Weatherford Reports $821MM 3Q Loss
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.
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
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Senior Editor | Rigzone