began treating wastewater forreuse in gardening at the facility◾

In Iraq, we implemented sewage water treatment for use at thefacility◾

Our team in Kuwait initiated a Smart Job Log System that significantly reduces paper usage

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INDICESHAZARDOUS SUBSTANCES MANAGEMENT AND SPILL PREVENTION
The safety of people and the environment is of the utmost importance at Weatherford. We place significant focus on the management of hazardous
substances and maintain and regularly update robust policies and standards for their safe handling and management. Controls and standards covervarious aspects, including the handling, storage, identification, procurement, transportation, and maintenance of hazardous substances. Our 2023 HSSE
Plan included a strategic global initiative to enhance hazardous materials management, including self-assessment and broader coverage of hazardous
substances.
Systems are in place at all operating locations to identify and record hazardous substances. Each location carefully plans the storage and managementof hazardous materials, and develops and tests Spill Preparedness and Response Plans (SPRP) annually. These plans are designed to assess the risks
associated with potential spills and establish appropriate response measures. This includes identifying the necessary activities, personnel, training, andsupplies to effectively respond to a spill incident.
We provide comprehensive training for employees to ensure their understanding of the hazards and the proper protocols for handling hazardous
substances. This training was enhanced in 2023, and we are launching new content in 2024. We also conduct awareness campaigns to ensure safety
remains at the forefront in our operations. In 2024, we are enhancing our new Human Capital Management system to further ensure hazardous materials
responsibilities are transitioned as role and personnel changes occur.

Product Innovation: Pit-Less Rigs

Monthly self-assessment and quarterly certification of hazardous substances are
required with approval at the country level and from each Geozone and department leader.

The safety of people and the environment is of
the utmost importance at Weatherford. We placesignificant focus on the management of hazardous
substances and maintain and regularly update
robust policies and standards for their safe
handling and management.

An innovative well pad design eliminates drilling waste and waterpits for infill drilling in congested large fields. The pit-less rig
reduces the land requirement, minimizes disruption to thesurrounding environment, and significantly reduces the use ofplastic materials, such as pit lining.

Hazardous Substance Safety
As part of our continued focus on safety in 2023, we enhanced ourdangerous goods process, performed safety inspections above ournorms, and implemented upgrades to storage tanks and flammablecabinets. Several unique location-based projects related to Hazardous Substance improvements were reported in 2023. HSSE leaders
also engaged with employees worldwide to enhance our practices,
including handling and storage of hazardous substances. For more
information on our health and safety practices, including hazardous
substance safety, please read the Health and Safety section of thisreport.

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INDICESPROTECTING BIODIVERSITY AND ECOSYSTEMSOur Core Value of Accountability is the foundation of our commitment to operating sustainably. We recognize the value that biodiversity, living species,
and their ecosystems deliver for preserving life on the planet. We maintain policies that set expectations for protecting ecosystems for all employees andthird parties conducting business on our behalf. Additionally, our OEPS includes standards for managing and minimizing the impact of our operations on
air, water, and land. Through nature-driven projects, internal standards, robust environmental practices, and employee volunteerism.

2023 GOALS AND PROGRESS

2024 GOALS◾

◾

Further analysis of biodiversity risk assessments and potential
impacts to identify opportunities for program enhancements

Introduce The Taskforce on Nature-Related Financial Disclosures(TNFD) Framework to sustainability programming and assessments

ONGOING

Protecting and Restoring Nature

Our Approach to Managing Impacts to Ecosystems

Weatherford participates in activities around the globe to support
conservation efforts in our communities. Additional examples canbe found in the Supporting Our Communities section of this report.

◾

Avoiding environmentally sensitive areas and focusing new facilities in developed areas as reasonably practicable◾

◾

Use of existing infrastructure as possible to avoid or reduce the need for land clearance◾

Environmental risk assessments before acquiring or leasing a site to understand potential impact and develop a mitigation andrestoration plan◾

Minimize disturbance from sound, vibration, light, odor, emissions, and other impacts◾

Rigorous standards for chemicals, oils, and waste use, transport, and storage to minimize impact during operations◾

Remediation and restoration requirements for impacts, including when vacating a location, to restore it to as near to its pre-operational state
as reasonably practicable

In 2022 and 2023, we expanded our review of the potential impacts our operations may have on ecosystems globally using the Integrated Biodiversity
Assessment Tool (iBAT) and integrated our findings into our Sustainability Intelligence Data tool (SID). The tool enables a comprehensive analysis of theproximity of our locations to the United Nations Educational, Scientific and Cultural Organization (UNESCO) Natural World Heritage Sites and protectedor key biodiversity areas. We also utilized data from the International Union of Conservation for Nature (IUCN) Red List of Threatened Species to assessvulnerable and endangered species with habitats in the areas of our operational presence. Our initial assessment provided us with a broader lens onopportunities to perform a more detailed analysis of potential impacts in key areas, grow awareness in our workforce, and enhance our internal biodiversity programming where necessary.

In Mexico, Weatherford celebrated World Earth Day with activities in their local area:
1. Agua Fria rehabilitated a green area of the lagoon located inside
the facility and planted native flora
2. Reynosa cleaned the “Loma Real” park
3. Ciudad del Carmen cleaned a green area of the “Playa Norte”
boulevard◾

For the second consecutive year in Columbia, Weatherford
received recognition from the District Secretary of Environment
relating to the execution of environmental volunteering projects in the Capital District of Bogotá◾

Employees in Saudi Arabia demonstrated their commitment to
the environment by planting 200+ trees in the community◾

Nature-based Solutions in our Supply Chain: One of ouroutsourced talent solutions providers, has partnered with averified restoration project company to plant trees and/or kelp
for every satisfaction survey completed by our hiring managers.

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44. The World Class Weatherford Team
45. Recruitment and Retention
48. Creating a Diverse, Equitable, and Inclusive Workplace
50. Health and Safety in Our Workforce and Across the Value Chain
55. Supporting Our Local Communities

Our Social efforts align with:

SOCIAL

GOVERNANCE

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INDICESTHE WORLD CLASS WEATHERFORD TEAM

Individually, we are impressive. Together, we are unstoppable. We seek out and value the unique perspectives of our world-class team members andfoster a collaborative culture where everyone can grow and contribute.

COMMITMENTS TO OUR EMPLOYEES
Weatherford is committed to creating a safe and inclusive work environment that fosters collaboration,
innovation, and professional and personal growth. Our talent management strategy aligns with our dedication
to each team member’s success:2023 GOALS AND PROGRESS◾

Increase Unconscious Bias Training to 100% of target audience
this year ACHIEVED◾

Implementation and deploy of new HCM system globally
ACHIEVED◾

Attracting and retaining the best talent in the industry◾

Investing in professional and personal development◾

Engaging team members through listening,collaboration, and recognition◾

Fostering a culture of diversity, equity, and inclusion◾

Offering fair compensation and holistic benefits◾

Providing a safe and healthy work environment◾

Build a pipeline of internal talent to meet future operational
needs ONGOING◾

Significant increase to external employee training over theprevious year ACHIEVED ONGOING

2024 GOALS◾

Launch and embed the Oracle HCM Program◾

Align employee development programs with the latest trends andbest practices◾

Introduce a new mentorship program◾

Continue to assess the needs of communities in which we operate
to identify positive impact opportunities

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INDICESWORKFORCE RECRUITMENT AND RETENTION

At Weatherford, we deeply appreciate the diverse perspectives, backgrounds, and ideas that each member brings to our team. Our global workforce
diversity is a source of pride, and we strive to create an inclusive environment where everyone feels welcome and can perform at their best. Our
enthusiastic and talented team is part of a community grounded by our Core Values, which drive us to innovate and deliver exceptional solutions to
our clients. We celebrate each other’s achievements, foster mutual growth, and perpetually learn from one another’s experiences.
We offer challenging and enriching career paths and opportunities to develop personally and professionally. We believe in providing a healthy balance ofstructure and flexibility to help employees chart their course and achieve their career goals. Weatherford is an Equal Opportunity Employer, and we
make employment decisions without regard to race, color, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age,disability, protected veteran status, or other characteristics protected by law.

GLOBAL INTERNSHIP PROGRAM
Our Global Internship Program gives students the opportunity to gain experience in the energy industry and build the skills they will need in business.
The 10-week internship was launched in 2021 and offered in the United States and the Middle East in 2023. The program will expand to India, Germany,and the United Kingdom in 2024. Students engage in a hands-on learning experience, receive mentorship and coaching on a defined project scope, andhave the opportunity to present to our Executive Leadership Team upon the conclusion of their internship. Participants are in consideration for a full-time
position when they graduate college.

NEXTGEN
Our NextGen program is designed to accelerate the development of defined competencies and skill sets that prepare field engineers for future roles.
Participants in this program receive extensive training in both technical and non-technical areas, gain valuable exposure to global operations, and honetheir leadership skills. In 2023, we welcomed 460 entry-level engineering professionals, a 67% increase over the prior year. 21% of this cohort are women.
We aim to have 430 NextGen participants in 2024 with a continued focus on inclusion of women in the program.

5WEEKSIn early 2024, we piloted a field rotation program for women engineers. Two employees
from our UAE office spent five weeks at a rig in Australia. The hands-on experience was
supported by induction, training, and learning workshops. We hope to extend theprogram to new locations in the future.

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INDICESEMPLOYEE ENGAGEMENTAt Weatherford, we value our exceptional team members and aim tocreate a positive work environment that supports open communicationand encourages career growth. We acknowledge and incentivize employees
for their valuable contributions, ensuring our team is aligned with ourCompany’s strategy to foster a shared vision where everyone has theopportunities and resources to excel in their work.
We place great emphasis on providing employees with a platform to voice
their opinions and ideas. To promote collaboration and knowledge-sharing
within our organization, we regularly communicate with our employees
through various mediums, such as videos and podcasts, on topics such assustainability, financial performance, safety, corporate strategy, and our
culture. The One Weatherford App also enables any team member tocontribute content and share their unique experiences.
Our Executive Leadership Team recognizes the importance of actively
engaging with our One Weatherford team members. They frequently holdtown hall meetings, visit our operating locations, listen to feedback, andaddress concerns to ensure that all team members feel valued andconnected to our Company’s strategy. For example, HSSE leaders visited
facilities around the globe to engage team members on how we canenhance our health and safety practices. We believe these initiatives fostera sense of community and enhance our organizational culture, enabling
us to achieve greater success together.

Celebrating Career Milestones

At Weatherford, we celebrate our collective and individual accomplishments. In 2023, we launched the Weatherford Recognition Hub
to acknowledge team member contributions. Employees celebrating
an anniversary can select a gift from a catalog as a token of ourappreciation. Employees can also use the hub to send an e-card tocolleagues to spotlight a job well done, recognize them for upholding
our Core Values, or celebrate events such as work anniversaries andbirthdays.

HUMAN CAPITAL MANAGEMENT
Weatherford made a significant investment in our technology infrastructure in 2023 by procuring an improved human capital management platform.
This initiative will unify our workforce under one Weatherford experience and foster engagement and empowerment through streamlined solutions. With
coverage spanning 54 countries and 11 languages, this endeavor is poised to transform how our employees operate on a global scale. Launching in thesecond half of 2024, this technology encompasses the complete “Hire to Retire” experience includes our contingent workers.

PAY AND BENEFITSAt Weatherford, we offer competitive compensation package and an array of benefit options to our employees and their families to support their healthand well-being. Benefits vary by localized requirements and best practices and include health insurance coverage, income protection plans, a 401(k)savings plan (or similar retirement savings plans in applicable countries), Company-paid holidays, and paid time off for vacation.

CEO Awards Program

We believe in recognizing the dedication, hard work, and commitmentof our employees. Weatherford celebrates team members who makean exceptional contribution to our performance and culture throughthe annual CEO Awards Program.

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PAY EQUITY

SUCCESSION PLANNING

Our compensation philosophy of pay-for-performance is the foundation of our approach to rewarding our employees. We are firmly committed to pay
equity and to promoting an inclusive environment that provides attractive and accessible opportunities throughout our organization. As a complex andglobal business, we believe it is imperative that we attract and retain the right talent for Weatherford at all levels and in all functions. We have designed
compensation programs and structures intended to pay our employees competitively and equitably based on their skills, years of experience, qualifications, roles, and performance. We also have processes to monitor and support the approval of compensation decisions in the many geographies where
we operate. At Weatherford, we believe our pay-for-performance approach, combined with our focus on cultivating an inclusive workforce, will continue
to drive the advancement and representation of all dimensions of diversity including, but not limited to, race, ethnicity, and gender.

Our approach to succession planning for both executive and senior leadership roles ensures that a comprehensive and strategic framework is inplace. We have mapped succession plans for all executive positions andover 80 senior leadership roles within our global operations. To align with
future operational demands, we actively cultivate a reservoir of internaltalent and integrate our learning programs with talent identification andsuccession planning efforts. This tailored approach ensures that our developmental initiatives enhance skills and identify and prepare future leaders
within our organization. As part of this effort, we seek to enhance gender
diversity at the leadership level.

FREEDOM OF ASSOCIATION
We adhere to the principle of freedom of association as set forth in the International Labor Organization (ILO) Convention: Freedom of Association andProtection of the Right to Organize (No. 87 of 1948) and local labor laws wherever applicable. Moreover, we may engage in negotiations and/or form
agreements with Workers’ Councils in certain regions, such as Europe, and employee forums in areas including Latin America and Australia. We have
employees who are members of 47 trade unions, 5 employee forums, or enterprise forums in 18 different countries.

DEVELOPING OUR TALENTAt Weatherford, we’re actively shaping a culture of continuous learning and growth. Our educational anddevelopment initiatives are designed to nurture a growth mindset and equip our employees with the knowledge,
skills, experiences, and connections that support their success. We provide a wide range of educational
opportunities, experiences, exposure, and tools to meet the needs of our employees in a rapidly evolving
environment. We performed over 529,000 hours of training in 2023, and on average, our operational employees
received at least 24 hours of training.
Our longstanding initiatives have shown success in developing strong leaders throughout the organization.
Building on this foundation, we introduced new learning programs in 2023:◾

Project Management is a two-day course aimed at enhancing our team member’s capabilities in thisessential skill set.

◾

Field Engineer Talent Development Center for our high-potential field engineers aims to hone leadership
qualities and identify opportunities for advancement. It also offers opportunities for emerging talent toparticipate in strategic local and global projects across the Company.

◾

The Leadership Engagement and Acceleration Program (LEAP) is crafted to empower senior leaders withthe opportunity to network while developing strategic thinking skills and identifying potential gaps in theirleadership approach. The program includes 360 Self-Assessment, leadership coaching, peer collaboration,
topical discussion facilitated by our Executive Leadership, and content on strategic and business mindset. In
2023, 21 of our Geographical Operational Leaders representing 20 countries participated in the LEAP program.

529,000+

HOURS OF TRAINING◾

Our Leadership Essentials Program immerses emerging Weatherford leaders in a foundational development environment. Throughinstructor-led discussions, self-assessments, activities, and a personal 100-day Action Plan, the program is designed to accelerate key
leadership competencies. 507 frontline leaders participated in 2023.
Attendees ranged in age from 26 to 57, with 31% female representation and 39 countries represented.

