#1INVESTOR PRESENTATION WEATHERFORD INTERNATIONAL PLC Q1 2021#2Q1'21 EARNINGS PRESENTATION DISCLAIMER This presentation contains projections and forward looking statements concerning, among other things, Weatherford International plc's ("Weatherford" or the "Company") prospects for its operations and expectations regarding future financial results which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford's reports and registration statements filed with the SEC, include but are not limited to risks associated with disease outbreaks and other public health issues, including COVID-19 pandemic, and their impact on the global economy; Weatherford's preparedness for and response to the COVID-19 pandemic and the impact of logistical issues and business interruptions associated with COVID-19 pandemic on Weatherford and its customers and suppliers; the macroeconomic outlook for the oil and gas industry; commodity prices and demand for our goods and services; our ability to generate cash flow from operations to fund our business; and our ability to realize cost savings and business enhancements from our revenue and cost improvement efforts. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated. This presentation includes non-GAAP financial measures which we believe provide users of our financial information with additional meaningful comparisons between current results and results of prior periods as well as comparisons with peer companies. The non-GAAP amounts should not be considered as substitutes for operating income, provision for income taxes, net income or other data prepared and reported in accordance with GAAP, but should be viewed in addition to the Company's reported results prepared in accordance with GAAP. Please refer to the appendices included herein and our first quarter earnings release for a reconciliation of GAAP to the non-GAAP financial measures. All financial results in this presentation are unaudited. 2 ©2021 Weatherford International plc. All rights reserved.#3Q1'21 EARNINGS PRESENTATION DELIVERING ON OUR PRIORITIES SAFETY & SERVICE QUALITY EXPANDING OUR MARGINS ■ Q1'21 Adj. EBITDA grew 62 basis points sequentially, despite a 1% sequential reduction in Revenue ■ Fifth consecutive quarter of double-digit Adj. EBITDA margins ■ Year-on-year Adj. EBITDA decrementals [1] of 20% ■ Continued margin progress in NAM ■ In Q1'21, we achieved a near five-year best in NPT %, a testament to our focus on performance ■ Multiple safety and service quality awards ■ Continue to successfully manage operations despite COVID challenges by leveraging our digital portfolio ENHANCING OUR LIQUIDITY ■ Q1'21 free cash flow of $70 million improved $93 million sequentially ■ Q1'21 unlevered free cash flow of $94 million relatively flat sequentially ■ Total cash [2] of $1.3 billion as of Mar. 31, 2021 [1] Calculated as the change in adjusted EBITDA divided by the change in total revenues [2] Includes cash and cash equivalents and restricted cash LEVERAGING OUR TECHNOLOGY AND PORTFOLIO Relisting on NASDAQ as "WFRD" ■ Continued commercial traction of our key technologies - First use of Victus™ intelligent MPD by a particular NOC in the Middle East as part of a five-year contract Expansion into new markets by leveraging adjacent product lines - First quarter where TRS had a commercial Vero operation in each of our geographies 3 ©2021 Weatherford International plc. All rights reserved.#4Q1'21 EARNINGS PRESENTATION CUSTOMER & TECHNOLOGY HIGHLIGHTS Driving commercial traction of key technologies Harnessing scale to grow adjacent product lines Leveraging the full breadth of our portfolio to grow profitably SURINAME BASIN Won a long-term contract with a major operator to provide tubular running and intervention capabilities on two deepwater rigs. ARGENTINA Awarded multiple three-year contracts as the primary provider of a range of services throughout the well life cycle. ROMANIA Drilled a horizontal re-entry with double the penetration rate of a major competitor's previous record using Magnus® RSS and CentroTM software, thereby expanding the Magnus portfolio into the Continental European market. NORTH SEA Introduced the Magnus RSS in this market by drilling re-entries for a major UK operator and delivering the first three wells 33% faster than planned, which led to contracts with two additional customers. NIGERIA MIDDLE EAST Delivered first-ever deployment of Victus™ intelligent MPD for an NOC in the Middle East as part of a recently awarded five-year contract. Accomplished