exv99w1

Exhibit 99.1


		News Release

Weatherford Reports Second Quarter Income From Continuing Operations of $0.68 Per Diluted
Share Before Non-Recurring Items

28 Percent Increase Over Prior Year, Despite Severe Canadian Market Declines

HOUSTON, July 23, 2007 — Weatherford International Ltd. (NYSE: WFT) today reported second quarter 2007 net income of $235.0 million from continuing operations, or $0.68 per diluted share, before non-recurring items. Second quarter diluted earnings per share from continuing operations reflect an improvement of 28 percent over the second quarter of 2006 diluted earnings per share from continuing operations of $0.53, before non-recurring items. The non-recurring items in the second quarter of 2007 results include severance associated with the company’s second quarter restructuring activities of $8.6 million, after tax, and $50.0 million of expense for withholding taxes on a distribution made by the company to one of its foreign subsidiaries.

Second quarter revenues were $1,815.9 million, or 18 percent higher than the same period last year, against a backdrop of a two percent increase in rig activity.

Sequentially, the company’s second quarter diluted earnings per share from continuing operations were lower than the record first quarter 2007 diluted earnings per share from continuing operations of $0.83, before non-recurring items, primarily due to an unusually severe seasonal downturn in the Canadian market.

In the first six months of 2007, revenues were $3.7 billion and income from continuing operations before charges was $521.5 million, or $1.50 per diluted share. In 2006, the company reported revenues for the first six months of $3.1 billion and income from continuing operations before charges of $396.8 million, or $1.11 per diluted share.

North America

Revenues for the quarter were $883.4 million. This is a five percent increase over the same quarter in the prior year, as compared to a one percent rig count decline. Growth in the U.S. rig count was more than offset by a 51% drop in the Canadian rig count. Sequentially, revenues decreased 12 percent, as compared to a 16 percent decline in rig count, driven by a 72% sequential decline in the Canadian rig count. In Canada, all product lines declined. In the U.S., artificial lift, completion, wireline, drilling services and chemicals & stimulation performed exceptionally well.

Operating income of $192.3 million was 14 percent lower than the same quarter in the prior year and 36 percent lower than the preceding quarter. The sharp drop in Canadian activity negatively impacted operating margins.

Latin America

Second quarter revenues of $206.6 million were 16 percent higher than the second quarter of 2006 and essentially flat with the prior quarter. This region’s performance reflected the strongest sequential growth in its artificial lift, drilling services and well construction product lines.

The current quarter’s operating income of $45.7 million improved 36 percent as compared to the same quarter in the prior year and decreased six percent as compared to the first quarter of 2007. Sequentially, the decrease in operating income was primarily driven by decreased activity in Venezuela’s Orinoco basin, where the company has a substantial share of the heavy oil market.

Europe/West Africa/CIS

Second quarter revenues of $290.6 million were 42 percent higher than the second quarter of 2006 and 19 percent higher than the prior quarter. This region improved across all product lines with the strongest growth in the completion, drilling services, wireline and drilling tools product lines.

The current quarter’s operating income of $68.8 million improved 52 percent as compared to the same quarter in the prior year and 26 percent as compared to the first quarter of 2007.

Middle East/North Africa/Asia

Second quarter revenues of $435.3 million were 38 percent higher than the second quarter of 2006 and 10 percent higher than the prior quarter. This region’s performance reflected sequential improvements in its drilling services, artificial lift, completion and drilling tools service lines.

The current quarter’s operating income of $97.0 million improved 68 percent as compared to the same quarter in the prior year and 16 percent as compared to the prior quarter.

Discontinued Operations

The company is disposing of an R&D driven investment in producing oilfield assets. The results of operations of this business for the current and prior periods are reflected as discontinued operations, net of taxes. For the three months ended June 30, 2007, the loss per diluted share from discontinued operations was $0.03.

Reclassifications and Non-GAAP

Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.

Conference Call

The company will host a conference call with financial analysts to discuss the 2007 second quarter results on July 23, 2007 at 7:30 a.m. (CDT). The company invites investors to listen to a play back of the conference call at the company’s website, http://www.weatherford.com in the “investor relations” section.

Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs approximately 33,500 people worldwide.

