WEATHERFORD NET LOSS $256 MLN
WEATHERFORD - Weatherford International plc (NYSE: WFT) reported a net loss of $256 million, or a loss of $0.26 per share, and a non-GAAP net loss of $221 million before charges and credits ($0.22 non-GAAP loss per share) on revenues of $1.46 billion for the third quarter of 2017.
Third Quarter 2017 Highlights
• Segment operating income of $34 million, a sequential improvement of 187%;
• Transition tasks for OneStimSM joint venture are largely complete and closing is expected before year end;
• Commenced a reorganization as a first step toward a more substantial business transformation; and
• Received multiple awards for best technologies and operational excellence at the 2017 World Oil Awards.
Mark A. McCollum, President and Chief Executive Officer, commented, "I'm pleased with the progress we've made over the past three months and I am satisfied with the improvements in our financial results, with the exception of negative free cash flow during the quarter. Our highest priority is free cash flow generation. To that end, we have initiated a substantial transformation program targeting improvements in our operating results of approximately $1 billion. We are driving this plan on a timeline to achieve these savings over the next 18-24 months. Specific actions to achieve $300 million in cost savings are already underway. For example, we have already taken the first steps on our path to becoming a leaner and flatter organization. These first steps will result in annualized cost savings of approximately $115 million. With the new organizational foundation in place, we are now well positioned to address the cultural barriers to change and to drive the necessary process standardization that will accelerate our transition into a more efficient Company. This will enable a high level of consistency in our processes and will allow us to better integrate our product and service offerings in order to provide more competitive solutions to our customers. I am confident that these changes will lead to positive and measurable results in the coming quarters, beginning with our target of break-even free cash flow excluding restructuring and legal settlements in the fourth quarter."
McCollum continued, "Our focus is now turning to relentlessly and reliably delivering on our promises to our customers, our investors and our employees. We have a vast number of products and technologies that customers want and value. We also have a highly skilled and motivated global workforce and strong customer relationships. I am convinced that with this foundation, combined with an improved ability to consistently and more efficiently serve our customers, we will be able to unlock the tremendous potential that exists within Weatherford."
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WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.
WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.
WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.
PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.