a successful trial using the industry's first fully retrievable, 15,000-psi, gas-tight bridge plug for a major operator in the Middle East. Achieved a record drilling the longest horizontal lateral in the field using Victus intelligent MPD in conjunction with our RSS. INDONESIA Safety Awards Recognized by multiple customers for outstanding HSE performance. This includes the Outstanding Operational Excellence Award from an IOC in Tengiz, Kazakhstan, and a recognition award from an NOC in the Middle East for delivering 20 years of LTI-free liner-hanger services. Successfully introduced Vero" automated connection integrity on a remote, high-pressure gas well for an IOC, which led to expanding our work scope. Completed a successful trial using Vero automated connection integrity for a major operator by rejecting threads at risk of future leaks to assure flawless connections. Deployed the ForeSite production optimization platform on a 100+ well trial delivering a 14% uplift and improved uptime in the applicable wells along with an average reduction of 40% in lost-production opportunities. 4 ©2021 Weatherford International plc. All rights reserved.#5Q1'21 EARNINGS PRESENTATION MARKET UPDATE ($ in billions) NORTH AMERICA RIG COUNT VS. D&C SPENDING D&C Spending $40 $32 $24 $16 $8 INTERNATIONAL RIG COUNT VS. D&C SPENDING Seq. A in Rig Count Rig Count D&C Spending 1,400 $40 1,120 $32 840 $24 35% 560 $16 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 I N. America D&C Spending Source: Spears & Associates; Baker Hughes 280 $8 N. America Avg. Rig Count Seq. A in Rig Count Rig Count 1,400 1,120 840 5% 560 THE Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 280 International D&C Spending International Avg. Rig Count 5 ©2021 Weatherford International plc. All rights reserved.#6Q1'21 EARNINGS PRESENTATION CONSOLIDATED FINANCIAL SUMMARY ($ in millions, except per share data) INCOME STATEMENT Revenues Q1'21 $832 A Seq. ΔΥΟΥ (1%) (32%) Adjusted EBITDA $102 4% (43%) % Margin 12% 62 bps (239 bps) Non-GAAP Diluted Loss per Share ($1.66) (2%) 4% NET WORKING CAPITAL[1] Total Net Working Capital $1,139 Days of Revenue 123 days (7 days) O days Accounts Receivable, Net $793 Days of Revenue 86 days (3 days) (3 days) Inventories, Net Days of Revenue $676 73 days (4 days) (1 days) Accounts Payable $330 Days of Revenue 36 days (1 days) 5 days TOTAL CASH & CASH FLOW Total Cash [2] Unlevered Free Cash Flow Free Cash Flow Capital Expenditures % of Revenue $1,343 $58 $579 $94 ($1) $94 $70 $93 $72 $15 (72%) (61%) 2% (461 bps) (132 bps) [1] Days of revenue metrics use a 360 day convention and are calculated by dividing the applicable field by revenue and multiplying by 90 days [2] Includes cash and cash equivalents and restricted cash 6 ©2021 Weatherford International plc. All rights reserved.#7Q1'21 EARNINGS PRESENTATION SEGMENT RESULTS: WESTERN HEMISPHERE ($ in millions) FINANCIAL RESULTS Q1'21 REVENUES BY REGION North America 55% Q1'21 A Seq. ΔΥΟΥ Revenues: $214 North America $214 6% (37%) Latin America Latin America $176 3% (29%) $176 Total Revenues $390 5% (34%) Adj. Segment EBITDA $52 27% (32%) % Margin 13% 230 bps 40 bps Q1'21 COMMENTS ■ North America revenue growth driven by increased Drilling, Evaluation, and Intervention sales in the United States and Canada, as well as seasonal activity increases in Canada partially offset by lower Completion and Production activity. ■ Latin America growth driven by increased activity across all product lines. Adjusted Segment EBITDA grew 27% sequentially, driven by increased activity and operating efficiency in North America. Adj. EBITDA margins increased 230 bps sequentially and 40 bps over prior year. Q1'21 REVENUES BY SEGMENT Completion and Production $225 Drilling, Evaluation, and Intervention $165 - Favorable Adj. Segment EBITDA decrementals of 12% YoY. 58% 45% 42% 7 ©2021 Weatherford International plc. All rights reserved.#8Q1'21 EARNINGS PRESENTATION SEGMENT RESULTS: EASTERN HEMISPHERE ($ in millions) FINANCIAL RESULTS Q1'21 A Seq. ΔΥΟΥ Revenues: Middle East, N. Africa, Asia $267 (8%) (34%) Europe, SSA, Russia $175 (3%) (22%) Total Revenues $442 (6%) (30%) Adj. Segment EBITDA $66 (24%) (48%) % Margin 15% (360 bps) (540 bps) Q1'21 REVENUES BY REGION Middle East, North 60% Africa, Asia $267 Europe, SSA, Russia $175 Q1'21 COMMENTS ■ Sequential decline in the Middle East, North Africa, and Asia revenue due to seasonally lower product sales in Completion and Production, slightly offset by higher Drilling activity in Saudi Arabia. ■ Europe, Sub Saharan Africa, and Russia revenue decline driven by seasonally lower product sales in Eastern Hemisphere, partially offset by an increase in Drilling, Evaluation, and Intervention sales in Europe and the Middle East. Adjusted Segment EBITDA margin of 15%, declined 24% mainly due to lower activity in the Middle East, Asia, and Russia regions. - Adj. Segment EBITDA decrementals of 33% YoY. Q1'21 REVENUES BY SEGMENT Completion and Production $198 Drilling, Evaluation, and Intervention $244 55% 40% 45% 8 ©2021 Weatherford International plc. All rights reserved.