WEATHERFORD NET LOSS $171 MLN

WEATHERFORD -  Weatherford International plc (NYSE: WFT) reported a net loss of $171 million, or a loss of $0.17 per share, and a non-GAAP net loss of $282 million before charges and credits ($0.28 non-GAAP loss per share) on revenues of $1.36 billion for the second quarter of 2017. 

Second Quarter 2017 Highlights 

• Excluding the adjustment related to a change in our revenue recognition in Venezuela, operating margins improved by 400 basis points sequentially; 

• Net cash used in operating activities was $62 million, a sequential improvement of 65%; 

• OneStimSM joint venture with Schlumberger on track to close in the second half of 2017; 

• Signed a Memorandum of Understanding (MOU) with Saudi Aramco, advancing localization in Saudi Arabia; and 

• Signed a technology cooperation agreement with Gazprom Neft intended to further develop current business relationships and collaborations between the two companies. 

Mark A. McCollum, President and Chief Executive Officer, commented, "I am pleased that our team has delivered a solid second quarter performance. We generated significantly higher incrementals, improved our cash flow compared to the previous quarter and provided our customers with nearly flawless service quality execution. Looking forward, I see a lot of opportunities for further performance improvements, and we have initiated several projects to unlock and accelerate these opportunities to drive stronger financial results and meaningfully reduce our debt and increase market share. We have great technology, a global presence, outstanding collaborative customer relationships and a high-caliber workforce, allowing us to be a partner of choice for our customers in many basins around the world." 

"We believe our industry will remain range bound within this 'medium-for-longer' price level for some time, until production growth is moderated. In the interim, we expect continuous short-term cyclical fluctuations. Adapting to this likely new paradigm, our industry must transform itself. We will continue to push innovation, both from a technical and a business model perspective, and we will deliver operational excellence to bring the cost of production down to a point at which all participants can make a decent return. 

To improve our position and drive better results, there are plenty of things well within our ability to execute. We will accelerate our mission to become a more focused and efficient company, and we are committed to a path of greater profitability, reliability and consistency within our organization. Ensuring flawless execution, discipline and accountability will be at the center of what we do. As we move forward toward reliable and sustainable performance, Weatherford will achieve new levels of success for our employees, customers and shareholders."

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Earlier:

2017, April, 29, 09:17:00 WEATHERFORD NET LOSS $448 MLN Weatherford International plc (NYSE: WFT) reported a net loss of $448 million, or a loss of $0.45 per share, and non-GAAP net loss of $318 million before charges and credits ($0.32 non-GAAP loss per share) on revenues of $1.39 billion for the first quarter of 2017.

2017, February, 3, 18:40:00 WEATHERFORD & NABORS ALLIANCE Weatherford International plc (NYSE: WFT) and Nabors Industries Ltd. (NYSE: NBR) announced today they have signed a non-binding Memorandum of Understanding (MOU) to form an alliance focused on delivering enhanced drilling solutions to the oil and gas land market in the lower 48 states of the United States.

2017, February, 3, 18:30:00 WEATHERFORD NET LOSS $549 MLN Weatherford International plc (NYSE: WFT) reported a net loss of $549 million, or a loss of $0.59 per share, and non-GAAP net loss of $303 million before charges and credits ($0.32 non-GAAP loss per share) on revenues of $1.41 billion for the fourth quarter of 2016.

2016, May, 5, 18:15:00 WEATHERFORD NET LOSS $498 MLN Revenue for the first quarter of 2016 was $1.59 billion compared with $2.01 billion in the fourth quarter of 2015 and $2.79 billion in the first quarter of 2015. First quarter revenues declined 21% sequentially and 43% from the prior year. The sequential decline was 22% in North America and 21% for International operations. Product sales declined 30% sequentially, while service and rental revenue decreased by 16%. The product sales decline was as much seasonal as cyclical and most impacted the Eastern Hemisphere.

2016, February, 4, 18:50:00 WEATHERFORD NET LOSS $1.99 BLN Weatherford International plc (NYSE: WFT) reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.01 billion for the fourth quarter of 2015. GAAP net loss for the fourth quarter of 2015 was $1.21 billion, or a net loss of $1.54 per share. Full year revenue was down $5.5 billion and operating income declined $1.5 billion primarily due to lower activity, pricing weakness and customer budget reductions in oil and gas markets across the world.

2015, December, 24, 19:30:00 WEATHERFORD WORLD RECORD Weatherford achieved a new world record by landing a 1,180-ton (2,360,700-lb) casing string at a total depth of 26,805 ft (8,170 m). The job was performed on a deepwater rig in the Gulf of Mexico this fall.

2015, October, 25, 18:20:00 WEATHERFORD CUTS 3,000 JOBS Services firm Weatherford International said Wednesday that it will cut 3,000 more jobs by the end of the year and close more facilities.