Weatherford International plc (NASDAQ:WFRD) Q4 2022 Earnings Call Transcript

So look, we want to continue to pare down that cost of debt. Like I mentioned earlier, blended sort of 8%, we think, is very competitive, but we’d still like to bring that quantum down a little bit more. I think, look, once we are able to get our retrenching down the credit facilities, we get a few more quarters under our belt, we’ll be able to come back and have a bit more of a specific conversation about that. So I would just ask for a tad bit more patience on that. But just look, it continues to be the biggest priority for us.

Gregg Brody: Right. And just last quarter, you put in place a new revolver. One of the — I think one of the benefits of that facility was the ability to release some of the cash that’s collateralized for LCs. Have you made any progress with being able to release cash? Is that something — is there a way to think about how that may play out over the year?

Arunava Mitra: Yes, Gregg, I’ll take that. Based on what I’ve seen, I think we are on target to release about $15 million in Q1 and another $20 million in Q2. So we should be able to free up restricted cash to the extent of $70 million through the first half of the year.

Operator: And ladies and gentlemen, this concludes our question-and-answer session. I’d like to turn the conference back over to management for any final remarks.

Girishchandra Saligram: Great. Thank you all for joining and taking the time today. We look forward to coming back towards the end of April and sharing our Q1 results. Thank you all.