#9Q1'21 EARNINGS PRESENTATION LIQUIDITY ($ in millions) Q1'21 CASH FLOW BRIDGE $1,680 $102 $60 $1,285 $1,400 $1,120 $840 $560 $280 Unlevered FCF: $94 million ($15) ($15) ($12) ($26) ($24) ($12) $1,343 Total Cash Q4'20 Adj. Working Capital Capex Taxes EBITDA Severance & Other FCF Items Restr. Cash Interest Other Non-FCF Items Total Cash Q1'21 [1] Q1'21 Results ■ Unlevered FCF consistent sequentially on lower revenues. ■ Working capital initiatives continue to be a positive source of cash. LONG TERM DEBT MATURITIES $3,000 ■ Lower Capex run rate due to Q4'20 acceleration of growth investments. ■ Net Debt to Adj. EBITDA at ~ 3.3x[2]. $2,000 ■ Cash balance well above covenant requirements. [1] Includes cash and cash equivalents and restricted cash [2] Computed based on Net Debt (Total debt less cash and cash equivalents) divided by LTM Adj. EBITDA NO MATURITIES UNTIL 2024 $1,000 $13 $8 $8 2021 2022 2023 $2,608 $500 2024 $2,108 $24 Thereafter 9 Unsecured Secured ©2021 Weatherford International plc. All rights reserved.#10Q1'21 EARNINGS PRESENTATION QUALITATIVE OUTLOOK REVENUES FY'21 W. Hemisphere revenues expected to grow by low- to mid-single digits from annualized 2H'20 results E. Hemisphere revenues expected to decline by low- to-mid-single digits from annualized 2H'20 results Consolidated revenues expected to be in line with annualized 2H'20 results Q2'21 Consolidated revenues expected to be in line with Q1'21 ADJUSTED EBITDA Continued focus on improving cost structure and driving efficiencies Adjusted EBITDA margin expected to expand by 100 bps to 200 bps from H2'20 levels (excluding benefit from operational asset sale [1]) Adjusted EBITDA margins expected to be in line with Q1'21 levels 10 10 M CASH FLOW Unwinding of net working capital not expected to repeat in FY'21. Excluding net working capital, unlevered free cash flow expected to improve year-on-year. Capital expenditures expected in the range of $100-130 million. Unlevered free cash flow expected to decline sequentially largely due to the non-repeat of net working capital unwind in Q1'21 and returning to CAPEX run rate. [1] Excluding the impact of the $12 million operational asset sale in Q3'20, 2H'20 adj. EBITDA margin was 11.5%. ©2021 Weatherford International plc. All rights reserved.#112021 FOCUS AREAS 凹 CURRENT MOMENTUM STRATEGIC VECTORS GOAL North America Performance Variable Cost Management Organization Simplification 200+ bps sequential margin expansion in Western Hemisphere driven by NAM 100 bps decline in gross margin on a 32% drop in YoY revenue YoY overhead costs as a % of revenue unchanged, as we continue to realize the benefits from rationalizing management levels Our Product and Service Portfolio + Digital Transformation + ESG & Energy Transition Sustainable Profitability Positive Free Cash Flow Inventory Rationalization 4 days improvement in DSI sequentially#12APPENDIX#13Q1'21 EARNINGS PRESENTATION APPENDIX A ($ in millions) Selected Statements of Operations (Unaudited) Quarter Ended 3/31/2021 12/31/2020 Quarter Ended 3/31/2020 Revenues Western Hemisphere Eastern Hemisphere Total Revenues Adjusted EBITDA [1] Western Hemisphere Eastern Hemisphere Adjusted Segment EBITDA Corporate Total Adjusted EBITDA $ 390 $ 372 $ 588 442 470 627 $ 832 $ 842 $ 1,215 $ 52 $ 41 $ ԴԻ 76 66 87 127 118 128 203 (16) (30) (25) $ 102 $ 98 $ 178 Depreciation and Amortization Western Hemisphere $ 27 27 $ 47 Eastern Hemisphere 84 88 109 Corporate - 1 1 Total Depreciation and Amortization $ 111 116 $ 157 Please see the corresponding earnings release available on Weatherford's website for additional information and additional GAAP to Non-GAAP reconciliation tables [1] Adjusted EBITDA excludes share-based compensation of $4 million in the first quarter of 2021, with $1 million in the Western Hemisphere, $1 million in the Eastern Hemisphere and $2 million in Corporate. We had an immaterial amount of share-based compensation during 2020. ©2021 Weatherford International plc. All rights reserved.