Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International Q1 2022 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. As a reminder, this event is being recorded. I would now like to turn the conference over to Mohammed Topiwala, Director of Investor Relations and M&A. Please go ahead, sir. Welcome everyone to the Weatherford International Q1 2022 Conference Call. I'm joined today by Girish Saligram, President and CEO, and Keith Jennings, Executive Vice President and CFO. We will start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides that correspond with today's call from our website's Investor Relations section. I wanna remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to materially differ from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our Q1 press release, which can be found on our website. With that, I'd like to turn the call over to Girish. Thanks, Mohammed, and thank you all for joining the call today. I am very pleased with our Q1 results and incredibly proud of and grateful to the entire Weatherford team for their efforts and outcomes. We have made a solid start in Q1 that lays a firm foundation for our total year outlook of top- line growth, margin expansion, and free cash flow generation. This quarter, along with the broader industry, we experienced several headwinds driven by inflation, supply chain issues, disruptions related to the COVID-19 pandemic, and unprecedented challenges caused by geopolitical events. Foremost in everyone's mind is the ongoing crisis in Ukraine caused by the invasion. We have over 100 employees in Ukraine, and I am relieved, grateful, and glad that they are all safe and accounted for. The safety and well-being of all our employees is our first priority, and we have approached this situation with the same mindset. I want to acknowledge and recognize our employees globally for their support in many different forms for our team in Ukraine. This is a great example of the One Weatherford spirit in action. On the financial side, Ukraine represented approximately 1% of our revenue in 2021. In light of the current situation, we have taken an impairment charge on our assets and are not forecasting any revenue for the remainder of the year. As previously announced, we have suspended making any new investments or deploying new technology in Russia. Our operations in Russia are increasingly challenged as we ensure full compliance with the sanctions from relevant authorities. As everyone is aware, there has also been currency volatility that has had an impact on our Q1 results and could likely have a further bearing on the remainder of the year. As this landscape continues to evolve, we expect additional operational complexities. The cumulative effect of currency volatility and operational complexities driven by sanctions is likely to create downward pressure on our financial results for the rest of the year in Russia, but is difficult to quantify given the uncertainty. Despite the pressures from Ukraine and Russia, we see robust demand growth in other parts of the world, and our overall thesis for the year remains intact. We expect that we will be able to fully offset the impact from Ukraine and to a certain extent, potential ruble volatility with pickup in other geographies. Energy security and supply have become an even greater priority in many countries, leading to additional investment plans. As a result, we continue to anticipate 2022 to be our first year in five to generate top- line growth in the high single-digit to low double-digit range. More importantly, we believe we will generate at least 50 basis points of margin expansion and generate positive free cash flow in 2022. The Q1 is typically the lowest- margin quarter, and coming in at 16%, 40 basis points above our full- year 2021, 380 basis points versus Q1 2021, and 10 basis points higher than Q4 2021 is a very encouraging sign of the progress and improvements we have made in our core operations. In the Q1, overall revenue increased by 13% over the prior year, with adjusted EBITDA margins over 16% on the high- end of our guidance range. Outstanding execution on our focus areas, coupled with commercial initiatives to drive pricing and grow market share, helped us achieve an industry-leading adjusted EBITDA margin expansion of 380 basis points compared to last year. In addition, we also won more than $1 billion of commercial awards during the quarter, excluding Russia, significantly ahead of our 2021 run rate. I am extremely pleased that we are delivering at this level, and I'm truly excited about the growth potential we expect in the second half of the year. Over the past few quarters, we have shared how we have resegmented our business and discussed the successes in our market-leading product offerings across the three segments. While these product offerings of managed pressure drilling, tubular running services, Cementation Products, and fishing and re-entry continue, I wanted to spend some time today talking about the rest of the portfolio and the great strides we are making there. We have refined our portfolio, and it is differentiated by innovation across the board with an