◾

The Executive Development Program is designed for seniorleaders with a focus on advanced strategic thinking and leadershipcompetencies. The program begins with work in partnership witha reputed executive business school. Participants then embark on a
CEO-sponsored organizational project. 14 senior leaders participatedin this program in 2023.

Exceptional Leader and Change Acceleration Program
In addition to developing our pipeline from within, the Company
also supported community up-skilling efforts. Weatherford isworking with the Ministry of Labor in Oman to provide two leadership programs to more than 50 Ministry leaders. We believe thispartnership will be instrumental in advancing the goals of Oman
Vision 2040 and our dedication to delivering value in our communities of operation.

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CREATING A DIVERSE, EQUITABLE,
AND INCLUSIVE WORKPLACE
2023 GOALS AND PROGRESS

2024 GOALS◾

Enable improved DE&I metric tracking through the implementationof a modernized human capital management system ACHIEVED◾

Launch executive-sponsored DEI Committee◾

Continue leveraging DE&I metrics through succession planning,leadership development, and recruitment ACHIEVED◾

Launch Saudi Career-Restart Program for women returning to
the workforce after maternity leave◾

Participation in the UN Global Compact Gender Equality Accelerator
program ACHIEVEDOUR DE&I APPROACH
We believe in creating a culture that embraces diversity, equity, and inclusion, guided by ourCore Values. Our DE&I program is a fundamental aspect of our culture, aimed at creating aworkplace where all team members feel valued and respected. We provide our employees witha working environment that respects differences and supports their well-being.
The DE&I program is championed by the Executive Leadership Team and cascades down to all
employees. Our corporate DE&I team is accountable for the mission, vision, goals, and targets,
while our various geographies lead activities and initiatives to meet set goals, including building our pipeline of diverse talent. We have set several objectives across our DE&I program,
such as increasing DE&I awareness, building a pipeline of diverse candidates for recruitment,
supporting local DE&I efforts, increasing gender representation, and increasing participationin our Employee Resource Groups (ERGs).
Our Code of Business Conduct along with our Diversity and Inclusion Business Practice provide guidance to all Weatherford employees worldwide. We continually evaluate our policies
and programs to ensure that we systematically support our diverse communities and promote
inclusive behaviors and practices across our Company. We augmented our Sexual Harassment
Prevention and Prohibition policy in 2022 and translated it into additional languages in 2023.

21%

FEMALE/WOMENHIRED INTO
NEXTGEN PROGRAM

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DE&I EVENTS AROUND THE GLOBE
In addition to corporate and Geozone-led DE&I initiatives, Weatherford
locations led or engaged in over 50 events and initiatives celebrating thediversity of our team members and supporting inclusion and equality.
Events held around the globe included:◾

International Women’s Day celebrations◾

Cultural diversity and heritage recognition events andcommunications◾

Hiring events featuring accessible jobs for those living withdisabilities◾

Indigenous Truth and Reconciliation events

Employee Resource Groups
ERGs provide a forum for employees to connect with others throughshared experiences and interests and foster inclusion and understanding
among all employees.

◾
◾
◾

Emerging Professionals Network (EPN)
Women of Weatherford (WOW)EveryONE network, which aims to create a supportive culture ofinclusiveness within Weatherford

UNCONSCIOUS BIAS TRAINING
We offer a range of training programs, including workshops on
unconscious bias and inclusive leadership. We also require all employees
to undergo computer-based diversity training upon hire. Our unconscious
bias awareness training initiative was designed to help leaders recognize
and mitigate unconscious biases in the workplace. It is required of all
Weatherford leaders with direct reports. Approximately 2,275 leaders,
representing 82% of managers with direct reports, participated in the
training. Additionally, 640 senior individual contributors attended thetraining. The program is also offered to managers and supervisors without
direct reports. 852 of these individual contributors participated, or 87%.

Women of Weatherford (WOW)WOW is committed to creating a more inclusive workplace for women by providing
opportunities for women to grow and develop. WOW has been a focus as we seek
to increase gender diversity in our workforce; the group currently has four hundred
members across our global operations and is constantly working to engage newmembers and allies.
WOW is active in all the Company's Geozone operations worldwide. With the support of executive and country leadership, WOW celebrates women in our workplacethrough:◾

Hosting events and webinars to raise awareness of women's issues in theworkplace◾

Providing networking opportunities for women at all levels of the organization◾

Mentoring women who are interested in pursuing leadership roles◾

Advocating for women's representation in the workforce

Advancing Women’s Equality
Weatherford has enrolled in the UN Global Compact Target Gender Equality
Accelerator program for 2023. Over the course of nine months, we will engage infacilitated performance analysis, capacity-building workshops, peer-to-peer learning, and multi-stakeholder dialogues. These activities are intended to further our
overall DE&I strategy, support ambitious target setting to advance gender balance
and women in leadership roles, and develop action plans.

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HEALTH AND SAFETY

We keep the health and safety of our employees at the forefront of our operations. Our commitment to continuous improvement is embedded in the fabric of our Operational Excellence Performance System, which outlines
our quality, health, safety, and environmental controls.

2024 GOALS

2023 GOALS AND PROGRESS◾

Deployment of the IOGP Life-Saving Rules in early 2023, with continued adoption and systemalignment ACHIEVED◾

Further implementation and evaluation of IOGP Start Work Checks in all locations andoperations globally◾

Continue In Vehicle Monitoring System (IVMS) and Journey Management program rollout acrossinternational operations ACHIEVED ONGOING◾

Standardize global Journey Management and driver qualification process◾
◾

Simplification of our health and safety management system, followed by realignment with
ISO 45001:2018 ACHIEVED

Additional process and procedural improvements to reduce hand injuries with proper
gloves selection and use of proper hands-free tools◾

Focus on procedural discipline, ensuring technical work instructions align with human behavior◾

Validate proper tool use while planning work

ACHIEVED ONGOING◾

Reduce hand and finger injuries through renewing our commitment to hands-free tools andglove selection ACHIEVED ONGOING◾

Expand HazMat programming coverage and training ACHIEVED

SETTING AND MAINTAINING SAFETY STANDARDS
Our standards and practices comply with all relevant regulatory and legal requirements, as well as with standards set by organizations such as the American Petroleum Institute, the International Organization for Standardization,and the Occupational Safety and Health Administration. We have established robust programs to ensure that our health and safety standards are consistently sustained across all our operations worldwide. We use key performanceindicators (KPIs) to promote, measure, and track our progress toward our health and safety goals, and tie metrics back to remuneration accordingly. Critical safety performance KPIs are detailed on our website.
ISO 4500:2018

ISO 9001:2015
QMS EDITION

API Spec Q1
9th Edition

API Spec Q2
1st or 2nd Edition

Certifications

17

31

17

6

Countries

14

20

11

6

The Health, Safety, Security, and Environment (HSSE) department, led by our Global Vice President of HSSE, and relevant functional stakeholders are responsible for overseeing related programming and tasked with developing,
reviewing, and amending relevant programs to ensure compliance with Company, regulatory, customer, and other requirements. This process includes considering customer feedback, industry trends, lessons learned, and bestpractices. By regularly reviewing and updating our programming, we seek to achieve the highest standards of quality, health, safety, security, and environmental protection.

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INDICESWe encourage a culture of ongoing health and safety focus throughout our entire organization. In addition to our OEPS standards, we have multiple operational safety
procedures in place to ensure the safety of our employees and customers. These procedures encompass a range of topics, such as respiratory protection, road safety,
and disease prevention. To effectively implement safety procedures, we provide our employees with resources and guidance on standards, policies, training, preventive
measures, and corrective actions. By doing so, we seek to ensure that all safety procedures are thoroughly understood and effectively implemented to promote a safeand healthy work environment.
The safety and well-being of our employees are fundamental to the way we operate at Weatherford. We made significant strides in reducing total recordable injuries in2023 as we continue to target a zero injury rate. This reduction was achieved by our efforts to rigorously investigate each actual and high-potential incident and apply
lessons learned in our daily activities, continuous management system and training program.

2023 HSSE GLOBAL STRATEGIC INITIATIVES

LIFE-SAVING RULES
In 2023, we completed and implemented theInternational Association of Oil and Gas Producers
Safety Standard across our operations. Adoption ofthese global industry standards helps ensure that
we use best practices to keep our employees andoperations safe.

Our HSSE plan contains eight core elements of focus to help address challenges, minimize exposure, and ensure the safety of our employees and the integrityof our operations. The goal of these initiatives is to reduce both the number of injuries sustained and the severity of injuries that occur.

LIFE-SAVING RULES

MANAGEMENT SYSTEM

DRIVER AND VEHICLE SAFETY

PROCEDURAL DISCIPLINE

Adopt and implement theInternational Association of
Oil Producers Life-Saving Rules
and Start Work Checks

Update and simplify the
HSSE Management system
and realign to BS/ISO 45001
and ISO 14001

Further standardize In-Vehicle
Monitoring System andJourney Management process
as controls to reduce theoverall risk of driving

Focus HSSE observations
on the validation of procedure
usage and the applicationof controls required inprocedures and technicalwork instructions

HAND AND FINGER SAFETYSECURITY

HAZMAT

WASTE MANAGEMENT

Reduce the severity of hand
injuries with the selectionof proper gloves, and theselection and implementationof proper hands-free tools

Build a global security
awareness program to expand our
security culture and reducerisk exposure within our work

Enhance the HazMat
self-assessment program,expanding it to include additional
hazardous chemicals andfocusing on HazMat training

Minimize, reuse, and recycle
solid waste destined for
disposal to reduce our over
all waste stream andenvironmental impact

Bypassing Safety
Controls

Confined Space

Driving

Energy Isolation

Hot Work

Line of Fire

Safe MechanicalLifting

Work
Authorization

Working at
Height

051

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COMMITMENT TO INCIDENT PREVENTION
Our workforce remained committed to incident prevention in 2023. More than 400,000 identified hazards, near misses, and peer observations were
submitted through our RADAR® program, each of which is an opportunity to improve an at-risk situation or behavior. Additionally, more than 41,000
safety meetings were recorded. To augment these practices and further enhance the ability to report a safety risk, an enhanced RADAR app wasdeveloped in 2023 and launched in 2024.

HEALTH AND SAFETY COMPETENCY
Training is critical to ensuring the safety of our team members. Training and technical competencies are guided by our Induction and Training Standards
and managed through our Enterprise Learning Management (ELM) platform and Weatherford Competency Assurance Process (WCAP). Competency
Assessors are selected and qualified with rigorous requirements, including training.

200 +Weatherford offers over 200 unique health and safety-related training courses that are either
assigned before work, based on job role or competency, or available on-demand.

◾

RightStart, our employee induction program, includes mandatory health and safety training for new hires and additional courses forrelevant employees. These materials are delivered prior to starting work for all office-based employees and non-office-based employees
who work in hazardous environments.

◾

We mandate that visitors and contractors be provided with induction specific to the hazards and emergency protocols at the location.

◾

We require facilities to hold formal, mandatory meetings for all employees at least quarterly to cover critical health and safety topics.

◾

Job-specific training and competency, defined by product line and geography, continue to be supplemented with any additional requirements.

◾

Learning plans are mapped against individual units of competency and include both mandatory and elective requirements to support an
employee’s growth. Each plan may consist of a variety of methods, including classroom, computer-based, and on-the-job training, along withresource and reference materials.

RADAR Program
We believe a culture of safety begins at the top of the organization.
HSSE leaders visited facilities around the globe to engage, learn, andenhance our health and safety practices. A new RADAR scorecard
was created for leadership to facilitate self-assessment, and adashboard was implemented to track performance.

HEALTH AND SAFETY COMPLIANCE AUDITS
We ensure compliance with health and safety regulations by conducting audits on OEPS, regulatory, and customer requirements. Our Audit Standard provides guidance on internal health and safety auditing, including training for lead
auditors.

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Safer Business Travel
Our Global Travel Security Program supports workforce safety
and security through traveler visibility, the ability to communicate potential risks, and resources to help them navigate risks
they may encounter. In 2023, we updated our Travel Security
Program through:◾

Integration of a robust Travel Security Duty of Care component into our Executive Protection Program, advancing ourability to secure our leadership team◾

Enhancement of risk awareness communication, providing
timely and relevant information to mitigate travel-related
risks

◾

Streamlining our travel management company for betterawareness of our travelers’ whereabouts◾

Promoting comprehensive resources for safe and informed
travel with team members, both through external resources
and internally via our Travel Security Portal

Global Safety Stand Downs
Throughout 2023, Weatherford conducted a series of worldwide
stand-downs across all locations to communicate crucial safety
messages and expectations to employees. We emphasized theimportance of our Five Key Safety Principles at all levels of theCompany and stressed the importance of accountability, making
it clear that every employee is responsible for safety.

Five Key Safety Principles:1.

Following the Standard Operating Procedures

2.

Using the Appropriate Tools for Each Task

3.

Utilizing Stop Work Authority

4.

Understanding the Line of Fire

5.

Being Accountable for One's Own Safety and the Safety of
Everyone On-site

INCIDENT RESPONSE AND ROOT CAUSE ANALYSIS
If a health or safety incident occurs, we have policies and protocols for reporting and response, as detailed in our Operational Risk Management policy and procedure standards. Local HSSE representatives are notified to coordinate assessment and response, and geography-based, product line, and corporate teams are notified based on the assessment of severity. All incidents are recorded and documented, and further investigations occur as warranted.
Corrective action is taken as required, and lessons learned are applied to our programming for continuous improvement. At the beginning of 2023, we relaunched programming and systems for our Corrective, Preventive Action
Requests (CPAR) incident investigations with enhancements to better identify root causes, facilitate more effective action, and use knowledge gained to prevent future incidents and near misses.

DRIVER AND VEHICLE SAFETY
We recognize that driving is one of the most dangerous tasks that we undertake daily, and it is important that we do so with the utmost care. We deploy communications that reinforce core principles for safe driving, including theimportance of Journey Management planning, being an active passenger, the dangers of driver fatigue, proper seat belt usage, and prohibiting the use of cell phones while driving for Weatherford.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

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HAZARDOUS SUBSTANCES SAFETY

PRODUCT SAFETY AND QUALITY

Our Hazardous Substances Standard establishes a framework for ensuring adequate controls are in place for the safe management of hazardous
substances in all our locations and operations. Locations must identify andrecord all hazardous substances and use risk assessment to identify
hazards and controls related to substance management. Employees who
work with hazardous substances must be trained in specific hazards andcontrols involved, and Safety Data Sheets (SDS/MSDS) for hazardous
materials must be readily available. Hazardous substances must also be
included in the Emergency Response Plan, and all personnel handlingthem must use personal protective equipment in accordance with SDS/
MSDS recommendations and the Operational Risk Management Standard.

To help mitigate risk and bolster reliability, product line technical documents are developed using a three-step process:Management of Change, the process that provides opportunity to identify
potential new hazards that could result from changes, must be conducted
if a new hazardous material is introduced to a site. Permits must be obtained where regulatory requirements exist. Read more about hazardous
substance management in the Environment section of this report.

