Weatherford Reports $821MM 3Q Loss



Weatherford Reports $821MM 3Q Loss
Struggling oilfield services company Weatherford International had a loss of $821 million in third quarter of 2019.

Struggling oilfield services company Weatherford International had a loss of $821 million in third quarter of 2019.

In an Oct. 30 filing with the U.S. Securities and Exchange Commission, Weatherford also posted a quarterly revenue of $1.31 billion, down from $1.44 billion a year ago.

Weatherford filed for bankruptcy in early July and is currently still undergoing restructuring. In the SEC filing, the company reported $303 million in costs related to its reorganization.

The oilfield services market has struggled as of late as powerhouses Schlumberger and Halliburton both reported less than stellar third quarter earnings.

Weatherford has had a rough few years and had been divesting assets to help pay down debt prior to its bankruptcy filing.

“Due to the highly competitive nature of our business and the continuing losses we incurred over the last few years, we continue to reduce our overall cost structure and workforce to better align our business with current activity levels,” Weatherford stated in the SEC filing. “The ongoing transformation plan, which began in 2018 and is expected to extend significantly beyond the originally planned year-end 2019 target, includes a workforce reduction, organization restructure, facility consolidations and other cost reduction measures and efficiency initiatives across all of our geographic regions.”

To contact the author, email Valerie.Jones@Rigzone.com



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