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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FRB - Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index advanced 4.5 percent at an annual rate for the first quarter as a whole. After having climbed 1.5 percent in February, manufacturing production edged up 0.1 percent in March. Mining output rose 1.0 percent, mostly as a result of gains in oil and gas extraction and in support activities for mining. The index for utilities jumped 3.0 percent after being suppressed in February by warmer-than-normal temperatures. At 107.2 percent of its 2012 average, total industrial production was 4.3 percent higher in March than it was a year earlier. Capacity utilization for the industrial sector moved up 0.3 percentage point in March to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972–2017) average.
AOG - Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country
МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 марта по 14 апреля 2018 года составила $ 65,80125 за баррель, или $ 480,3 за тонну.
REUTERS - Oil prices slipped with Brent crude futures LCOc1 off 66 cents at $71.92 a barrel, while U.S. crude CLc1 fell 56 cents to $66.83 a barrel.