CUSTOMER HEALTH AND SAFETY
We emphasize the safety of our workers, customers, and those affected byour direct operations. Our safety standards meet or exceed requirements
and we also follow any additional specifications from customers based onrisk assessments or past incidents. We provide safety information to ourcustomers and expect them to follow our on-site requirements.
As part of our commitment to delivering high-quality service, we conductcustomer quality surveys and carefully review all feedback received. Any
issues raised are thoroughly investigated and recorded using strict protocols and prompt remediation or corrective actions are taken as necessary.
Our incident reporting and management processes are equally rigorousat our own facilities and customer locations. To support these efforts, we
maintain a range of informational guides, checklists, forms, audits, inspection results, data, and records.

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES◾

Risk assessment: A detailed assessment of the technical instructions
for quality, health, safety, and environmental risks, the consequences
associated with the risks, and the controls to eliminate or minimize
them◾

Technical work instruction: The creation of a step-by-step list ofrequirements, with particular attention to the critical risks previously
identified◾

Process mapping: An expansion of those steps that have been
deemed critical to quality, health, safety, and the environment

QatarEnergy Leadership Summit
Weatherford hosted and facilitated thequarterly QatarEnergy LNG D&C Operations Integrity Leadership Summit in
2023 for 82 senior leaders from different organizations, including operators,
drilling contractors, and oilfield service
companies in Qatar. The summit
focused on key safety topics such as dropped objects prevention,
frontline leadership, effective planning, and more. Seven of our
NextGen engineers were a core part of the planning and executionof the summit, which provided them with exposure to leadershipviews on the critical topic of safety. QatarEnergy LNG expressed its
utmost appreciation to the Weatherford Qatar team for hosting thesummit and collaborating to keep personnel safe.

Safety in Our Products and Services

We consider safety in our products and services from designand development through operation, including:◾

Risk Registers and Hazard and Operability Study duringconcept design◾

Field trials and commercialization◾

Detailed operating manuals for products we sell◾

Stringent safety protocols for our own product and service
operations◾

In-depth job hazard analysis◾

OEPS Management System requirements to facilitate effectiveplanning, operation, risk mitigation, and control of our
products and services◾

Technical documents on support functions, customer,
and site-specific requirements◾

Records on compliance with standards, specifications,and customer, regulatory, and other requirements

StringGuard™ Technology Boosts
Safety and Operational Efficiency
Key to operational and well integrity isuninterrupted tubular running
operations, but errors in oversight canlead to leaking, parted, or dropped
strings. The StringGuard spiderload-transfer indicator streamlines tubular running operations,maximizes efficiency, and improves rig site safety. This innovative
spider load-transfer indicator works in tandem with existing safety
interlock systems. It can be adapted to hydraulic spiders to provide an additional layer of security to prevent dropped casing andtubing strings. This innovation has been recognized with the prestigious OTC Asia Spotlight on New Technology award, underscoring
its significant contribution to enhancing its impact on safety andreliability in offshore and onshore rig operations.

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INDICESSUPPORTING OUR COMMUNITIESWeatherford is dedicated to being responsible corporate citizens everywhere we operate. This means caring for our communities as well as our businessinterests. We support our communities through giving from the Weatherford Foundation, corporate sponsorships, and employee volunteerism.

Community Engagement Pillars
At the core of our culture is the belief in standing by people. We
strive to support our neighbors with their needs today and their
aspirations for the future. Our community support efforts arefocused on driving positive social impact across three key areas:◾

Meeting the basic needs of our communities, including
providing access to food, clothing, and shelter◾

Education to support our future workforce, with a specificemphasis on Science, Technology, Engineering, andMathematics (STEM)◾

Supporting the unique regional and cultural needs of eachlocation where we operate, including efforts to rebuild lives
after natural disasters and community-driven initiatives

Examples of our efforts include:

Basic Needs

EMPLOYEES GIVE BACK

THE WEATHERFORD FOUNDATION

Weatherford encourages our workforce to participate in volunteering, fundraising, and charitable engagements in their local communities. These are often stewarded by our Employee Resource
Groups or local teams. Activities regularly involve team-building
opportunities and occasions to celebrate employee families andengage local customers, authorities, and vendors in our sharedvision for strong communities.

The Weatherford Foundation, Inc. (the Foundation) is a U.S. 501(c)(3) charitable organization that provides funding to selected
non-profit organizations in the U.S., as well as 1:1 matching donations for certain charitable endeavors at select Company-sponsored events. Organizations we support are selected by a crosssection of Weatherford leaders based on the lasting and positive
impact they provide on the local community. While the Foundation
provides oversight and funding to organizations in the UnitedStates, our giving extends globally.

We are constantly impressed by the creativity and humility of ouremployees and commend the time and effort given to our communities. In 2023, employees participated in volunteer projects
throughout the year, particularly during Company events like One
Weatherford Week and awareness celebrations such as International Women’s Day. Many also serve as community leaders on
Boards of Directors, local committees, and advocacy projects.

◾

Basic Needs — Local food bank and supply drives, sortingand packing in underserved communities◾

Health Programs — Medical research and local children’s
hospital fundraising, provision of medical equipment, andblood and plasma drives

Education◾

Schools and Children’s Programs — Provision of school
lunches and toys, environmental education, and children’s
advocacy efforts◾

Youth Programs — Community sports leagues and youth
groups donations funding and volunteerism

Community Initiatives◾

Environmental — Community clean-ups, garden and tree
planting, projects with recycled materials, reforestation,
and water conservation◾

Local Services — Services programs in underserved communities, animal shelters, and resources for people with disabilities

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INDICESMEETING BASIC NEEDS
In communities around the world, people find themselves unable to meet their basic needs for food, healthcare, and more.
At Weatherford, we believe that everyone should have these needs met, and we take action in our global communities to help fill the gap.

ACCESS TOHEALTHCARE
For the past 12 years,
our team has volunteered
for the annual Alberta
Children’s HospitalFoundation Radiothon, which raises funds to advance children’s
health in Calgary and its province. In 2023, the event raised $2.25
million for the Alberta Children’s Hospital, Child Health andWellness Research at the University of Calgary, Alberta HealthServices, and local community agencies. In addition, we supported
breast cancer awareness programs around the world, including
the American Cancer Society’s Men Wear Pink campaign.

EDUCATING THE FUTURE
WORKFORCE
Weatherford WISE is Weatherford’s global youth education
initiative focused on providing hands-on education opportunities
to students interested in STEM through:◾
◾
◾
◾

Experiential events
Introductions to industry professionals
Internships
Guided immersion tours through our state-of-the-art facilities

SUPPLY DRIVESCAPES FOR KIDS

In our locations aroundthe globe, employees
participate in various drives
to fill essential needs.
For example, our team in
Aberdeen donated food,
pet supplies, toiletries, clothing and bedding to the Aberdeen
Cyrenians as part of their annual harvest/winter campaign. And in
the U.S. we supported toy drives for underrepresented youth.

Basic needs include items
that create comfort and joy,which all people deserve.
For example, our top 200
leaders took time out
during a leadership event toparticipate in making superhero capes for children battling cancer
and other serious illnesses. More than 450 capes were donatedto children receiving support from Sunshine Kids and Ronald
McDonald House Houston. The local DE&I Committee in our
Mexico location also organized the donation of toys for children at
CRIT Altamira, a foundation dedicated to supporting children andadolescents with disabilities, cancer, and autism.

INSPIRING THE NEXT GENERATIONOF ENERGY LEADERS

FOSTERING LITERACY

For the past decade, Weatherford has proudly sponsored Young
ADIPEC, which provides high school students the opportunity
to engage with industry leaders and explore future career
opportunities. We again welcomed students to our Abu Dhabi
Manufacturing facility for a tour of our operations and a meetingwith leaders to discuss the importance of the future of energy.

Let’s Read is an annual initiative of the United Way to foster a lovefor books and reading in marginalized communities in India. Local
Weatherford employees volunteered at the event, which featured
mini-libraries, reading sessions, and teacher training. Children
participating also received five books to take home.

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INDICESCOMMUNITY-BASED INITIATIVES
Weatherford believes that strengthening communities involves actively engaging in local needs.
Each year, we provide funds, time, and talent to address the unique needs of the communities where we operate.

WEATHERFORD WALKSRIDE AND DRIVE
FOR A CURE FOR MS

Weatherford Walks, one of our signature annual corporatecharity events, is an opportunity for employees, their families,
our partners, and customers to come together to make adifference in our Houston community.

Each year, our team comes together to fundraise for a cure for Multiple
Sclerosis (MS) through the Texas MS 150 Ride and Weatherford Charity
Golf Tournament. In 2023, we raised over $160,000 for ground-breaking
research, treatments, and essential support for families through our
20th MS 150 ride and 7th golf tournament. In 2024, our ride teamincreased their fundraising goal to $200,000 and achieved a lifetime
total of $1,000,000 for the cause. Hear #whyWFRDrides stories about
the journey from employees, partners, and friends in this video.

Participants typically gather and walk one mile, followed bya donation ceremony and a family day with music, games,
and lunch. Voluntary monetary donations are matched by
the Weatherford Foundation up to $150,000. At the 10th
anniversary event in 2023, participants raised a grand total of$500,000. You can learn more about the event in this video.

2023 Weatherford Walks supported the meaningful
work of four non-profit organizations:◾

The Houston Area Women’s Center helps individuals affected by domestic and sexual
violence in their efforts to move their lives forward

PROVIDING LOCAL AID
Our support extends into communities all over the world. The following
are a few examples of how our Weatherford team gives back.
◾

Team members in Oman participate in the ongoing national initiative
to plant ten million wild trees in the region.

◾

Camp Hope provides peer support, mentoring services, and housing for veterans andtheir families who have combat-related post-traumatic stress disorder◾

◾

Small Steps Nurturing Center is dedicated to the social, emotional, physical,
intellectual, and spiritual growth of economically at-risk children and their families

In Songkhla, Thailand, we are allying around a school in need of better
facilities. The team is rebuilding the playground, repairing the canteen
and washing area, restoring the gardens, and painting school walls.

◾

We provided support for humanitarian relief efforts in 2023, including
Save the Children Ukraine, which delivers essential aid to children andtheir families impacted by the conflict with immediate assistance, and
UNHCR, which provides immediate assistance to families affected by
the earthquakes in Turkey and Syria.

◾

Child Advocates recruits, trains, and supports volunteers who help abused andneglected children exit foster care to a safe, permanent home

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59. The Foundation of Ethics and Integrity
61. Business Conduct, Ethics, and Compliance
63. Human Rights in Our Workforce and Value Chain
64. Enterprise Risk Management
65. Data Privacy and Cybersecurity
66. Responsibility in Our Supply Chain
68. Tax and Political Contributions

Our Governance efforts align with:

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

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BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTOUR FOUNDATION OFETHICS AND INTEGRITY

Weatherford’s commitment to responsible governance is grounded in
our Core Values, starts with our Board of Directors, is championed by our
Executive Leadership Team, and extends throughout our organization.
Our leaders establish clear ethical standards in the workplace,emphasizing the importance of honesty and integrity in all that we
do. We provide employees with guidance and tools to support ethicaldecision-making. To ensure a responsible Weatherford, we have
implemented robust policies and processes for ethics, compliance,and risk management across our entire value chain.

SOCIAL

GOVERNANCE

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES2023
GOALS
PROGRESS
2023 Goals
andAND
Progress

2024
2024 GOALS
Goals

◾◾

◾◾

◾
◾
◾
◾

Legal andand Compliance
Compliance Campaigns
Campaigns—
Legal— continue
continue regular,
regular, targetedtargetedcommunicationswith
ouremployeesonrelevant
topics toto increase
incommunications with our employees on relevant topics
crease awareness and keep key topics at the forefront Achieved
awareness and keep key topics at the forefront ACHIEVED
Ethics Ambassador Network — refresh ambassador network memEthics
Ambassador
Network— refresh ambassador
networkbership
to widen ethicalcompetencies
and participation
acrossmembershipto widen
ethical competencies and participation
our geographies
Achieved
across our geographies ACHIEVED
Legal Compliance Service Portal — continue to expand services
includedin the portal
catalogue
further to
embedtheservices
program
Legal
Compliance
Service
Portal and— continue
expandinto our workforce culture Achieved
included in the portal catalogue and further embed the program
into our workforce culture ACHIEVED

Weatherford’s Board of Directors is dedicated to responsible governance and long-term value creation.
Our Board is led by an independent, non-executive chair, and five of our six directors are independent.
The Nominating and Governance Committee considers Board composition and selects members to ensure adiverse representation across various aspects such as independence, perspectives, backgrounds, and experience.
The Committee looks for Board members who are experts in relevant fields like finance, exploration and production, environment, international business, leadership, technology, mergers and acquisitions, and oilfield services.
A diverse group of Board members is crucial for the sustainable growth of the Company’s performance andcorporate governance. Our selection process for potential directors includes searching for qualified candidates
from different genders, ethnicities, countries of citizenship, and experiences. You can find the qualifications andnomination process for Board membership in our Corporate Governance Principles.

Audit Committee (AC)Compensation and Human Resources Committee (CHRC)
Nominating and Governance Committee (NGC)
Safety, Environment and Sustainability Committee (SESC)◾

Increase training on third party management and risk ONGOING

COMMITTEE COMPOSITIONAC

BOARD OF DIRECTORS◾
◾◾

Developstrengthen
Cybersecurity
Incident Response
and Playbook
FurtherCybersecurity
Incident Plan
Response
Plan
and Playbook ACHIEVED
Evaluate use cases for AI
Evaluate use cases for artificial intelligence ONGOING
Increase training on Third Party Management and Risk

CHRC

NGC

SESC

StevenBeringhause
Benjamin C.
Duster IV
Neal P.
GoldmanJacqueline C.
(Jackie) Mutschler
Girish K.
Saligram
Charles M.
(Chuck) Sledge
Chair

Member

NOTE: As of report publishing date, three of our six directors meet the Nasdaq Board Diversity Rule’s
definition of “diverse,” with one identifying as female and two as under-represented minorities.

BOARD DIVERSITY

16%
Female16%

African-Americanor Black

16%
Asian

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INDICESBOARD OF DIRECTORS COMMITTEE

The Audit Committee (AC)The Nominating and Governance Committee (NGC)oversees financial and compliance risk and cybersecurity. It works with management
to assess risks and ensure the effectiveness of risk management policies and meetsregularly with those responsible for day-to-day risk management, including assurance,compliance, internal controls, and the Code of Business Conduct.

oversees the risk associated with corporate governance policies and practices,
including Corporate Governance Principles. They also review the annual evaluation of
the Board, Board Committees, and Minimum Share Ownership Guidelines complianceand consider the results for Committee service and rotation recommendations.

The Compensation and Human Resources Committee (CHRC)

The Safety, Environment and Sustainability Committee (SESC)

considers risks related to talent attraction and retention. They also review ourcompensation plans and practices to prevent excessive risk-taking and promote
behaviors that support sustainable value creation.

oversees policies and practices promoting stewardship and safety performance.
They make suggestions to management to resolve quality, health, safety, andenvironmental concerns with the goal of reducing risks in these areas.

Charters for each of our Board Committees may be found in the Corporate Documents section of our Company website. Additionally, a summary of the members, primary responsibilities,
and number of meetings held in 2023 for each Committee may be reviewed in the Our Board and Our Board Committees section of our 2024 Proxy Statement.