exaggerated focus towards specialty services. We have also leveraged the strength in our market-leading product offerings to pull through other offerings in a discreet and integrated fashion. This has helped our customers achieve success in their core oil and gas operations and their energy transition activities. Some of the key commercial highlights from the Q1 are as follows. ADNOC in the UAE awarded us a five-year contract with an optional two-year extension to provide wireline logging and perforating services. We were selected based on our expertise in cased-hole reservoir characterization and monitoring, extensive pipe recovery capabilities, and world-class perforating services. In artificial lift, which has been a traditional strength and boasts a tremendous installed base, we received two awards from Tatweer Petroleum in Bahrain to deliver, install, and service beam pumping units and downhole pumps. In India, Cairn awarded us a five-year integrated artificial lift and production automation contract across its workover and rigless activities in Western India. The contract, which will commence in the second half of the year, will enable greater production optimization and help drive collaboration between the operator and its service partners. In our completions portfolio, we received a 3-year contract to provide cemented liner hangers for a BP-operated business in Azerbaijan, with the potential for an increased scope in the future. Superior run-in features combined with our high- level of service quality and strong presence in the region were instrumental in securing this award. Supporting our success in the market is the emphasis we have placed on technology expansion in key markets and further innovating in spaces where we have the potential to deliver critical value to customers. For example, we recently formed a collaboration with Subsea 7 that will change managed pressure drilling, or MPD, from an add-on to a seamlessly integrated part of the drilling rig. The collaboration will integrate field-proven Weatherford technologies, the rotating control device and the annular isolation device, with a remotely operated pulling system from Subsea 7. The result will be an industry-first complete integration of MPD and typical riser auxiliary lines into a single- automated connection for all drilling operations. As we continue to drive innovation in this space, we took our more than five decades of leadership in MPD and expanded those capabilities to every part of the well life cycle with our recent commercialization of Managed Pressure Wells. These new solutions enable our customers to apply the same field-proven technology of MPD to deliver high-quality wells with fewer surprises by ensuring a stable wellbore with a comprehensive pressure management strategy. With robust pressure control capabilities for every well- phase, we increase production while lowering well construction costs and well- control risks. Following the commercialization of our Managed Pressure Wells solution, we integrated and deployed it on the Maersk Viking ultra-deepwater drillship, securing the rig's attractive position in the region where MPD capabilities are in high- demand. The Maersk Viking is currently drilling with the Weatherford MPD system for a major operator in Malaysia. This integration shows the strategic importance of collaboration with drilling contractors and provides significant MPD benefits to customers. Similarly, in tubular running services, or TRS, we've taken our industry-leading position and field-proven technologies, such as our premier offering of Vero automated connection integrity, and continue to deliver innovative and differentiated technology offerings. Our Soloist torque turn monitoring solution is the latest enhancement to our market-leading services to enable single-person operation and simplified remote viewing while running tubing or casing in the hole. Traditional torque turn monitoring systems require longer rig- up time and personnel must remain near the control cabinet on the rig floor, significantly reducing efficiency. With our Soloist solution, customers get the same accurate torque monitoring without the hassle of arduous rig up, all from a single- Wi-Fi-enabled tablet. Our enhanced service offering enables cross-functional work on the rig floor by freeing up personnel to monitor torque while performing other essential rig operations. This enhancement to our service offerings showcases our commitment to investing in innovation and technology throughout our portfolio. It also provides incredible cost savings and safety improvements to our customers while increasing our margins to drive growth and profitability. We've also focused on leveraging our portfolio to support our customers' energy transition and ESG needs, where we continue to gain traction and prove our ability to adapt to changing industry needs. We've supported geothermal activity for more than two decades, and a recent project on a geothermal well with Hamburg Energie reinforces our competitive advantage. I had the opportunity to personally visit the site a few weeks ago and came away with even greater excitement about the potential