#14Q1'21 EARNINGS PRESENTATION APPENDIX B ($ in millions) Reconciliation of GAAP to Non-GAAP Net Loss and Diluted Net Loss Per Share (Unaudited) Net Income (Loss) Attributable to Weatherford: GAAP Net Income (Loss) Non-GAAP Adjustments, net of tax Non-GAAP Net Loss Quarter Ended Quarter Ended 3/31/2021 12/31/2020 3/31/2020 $ (116) $ (200) (966) 86 845 $ (116) $ (114) $ (121) Diluted Loss Per Share Attributable to Weatherford: GAAP Diluted Loss per Share $ (1.66) $ (2.87) $ (13.80) Non-GAAP Adjustments, net of tax 1.24 12.07 Non-GAAP Diluted Loss per Share $ (1.66) $ (1.63) $ (1.73) Please see the corresponding earnings release available on Weatherford's website for additional information and additional GAAP to Non-GAAP reconciliation tables 14 ©2021 Weatherford International plc. All rights reserved.#15Q1'21 EARNINGS PRESENTATION APPENDIX C ($ in millions) Reconciliation of GAAP to Non-GAAP EBITDA (Unaudited) Quarter Ended 3/31/2021 12/31/2020 Quarter Ended 3/31/2020 Net Income (Loss) Attributable to Weatherford $ (116) $ (200) $ (966) Net Income Attributable to Noncontrolling Interests 6 5 8 Net Income (Loss) (110) (195) (958) Interest Expense, Net 70 70 58 Income Tax Provision 23 21 44 Depreciation and Amortization 111 116 157 EBITDA 94 12 (699) Other (Income) Expense Adjustments: Reorganization Items Impairments and Other Charges Restructuring Charges Share-Based Compensation Other Expense, Net Adjusted EBITDA [1] 9 (3) 817 92 26 4 4 (3) 25 102 $ 98 $ 178 Please see the corresponding earnings release available on Weatherford's website for additional information and additional GAAP to Non-GAAP reconciliation tables [1] In the first quarter of 2020 the Company reported adjusted EBITDA excluding stock-based compensation. 15 ©2021 Weatherford International plc. All rights reserved.#16Q1'21 EARNINGS PRESENTATION APPENDIX D ($ in millions) Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited) Quarter Ended Quarter Ended 3/31/2021 12/31/2020 3/31/2020 Free Cash Flow [1]. Cash Flows Provided by (Used in) Operating Activities $ 74 $ 22 $ 30 Capital Expenditures for Property, Plant and Equipment Proceeds from Disposition of Assets Free Cash Flow [1] (15) (54) (38) 11 9 6 $ 70 $ (23) $ (2) Please see the corresponding earnings release available on Weatherford's website for additional information and additional GAAP to Non-GAAP reconciliation tables [1] Free cash flow is a non-GAAP measure calculated as cash flows provided by (used in) operating activities, less capital expenditures for property, plant and equipment plus proceeds from the disposition of assets. Management believes free cash flow is useful to understand liquidity and should be considered in addition to but not substitute cash flows provided by (used in) operating activities. 16 ©2021 Weatherford International plc. All rights reserved.#17Q1'21 EARNINGS PRESENTATION APPENDIX E ($ in millions) Adjusted EBITDA to Unlevered Free Cash Flow and Free Cash Flow (Unaudited) Adjusted EBITDA Cash From (Used) for Working Capital Capital Expenditures for Property, Plant and Equipment Cash Paid for Taxes Cash Paid for Severance and Restructuring Other [1] Unlevered Free Cash Flow Cash Paid for Interest Free Cash Flow [2] Quarter Ended Quarter Ended 3/31/2021 12/31/2020 3/31/2020 $ 102 $ 98 $ 178 60 86 (83) (15) (54) (38) (15) (19) (21) (12) (28) (17) (26) 12 (19) $ 94 $ 95 $ (24) (118) (2) $ 70 $ (23) $ Please see the corresponding earnings release available on Weatherford's website for additional information and additional GAAP to Non-GAAP reconciliation tables [1] Other primarily includes accruals net of payments for certain operational expenses, employee costs (excluding restructuring) and leases, inventory charges, bad debt expense, proceeds from disposition of assets and foreign currency exchange impact. [2] Free cash flow is a non-GAAP measure calculated as cash flows provided by (used in) operating activities, less capital expenditures for property, plant and equipment plus proceeds from the disposition of assets. Management believes free cash flow is useful to understand liquidity and should be considered in addition to but not substitute cash flows provided by (used in) operating activities. 77 17 ©2021 Weatherford International plc. All rights reserved.#18THANK YOU FOR FURTHER COMPANY INFORMATION WE INVITE YOU TO VISIT in f A 5 Weatherford.com Linkedin.com/Company/Weatherford Facebook.com/Weatherford @Weatherford Corp YouTube.com/Weatherford @Weatherford Corp