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INDICESBUSINESS CONDUCT, ETHICS, AND COMPLIANCE

To establish a culture of ethics and compliance, we prioritize organizational justice, accountability, and responsible operations. This involves ensuringthat all aspects of our work are conducted with transparency and in accordance with relevant laws and regulations. Our General Counsel and Chief
Compliance Officer leads our compliance efforts, and the Board’s Audit Committee periodically reviews our policies, procedures, and programs toensure we adhere to legal, ethical, and regulatory standards. The Audit Committee investigates any breach of such policies and enforces their provisions,
reporting the results of their review to the Board.

CODE OF BUSINESS CONDUCTOur Code of Business Conduct guides the organization in creating an ethical and accountable workplace and providing a standard of behavior to which
we hold our directors, officers, employees, and third parties accountable. Weatherford mandates that all employees undergo comprehensive training
on the Code of Business Conduct and acknowledge it every year. We also require third parties working on our behalf to acknowledge and adhere to our
Code of Business Conduct and Supplier Code of Conduct, as applicable.
Our Code of Business Conduct and related policies, standards, business practices, and procedures embody our commitment to ethical businessconduct, such as:◾

Anti-bribery and anti-corruption◾

IF THE ANSWER TO ANY
Anti-discrimination, harassment, and retaliation
OF THESE QUESTIONS IS
Conflicts of interest and fair competition◾

Data privacy and security◾

Ethics and compliance◾

Health, safety, and environment◾

Human rights

◾

◾

NO

STOP AND ASK BEFORE
TAKING ANY ACTION.

IT IS IMPOSSIBLE TO ADDRESS EVERY POSSIBLE
ETHICAL DILEMMA. WHEN UNSURE, ASK YOURSELF:

We are committed to responsible operations and have implemented a robust set of ethics and compliance policies and proceduresthat guide ethical behavior both internally and externally with third
parties working on our behalf. Our range of policies and practices
include but is not limited to:◾

Code of Business Conduct◾

Conflict Mineral Policy

Labor rights◾

Dispute Resolution Plan and Rules◾

Product quality◾

Human Rights Standard◾

Sustainable procurement◾

Insider Trading Policy◾

Modern Slavery Act and Supply Chains Act◾

Supplier Code of Conduct

Is it legal?

Is it consistent with theletter (the actual words) andthe spirit (the intent) of ourCode and our policies?

Would I feel comfortable
if my decision was
published, broadcast,orshared with customers,family, and friends?

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INDICESLEGAL AND COMPLIANCE CAMPAIGNSIt is essential that every employee upholds our commitment to ethics and integrity. To support our team members and keep our principles at theforefront, we distribute regular, targeted communications to all global employees on a variety of ethics and compliance topics that include scenarios,
tips, and resources so our employees can recognize and respond appropriately to potential compliance risks and ethical issues.

REPORTING ETHICS CONCERNS

Legal and Compliance Service Portal
This modern and user-friendly interface allows employees tosearch for compliance services, access legal and compliance programming, process forms and approvals, and submit legal queries
for team response.

As part of our aim to create a culture of ethics and respect, employees have the right and responsibility to report conduct that violates our policies
or puts our stakeholders’ well-being, sustainability, or reputation at risk. Channels for employees to report violations include their supervisor, Human
Resources, or the General Counsel and Chief Compliance Officer. In addition, our Global Workplace Grievance Business Practice provides guidance toemployees, suppliers, and third-party service providers on reporting violations.
Anyone, external or internal, can raise ethical concerns through Weatherford’s Listen Up Hotline. Listen Up is operated by an independent third party
and allows reporting of compliance concerns through phone or online in over 120 countries. Reports are promptly reviewed, and appropriate corrective
actions are taken. Weatherford is committed to providing a safe reporting environment and will not tolerate retaliation against anyone who discloses
actual or suspected ethics and regulatory violations in good faith.

ANTI-CORRUPTION
Corruption disrupts fair competition and is harmful to the business environment and our communities. We are confident in our ability to compete basedon the quality of our products, services, and technologies, and do not engage in bribery or any exchange of value, directly or indirectly, that could sway
or appear to sway our actions or the actions of others. We comply with anti-bribery and corruption laws in every location where we conduct business.
Our agreements with third parties include anti-bribery provisions and mandate their compliance with all applicable laws, such as the
U.S. Foreign Corrupt Practices Act and other relevant international laws.
Our Code of Business Conduct and Anti-Corruption Business Practice provide detailed guidelines on our anti-corruption policy, which is overseen by
our global Compliance team. Our commitment to zero tolerance for bribery and corruption extends to all directors, officers, and employees, as well as
third parties working on our behalf, who agree to uphold our standards of business conduct as part of our agreements. Suspicion of bribery or corrupt
conduct can be reported via several channels outlined in this report.

ABC Campaign
Our vision is to create global business environment where corruption has no place. In 2023, we held a six-month
Anti-Bribery and Anti-Corruption (ABC) Campaign to raise awareness of this topic through multi-media including posters,
emails, videos, and in-person training sessions for internal and external stakeholders.

Ethics Ambassador Network
The highest standards of ethics and integrity are the foundationof our culture. The Ethics Ambassador Network at Weatherford isa cross-functional team dedicated to fostering a culture of ethics
and integrity across our operations and providing additional
resources for our colleagues to access when needed.
Nearly 100 employees make up the Ethics Ambassadors, who
collaborate with the Compliance team to create a safe, respectful,and inclusive working environment. Ambassadors are carefully
selected via a rigorous selection process based on their demonstrated commitment to ethical conduct and integrity in their daily
activities.

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We strongly believe in conducting business with fairness and in acompetitive manner. Our dedication to promoting an equitable marketplace is demonstrated through our compliance with laws related to faircompetition, antitrust, monopolies, and cartels. Our commitment to faircompetition is reflected in our Antitrust and Fair Competition Standard,
which all relevant employees must read and acknowledge.

SOCIAL

GOVERNANCE

Mandatory Training
All employees are required to participate in anti-corruption andanti-competition training as part of our RightStart onboarding
process and through regular recertification training. At the end of2023, 96% of our employees had completed anti-corruption training.

HUMAN RIGHTS IN
OUR WORKFORCE
AND VALUE CHAIN

We believe human rights are the fundamental freedoms and standardsof treatment to which all people are entitled. Respect for human rights isrooted in our Core Values and applies wherever we do business.
We are dedicated to upholding the rights and well-being of our
stakeholders and employees. Our Human Rights Standard is shaped by
global human rights principles outlined in the United Nations’ Universal
Declaration of Human Rights, the Voluntary Principles on Security and
Human Rights (VPSHR), and the Organization for Economic Co-operation
and Development (OECD) Guidelines for Multinational Enterprises.
Key principles include:◾

Zero tolerance for slavery and forced or child labor◾

Commitment to non-discrimination and respect◾

Right to a safe, clean work environment◾

Compliance with legal work-hour requirements in adherence to local
laws or applicable collective bargaining agreements◾

Access to reporting through our Listen Up Hotline

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES

Prohibition of Forced Labor and Human Trafficking
We strive to uphold human rights everywhere we do business andtake proactive measures to assess and manage the risk of forced
and compulsory labor used by our suppliers. Our standard terms
and conditions of purchase include explicit language regardinganti-slavery, human trafficking, and forced and child labor to ensurethat our suppliers understand our expectations. Our suppliers are
required to comply with all relevant laws and regulations, including
the United States California Transparency in Supply Chains Act of2010 and the United Kingdom Modern Slavery Act of 2015.

Human Rights in Our Supply Chain
Weatherford is committed to upholding human rights in all aspectsof our business. We take active steps to ensure human rights arerespected in our supply chain, including:◾

All third parties must complete a human rights questionnaire
before entering a contract or business engagement with us,
including contingent labor providers.

◾

All supplier contracts include provisions requiring compliancewith our Human Rights Standard and all applicable laws andregulations.

◾

We conduct human rights due diligence and supervise suppliers
for human rights-related concerns.

◾

Our new supplier management portal supports our due
diligence and risk management process. See more in the
Responsibility in Our Supply Chain section of this report.

◾

Our Risk Area Program evaluates all countries of operation forhuman rights risks.

◾

Human rights-related training and policy acknowledgments aremandatory for all Security personnel as part of our Weatherford
Competency Assurance Program. All Security personnel
completed these requirements in 2023.

◾

We require all internal Security teams to complete IS005 VPSHR
certification. In 2023, the adoption of the VPSHR principles was
expanded to include suppliers providing security services. At
the end of 2023, 100% of our teams were compliant. We are also
developing a version of the training which will be required for
additional employee groups.

◾

If a human rights issue is identified in our supply chain, we
engage in remediation, training, ongoing improvement, andfuture monitoring efforts to address the issue and uphold ourcommitment to ethical business practices.

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INDICESENTERPRISE RISK MANAGEMENT

Effectively managing risk is a crucial aspect of our governance strategy. Our Enterprise Risk Management “ERM” program is designed to identify andassess material risks, evaluate their potential impact on the organization, and establish measures to mitigate them. Senior management is responsible
for assessing and managing enterprise risk through the ERM program. It is the Board’s responsibility to comprehend and supervise the Company’s risk
management program. To ensure effective oversight, the Board has delegated the responsibility of overseeing risks within their areas of competence andresponsibility to its standing Committees. This responsibility is further described in our 2024 Proxy Statement.
Weatherford conducts an annual enterprise risk assessment to evaluate critical risks and their mitigation. Our Operational Risk Management Standard
outlines the risk assessment criteria for all Weatherford locations and product and service lines. The ERM Committee, comprising members of our
Executive Leadership Team and representatives from Manufacturing, Product Lines, and multiple Geozones, meets regularly to assess organizationalrisks and mitigation efforts. The ERM Committee oversees management’s mitigation activities for each top-tier risk. It presents quarterly to the Boardor its Committees, ensuring that each risk is presented at least once annually.
Our programming is founded on an internal evaluation of political, physical, and sovereign risks in accordance with external intelligence from governments and agencies, as well as select third-party security risk ratings. Our organizational security programs and procedures support the identificationand management of risks to individuals, assets, intellectual property, and reputation. To ensure the effectiveness of this program, we regularly assess
our security management system, including alignment with the Voluntary Principles on Security and Human Rights.
We also integrate the Task Force on Climate-related Financial Disclosures (TCFD) framework into our risk program. For more information, please read the
Climate: Risks and Opportunities section of this report.

WEATHERFORD’S RISK AREAS PROGRAM (RAP)
Our RAP mandates that all countries in which we operate be categorized with a security risk rating of “high,” “medium,” or “low,” determined by an internal evaluation of our risk exposure in that region and external risk ratings. The program also outlines supplementary assessments, activities, remedial
measures, as well as roles and responsibilities for oversight. We provide training for our internal Security employees and conduct due diligence assessments for third-party security services. Country risk ratings and risk management activities are recorded and audited, and reviews are conducted atleast quarterly. Our program is constantly enhanced based on risk assessments, threat registers, conflict analysis, internal performance trends, incident
investigations, audits, program performance review findings, and any emerging external risks.

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INDICESDATA PRIVACY AND CYBERSECURITY

Weatherford employs a comprehensive approach to managing data privacy and cybersecurity. This approach comprises a set of policies and proceduresthat sustain how we manage our infrastructure and data, as well as continuous evaluations of technical controls and measures to detect and mitigate
emerging risks.

2023 GOALS AND PROGRESS / ONGOING PROGRAM ENHANCEMENTS◾

Increase secure data transfer solutions ACHIEVED ONGOINGCYBERSECURITY
Information security is a key part of Weatherford’s ERM program. We use a risk-based approach to facilitate protection, detection, and rapid response tothreats and seek to validate our approach through National Institute of Standards and Technology (NIST) Cyber Security Risk Assessments conducted bythird parties and tested through penetration tests and tabletop exercises, as well as internal and external audits.
Weatherford personnel perform risk assessments on third-party products and platforms through a checklist-based review and interview process thataims to validate security controls. Third parties are often asked to provide additional documentation on security architecture, certifications, andassessment results. Cybersecurity approval is a key factor in approving a new third-party product or platform.
Weatherford continues to make significant investments in cyber protection systems. Weatherford uses multiple internal and external resources tocontinuously monitor our information systems for evidence of a threat, breach, or other incident. When an incident is declared, the Information Security
team follows an incident response plan that outlines the process for investigating and addressing the issue. The incident response plan is focused on
prompt interdisciplinary communication and coordination between the Information Security team and key members of the Finance, Legal, andCommunication teams, as well as senior management.
While we believe our approach to cybersecurity is reasonable, given the rapidly evolving nature of cybersecurity incidents, there can be no assurance
that the controls we have designed and implemented will be sufficient in preventing future incidents or attacks.

Empowering Data Security Practices

DATA PRIVACY AND CYBERSECURITY
Weatherford’s Privacy Business Practice outlines the actions, rules, and expected behaviors that all Weatherford entities and personnel around the worldmust follow to ensure that the personal information of our employees, customers, and other third parties is protected and used appropriately.
Our Data Privacy Notices, including our Employee, Third Party, and Candidate Data Privacy Notices, provide transparency in Weatherford’s collection
and processing of personal information in compliance with relevant laws and information management best practices. Additional policies, including ourRecord Information Management Standard and Third-Party Confidential Information Policy complement our Business Practice and Data Privacy Notices,and demonstrate our commitment to compliance with our data privacy principles.
To further protect personal data, we have a response plan for managing information security incidents and potential personal data breaches. This planis designed to limit damage, reduce recovery time and organizational costs, ensure compliance with legal and contractual obligations, and minimize
further risks to personal and other Weatherford information.

Weatherford offers multilingual training sessions and awarenesscampaigns to provide employees with the necessary knowledge
and tools to safeguard data belonging to the Company, our employees, customers, and suppliers. Cybersecurity training occurs
during onboarding and refresher courses are taken annually.
Ongoing training and awareness campaigns reinforce the importance of data privacy and cybersecurity. We enhanced our training
with simulated phishing campaigns in 2023 to raise employee
awareness and provide additional guidance on recognizing andreporting potential threats. Employees are encouraged to reporton cybersecurity threats, data privacy incidents, or any otherconcerns.

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESRESPONSIBILITY IN OUR SUPPLY CHAIN

2023 GOALS AND PROGRESSAs a participant in the United Nations Global Compact, Weatherford has an unwavering commitment to ethical supply chain practices. We seek to continuously enhance our understanding of the social and environmental impacts of our supply chain to strengthen our approach which includes policies, due
diligence and screening, training, and compliance programs.

◾

Further transformation of the Supplier Risk Management program
through enhanced end-to-end vetting, onboarding, management
platform integration, and strategy development ACHIEVEDAt Weatherford, we believe that a strong and resilient supply chain prioritizes responsibility, integrity, and continuous improvement. The Senior Vice President of Global Supply Chain and Manufacturing leads the team responsible for procurement, supply and operations planning, and inventory management of raw materials, inventory, finished goods, and services that support our operations. We are committed to the safety of our supply chains, treating
workers with respect and dignity, and ethical and environmentally responsible business operations.

