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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.

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Tags: WEATHERFORD, FINANCIAL, OIL, GAS, PRICES
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