for geothermal in the future. We deployed our Magnus rotary steerable system from surface to total depth in the well, drilling all three sections, a first for the system on this well- type. We also used market-leading evaluation tools to analyze and log both cased and open hole sections and cement bonds. This operation is positive proof that our existing market-leading portfolio can help drive the energy transition forward. I'm encouraged by the traction we are seeing in these areas, and I'm confident in our growing role as a service provider of choice. Our unique position in the marketplace is demonstrated by the industry-leading and differentiated technologies across the well- life- cycle and our ability to deliver integrated solutions to our customers, leveraging those capabilities which separates us from our peers. Now turning to our view on the markets. The multi-year upcycle is firmly underway, driven by limited supply and increasing commodity prices. The overall macro environment continues to improve, and we anticipate growing demand for oilfield services from our customers. It is encouraging to note that this cycle has thus far been characterized by the prudent deployment of capital by operators and service providers alike. This portends well for the ability to generate returns, not just over this cycle, but also on a longer-term basis. In North America, we are strengthening our commercial focus to help drive market share and pricing gains. We continue to see strong activity growth and increased customer spending supported by a favorable commodity price environment. However, a combination of capital discipline by public E&Ps, global supply chain bottlenecks, and a tight labor market will constrain growth somewhat. For example, as seen in our predominantly product-driven production intervention segment of the US., we continue to experience acute supply chain issues. Nevertheless, we still expect to deliver positive top- line and bottom- line growth as our focus remains on going after work where it makes the most economic sense. We recognize that there has been a significant increase in drilling activity in the US. and associated services over the past year. However, we are not chasing previously unprofitable work, as we remain committed to our goal of only pursuing activity where we believe we can generate margins across cycles. Turning to international markets, we continue to see the trend of robust growth with increased activity and spending consistent with what we have stated before. As activity increases in the Middle East and Latin America continue to drive international growth, we also see accelerating demand for our products and services and contract awards in Asia and sub-Saharan Africa. We expect the international markets to continue their expansion as we witness capital deployments by a growing number of operators. We have put a significant focus on our Latin America performance, including structure, operations, and business model, and our Q1 revenue growth of 29% year-over-year reflects the excellent progress we have made. I'm also encouraged by the acceleration of activity in Asia and sub-Saharan Africa. These two markets were among the toughest hit during the pandemic, and a natural pent-up demand is being driven forward now. Our focus continues to be on driving directed growth in our key markets and on the work necessary to drive execution excellence as we scale up for growth. Now I'll hand it over to Keith for our financial update. Thank you, Girish. Good morning, everyone, and thank you for joining us. As Girish commented earlier, given the headwinds from inflation, logistics, supply chain challenges, and the geopolitical events occurring on the European continent, we are pleased with our Q1 results. My comments on the Q1 will primarily compare the results of the Q1 2021. Consolidated revenues were $938 million, an increase of 13%. Our operating income was $18 million compared to an operating loss of $13 million. Net loss was $80 million compared to a net loss of $116 million. Adjusted EBITDA was $151 million, an increase of 48%. Before I go into the details of the reporting segment's performance, I have a few brief comments on the current situation in Russia and Ukraine and how it factors into our current quarter and outlook. We have taken a $19 million charge primarily related to the write-downs of all our assets in Ukraine, excluding cash. Ukraine was 1% of our revenues in 2021 and was included in our original full- year guidance, and the revenue has now been removed from 2022 guidance. In Russia, we continue to operate in compliance with all sanctions and are diligently monitoring this dynamic situation. Consistent with our historical range of 5%-7% that we have previously disclosed, revenues in Russia were 6% of our total revenues in the Q1 2022. Our net book value of our primary assets in Russia, excluding cash and not deducting accounts payable at March 31, 2022, were approximately $140 million. Our full- year outlook does include Russia with lowered expectations from our original guidance. Given the ongoing uncertainties, it is difficult for us to comment further. As we