◾

Enhance application of the VPSHR initiatives and principles acrossthird-party security suppliers ACHIEVED

SUPPLIER CODE OF CONDUCTOur suppliers are expected to uphold the same values and ethical standards that we have set for ourselves. Our Supplier Code of Conduct includes therequirements contained in our Code of Business Conduct and articulates these expectations in detail, encompassing compliance with all relevant laws
and regulations. This code outlines our expectations on human rights, forced labor, environmental responsibility, and conflict minerals, among othertopics. Compliance with these policies is required for all our suppliers and acknowledgment is part of the onboarding process.

2024 GOALS◾

Integrate supplier risk management into the supplier portal◾

Go-live of automated self-service supplier portal

SCREENINGS AND DUE DILIGENCE
In addition to the Supplier Code of Conduct and related contractual provisions, we conduct due diligence through screening, surveys, third-party data
sources, training assessment, and monitoring to ensure that our suppliers operate according to our commitment to ethical business practices.
Our Compliance team thoroughly screens all suppliers using both internal and third-party platforms. We customize supplier requirements based on risk
profiles that consider ESG factors, quality, and compliance. We also review whether suppliers have obtained relevant certifications from third parties,
such as the International Organization for Standardization (ISO), the American Petroleum Institute (API), and the American Society of Mechanical Engineers (ASME).
To maintain security, we employ a third-party screening platform that alerts us to potential security threats, including sanctions, export controls, andhuman rights violations. We also use a supplier business compliance questionnaire to screen direct suppliers, flagging any areas that require further
review. After a comprehensive review by Procurement and Compliance, vendors are approved by local and category managers.
We evaluate suppliers’ training programs, certifications, and mentoring practices to ensure quality and HSSE standards are met. Additionally, contingent
labor undergoes a human rights screening. We perform additional screening for industrial and hazardous waste vendors to ensure they meet our qualifications, experience, licenses, insurance, sub-contracts, waste handling, and tracking requirements. Sub-optimal responses are flagged and undergo
further review.

Third-Party Risk Mitigation
In 2023, we launched a project to improve our ability to mitigate
supply chain risk with a new Supplier Risk Management Programthat offers a comprehensive, up-to-date perspective on our suppliers and internal teams involved in the sourcing and managementof suppliers. It also automates the process, from information
gathering and onboarding to continuous monitoring, tiering,risk assessment, compliance, control, and mitigation. We aim to
improve our supplier base, spend consolidation, and ESG metrics
with our key strategic suppliers.

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INDICESQUALITY MONITORING
Through consistent monitoring and engagement, our teams identify, assess, and respond to potential violations of our expectations. We re-evaluate our
suppliers’ quality every three years and address any deficiencies in compliance with our standards. We conduct audits of their manufacturing capabilities, evaluating whether they meet our technical specifications and reviewing their quality management system effectiveness. Our audits align withindustry standards, such as those set by the American Petroleum Institute.

CONFLICT MINERALS
We have implemented policies and practices to support responsibly sourcing materials from companies that share our values on human rights, ethics,
and environmental responsibility regarding conflict minerals. This includes materials like coltan, cassiterite, gold, wolframite, and their derivatives suchas tantalum, tin, and tungsten. As a result, we have implemented a Conflict Minerals Policy and adopted due diligence procedures consistent with theOrganization for Economic Co-Organization for Economic Co-operation and Development (OECD) guidelines to seek chain of custody declarations fromall our suppliers of necessary conflict minerals incorporated into Weatherford-manufactured products in accordance with its obligations pursuant to the
Dodd-Frank Act and related SEC rules and regulations. Our Conflict Minerals Policy is included in our Supplier Code of Conduct and agreed upon by all
suppliers at the time of onboarding. Please refer to our Conflict Minerals Report for the year ended December 31, 2023, as filed with the SEC, for additional details.

ENVIRONMENTAL DUE DILIGENCE
Our commitment to environmental responsibility extends to our suppliers, and we expect them to comply with all of Weatherford’s relevant rules, regulations, and standards. We require that all our direct suppliers complete a Supplier Business Questionnaire regarding our environmental expectations,
including but not limited to:◾

Environmental policies, management systems, and protocols regarding energy, emissions, water, waste, materials, and vendor management◾

Alignment to standards such as ISO 14001:2015◾

Permits where required

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INDICESTAXAt Weatherford, we are dedicated to complying with the tax laws of each jurisdiction where we operate and paying the appropriate amount of taxes. To
achieve this, we have established a comprehensive tax control framework encompassing all aspects of the tax operating cycle, including tax planning,accounting, compliance, and audits. Our framework provides consistency and structure to tax processes worldwide, ensuring we meet our annual tax
compliance obligations.
To enhance our internal controls over tax, we have a matrix responsibility structure within our controllers and tax organizations. The Executive Leadership
Team and Audit Committee oversee tax policies and procedures, while the Chief Accounting Officer, Vice President of Finance, and Vice President of Tax
establish global standards, issue policies, and ensure process completion within established timelines. To manage tax risks and exposures, we reportthem quarterly to the Audit Committee, and the Chief Financial Officer receives a quarterly tax representation letter.
We also require that relevant employees undergo tax evasion training to promote strong tax compliance across the organization. Our Tax Public Statement
provides further details on our commitment to tax compliance.

POLITICAL CONTRIBUTIONSOur Code of Business Conduct prohibits contributions to political parties, leaders, or candidates using Weatherford funds or on the Company’s behalf.

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INDICIESENVIRONMENT

70. GRI
79. SASB
80. TCFD
81. UNGC COP
82. Independent Accountants' Review Report
83. Details on Our Environmental Data
87. Annex A Reconciliation of GAAP to NON-GAAP Financial Measures
88. About This Report

SOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT69

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INDICESGRIDISCLOSURESLOCATION & DATAGENERAL DISCLOSURES
2-1

Organizational Details

Weatherford International plc (NASDAQ: WFRD) Form 10-K 2023
2000 St James Place, Houston, Texas, United States of America; 75 Countries; About Weatherford p 6

2-2

Entities included in the organization's
sustainability reporting

Form 10-K 2023

2-3

Reporting period, frequency, and contact point

January 1 - December 31, 2023; Annual
For Sustainability Program: sustainability@weatherford.com; For Investors: investor.relations@weatherford.com; For Media: media@weatherford.com

2-4

Restatements of information

Baseline Scope 1 Mobile emissions restated. See Base Year p 84

2-5

External Assurance

Independent Accountants’ Review Report p 82

2-6

Activities, value chain, and other business relationships

Form 10-K 2023; About Weatherford p 6; Product and Portfolio Capabilities p 14; Responsibility in Our Supply Chain p 66

2-7

Employees

About Weatherford p 6; Social p 43; Creating a Diverse, Equitable, and Inclusive Workplace p 48; Form 10-K 2023
Full-time Females:
ASIA - 274, KSA - 48, MENA - 255, LAM - 531, RUS - 192, EUA - 296, NAM - 547
Full-time Males:
ASIA - 1577, KSA - 1096, MENA - 3311, LAM - 3508, RUS - 1847, EUA - 1843, NAM - 3040
Part-time Females:
ASIA - 0, KSA - 0, MENA - 0, LAM - 1, RUS - 0, EUA - 9, NAM - 1
Part-time males:
ASIA - 1, KSA - 0, MENA - 0, LAM - 19, RUS - 0, EUA - 10, NAM - 0
No significant fluctuations in 2023

2-8

Workers who are not employees

Form 10-K 2023; Type of work performed: Field, Workshop, and Office based; Defined as Third-Party Workers; Total: 1,197

2-9

Governance structure and composition

Our Approach to ESG p 20; Board of Directors p 59-60; Proxy Statement 2023 - Election of Directors Section

2-10

Nomination and selection of the highest governance body

Proxy Statement 2024 - Election of Directors; Corporate Governance Principles; Sustainability Report - Board of Directors p 59-60

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTLOCATION & DATAGENERAL DISCLOSURES
2-11

Chair of the highest governance body

The chair is not a senior executive in the organization; See Sustainability Report - Board of Directors p 59-60

2-12Role of the highest governance body inoverseeing the management of impacts

Our Approach to ESG - Leadership and Oversight p 22; Environment - Our Strategy and Approach p 28; Climate: Risks and Opportunities p 37; Board of Directors p 59-60; Corporate Governance Principles

2-13

Delegation of responsibility
for managing impacts

Our Approach to ESG p 20; Environment - Our Strategy and Approach p 28; Climate Risks and Opportunities p 37

2-14; 11.2.4

Role of the highest governancebody in sustainability

Our Approach to ESG - Leadership and Oversight p 22

2-15

Conflicts of Interest

Corporate Governance Principles; Code of Business Conduct - "We Avoid Conflicts of Interest" section
Proxy Statement 2024 - Related Party Transaction section; Weatherford International plc Memorandum and Articles of Association

2-16

Communication of critical concerns

ESG Leadership and Oversight p 22; Board of Directors p 59-60; Reporting Concerns p 62; Code of Business Conduct

2-17

Collective knowledge of the highest
governance body

Our Approach to ESG p 20; Proxy Statement 2023 - Election of Directors; Corporate Governance Principles

2-18

Evaluation of the performance of thehighest governance body

Board of Directors p 59-60; Proxy Statement 2024 - Election of Directors; Corporate Governance Principles

2-19

Remuneration Policies

ESG Goals and Leadership Compensation p 22; Board of Directors p 59-60; Proxy Statement 2024 - Compensation Discussion and Analysis

2-20

Process to determine Remuneration

ESG Goals and Leadership Compensation p 22; Board of Directors p 59-60; Proxy Statement 2024 - Compensation Discussion and Analysis section; Corporate Governance Principles

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INDICESLOCATION & DATAGENERAL DISCLOSURES
2-21

Annual total compensation ratio

Proxy Statement 2024

2-22Statement on sustainable
development strategy

Message from Our CEO p 3; ESG Leadership and Oversight p 22; Proxy Statement 2024 - Delivering on Our Commitments

2-23

Policy commitments

Business Conduct, Ethics, and Compliance p 61; Human Rights in Our Workforce and Value Chain p 63; Code of Business Conduct

2-24

Embedding policy commitments

ESG Leadership and Oversight p 22; Board of Directors p 59-60; Business Conduct, Ethics, and Compliance p 61; Human Rights in Our Workforce and Value Chain p 63; Responsibility in Our Supply Chain p 66;
Code of Business Conduct

2-25

Process to remediate negative impacts

ESG Leadership and Oversight p 22; Board of Directors p 59-60; Business Conduct, Ethics, and Compliance p 61; Responsibility in Our Supply Chain p 66; Code of Business Conduct

2-26

Mechanisms for seeking advice
and raising concerns

Our Approach to ESG p 20; Business Conduct, Ethics, and Compliance p 61; Corporate Governance Principles

2-27

Compliance with laws and regulations

Form 10-K 2023 - Part 1, Item 3

2-28

Membership Associations

American Meteorological Association (AMS)
American Petroleum Institute (API)Argentinian Oil and Gas Institute (IAPG)
Bundesverband Geothermie (Association of Geothermal Energy)
Carbon Capture and Storage Association (CCSA) - UK
Clean Air Task Force (CATF)
Clean Resource Innovation Network
Dubai Supreme Council of Energy
Deutsche Wissenschaftliche Gesellschaft für Erdöl, Erdgas und Kohle e.V
Energy Workforce and Technology Council
Enserva Canada - Human Resources and Health & Safety Council
European Geothermal Energy Council (EGEC)
Fraunhofer Institute
Global Carbon Capture Institute (GCCSI)
Global Geothermal Alliance (GGA)
Hydrogen Europe
Indonesian Geothermal Association (INAGA)

International Association of Drilling Contractors (IADC)
International Association of Oil & Gas Produceers (IOGP)International Energy Forum (IEF) Global Energy Solutions Initiative (GESI) Round Table
International Renewable Energy Agency (IRENA)
Asociacion Geotermica Mexicana (AGM)
IOGP–International Petroleum Industry Environmental Conservation Association (IPIECA)
National Geothermal Association of the Philippines (NGAP)
Negros Oriental State University (NORSU), Philippines
Offshore Technology Conference Network
Payne Institute – Colorado School of Mines
Petroleum Services Association of Canada
Petroleum Technology Research Centre (PTRC), Canada
Project Innerspace [501(c)3 non-profit focused on expanding the use of geothermal energy globally]
Rig Automation and Performance Improvement in Drilling (RAPID) Research Consortium
Scottish Development International
Society of Petroleum Engineers

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2-28

Membership Associations (continued)

Stanford Natural Gas Initiative (NGI)
Texas Geothermal Energy Alliance (TXGEA)The Cynthia and George Mitchell Foundation
The University of Texas at Austin’s RAPID and CODA Consortia
University of Louisiana – Lafayette, USA
U.S. Department of Energy (DOE) Geothermal Technologies Office (GTO) Frontier Observatory for Research in Geothermal Energy (FORGE)
TU Bergakademie Freiberg Institut für Bohrtechnik und Fluidbergbau
Turkish Geothermal Energy Association (Jeotermal Enerji Degerni, JED)
United Nations Global Compact
Well Construction, Decommissioning and Abandonment (CODA) Research Consortium
World Geothermal Congress (WGC)
Offshore Energies UK (OEUK)

2-29

Approach to stakeholder engagement

Stakeholder Engagement p 26

2-30

Collective bargaining agreements

Freedom of Association p 47;
Trade union/EE Forum members as % of total Company HC: ~17% in 2023, compared to 13% in 2022

3-1

Process to determine material topics

Our Priority Topics p 24; Stakeholder Engagement p 26

3-2

List of material topics

Our Priority Topics p 24

3-3; 11.20.1; 11.21.1;
Sector 11 TopicManagement categories

Management of material topics

Our Priority Topics p 24

201-1; 11.14.2; 11.21.2

Direct economic value generated
and distributed

Form 10-K 2023 see p 2, 7, 26 - 40 (Management’s Discussion and Analysis of Financial Condition and Results of Operations Section), 30, 46, and 59; Form 8-K 1 February 2024 p 5201-2; 11.2.2

Financial implications and other risks andopportunities due to climate change

Form 10-K 2023

201-4; 11.21.3

Financial assistance received fromgovernment

Form 10-K 2023

MATERIAL TOPICSECONOMIC PERFORMANCE

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LOCATION & DATAMARKET PRESENCE
202-2; 11.11.2; 11.14.3

203-2; 11.14.5

DISCLOSURES

74

LOCATION & DATA

TAX
Proportion of senior management
hired from the local community

14%

INDIRECT ECONOMIC IMPACT
203-1; 11.14.4

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESInfrastructure investments
and services supported

Data not available

Significant indirect economic
impacts

Form 10-K 2023; none noted

Proportion of spending on
local suppliers

We allocated 88% of our procurement budget to suppliers local to oursignificant locations of operation. This commitment to sourcing locallynot only supports the economies of the regions where we operate, butalso strengthens our relationships with local communities and reduces
our environmental footprint through shorter supply chains.

