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HOUSTON, June 24, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford," the "Company," "we," "us," and "our") announced today it has been added as a member of the broad-market Russell 3000® Index, effective after the US market opens on June 27, 2022 as part of the 2022 Russell indexes annual reconstitution.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, 2022, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. The Financial Times Stock Exchange Group (FTSE) Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
Girish Saligram, President and Chief Executive Officer, commented, "Rejoining the Russell indexes marks an important step for us and affirms the strong operational performance of the last year and our efforts to strengthen the Company's operating posture. Additionally, we believe inclusion in the index will further drive awareness of the Company within the broader institutional investor community as we work to build on our successful track record of meeting the strategic and financial goals we have set."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Director, Investor Relations and M&A
Director, Global Communications
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SOURCE Weatherford International plc