WEATHERFORD CUTS 11,000
Weatherford International boosted its headcount reduction target by 1,000 on Thursday to 11,000 positions.
In its second quarter results, the Switzerland-based company confirmed it has successfully completed its previously announced headcount reduction target of 10,000 and has revised its target upwards to 11,000.
The reductions will principally affect the company's U.S. operations, with a focus on support positions.
"The aggregate results of these measures will help mitigate the effects of the downturn, while at the same time, take advantage of the opportunity to develop a leaner structure and a tighter organization," the company said.
Hercules also confirmed that it closed three of its manufacturing and service facilities this quarter, bringing its total amount of closures to over 60 operating facilities across North America through the first half of 2015.
The company plans to close 30 more operating facilities by the end of the year.
"Going forward, we expect positive free cash flow in the third and fourth quarters driven by further reductions in working capital balances, continued discipline on capital expenditure spending, reduced severance cash payments, and improved net income," Weatherford added.
Weatherford reported a second quarter net loss before charges of $77 million, or a loss of $0.10 per share, on revenues of $2.39 billion.
CEO Bernard J. Duroc-Danner noted that the company's revenue dropped by 14 percent from last quarter, beating out a 26 percent decline in the worldwide rig count.
"The second quarter was a very difficult one to navigate," Duroc-Danner said.
The company also revised its full year capital expenditure forecast down by $100 million to $750 million, a 48 percent drop compared to 2014.
Weatherford expects an annualized savings of over $700 million based on its 2015 reductions.
"As we emerge gradually from this industry down cycle, we expect to operate as a much leaner, more efficient and streamlines organization," the company said.
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