207-1; 11.21.4

Approach to tax

Tax p 68 ;Tax Strategy Public Statement

207-2; 11.21.5

Tax governance, control,
and risk management

Tax p 68 ;Tax Strategy Public Statement

207-3; 11.21.6

Stakeholder engagement andmanagement of concerns related
to taxTax Strategy Public Statement; Form 10-K 2023

207-4; 11.21.7

Country-by-country reporting

Tax Strategy Public Statement; Form 10-K 2023

302-1; 11.1.2

Energy consumption
within the organization

Climate: Energy and Emissions Management p 32;
Greenhouse Gas Emissions Summary Tables p 84

302-2; 11.1.3

Energy consumption
outside the organization

Data not available

PROCUREMENT PRACTICES
204-1; 11.14.6

ANTI-CORRUPTIONENERGY

205-1; 11.20.2

Operations assessor risks
related to corruption

Form 10-K 2023 - Part 1, Item 1A(Business and Operational Risks)302-3; 11.1.4

Energy intensity

205-2; 11.20.3

Communication and training
about anti-corruption policies
and procedures

Form 10k 2023 - Part 1, Item 1A(Business and Operational Risks); Anti-corruption p 62;
Responsibility In Supply Chain p 66;
2023: 100% of onboarded employees are required;
100% of Board of Directors as of report publish

Climate: Energy and Emissions Management p 32;
Greenhouse Gas Emissions Summary Tables p 84 ;Revenue for respective year: Form 10-K 2023
Types included: Scope 1 & 2

302-4

Reduction of energy consumption

Climate: Energy and Emissions Management p 32;
Greenhouse Gas Emissions Summary Tables p 84 ;Types included: Scope 1 & 2

Confirmed incidents ofcorruption and action taken

Responsibility In Supply Chain p 66; Anti-corruption p 62;
Supplier Code of Business Conduct Confirmed incident of corruption - 4
Employees dismissed or disciplined - 0
Public legal cases - 0
All 4 incidents were improper offer for payment to employee by
third-party supplier. All offers were refused by employee.

303-1; 11.6.2

Interactions with water
as a shared resource

Water and Resource Management p 39

303-2; 11.6.3

Management of water
discharge-related impacts

N/A: Weatherford does not discharge industrial wastewater. All industrial
wastewater is collected, transported, and disposed by third party
disposal companies in accordance with the waste management standard.

303-3; 11.6.4

Water withdrawal

Water and Resource Management p 39

205-3; 11.20.4; 11.20.6

ANTI-COMPETITIVE BEHAVIOR
206-1; 11.19.2

Legal actions foranti-competitive behavior,anti-trust, and monopoly practices

Anti-Competition p 63
Form 10-K 2023 - Part ;1, Item 3 (Legal Proceedings)

WATER AND EFFLUENTS

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LOCATION & DATAWATER AND EFFLUENTS (CONTINUED)
303-4; 11.6.5

DISCLOSURESLOCATION & DATAEMISSIONS (CONTINUED)
Water and Resource Management p 39;
Third-Party - 488.82 Megaliters; Groundwater - 0; Surface water - 0;
Seawater - 0; Other Water - 0; Water Stress Areas - 0 ; Weatherford does notdischarge effluents to bodies of water, effluents are only discharged to third
parties (i.e. discharged to municipal sewer systems, or transported to private
wastewater treatment plants) and the effluents satisfy all applicablerequirements and local regulations for such discharges

305-7; 11.3.2

306-1; 11.5.2

Waste generation and significant waste
related impacts

Water consumption

Total - 488.82 Megaliters; No changes in water storage occurred in 2023

306-2; 11.5.3

Management of significant waste-related
impacts

Operational sites owned,
leased, managed in, or
adjacent to protected acres
and areas of high biodiversity
value outside protected areas

Protecting Biodiversity and Ecosystem p 42306-3; 11.5.4; 11.8.2

Waste generated

306-4; 11.5.5

Waste diverted from disposal

304-2; 11.4.3

Significant impacts ofactivities, products, andservices on biodiversity

Protecting Biodiversity and Ecosystem p 42306-5; 11.5.6

Waste directed to disposal

304-3; 11.4.4

Habitats protected or restored

Protecting Biodiversity and Ecosystem p 42

304-4; 11.4.5

IUCN Red List species andnational conservation list
species with habitats in areas
affected by operations

Protecting Biodiversity and Ecosystem p 42

303-5; 11.6.6

Water discharge

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESBIODIVERSITY
304-1; 11.4.2

Nitrogen oxides (NOX), sulfur oxides (SOX),
and other significant emissions

WASTE

Significant spills

EMISSIONS
Direct (scope 1)
GHG emissions

305-2; 11.1.6

Energy indirect (scope 2)
GHG emissions

305-3; 11.1.7

Other indirect (scope 3)
GHG emissions

305-4; 11.1.8

GHG emissions intensity

305-5; 11.2.3

Reduction of GHG emissions

305-6

Emissions of ozone-depleting
substances (ODS)

Waste p 40;
Water and Waste Environmental Data p 86

EFFLUENTS AND WASTE
306-3; 11.8.2

305-1; 11.1.5

No data available

Hazardous Substance Management and Spill Prevention p 41;
Form 10-K 2023;
792 US gallons of Industrial water
528 US gallons of Drilling fluid
264 US gallons of Wellube lubricant
52 US gallons of Brine mixed with traces of Xylene
79 US gallons of oil-based mud
73 US gallons of HW-525 (Water-based hydraulic fluid)

SUPPLIER ENVIRONMENTAL ASSESSMENT
308-1

New suppliers that were screened using
environmental criteria

Responsibility in Our Supply Chain p 66;
100% of new suppliers are screened for environmental criteria. Screening varies depends on the product/service
and related risk.

308-2

Negative environmental impacts in the
supply chain and actions taken

Responsibility in Our Supply Chain p 66

Climate: Energy and Emissions Management p 32;
Greenhouse Gas Emissions Data p 83-85

No data available

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INDICESLOCATION & DATAEMPLOYMENTDISCLOSURESLOCATION & DATAOCCUPATIONAL HEALTH AND SAFETY (CONTINUED)

401-1; 11.10.2

New employee hires and employee turnoverSocial p 43; Recruitment & Retention p 45;
Annualized turnover for the enterprise was 11%; M - 11%; F - 10.27%
Turnover: Under 17 - 0; 17 - 19 - 2; 20-29 - 381; 30-39 - 794; 40-49 - 496;
50-59 - 196; 60 and Above - 67 Female - 200;
Male - 1736 ASIA - 425; EUA - 495; KSA - 416; LAM - 1407; MENA - 988; NAM
1497; RUS - 828
Hires: Under 17 - 0; 17- 19 - 32; 20-29 - 1287; 30-39 - 1212; 40-49 - 713;
50-59 - 242; 60 and Above - 64
Female - 507; Male - 3042
ASIA - 244; EUA - 232; KSA - 268; LAM - 813; MENA - 629; NAM - 719; RUS - 466

401-2; 11.10.3

Benefits provided to full-time
employees that are not provided
to temporary or part-time
employees

Disability, Health, Life, Retirement, Parental Leave; PTO

401-3; 11.10.4; 11.11.3

Parental leave

Weatherford's parental leave policies vary to meet country-specificrequirements and expectations. Weatherford recently published a maternity
leave policy that provides a minimum of 8 weeks paid leave, unless a country
has a greater benefit, in which case Weatherford matches the minimum
statute. In 2022, the Company increased the US maternity leave benefit from
8 weeks to 12 weeks with pay.

403-6; 11.9.7

Promotion of worker health

Health and Safety p 50-54; Employees voluntarily enroll in
health coverage and may see any healthcare provider of his/her choosing. They have access to a benefits enrollment
guide that explains the coverage options and has a windowof time (determined by regulatory compliance) to make theirelections. Once enrolled, the employees are provided with insurance ID cards, which they may present to their healthcare
providers to file claims. This is inclusive of medical, dental
and vision services. Minimal essential information is shared
between the Company and the insurance carriers to ensure
HIPAA regulatory compliance is maintained in the treatment
and payment of healthcare. Internal access to employee
information is also limited to the Benefits team.

403-7; 11.9.8

Prevention and mitigation of occupational
health and safety impacts directly linked bybusiness relationships

Health and Safety p 50-54; Responsibility in Our Supply Chain
p 66; Customer Health and Safety p 54; Health, Safety, andEnvironment (HSE) functions are strategically placed across
all Weatherford operations. They minimize workplace hazards
and risks through clear communication, risk elimination,
adherence to standards, and setting KPIs. Leadership site
engagements by executives and risk assessments by productline leadership and HSE are key components. Each locationassesses and mitigates health risks, adhering to local
regulations.

403-8; 11.9.9

Workers covered by an occupational healthand safety management system

Health and Safety p 50-54

403-9; 11.9.10

Work-related injuries

Health and Safety p 50-54;
Weatherford Safety Performance Metrics
Hours worked: 2023 - 68,069,970
Recordables: 2023 - 75
Lost-time Injuries: 2023 - 20
TRIR (x 200,000): 2023 - 0.22
TRIR (x1,000,000): 2023 - 1.10

LABOR / MANAGEMENT RELATIONS
402-1; 11.7.2; 11.7.4;
11.7.5; 11.7.6; 11.10.5

76

Minimum notice periods
regarding operational changes

Notice periods vary from country to country, as per local laws, and somerequirements within union collective bargaining agreements.

OCCUPATIONAL HEALTH AND SAFETY
403-1; 11.9.2

Occupational health andsafety management system

Health and Safety p 50-54; RADAR p 52

403-2; 11.9.3

Hazard identification, andincident investigation

Health and Safety p 50-54; RADAR p 52

403-3; 11.9.4

Occupational health services

Health and Safety p 50-54

403-4; 11.9.5

Worker participation,
consultation, and communication on occupational health andsafetyHealth and Safety p 50-54

403-5; 11.9.6

Worker training on occupational
health and safety

Health and Safety p 50-54

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGDISCLOSURESENVIRONMENTSOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTLOCATION & DATAOCCUPATIONAL HEALTH AND SAFETY (CONTINUED)
403-10; 11.9.11

Work-related ill health

Health and Safety p 50-54; Weatherford Safety Performance Metrics

404-1; 11.7.2; 11.10.6;
11.11.4

Average hours of training per year per
employee

Recruitment and Retention p 45; Developing Our Talent p 47;
Average hours training annually in 2023 not including on-the-job training and competency: Full-time - 28.23; per Male - 28.76; per Female 24.09
Average hours by employee category: Contract - 11.68; Full-time - 28.23; Short-service - 29.72

404-2; 11.7.3; 11.10.7

Programs for upgrading employees skills andtransition assistance programs

On a continued commitment to develop our key talent bench-strength from frontline through senior leadership audience. Programs and content are targeted to the various tiers of the organization, allowing fora structured development pathway and applied learning relevant to their roles.

TRAINING AND EDUCATION

•
•
•
•
404-3

Percentage of employees receiving regularperformance and career development
reviews

Early Career - Internship Program for Functions l NextGen Field Engineer Program l Technical Career Paths
Frontline Management - Leadership Essentials Program l Business Acumen
Mid to Senior Management - Leadership Excellence and Acceleration Program (LEAP) l Talent Dev Centre l Project Management
Leadership - Executive Development Program

98% of employees completed Performance Appraisals in 2023, which include discussions on performance management, career goals, and alignment to Company objectives.

DIVERSITY AND EQUAL OPPORTUNITY
405-1; 11.11.5

Diversity of governance bodies andemployees

Board Diversity p 59; 16% Female, 16% African American or Black, 16% Asian
Note: The Board of Directors Matrix and diversity disclosures align with the Nasdaq Board Diversity Rule; Proxy Statement 2024405-2; 11.11.6

Ratio of basic salary and remunerationof women to men

Proxy Statement 2024

Incidents of discrimination and corrective
actions taken

A review of Weatherford’s Listen Up Ethics Hotline data reveals that there were 25 reported incidents of discrimination during the 2023 reporting period. Note that this includes only those incidents raised via
the Hotline or referred to the Hotline response/investigative team. It does not include any formal discrimination claims that may have been filed with external legal tribunals or local authorities. All incidents of
discrimination reported via Weatherford’s Listen Up Ethics Hotline are reviewed by the Associate General Counsel for Global Investigations and are assigned out for investigation or referred to the relevant local
HR personnel. Thus, all 25 reported incidents have been reviewed or are under review. Not all reported incidents of discrimination can be substantiated, so remediation and/or disciplinary action may not benecessary/appropriate for all reported incidents. Even in cases where discrimination is not substantiated, the Company may nevertheless impose disciplinary action (termination, written warnings, verbal warning/counseling) and/or other remediation action (coaching/training) for otherwise unsatisfactory behavior that does not align with the Company’s expectations. In some instances, external parties are alleged
to be responsible for acts of discrimination, in which case the scope of the Company’s investigation may be limited; the Company nevertheless endeavors, where appropriate, to report the alleged conduct tothe implicated person’s employer for further investigation/resolution and to encourage that appropriate remediation/disciplinary action be taken. In all cases in which a Company employee is implicated, theCompany investigates the matter to conclusion (or refers the case onward to the relevant local HR personnel) and takes all remediation/disciplinary actions deemed appropriate to ensure the incidents are nolonger subject to action. Of the 25 incidents reported in 2023, 25 are subject to no further action, and none remains under active investigation.

NON-DISCRIMINATION
406-1; 11.11.7

FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING
407-1; 11.13.2

Operations and suppliers in which the rightto freedom of association and collective
bargaining may be at risk

The Company does not engage in campaigning for trade union membership on behalf of unions. However, Weatherford adheres to the principle of Freedom of Association as set forth in the International Labor
Organization (ILO) Convention: Freedom of Association and Protection of the Right to Organize (No. 87 of 1948), as well as compliance with local laws.
Freedom of Association p 47

77

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORTLOCATION & DATAFORCED OR COMPULSORY AND CHILD LABOR
408-1; 409-1; 11.12.2

Operations and suppliers at significant risk
for incidents of child, forced or compulsory
labor

Our Foundation of Ethics and Integrity in Our Business Conduct p 59; Business Conduct, Ethics, and Compliance p 61; Human Rights in Our Workforce p 63; Responsibility in Our Supply Chain p 66:
Weatherford conducts employee training on our Code of Business Conduct and the related polices thereunder, including our Human Rights Standard. This is done through an online interactive training toolwith attendance deemed compulsory and participation monitored. Additionally, our Geozone Compliance Counsels conduct live training at least every two years (either virtually or in-person) throughout their
Geozones. This is done as targeted training, with some employees participating as regularly as is deemed appropriate for their role. Topics include our prohibition of forced/child labor, our expectation of fairtreatment and non-retaliation, modern slavery risks internally and in our supply chain and the need for a safe work environment for all personnel.

Security personnel trained in human rights
policies or proceduresEnterprise Risk Management p 64; Supporting our Local Communities p 55; Human Rights in Our Workforce p 63; Responsibility in Our Supply Chain p 66
100% of security personnel completed the IS005 accredited Voluntary Principles on Security and Human Rights VPSHR manager course in 2022. In 2023, the Security function is enhancing acknowledgment of
the VPSHR code in security vendor contracts.

SECURITY
410-1; 11.18.2

RIGHTS OF INDIGENOUS PEOPLE
411-1; 11.17.2; 11.17.3;
11.17.4

Incidents of violations involving rights ofindigenous peoples

Our Priority Topics p 24; Social p 43; The Company received no reports in 2023 via its Listen Up/whistleblower hotline reporting violations involving rights of indigenous peoples. Accordingly, there are no
incidents for which status updates are available

413-1; 11.15.2

Operations with local community
engagement, impact assessments, anddevelopment programs

Stakeholder Engagement p 26; Our Priority Topics p 24; Supporting Our Local Communities p 55
The Company is not aware any local community grievances or any situations against WFRD of involuntary settlement.