discussed in our last call, we continue to focus our efforts on improving our operations profile. We believe we can structurally improve our margins by consolidating manufacturing plants and relocating the key nodes of our global repair and maintenance facilities. This is intended to achieve a more efficient infrastructure to provide excellence in product and service delivery, leading to increased customer satisfaction and growth. As such, we have recorded a restructuring charge of $20 million during the quarter, primarily for this initiative. Now let's look at our segment breakdown. During the Q1, drilling and evaluation, DRE, revenues of $292 million increased by $56 million or 24% year-over-year, largely due to higher- demand for managed pressure drilling and wireline services, primarily in Latin America and the Middle East, North Africa and Asia. Segment adjusted EBITDA of $59 million increased by $30 million or 103% year-over-year, primarily due to higher- demand for managed pressure drilling and drilling services, mainly in Latin America. Well construction and completion, WCC revenues of $344 million increased by $21 million, a 7% year-over-year increase, primarily due to higher- demand for Cementation Products and activity in North America. Segment adjusted EBITDA of $67 million increased by $17 million or 34% year-over-year, mostly due to higher- demand for cementation and completion products with improvements primarily in the Middle East, North Africa, and Asia. Production intervention, PRI, revenues of $286 million increased by $27 million or 10% year-over-year due to higher- demand for intervention and pressure pumping services, primarily in the Middle East, North Africa, Asia, and Latin America, respectively. Segment adjusted EBITDA of $39 million decreased $2 million, or 5% year-over-year, mainly due to higher logistics costs and supply chain challenges, which impacted our delivery schedule for products in North America. This was partially offset by activity improvements in the Middle East, North Africa, and Asia. Turning to liquidity and cash flow. We closed the Q1 2022 with total cash of approximately $1.1 billion as of March 31, 2022, down $57 million sequentially. Unlevered free cash flows of -$47 million was down $194 million sequentially, and free cash flow of -$64 million was down $113 million versus the Q4 2021, primarily due to working capital requirements. The characteristics of an upcycle are reflected in our Q1 working capital requirements as cash flows swung by approximately $140 million versus the Q1 2021. However, we are confident in our team's ability to pace our working capital requirements with our operating performance to capture positive earnings and continued margin expansion in this cycle. While we continue to invest in our business, we remain committed to utilizing our asset base more efficiently. As such, the timing of capital investments may flex between forecast periods. Shifting our focus to the current year, I will share some of our qualitative thoughts on the Q2 2022 and the full- year. As we look ahead to the Q2 versus our Q1 2022, we expect consolidated revenues to increase by mid- to high-single- digits, driven by higher growth across all our geo-markets. Across the segments, DRE is forecasted to deliver mid-single- digits growth, WCC to deliver in the mid- to high-single- digits, and PRI in the high-single- digits. Adjusted EBITDA margins are currently expected to be 16%-16.5%. Unlevered free cash flow is expected to be positive. We are targeting break-even free cash flow under our current activity forecast, which could turn negative if the indications for activity levels in the second half of the year exceed our current expectations. We expect CapEx to be in the range of $30-$40 million in the Q2. Full- year 2022 consolidated revenues are expected to grow by high single- to- low double- digits above 2021 levels. Across the segments, DRE is forecasted to deliver low- teens growth, WCC to deliver in the high single- digits and PRI in the mid- to- high teens. Consolidated adjusted EBITDA margins are expected to be 16%-17% as we continue to expect margins to expand by at least 50 basis points for the full- year of 2022. As noted in our Q4 remarks, CapEx will be at least double 2021 spending and will range from $175 million-$200 million. Full- year free cash flow is still expected to decline compared to 2021 as increases in net working capital, cash taxes and CapEx driven by an increase in activity will only be partially offset by lower cash interest payments for the year. However, we still expect to generate positive free cash flow for a third consecutive year, which we expect to come mainly from the second half of 2022. This outlook incorporates the impact of changes for Ukraine and Russia previously commented on. Notably, this outlook reinforces the strength of our franchise and the broadening of the increasing demand for oil field services, which has enabled us to maintain our original guidance by already offsetting this impact with demand from our other regions. Thank you for your time today. I will now pass the call back to Girish for his closing comments. Thanks, Keith. We