# # #


Contact:	Andrew P. Becnel	(713) 693-4136
	Chief Financial Officer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford’s prospects for its operations which are subject to certain risks, uncertainties and assumptions. These risks and

uncertainties, which are more fully described in Weatherford International Ltd.’s reports and registration statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the demand for and pricing of Weatherford’s products and services, domestic and international economic and regulatory conditions and changes in tax and other laws affecting our business. 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.

Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In 000’s, Except Per Share Amounts)


	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2007			2006			2007			2006
Net Revenues:
North America	$	883,364		$	839,753		$	1,889,997		$	1,762,187
Latin America		206,604			178,637			412,546			340,732
Europe/West Africa/CIS		290,639			205,092			535,597			382,316
Middle East/North Africa/Asia		435,338			315,094			830,090			589,352

		1,815,945			1,538,576			3,668,230			3,074,587


Operating Income (Expense):
North America		192,268			222,276			492,166			484,689
Latin America		45,742			33,575			94,331			58,737
Europe/West Africa/CIS		68,801			45,178			123,558			79,353
Middle East/North Africa/Asia		96,998			57,806			180,471			104,120
Research and Development		(40,700	)		(37,361	)		(81,214	)		(73,804	)
Equity in Earnings		989			3,293			1,779			5,927
Corporate Expenses		(23,525	)		(21,507	)		(50,620	)		(43,763	)
Exit Costs and Restructuring Charges		(13,132	)		(2,770	)		(17,316	)		(2,770	)

		327,441			300,490			743,155			612,489

Other Income (Expense):
Other, Net		(5,934	)		(9,926	)		(8,306	)		(10,749	)
Interest Expense, Net		(35,293	)		(23,637	)		(69,064	)		(42,579	)

Income from Continuing Operations Before Income Taxes and Minority Interest		286,214			266,927			665,785			559,161

Provision for Income Taxes:
Provision for Operations		(59,845	)		(78,503	)		(152,743	)		(163,376	)
Tax Charges and Benefit From Exit and Restructuring Charges		(45,426	)		970			(43,906	)		970

		(105,271	)		(77,533	)		(196,649	)		(162,406	)

Income from Continuing Operations Before Minority Interest		180,943			189,394			469,136			396,755
Minority Interest, Net of Taxes		(4,463	)		(899	)		(8,837	)		(1,736	)

Income from Continuing Operations	$	176,480		$	188,495		$	460,299		$	395,019
Loss from Discontinued Operation, Net of Taxes		(11,170	)		(1,648	)		(13,417	)		(4,855	)

Net Income	$	165,310		$	186,847		$	446,882		$	390,164


Basic Earnings Per Share:
Income from Continuing Operations	$	0.52		$	0.54		$	1.36		$	1.13
Loss from Discontinued Operation		(0.03	)		(0.00	)		(0.04	)		(0.01	)

Net Income	$	0.49		$	0.54		$	1.32		$	1.12


Diluted Earnings Per Share:
Income from Continuing Operations	$	0.51		$	0.53		$	1.33		$	1.10
Loss from Discontinued Operation		(0.03	)		(0.01	)		(0.04	)		(0.01	)

Net Income	$	0.48		$	0.52		$	1.29		$	1.09


Weighted Average Shares Outstanding:
Basic		338,331			348,853			338,670			349,006
Diluted		347,817			358,433			347,062			358,164

Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In 000’s)


							Three Months
							Ended

	6/30/2007			3/31/2007			12/31/2006			9/30/2006			6/30/2006
Net Revenues:
North America	$	883,364		$	1,006,633		$	956,436		$	954,007		$	839,753
Latin America		206,604			205,942			211,512			173,953			178,637
Europe/West Africa/CIS		290,639			244,958			229,757			215,270			205,092
Middle East/North Africa/Asia		435,338			394,752			409,883			353,523			315,094

	$	1,815,945		$	1,852,285		$	1,807,588		$	1,696,753		$	1,538,576

Operating Income (Expense):
North America	$	192,268		$	299,898		$	274,007		$	281,484		$	222,276
Latin America		45,742			48,589			46,413			27,877			33,575
Europe/West Africa/CIS		68,801			54,757			47,646			46,049			45,178
Middle East/North Africa/Asia		96,998			83,473			98,086			71,134			57,806
Research and Development		(40,700	)		(40,514	)		(37,384	)		(38,241	)		(37,361	)
Equity in Earnings (Losses)		989			790			93			(190	)		3,293
Corporate Expenses		(23,525	)		(27,095	)		(26,625	)		(24,718	)		(21,507	)
Exit Costs and Restructuring Charges		(13,132	)		(4,184	)		(23,433	)		—			(2,770	)