413-2; 11.15.3; 11.15.4

Operations with significant actual andpotential negative impacts on local
communities

Stakeholder Engagement p 26; Our Priority Topics p 24; Supporting Our Local Communities p 55
The Company is not aware any local community grievances or any situations against WFRD of involuntary settlement.

LOCAL COMMUNITIESSUPPLIER SOCIAL ASSESSMENT
414-1; 11.10.8; 11.12.3

New suppliers that were screened usingsocial criteria

Responsibility in Our Supply Chain p 66;
100% of new suppliers are screened for social criteria related to human rights, business code of conduct, supplier diversity, occupational health and safety, child labor, and forced or compulsory labor.

414-2; 11.10.9

Negative social impacts in the supply
chain and actions taken

Responsibility in Our Supply Chain p 66
0 - We did not identify any suppliers with significant actual or potential negative social impacts requiring improvements. While we maintain stringent standards throughout our supply chain, our commitment toongoing dialogue and collaboration with suppliers ensures that any potential concerns are addressed promptly and effectively, thereby minimizing the likelihood of negative social impacts.

Political contribution report

Political Contributions p 68; Code of Business Conduct;
Funds contributed to political parties, leaders, or candidates using Weatherford funds or on Company's behalf - $0

PUBLIC POLICY
415-1; 11.2.4; 11.22.2

CUSTOMER HEALTH AND SAFETY
416-1; 11.3.3

Assessment of the health and safety impacts
of product and service categories

Health and Safety p 50; Customer Health and Safety p 54; Safety in Our Products and Services p 54

Substantiated complaints concerning
breaches of customer privacy and losses ofcustomer data

Data Privacy and Cyber Security p 65;
The Company has no knowledge of substantiated complaints received concerning breaches of customer privacy, customer data leaks, thefts, or losses of customer data from outside partiesor regulatory bodies.

CUSTOMER PRIVACY
418-1

78

BUSINESS OVERVIEW

SASB
TOPIC

SUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESCODEACCOUNTING METRICREFERENCE

Emission reduction services
and fuels management

EM-SV-110a.1

Total fuel consumed, percentage renewable, percentage used in (1) on-road-equipment and vehicles and(2) off-road equipment

Data not available

Emission reduction services
and fuels management

EM-SV-110a.2

Discussion of strategy or plans to address air emissions-related risks, opportunities, and impacts

Message from our CEO p 3; Sustainable Innovation p 12; Environment p 27

Emission reduction services
and fuels management

EM-SV-110a.3

Percentage of engines in service that meet Tier 4 compliance for non-road diesel engine emissions

Data not available

Water Management Services

EM-SV-140a.1(1) Total volume of fresh water handled in operations; (2) percentage recycled

Fresh - 488.82 Megaliters; Recycled - Data Not Available; Water and Resource Management p 39

Water Management Services

EM-SV-140a.2

Discussion of strategy or plans to address water consumption and disposal-related risks, opportunities, andimpacts

Water and Resource Management p 39

Chemicals Management

EM-SV-150a.1

Volume of hydraulic fracturing fluid used, percentage hazardous

Standard not applicableChemicals Management

EM-SV-150a.2

Discussion of strategy or plans to address chemical-related risks, opportunities and impacts

Hazardous Substances Management and Spill Prevention p 41; Health and Safety p 50

Ecological Impact Management

EM-SV-160a.1

Average disturbed acreage per (1) oil and (2) gas well siteStandard not applicable

Ecological Impact Management

EM-SV-160a.2

Discussion on strategy or plan to address risks and opportunities related to ecological impacts from core
activities

Biodiversity p 42

Workforce Health & Safety

EM-SV-320a.1(1) Total recordable incident rate (TRIR), (2) fatality rate, (3) near miss frequency rate (NMFR), (4) total vehicle
incident rate (TVIR), and (5) average hours of health,safety, and emergency response training for (a) full time
employees, (b) contract employees, and (c) short-service employees"TRIR (Employee) - 0.22
NMFR (Employee) - 16.48
TVIR 0.54

Workforce Health & Safety

EM-SV-320a.2

Description of management systems used to integrate to a culture of safety throughout the value chain andproject lifecycles

Hazardous Substances Management and Spill Prevention p 41; Health and Safety p 50;
Responsibility in Our Supply Chain p 66; Customer Health and Safety p 54; Safety in our Products and Services p 54

Business Ethics & Payment
Transparency

EM-SV-510a.1

Amount of net revenue in countries that have 20 lowest rankings in Transparency International's Corruption
Perception Index

0.62%

Business Ethics & Payment
Transparency

EM-SV-510a.2

Description of management systems used for prevention of corruption and bribery throughout the value
chain

Ethics & Compliance p 61;
Code of Business Conduct

Management of the Legal& Regulatory Environment

EM-SV-530a.1

Discussion of corporate position related to government regulation and/or policy proposals that addressenvironmental and social factors affecting the industry

Code of Business Conduct ;Conflicts Minerals Policy ;Modern Slavery Act & Supply Chains Act

Critical Incident
Risk Management

EM-SV-540a.1

Description of management systems used to identify and mitigate catastrophic and tail-end risks

Quantifying Climate Risk and Opportunity p 37; Hazardous Substances Safety p 54; Health and Safety p 50;
Enterprise Risk Management p 64

Business Activities

EM-SV.000.A

Number of active rig sites

Standard not applicable

Business Activities

EM-SV.000.B

Number of active rig sites

Standard not applicable

Business Activities

EM-SV.000.C

Number of active rig sites

Standard not applicable

Business Activities

EM-SV.000.D

Total number of hours worked by all employees

68,069,970

OIL AND GAS SERVICES

Avg hrs of HSE training (Employee) - 5.11
Avg hrs of HSE training (Contract) - 2.55
Avg hrs of HSE training (Short-Service) - 3.71”

79

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INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT

TCFD
TCFD RECOMMENDATIONDISCLOSURE REFERENCE

GOVERNANCE
Describe the board's oversight of climate-related risk and opportunities

Our Approach to ESG p 20; Leadership and Oversight p 22; ESG Governance p 23; Climate: Risks and Opportunity p 37; Board of Directors p 59-60

Describe management's role in assessing and managing climate-relatedrisks and opportunities

Message from our CEO p 3; Our Approach to ESG p 20; Leadership and Oversight p 22; ESG Governance p 23; Climate: Risks and Opportunity p 37; Board of Directors p 59-60

STRATEGY
Describe the climate-related risks and opportunities the organization has
identified over the short, medium, and long-term

Climate: Risks and Opportunity p 37

Describe the impact of climate-related risks and opportunities on theorganizations business, strategy, and financial planning

Climate: Risks and Opportunity p 37

RISK MANAGEMENT
Describe the organization's processes
for identifying and assessing climate-related risks.

Climate: Risks and Opportunity p 37

Describe the organization's processes for managing climate-related risks.

Climate: Risks and Opportunity p 37; Environment p 27

Describe how processes for identifying, assessing, and managing
climate-related risks are integrated into the organization's overall risk
management.

Climate: Risks and Opportunity p 37; Our Approach to ESG p 20

METRICS AND TARGETS
Disclose the metrics used by the organization to assess climate-relatedrisks and opportunities in line with its strategy and risk
management process.

Climate: Risks and Opportunity p 37; Environment p 27; Indices (Disclosures 302-308) p 74-75; Details on Our Environmental Data p 83-86

Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas(GHG) emissions and the related risks.

Climate: Risks and Opportunity p 37; Climate: Energy and Emissions p 32; Indices (Disclosures 302-308) p 74-75; Details on Our Environmental Data p 83-86

Describe the targets used by the organization to manage climate-relatedrisks and opportunities and performance against targets.

Climate: Risks and Opportunity p 37; Environment p 27; Details on Our Environmental Data p 83-86

80

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WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICESUNGC COP#

DESCRIPTIONDISCLOSURE

1Period Covered by Communication on Progress

January - December 2023

2

Statement of Continued Support by the Chief Executive Officer

p 3; p 25

Principle 1: Businesses should support and respect the protection of internationally proclaimed
human rights; andp 59-63

Principle 2: Make sure that they are not complicit in human rights abuses.

p 59-63; p 66

Principle 3: Businesses should uphold the freedom of association and the effective recognition of theright to collective bargaining;

p 47 GRI 2-30

Principle 4: the elimination of all forms of forced and compulsory labour;

p 59-63; p 66

Principle 5: the effective abolition of child labour;

p 59-63; p 66

Principle 6: the elimination of discrimination in respect of employment and occupation

p 44-49

Principle 7: Businesses should support a precautionary approach to environmental challenges;

p 20; p 28; p 37; p 69

Principle 8: undertake initiatives to promote greater environmental responsibility; andp 27-42

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

p 12-19

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

p 61-62

ESG Performance: Key Highlights & Commitment at-a-Glance

p 10

GRI Index

p 70

SASB Index

p 79

TCFD Index

p 80

GENERAL DISCLOSURESHUMAN RIGHTS
3

LABOUR
4ENVIRONMENT
5

ANTI-CORRUPTION
6MEASUREMENT OF OUTCOMES

81

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GOVERNANCE

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES82

INDEPENDENT ACCOUNTANTS' REVIEW REPORTTo the Board of Directors
Weatherford International plc
REPORT ON SCOPE 1 AND SCOPE 2 EMISSIONS AND RELATED DISCLOSURESIN WEATHERFORD INTERNATIONAL PLC’S 2023 SUSTAINABILITY REPORT
Conclusion
We have reviewed whether Weatherford International plc’s (the Company)
Scope 1 and Scope 2 emissions and related disclosures, insofar andsolely as they relate to Scope 1 and Scope 2 emissions, (the Subject
Matter) appearing on pages 83-85 of the Company’s 2023 Sustainability
Report (the Report) for the years ended December 31, 2023 and 2019
have been prepared in accordance with the reporting criteria set forth in
the Basis of Presentation disclosure on page 83 (the Criteria).
Based on our review, we are not aware of any material modifications thatshould be made to the Subject Matter for the years ended December
31, 2023, and 2019 in order for it to be prepared in accordance with theCriteria.
Our conclusion on the Subject Matter does not extend to any otherinformation that accompanies or contains the Subject Matter andour report.
Basis for Conclusion
Our review was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants inthe versions of AT-C section 105, Concepts Common to all Attestation
Engagements, and the AT-C sections 210, Review Engagements thatare applicable as of the date of our review. We are required to be independent and to meet our other ethical requirements in accordance with
relevant ethical requirements related to the engagement. We believe thatthe evidence we have obtained is sufficient and appropriate to provide a
reasonable basis for our conclusion.

Emphasis of Matter
As described in the GHG Emissions Base Year disclosure within the
Subject Matter, the Company recalculated its Scope 1 emissions for 2019
due to revisions to its mobile combustion methodology.
Our conclusion is not modified in respect of this matter.
Responsibilities for the Subject Matter
Management of the Company is responsible for:Summary of the Work We Performed as the Basis for Our Conclusion
We exercised professional judgment and maintained professional
skepticism throughout the engagement. We designed and performed
our procedures to obtain evidence that is sufficient and appropriate toprovide a basis for our conclusion. Our procedures selected depended
on our understanding of the Subject Matter and other engagement
circumstances, and our consideration of areas where material
misstatements are likely to arise. In carrying out our engagement,
we performed procedures that consisted primarily of:◾

designing, implementing and maintaining internal control relevantto the preparation of the Subject Matter such that it is free frommaterial misstatement, whether due to fraud or error;◾

inquiring of management to obtain an understanding of themethodologies and inputs used in preparing the Subject Matter;◾

evaluating management’s application of the methodologies;◾

selecting or developing suitable criteria for preparing the Subject
Matter and appropriately referring to or describing the criteria used;and◾

inspecting a selection of supporting documentation for activity data;◾

performing analytical procedures;

preparing the Subject Matter in accordance with the Criteria.

◾

considering the appropriateness of emission factors used andestimates;

Inherent Limitations in Preparing the Subject Matter◾

recalculating a selection of the underlying subject matter; andAs described in the Estimation Uncertainties disclosure within the
Subject Matter, the preparation of the Scope 1 and Scope 2 emissions
is subject to estimation uncertainties resulting from the limitations
inherent in the methodologies used to calculate energy and emissions
for the subset of facilities and activities where actual use data is notavailable. The selection by the Company’s management of these different,
but acceptable, measurement techniques could have resulted inmaterially different measurements.

◾

comparing the disclosures in the Report about the Subject Matterto the underlying methodologies, inputs, estimates and assumptions
reviewed.

◾

Our Responsibilities
The attestation standards established by the American Institute ofCertified Public Accountants require us to:◾

plan and perform the review to obtain limited assurance about
whether any material modifications should be made to the Subject
Matter in order for it to be prepared in accordance with the Criteria;
and◾

express a conclusion on the Subject Matter based on our review.

The procedures performed in a review vary in nature and timing from,and are substantially less in extent than, an examination, the objective of
which is to obtain reasonable assurance about whether the subject
matter information is prepared in accordance with the criteria, in allmaterial respects, in order to express an opinion. Because of the limited
nature of the engagement, the level of assurance obtained in a review issubstantially lower than the assurance that would have been obtained
had an examination been performed.

Houston, TX
August 6, 2024

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT83

DETAILS ON OUR ENVIRONMENTAL DATAThe Details on our Environmental data have been prepared based on a calendar reporting year for 2019, from January 1, 2019 through December 31, 2019, and for calendar reporting year 2023, from January 1, 2023 throughDecember 31, 2023, corresponding to the Company’s fiscal years.

GREENHOUSE GAS (GHG) EMISSIONS DATA
Basis of Presentation
GHG emissions have been prepared using the identification and calculation criteria within WRI/WSCSD GHG Protocol: A Corporate Accounting and Reporting Standard, Revised Edition; Scope 2 Guidance: An Amendment to the GHG
Protocol Corporate Standard; and, to the extent presented, Scope 3 emissions were identified and calculated using Corporate Value Chain (Scope 3), Accounting and Reporting Standard (collectively, the GHG Protocol).

GHG Organizational Boundary†
The Company utilizes the operational control approach as its organizational boundary, accounting for emissions from operations across our wholly and majority owned companies and subsidiaries over which we have the fullauthority to introduce and implement operating policies.

Operational Boundaries†
The Company includes Scope 1 emissions from the combustion of fuels on-site at facilities, including natural gas, gasoline, diesel, distillate, kerosene, propane, residual fuel oil, and industrial gases. Scope 1 also includes offsite
activities related to transportation in our Company fleet, long-term leased Company fleet, and purchased fuels utilized by our equipment in field operations.
While our Scope 1 emissions include purchased industrial gases, fugitive emissions from the release of GHG compounds related to refrigerants, and fire suppression systems are not yet included, as robust methods to calculatethese are not yet available.
Scope 2 location-based includes emissions from the purchase of electricity, heat, steam, and cooling, consumed on-site at our owned and long-term leased facilities within our organizational boundary. While the Company
sources both renewable and non-renewable energy, a market-based method has not yet been applied to Scope 2 emissions, as such, renewable energy certificates (RECs), and energy attribute certificates (EACs) have notbeen applied against the emission totals.
The reported Scope 3 categories have been expanded from prior year and include all relevant categories for which we can obtain available data at this time. We are continuing to expand our processes to quantify emissions for otherrelevant scope 3 activities.

