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2016-05-05 18:15:00

WEATHERFORD NET LOSS $498 MLN

WEATHERFORD NET LOSS $498 MLN

First Quarter 2016 Results

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.

Net loss on a non-GAAP basis for the first quarter of 2016 was $239 million (net loss of $0.29 per share), compared to a net loss of $102 million in the fourth quarter of 2015 (net loss of $0.13 per share), and a net loss of $33 million in the first quarter of the prior year (net loss of $0.04 per share).

GAAP net loss for the first quarter of 2016 was $498 million, or a net loss of $0.61 per share.

After-tax charges of $259 million for the first quarter primarily include:

  • $65 million of litigation charges primarily related to the potential settlement of our previous income tax restatements;
  • $59 million of costs related to severance and facility closures;
  • $54 million of Zubair legacy contract charges;
  • $49 million primarily from supply contract related charges and asset write-downs; and
  • $31 million due to foreign currency devaluation charges in Angola.

Operating margin of -6.6% for the first quarter decreased by 943 basis points sequentially, and declined 1,516 basis points from the first quarter of 2015. Sequentially, there was an overall 21% reduction in revenue resulting in decrementals of 38%. Year-over-year revenue was down 43% with decrementals of 28%.

 

Weatherford International plc

Condensed Consolidated Statements of Operations

(Unaudited)

(In Millions, Except Per Share Amounts)

     
 

Three Months Ended

 

3/31/2016

3/31/2015

Net Revenues:

   

North America

$

543

$

1,163

Middle East/North Africa/Asia Pacific

361

533

Europe/SSA/Russia

257

417

Latin America

305

486

  Subtotal

1,466

2,599

Land Drilling Rigs

119

195

   Total Net Revenues

1,585

2,794

     

Operating Income (Expense):

   

North America

(128)

(10)

Middle East/North Africa/Asia

6

69

Europe/SSA/Russia

(1)

71

Latin America

44

98

  Subtotal

(79)

228

Land Drilling Rigs

(26)

10

Research and Development

(45)

(64)

Corporate Expenses

(43)

(56)

Gain (Loss) on Sale of Businesses and Investments, Net

(1)

3

Other Charges

(253)

(71)

Total Operating Income (Loss)

(447)

50

     

Other (Expense):

   

Interest Expense, Net

(115)

(120)

Currency Devaluation Charges

(31)

(26)

Other, Net

1

(11)

Net Loss Before Income Taxes

(592)

(107)

     

Benefit (Provision) for Income Taxes

101

     

Net Loss

(491)

(107)

Net Income Attributable to Noncontrolling Interests

7

11

Net Loss Attributable to Weatherford

$

(498)

$

(118)

     

Loss Per Share Attributable to Weatherford:

   

Basic & Diluted

$

(0.61)

$

(0.15)

     

Weighted Average Shares Outstanding:

   

Basic & Diluted

813

778

 

weatherford.com 

-----

Earlier: 

WEATHERFORD NET LOSS $1.99 BLN 

WEATHERFORD WORLD RECORD 

WEATHERFORD CUTS 3,000 JOBS 

WEATHERFORD NET LOSS $777 MLN 

WEATHERFORD NET LOSS $ 607 MLN 

WEATHERFORD CUTS 11,000 

WEATHERFORD 10,000 LAYOFFS 

WEATHERFORD CUTS JOBS 

GAZPROM & WEATHERFORD AGREE 

BAKER HUGHES BOUGHT WEATHERFORD 

ROSNEFT ACQUIRES WEATHERFORD 

WEATHERFORD & ROSNEFT: SOLD 

WEATHERFORD CUTTING VENEZUELA 

WEATHERFORD WILL PAY $52,500,000. 

WEATHERFORD CUTS 7000 EMPLOYEES AND SALES $ 5B ASSETS

 

 

 

Tags: WEATHERFORD, FINANCIAL, OIL, GAS, PRICES
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