Weatherford International plc (WFRD) — Reincorporation detail

Why this firm matters

Vote scheduled for 2026-06-11; results pending.

Controller & ownership

Diffuse / non-controlledDiffuse Institutional

Vanguard Group (largest institutional, diffuse) holds approximately 10.4% of voting power. No single holder reaches the controlled-company threshold (>50% of voting power).

Source: WFRD DEF 14A 2025-04-23 — Vanguard 10.4%, BlackRock 10.0%, Capital Research Global Investors 8.2%, T. Rowe Price Associates 7.8%, T. Rowe Price Investment Management 5.7% (top 5 = 41.7%); 72,556,148 ordinary shares outstanding as of April 10, 2025; no controlling shareholder. NOTE: WFRD seeking Ireland→Texas parent migration via DEF 14A

Vote outcome — reincorporation proposal

Approval standard: Irish Scheme of Arrangement (Irish Companies Act 2014, Part 9 Ch.1, §§449-455): 75% in value plus majority in number at Court Meeting + Irish High Court sanction. Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Weatherford International's announcement-day move was a non-event

**Bottom line.** All four ways of looking at Weatherford International's stock that day point to roughly the same answer: rose modestly by about 0.8%, and the move was statistically indistinguishable from a normal trading day (p = 0.75).

This chart shows four different statistical lenses on what Weatherford International's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Weatherford International sits near the middle of the 36-firm cohort

**Bottom line.** Weatherford International's announcement-day reading is close to the cohort-wide mean of +0.69%. Most firms in this cohort moved by similar small amounts; reactions are firm-specific, not regime-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Weatherford International is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-04-02 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+0.83%	Patell-z p-value = 0.750

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Vote window CARs not yet computed (vote on 2026-06-11).

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.750, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Status: N/A pending reincorporation.

The Texas opt-in statutory regimes (TBOC §21.552 / SB 29 derivative threshold; TBOC §21.373 / SB 1057 shareholder-proposal threshold) are available only to firms that are nationally listed Texas corporations. Weatherford International plc is not yet Texas-incorporated; the move is pending shareholder vote with a proposed effective date of TBD. These adoptions can be elected only on or after the firm's TX effective date.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Classification & audit trail

Bucket

D

Panel eligibility

PANEL_A_post_SB29

Audit status

PENDING_TRANSACTION

Source confidence

COMPANY_RELEASE

Transaction status

PENDING

Audit notes

Phase 3M 2026-04-27: status=SCHEDULED — moved None from actual to proposed_effective_date_iso. Will promote to actual after vote passes.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://www.weatherford.com/en/investor-relations/
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-29] phase5m: WFRD meeting_date_iso 'TBD 2026' -> 2026-04-22 (Q1 2026 earnings transcript and IR calendar confirm annual stockholder meeting held April 22, 2026); source: https://www.weatherford.com/investor-relations/investor-news-and-events/news/news-article/?ItemID=18491 [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
2026-04-29 v3.66: meeting_date_iso corrected from 2026-04-22 to 2026-06-11 based on WFRD DEF 14A. The transaction is a court-sanctioned scheme of arrangement (Irish→Texas redomestication), with two meetings on 2026-06-11: a court-ordered scheme meeting and the 2026 AGM. Record date: 2026-04-09. Proxy materials mailed 2026-04-21. Expected completion: Q3 2026.
[2026-04-29] v3.74: announcement_date_iso 2026-04-01→2026-04-02 — per 8-K acc 0001603923-26-000025 cover-page Date of Earliest Event Reported.
[2026-04-29] v3.75: PINCITE-VERIFIED via DEF 14A — STRUCTURALLY DIFFERENT from DGCL §266 cohort: Irish scheme of arrangement, not state-law conversion. Two June 11, 2026 meetings (yellow proxy = Special Court-Ordered Meeting; blue proxy = AGM). Court-Meeting threshold: 75% in value + majority in number. Plus Irish High Court sanction. Plus Conditional Proposals must all pass. 71,933,662 ordinary shares eligible (record date April 9, 2026). Expected close Q3 2026.