	$	327,441		$	415,714		$	378,803		$	363,395		$	300,490

Supplemental Information
(Unaudited)
(In 000’s)


					Three Months
					Ended

	6/30/2007		3/31/2007		12/31/2006		9/30/2006		6/30/2006
Depreciation and Amortization:
North America	$	66,959	$	61,764	$	58,475	$	58,102	$	53,829
Latin America		17,118		16,739		17,307		16,856		15,251
Europe/West Africa/CIS		20,936		18,235		17,259		16,460		16,084
Middle East/North Africa/Asia		36,951		36,167		32,549		29,653		27,263
Research and Development		1,669		1,620		1,819		1,813		1,867
Corporate		909		990		1,576		596		700

	$	144,542	$	135,515	$	128,985	$	123,480	$	114,994

We report our financial results in accordance with generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP performance measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure we may present from time to time is operating income or income from continuing operations excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for operating income, net income or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended June 30, 2007 and 2006, the three months ended March 31, 2007 and the six months ended June 30, 2007 and 2006. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2007			2007			2006			2007			2006
Operating Income:
GAAP Operating Income	$	327,441		$	415,714		$	300,490		$	743,155		$	612,489
Exit costs and restructuring charges		13,132	(a)		4,184	(b)		2,770	(c)		17,316	(d)		2,770	(e)

Non-GAAP Operating Income	$	340,573		$	419,898		$	303,260		$	760,471		$	615,259




Provision for Income Taxes:
GAAP Provision for Income Taxes	$	(105,271	)	$	(91,378	)	$	(77,533	)	$	(196,649	)	$	(162,406	)
Tax impact of charges		(4,574	)(a)		(1,520	)(b)		(970	)(c)		(6,094	)(d)		(970	)(e)
Other charge		50,000	(a)		—			—			50,000	(d)		—

Non-GAAP Provision for Income Taxes	$	(59,845	)	$	(92,898	)	$	(78,503	)	$	(152,743	)	$	(163,376	)




Income from Continuing Operations:
GAAP Income from Continuing Operations	$	176,480		$	283,819		$	188,495		$	460,299		$	395,019
Total charges, net of tax		58,558	(a)		2,664	(b)		1,800	(c)		61,222	(d)		1,800	(e)

Non-GAAP Income from Continuing Operations	$	235,038		$	286,483		$	190,295		$	521,521		$	396,819




Diluted Earnings Per Share From Continuing Operations:
GAAP Diluted Earnings per Share From Continuing Operations	$	0.51		$	0.82		$	0.53		$	1.33		$	1.10
Total charges, net of tax		0.17	(a)		0.01	(b)		0.00	(c)		0.17	(d)		0.01	(e)

Non-GAAP Diluted Earnings per Share From Continuing Operations	$	0.68		$	0.83		$	0.53		$	1.50		$	1.11

Note (a): This amount represents severance charges associated with the Company’s restructuring activities. On an after tax basis, these charges approximated $8.6 million during the three months ended June 30, 2007. In addition, the Company incurred a tax charge of $50.0 million for withholding taxes required to be paid on a distribution made by the Company to one of its foreign subsidiaries. On an after tax basis, these items resulted in an effect of seventeen cents per diluted share for the three months ended June 30, 2007.

Note (b): This amount represents severance charges associated with the Company’s restructuring activities. On an after tax basis, these charges approximated $2.7 million, or one cent per diluted share, during the three months ended March 31, 2007.

Note (c): This amount represents severance charges associated with the integration of the Precision acquisition. On an after tax basis, these charges approximated $1.8 million during the three months ended June 30, 2006.

Note (d): This amount represents severance charges associated with the Company’s restructuring activities. On an after tax basis, these charges approximated $11.2 million during the six months ended June 30, 2007. In addition, the Company incurred a tax charge of $50.0 million for withholding taxes required to be paid on a distribution made by the Company to one of its foreign subsidiaries. On an after tax basis, these items resulted in an effect of seventeen cents per diluted share for the six months ended June 30, 2007.

Note (e): This amount represents severance charges associated with the integration of the Precision acquisition. On an after tax basis, these charges approximated $1.8 million, or one cent per diluted share, during the six months ended June 30, 2006.