are excited about our growth prospects as we continue to see strong macro trends and are gearing up on our commercial focus to drive pricing and share gains in the coming quarters. I want to update you on our 2022 focus areas, which will continue to drive rigor and discipline across the organization. We are on a multi-year journey to evolve our fulfillment mechanisms. Currently, each product line has a fulfillment network that has developed independently over several years. We are moving away from that and rethinking our inventory, supply chain, and logistics functions as we contemporize our network to serve customers more efficiently. Throughout the quarter, we continued the work of evaluating our business and making critical and essential changes that resulted in a one-time restructuring charge to help us evolve our operations further and create efficiencies in our organizational structure. We have been very clear that we treat restructuring as an investment and have a roadmap to drive improvements over the coming quarters and years. In our directed growth focus area, we are leveraging our technology differentiation, increased investment in innovation, and the value proposition to drive pricing and market share growth where it makes economic sense. Rather than pursuing share at a global level, we are focused on areas of critical mass and driving the intersection of geography and product line to have each be economically independent. Our third focus area is excellence in execution, a critical component of supporting our growth. We have built a new quality function to instill the disciplined accountability needed to execute with a lean mindset throughout our enterprise. Finally, simplification remains an enduring focus area for our company. We continue to evaluate our organizational and operational structure to maximize efficiencies. We believe, like our peers, that we are in a multi-year upcycle driven by global energy security concerns and economic growth. While there are clear risks posed by inflation, increasing interest rates, supply chain bottlenecks, isolated but serious COVID-19 lockdowns, and geopolitical conflict, we believe energy security and supply will remain a focused priority. As a result, we should see further momentum in the second half of 2022 and 2023. Weatherford's unique position in the marketplace creates a competitive advantage that will allow us to capture additional market share and to successfully deliver on our goals of sustainable profitability and positive free cash flow. Thank you for joining us today. With that, operator, let's please open it up for Q&A. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Today's first question comes from Ian Macpherson with Piper Sandler. Please go ahead. Thank you. Good morning. Morning, Ian. Morning, Ian. Girish Saligram, we've heard more commentary from your peers this quarter that the improved pricing environment internationally, it's certainly not on the same frequency as, you know, the very big price increase that we're seeing in the more cyclical US. service lines. There has been a change, a more positive change in tone with international oilfield pricing, and I just wanted to get your perspective on that. It would seem to me that you're still not dialing in, at least from surface appearances, significant price increase into the margin guidance that you've given us for this year. Is that, I guess, true or false? What do you think maybe the upside could be as we get deeper into the cycle and maybe in the second half this year as that environment feeds through into the system more broadly? Sure. Ian, look, I think first of all, the tone is getting more constructive. You know, look, we've been talking about this for a while. We've seen green shoots across the second half of last year coming into the Q1 as well. We are having a lot of discussions with customers, and the overall tone is constructive. You know, there is. I'll call it a supply crunch, especially in critical specialty services. Where we have differentiation, that's something that we really have the ability to push pricing forward. You know, I would say though, look, you know, as I mentioned in some of my prepared remarks, the margin expansion that we have seen in Q1 is, you know, part of it is from pricing. It's not, you know, we haven't broken it out explicitly, because there are a lot of confounding and obfuscating factors. Pricing has certainly been a contributor to that, and we expect it to continue to be a contributor to that. Look, two other things though that I think are relevant as we think about the rest of the year. Look, the first is we do have across the board a significant inflation challenge that all of us are working through. You know, our perspective has always been to be a bit more prudent and responsible about that because we don't know the full extent of that. It has been something that has been on the radar now for at least nine months, and it has escalated. It has not yet really decelerated. It's a very fast-moving, very evolving situation. When you couple that with the supply chain bottlenecks that you have, it does create a tough