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.

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.

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.

Services firm Weatherford International said Wednesday that it will cut 3,000 more jobs by the end of the year and close more facilities.

Weatherford International plc (NYSE: WFT) reported a net loss before charges of $77 million ($0.10 net loss per share non-GAAP) on revenues of $2.39 billion for the second quarter of 2015. GAAP net loss for the second quarter of 2015 was $489 million, or a net loss of $0.63 per share.

Weatherford International boosted its headcount reduction target by 1,000 on Thursday to 11,000 positions.

Weatherford International raised its layoff target to 10,000 positions on Thursday after booking an over 50 percent income drop in the first quarter.

Oil services company Weatherford International Plc increased the total number of employees it is looking to lay off in 2015 to 10,000 as it copes with the fall in oil prices.

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