†

Denotes information, insofar as it relates to Scope 1 or Scope 2 GHG emissions, was subject of independent accountants’ limited assurance. See Independent Accountants’ Review Report on page 82.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTGreenhouse Gas Emissions Summary Tables
SCOPE 1 AND 2 EMISSIONS (mT CO2e)

2019

2023

Scope 1

158,112†116,153†

Scope 2 – Location Based

77,306†

63,050†Total Scope 1 and 2 Emissions†

235,418

179,203

SCOPE 1 AND 2 INTENSITY (mT CO2e per $M Revenue)

2019

2023

Scope 1

30.3

22.62

Scope 2 - Location Based

14.8

12.28

Total Scope 1 and 2 Intensity

45.2

34.9

SCOPE 3 EMISSIONS (mT CO2e) BY CATEGORY

2023

1 – Purchased goods and services

595,578

2 – Capital goods

13,844

3 – Fuel and Energy-Related Activities Not Included in Scope 1 or Scope 2

46,348

4 – Upstream transportation and distribution

55,5525 – Waste generated in operations

26,984

6 – Business travel

20,942

7 – Employee commuting

38,902

9 – Downstream transportation and distribution

16,82715 - Investments

140,474

FOOTPRINT BREAKDOWN BY GHG (mT CO2e)†

SOCIAL

GOVERNANCE

GHG Emissions Base Year†

Scope 1 and 2 Intensity

The Company has established 2019 as the base year for Scope 1 and 2
emissions as it best represents pre-COVID-19 pandemic operations, post
Company restructuring in 2019. The Company has established a policy
to recalculate Scope 1 or Scope 2 base year emissions if there is anadjustment such as acquisition, divestiture, or change in the calculation
methodology that exceeds a 5% significance threshold per year per scope,
individually or in aggregate. In 2023, the Company recalculated our Scope
1 emissions for 2019 due to revisions to our mobile combustion methodology. See Calculation Methodologies on the next page. Reported 2019
emissions presented reflect these adjustments.

CO₂e intensity included in this report includes total Scope 1 and 2
emissions in metric tons per each million dollars revenue in therespective year as disclosed in the Company's Form 10-K Filings.

Estimation Uncertainties†
The Company obtains energy use data, to the extent available, from acrossour global operations for the calculation of our GHG inventory using
methods of the GHG Protocol. However, there are estimation uncertainties
resulting from the limitations inherent in the methodologies used to
calculate energy and emissions for the subset of facilities and activities
where actual use data is not available. The selection by the Company’s
management of these different, but acceptable, measurement techniques
could have resulted in materially different measurements.

ALL SCOPES REPORTED

2023

Greenhouse Gases Covered†CO₂886,732CH₄

164,156

N₂O

16,069

HFCs

9,375

PFCs

1,153

SF₆

1,486

Emissions data is provided in metric tons for each GHG separately in Co₂e.
GHG Scope 1 and 2 emissions disclosed include the following greenhousegases: carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O). The
other greenhouse gases have been omitted as they are not material
sources of Scope 1 or 2 emissions for the Company. Scope 3 emissions
include all 7 greenhouse gases disclosed, and gases listed as Other GHGs
is a mix of gases that could not be clearly segregated out due to the natureof the Emission Factor used. Emission Factors sets across all reported
scopes are described in the Calculation Methodologies and Emission
Factor Sets table within this section.

NF₃

110

Other GHGs (CO₂, CH₄, N₂0)

55,573ENERGY CONSUMPTION (MWh)

2019

2023

Scope 1

683,083

484,734

Scope 2

229,475

179,286

Scope 1 & 2 Energy Consumption

912,558

664,020

Total Scope 1 & 2 Energy Consumption per $M Revenue

175.0

129.3

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES

Offsets

The Company strategy continues to be centered on exhausting carbon
reduction pathways for our carbon footprint prior to considering carbon
offsets. No offsets are included in this report.

Global Warming Potential (GWP)†The Company utilized the International Panel of Climate Change (IPCC)
Fourth Assessment (AR4) to calculate Scope 1 and 2 GHG emissions.
For Scope 3, the Company utilized IPCC AR4 except when publishedemission factors use the Fifth Assessment (AR5).

Denotes information, insofar as it relates to Scope 1 or Scope 2 GHG emissions, was subject of independent accountants’ limited assurance. See Independent Accountants’ Review Report on page 82.

84

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INDICES

85

Calculation Methodologies and Emission Factor Sets are as follows:
Scope / Category

Calculation Method

Global Warming Potential Set

Emission Factor Set

Scope 1

Stationary: Fuel-Based: Fuel TypeAll years – IPCC Fourth Assessment Report (AR4)2019:
Stationary: IPCC 2006 Guidelines for National Greenhouse Gas Inventories, 2019 Refinement, UK Defra – Conversion Factors 2022, US EPA– Emission Factor Hub 2022
Mobile: US EPA – Emission Factor Hub 2022†

The Company assumes purchased data is representative of consumption data and therefore stationary combustion is calculated on
the quantity of fuel purchased. Where actual data is unknown, activity
data is estimated based on averages of similar facilities with known
fuel data.

2023:
Stationary: IPCC 2006 Guidelines for National Greenhouse Gas Inventories, 2019 Refinement, UK Defra – Conversion Factors 2023, US EPA– Emission Factor Hub 2023
Mobile: US EPA – Emission Factor Hub 2023

Mobile: Fuel-BasedFor 2019, global fleet vehicle data and US fuel data was obtained.
When fuel data was not available, consumption was estimated basedon US fuel averages of similar vehicles.
For 2023, global fleet vehicle data and global fuel data was obtained.
When fuel data was not available, consumption was estimated basedon global fuel averages of similar vehicles.
Scope 2†

Location-BasedAll years - IPCC Fourth Assessment Report (AR4)Where electricity usage data was unknown, estimations were madebased on historical data for that facility or similar facility within thegeographic region. For 2019, data was omitted for a small number offacilities. The impact is immaterial.

2019: US EPA – eGrid 2020, IEA International Electricity Factors (2022),
UK Defra – Conversion Factors 2022
2023: US EPA – eGrid 2021, IEA International Electricity Factors (2022),
UK Defra – Conversion Factors 2022

Scope 3 – Category 1 Purchased Goods & Services

Spend-Based: Industry – based on supplier NAICS codes

IPCC Fifth Assessment Report (AR5)US EPA - EEIO Factors 2.0.1-411 AR5

Scope 3 – Category 2 Capital Goods

Spend-Based: Industry – based on supplier NAICS codes

IPCC Fifth Assessment Report (AR5)US EPA - EEIO Factors 2.0.1-411 AR5Based on supplier NAICS codes. Data represents direct purchasecapital goods extracted from our primary ERP system. Remaining
capital goods are sourced from internal manufacturing and captured
in Category 1 Purchased Goods & Services.

†

Scope 3 – Category 3 Fuel and Energy Related Activities

Average-Data Based: Consumption

IPCC Fifth Assessment Report (AR5)UK DEFRA - Conversion Factors 2023, IEA 2023 / UK DEFRA 2023

Scope 3 – Category 4 Upstream Transportation & Logistics

Spend-Based: Industry – based on supplier NAICS codes

IPCC Fifth Assessment Report (AR5)US EPA - EEIO Factors 2.0.1-411 AR5

Scope 3 – Category 5 Waste

Waste-Type Specific

IPCC Fourth Assessment Report (AR4)UK DEFRA – Conversion Factors 2021

Scope 3 – Category 6 Business Travel

Commercial Air: Distance-BasedRail Travel & Taxi: Distance-Based where known, Spend-based: Industry for all others
Rental Car & Ride-Share & Personal mileage Reimbursement: SpendBased: Industry

IPCC Fourth Assessment Report (AR4)US EPA – Emission Factor Hub 2023, US EPA - EEIO Factors v1.0

Scope 3 – Category 7
Employee Commuting

Distance-Based, based on aggregated annual employee commuter
survey results

IPCC Fourth Assessment Report (AR4)UK DEFRA - Conversion Factors 2023

Scope 3 – Category 9
Downstream Transportation & Logistics

Spend-Based: Industry – based on supplier NAICS codes

IPCC Fifth Assessment Report (AR5)US EPA - EEIO Factors 2.0.1-411 AR5

Scope 3 – Category 15 Investments

Average-Data Based

IPCC Fifth Assessment Report (AR5)Exiobase - Monetary 3.8.2

Denotes information, insofar as it relates to Scope 1 or Scope 2 GHG emissions, was subject of independent accountants’ limited assurance. See Independent Accountants’ Review Report on page 82.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

INDICESWEATHERFORD 2023 SUSTAINABILITY REPORT86

WATER AND WASTE ENVIRONMENTAL DATA
The reported water and waste metrics were identified and calculated in accordance with applicable standards and guidance from the Global Reporting Initiative (GRI) Standard, and in alignment with Weatherford’s
OEPS Waste Management and Water Management standards.

Environmental Data Summary Tables
WASTE AND WATER

2019

2023

Water Withdrawn (Million Litres)

675

489

Waste Generated (Metric Tons)

59,43537,27067

47

Transported Effluents (Million Liters)

Organizational Boundaries
The Company follows the same boundaries for waste and water as Scope 1 and 2 GHG Emissions.

Water and Waste Base Year
The Company has established 2019 as the base year for water and waste metrics consistent with Scope 1 and 2 GHG emissions. For waste, 2019 data was restated to include more countries and aligned with the same year/all year
approach. For water, 2023 data was enhanced to include remaining countries, but the 2019 data could not be obtained for 4 facilities equating to an estimated 5% of the total water withdrawn. Transported Effluents for 2019 wasrestated with an updated definition and now includes rainwater and septic system sewage.

Estimation Uncertainties
The Company obtains water and waste use data from across our global operations for the calculation of our waste and water management metrics in line with our OEPS Waste Management and OEPS Water Management Standards.
However, there are estimation uncertainties resulting from the limitations inherent in the data collection methodologies where actual use data is not available.
For water, estimations are calculated based on historical data for the related facility and tracked within the water ledgers. The selection of these acceptable measurement techniques could result in materially different measurements. For waste, estimations are not used due to variability of waste streams not allowing for a consistent approach to estimation.

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

ANNEX A – RECONCILIATION OF GAAPTO NON-GAAP FINANCIAL MEASURESWe report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, our management believes that certain non-GAAP financial measuresand ratios (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may
provide users of this financial information additional meaningful comparisons between current results and results of prior periods. Below, we describe why we believe each non-GAAP
measure provides useful information to investors as well as the calculation and comparable
GAAP measure.
Adjusted EBITDA is a non-GAAP financial measure, and represents earnings before interest, taxes, depreciation, and amortization and excludes, among other items, restructuring
charges, share-based compensation expense, as well as other charges and credits. Management believes consolidated adjusted EBITDA and consolidated adjusted EBITDA margin areuseful to assess and understand normalized operating performance and trends. Consolidated adjusted EBITDA and consolidated adjusted EBITDA margin should be considered inaddition to, but not as a substitute for consolidated net income and consolidated net income
margin and should be viewed in addition to the Company’s reported results prepared inaccordance with GAAP.
Adjusted EBITDA margin is non-GAAP measure that is calculated by dividing consolidated
adjusted EBITDA by consolidated revenues. Management believes adjusted EBITDA marginis useful to assess and understand normalized operating performance and trends. Adjusted
EBITDA margin should be considered in addition to, but not as a substitute for consolidated
net income margin and should be viewed in addition to the Company’s reported results
prepared in accordance with GAAP.
Adjusted Free Cash Flow is a non-GAAP measure and represents cash flows provided by (usedin) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted Free Cash Flow is useful to understand our performanceat generating cash and demonstrates our discipline around the use of cash. Adjusted Free
Cash Flow should be considered in addition to, but not as a substitute for cash flows provided
by operating activities and should be viewed in addition to the Company’s reported results
prepared in accordance with GAAP.

WEATHERFORD 2023 SUSTAINABILITY REPORT

INDICES

87

Weatherford International plc
Reconciliation of GAAP to Non-GAAP Financial Measures(Unaudited)(In Millions, Except Margin in Percentages)
Year Ended
12/31/23

12/31/22

$417

$26

Net Income Attributable to Noncontrolling Interests

32

25Interest Expense, Net of Interest Income of $59 and $31

123

179

Loss on Blue Chip Swap Securities

57—

Loss on Extinguishment of Debt and Bond Redemption Premium

55Income Tax Provision

57

87

Other Expense, Net

129

90

Operating Income

820

412

Depreciation and Amortization

327

349

Other Charges

431

Share-Based Compensation

35

25

Adjusted EBITDA$1,186$817

Revenues$5,135$4,331Net Income Margin

8.1%

0.6%

Adjusted EBITDA Margin

23.1%

18.9%

Net Income Variance YoY

1,503.8%

Net Income Attributable to Weatherford

Adjusted EBITDA Variance YoY

45.2%

Net Income Margins Variance YoY

752 bps

Adjusted EBITDA Margins Variance YoY

423 bpsYear Ended

Adjusted Free Cash Flow

12/31/23

12/31/22

12/31/21

12/31/20

Net Cash Provided by Operating Activities

$832

$349

$322

$210

Capital Expenditures for Property, Plant and Equipment

(209)

(132)

(85)

(154)

Proceeds from Disposition of Assets

28

82

41

22

Adjusted Free Cash Flow

$651

$299

$278

$78

BUSINESS OVERVIEWSUSTAINABLE INNOVATIONOUR APPROACH TO ESGENVIRONMENTSOCIAL

GOVERNANCE

INDICESABOUT THIS REPORT

Weatherford International plc, (“Weatherford,” the “Company,” “we,” “us,” and “our”) is publishing this Sustainability Report (the “Report”) to provide an
overview of our Company’s operations related to environmental, social, and governance (“ESG”) topics. This Report covers the calendar year 2023;
however, some information is provided for prior years and other exceptions are noted in the Report. Our inaugural report covered calendar year 2021,
and we continue to release this Report annually.
We have noted any significant changes in scope and boundaries throughout the Report that may vary from our previously reported data. This Report has
been reviewed by the Safety, Environment and Sustainability Committee of our Board of Directors (the “Board”), and has been reviewed and approved by
our Chief Executive Officer (“CEO”).
For additional information regarding this report and its contents, please contact:
For Sustainability Program: sustainability@weatherford.com
For Investors: investor.relations@weatherford.com
For Media: media@weatherford.com

FORWARD DISCLAIMER
This Report contains projections and forward-looking statements. These forward-looking statements are generally identified by the words “believe,”“project,” “expect,” “anticipate,” “estimate,” “outlook,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “willcontinue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are only predictions based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, anduncertainties. These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities andExchange Commission. Any forward-looking statements speak only as of the date on which such statement is made, and the Company undertakes noobligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required byapplicable law, and we caution you not to rely on them unduly.

WEATHERFORD 2023 SUSTAINABILITY REPORT88