situation, especially on logistics costs and stuff like that. We do expect a part of that pricing movement upward to get offset by inflation, and that's still baked into our guidance which is a. You know, remember, we have said at least 50 basis points of margin expansion. I think the second thing is, you know, in the Q1 going into the Q2, as we have updated our guidance in totality, it is still pretty much the same, but you have to consider that we have had some significant headwind from Ukraine and Russia that we have factored in. We have put in a little bit more of the, call it, additional juice that we were gonna get from pricing into that to make sure that the overall thesis remains intact. Thank you. Our next question today comes from Doug Becker at The Benchmark Company. Please go ahead. Thanks. Wanted to touch base on the DRE revenue guidance. Just taking a look at it, full- year guidance for low-teens% growth seems to imply very modest growth from the Q2 level the rest of the year. Is there anything in particular you'd point to that drives that outlook? Because achieving mid-teens% seems very, very realistic if Q2 revenue grows, say, mid-single-digit%. I think it's a function of, you know, this business has done very well over the past year. It is probably one of our widest expanding margin businesses. We've done a fair bit to reposition this business outside the US., remove the assets, as you know, particularly for our drilling services businesses. It's not that we are forecasting it to stop growing. It's just a higher- base. We have, you know, taken that into consideration. We've also seen that the MPD assets in DRE are now almost fully You know, deployed the ones that we have, we have a fair bit of CapEx in the pipeline to come through, which will then, you know, get deployed more towards Q4 and Q1 of 2023. Yes, I think we appreciate that, we stepped up and really improved the DRE business, but we're also, you know, looking to maintain that through the year, but it won't be the same kind of growth rate as you've seen. Yeah, if I could just add, Doug, look, I think, you know, first of all, I think living in a world where low- teens growth is considered modest is kind of a nice change. Look, we have been very clear and deliberate on the fact that we are not going to go chase volume. What we are not doing in the company anymore is building up CapEx with the expectation that we will get the volume, and we certainly could, but we recognize that we've got to manage the business through cycles. We are being very, very prudent about where we deploy capital, and we really wanna make sure it's profitable. To me, the more interesting part about DRE is the year-on-year margin expansion. The 750 basis point margin expansion year-over-year is what I would like everyone to, you know, focus on, and that's what we are focusing the company on. No, that's fair. Jumping to PRI margins, they were down year-over-year. Just hoping you could expand on the logistical challenge you're seeing, particularly in North America, just to try and get a better perspective for the trajectory of margins over the course of the year. Sure. Look, I think a couple of things on that. One, you know, first is the whole industry is having supply chain bottlenecks, and you know, we are not immune to that. We have had a couple of specific things regarding our operations as well. One is the lockdowns in China that have affected some of our sources of supply and has caused a bit of a perturbation. Look, secondly, freight and getting ships booked and ships sailing has been a challenge, and that has been something that affected us fairly significantly. In the Q1, we had one particular incident that was a fairly significant hit that has pushed shipments out to the Q2 and then beyond. It's really a combination of China lockdowns, logistics, and then just sort of broader industry challenges. But look, we hope that by the second half of the year, these do get alleviated. We have looked at alternative sources where possible, getting you know, more of a longer range forecast in and working with our customers to prioritize shipments and manage through that. Yeah. Final one just on working capital. I think it's very understandable that it was a sizable use of cash in the Q1 just given the seasonality and expected growth. Just hoping to get some context how to frame the potential outcomes for working capital and free cash flow for the year. Sure. You know, our thesis still holds at this point from our forecast that we should have net positive free cash flow for 2022. We are, like everyone else in the industry, you know, investing in working capital in Q1, and I think that as we get more indications about what the second half looks like, then we should also probably expect further investments in Q2, but not to this, to probably the same significance as Q1 'cause it was it was really a, you know, a strong step-up in Q1. When we think about it in terms of the full- year, you know, we're thinking that net working capital across the full- year is probably going to be a use. We're thinking that could probably be somewhere in the probably a $20-$40 million use across the year. We're still trying to sort it through to ensure that all the things that we're doing operationally to manage inventory, the single pool. You know, we've kicked off the fulfillment initiative, which is to realign our nodes. That should also start to take effect in the second half of the year. That's what we see from where we are today, but everything is still positive for the organization because this is all activity and upside growth. It sounds like free cash flow could still approach $100 million for the year. Is that a fair characterization? I think that's still where we're looking at it. You know, we've kind of set that target out there. Our models say that we should be able to achieve it. It's now a question of who do we grow with? It depends on, you know, of course, NOC versus IOC growth. Those are different payment terms. There's a range of things that affect that, but we still see a range of, you know, towards $100 million as EBITDA for the full- year of 2022. Yeah. Doug, what I would say is, look, again, we've got to factor in, you know, that we have considered Ukraine and Russia, which is obviously significant downward pressure. We are still aiming to make that up. I think the range is still accurate, but some of the pieces might move a little bit. Look, what we wanna be very conscious about is the growth that we expect to see in the second half as well as in 2023. You know, we put in our prepared remarks, you know, we've got to really modulate that and be careful about it. We are still very committed to positive free cash flow for the year. We are confident we're gonna get there. A little bit of that timing, Q2 to Q3 might get affected just a tad bit. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star then one. Today's next question comes from Gregg Brody at Bank of America. Please go ahead. Morning, Greg. Good morning. This is Savannah Leonard on for Gregg Brody. Hi, Savannah. Thanks for taking my questions. First question, do you guys have any update on refinancing the credit facility in the remaining twenty twenty-fours? Could you just give us some details on how you're thinking about that today? Sure. So, Savannah, great question as usual. We're really now more confident than ever that we are closer to getting the type of facility that we desire. We're working through with our banks, and given that the structure of the industry has now kind of shifted, right? We have more demand than supply for the underlying commodity. We have investments coming back to drive energy security. All markets are feeling like energy in its current form, you know, is probably a place to invest in. We're feeling fairly good about that. I think the underlying question, though, is, or the better question I would say is, can Weatherford afford to participate in this upcycle, effectively? The answer to that question is yes. We are working through for the facility. We're getting closer to what we desire and what we want. At the same time, you know, even without the facility in place, we have the balance sheet liquidity to fund and grow into the cycle. In terms of the twenty twenty-fours, the stub, you know, that's a function of free cash flow generation. We're thinking that we would rather, you know, pay that off from free cash flow over the next few years if that's still out there. At the same time, if markets, you know, rerate all of us again, or Weatherford based on its performance the way it did last fall, and we see the opportunity for liability management, we'll absolutely take it. I think our first, you know, priority, as we've said with the stub, is to delever, and we hope to take that down with either free cash flow or if the revolver comes in, and then we can use some of the cash on the balance sheet, then we will do that. The thesis is still the same. Yeah. And Savannah, this is Girish. Look, I think as we have pointed out, I know you're all aware, but I think it's worth repeating. You know, we've been very, very clear about where we're gonna use the cash. Debt remains our first priority. We're gonna drive that. We've seen a demonstrable proof of that last year. At the same time, look, we are very, very clear that we are not gonna put in place an instrument that doesn't work for the company longer- term. This is not a question of, hey, we can just go get something in. We wanna make sure that we are really getting something in place that works for us across cycles, you know, fits the profile of the company that we are today, which is predominantly an international company with a lot more focus there, but operates a significant portion in North America as well. It has to work. We are, you know, in a much better place today where we are not in a position where we have a forcing function to drive that. We wanna make sure that we're focused on the long- term and getting the best outcome for everyone from that standpoint. Okay. Thank you so much. Sounds good. I also have some questions on cash flow items. Sure. On the last earnings call, you had said, a number between $30 million-$50 million for restructuring charges. Is that still how we should be thinking about it for the full- year? I think when we think about it's still the right number for the full- year. I think you can keep that there. We've gone out this quarter and taken a $20 million charge for a new restructuring program. I mean, it's a smaller charge when compared to prior years, so 'cause there's probably less to fix, but probably more targeted fix in our fulfillment areas. With you know, the $20 million charge, we don't see the need to step up the cash forecast outflow for that. I think that our original number still holds as we you know, march towards the $100 million of positive free cash flow. Okay. Thank you. My last question is on cash taxes. How should we think about that for the rest of the year? I think we haven't changed our viewpoint. We do see it stepping up year to year. Last year, I think we spent about $60-$65 million on cash taxes. This year, I think we said it's gonna be somewhere in the, you know, $80-$100 million range, in terms of the step-up. And that's just a function of the way our cash taxes flow in terms of deemed, you know, deemed profit taxes off revenues in some of the markets that we operate. As we expand, that should go up, but I think it should be commensurate where when, you know, it won't go up unless there's more revenues for people to withhold from. Okay. Awesome. Thank you guys so much. Thank you. Ladies and gentlemen, our next question is a follow-up from Ian Macpherson with Piper Sandler. Please go ahead. Thanks for bringing me back. I'm sorry my line dropped when you were in the middle of answering my first question. Girish, I was interested in your comments around the integrated MPD approach, and I wanted to ask if you could expound on that and what the upside is to Weatherford in going with MPD as an integrated component of the rig as opposed to an à la carte add-on and how that changes- Yeah. Hey, great question. design proper or how much you capture, you know, of that upside. Yeah. Look, great question, Ian, and something that we are very excited about. You know, one of the things about services like MPD is they've always been, one of the challenges with adoption for customers has been it's been a complete discrete add-on. You know, especially when you're talking about an offshore kind of an environment, it's something that they have to buy separately. It's more people that need to go with limited accommodation. It just the whole thing becomes a significant challenge, you know. It's a significant capital deployment. There's also been this sort of commercial construct between drilling operators, the end user, and service providers like ourselves on, you know, sort of how do you manage that whole thing? I think the integration solves a lot of issues. It really becomes a better customer outcome. First of all, you've got rigs that are already deployed with the right capital out there. You can now cross-train personnel to reduce the demands of that, and you've got the ability to really engineer and design the product, you know, so that you set it up in a way that is most conducive for longer- term efficiencies for the customer. Look, for us, we really think this is a great approach, and you know, it is incremental to the way we think about MPD from a financial standpoint. It reduces our capital outlay 'cause you've got a better planning around it, you've got an ability to share to a certain extent, and the commercial construct becomes one of efficiency sharing. You know, we are really creating a different value proposition for customers. You know, we think this will pay off in significant dividends over the next coming quarters and years. We're excited just given some of the examples we've seen so far. Super. Thanks for expanding on that. Last one for me, Keith. You have a few adjustments on EBITDA this quarter. I think we've identified obviously the restructuring and the 19 million. That was mainly the impairment in Ukraine. The other one was the $16 million other expense. I wanted to ask about that and if you could guide on any other exceptional add backs that we should think about for the rest of the year. Thanks. Sure. The other expense went up a little bit from the prior quarter with where we were roughly $10-$16, and part of that was driven by a few more charges for LCs and other things. Also we had some FX volatility that had to, you know, go through, you know, flow through that line. Got it. Thanks. Going forward, that should be, I guess a less material item. It is a less material item. I think, you know, if we look at where it was a year ago, Q4, we closed the year with a 10. It's a small line item, but it should not surprise us going forward. Got it. Thank you, gentlemen. Appreciate it. Thanks, Ian. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to management for any closing comments. All right. Well, hey, thank you everyone for joining the call. Hopefully you've got a good sense of where the company's positioned and share our excitement about the path forward, and we look forward to updating you again next quarter. Thank you. Thank you, sir. This concludes today's Conference Call. We thank you all for attending today's presentation. You may disconnect your lines and have a wonderful day.