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2017-04-29 09:17:00

WEATHERFORD NET LOSS $448 MLN

WEATHERFORD NET LOSS $448 MLN

WEATHERFORDWeatherford 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. 

 

First Quarter 2017 Highlights

• Net cash used in operating activities was $179 million;
• Operating margins improved by 166 basis points sequentially, with 123% incrementals;
• OneStimSM joint venture agreement was reached with Schlumberger;
• Closed six manufacturing facilities; and
• Received the Offshore Technology Conference 2017 Spotlight New Technology Award for our AutoFrac® RFID-enabled
stimulation system.

 

Mark A. McCollum, President and Chief Executive Officer, commented, “I am honored to have the opportunity to lead Weatherford, an organization with a reputation for exceptional technologies and collaborative customer relationships, a strong global market presence and a high-caliber, diverse workforce. Building on a rich base of opportunities, I look forward to guiding our Company to reach its full potential.”

“In our next chapter, we intend to intensely focus on execution and process discipline, which will serve as our cornerstones for improved profitability and returns. As we emerge from the worst downturn in oilfield history, there has never been a more important time for collaboration across our organization as well as with our clients, reinforcing our commitment to being a trusted business partner to those we serve. Guided by our core values of ethics, integrity and accountability, we will challenge ourselves to consistently deliver greater value for our customers and our shareholders.” 

McCollum continued, “Our recently announced joint venture with Schlumberger, OneStimSM, will offer a significant North America land-based multistage completions portfolio combined with one of the largest hydraulic fracturing fleets in the industry for the development of unconventional resource plays in land markets in the United States and Canada. This agreement enables us to take another step toward improving our balance sheet and strengthening our returns. It also confirms our commitment to creating strategic partnerships, sharing resources and capabilities to develop new technologies and achieve critical mass as a means to provide our clients with the lowest cost per barrel.” 

“Our highest priority will be to improve and strengthen our balance sheet. Through more disciplined cost management, we will continue to streamline our operations, becoming a more efficient and leaner organization. This includes the completion of the OneStim joint venture and the divestiture of our Land Drilling Rigs business. Delivering heightened service quality and reliability will position our Company on a solid path toward long-term profitability. Improved profitability will in turn drive cash flow, and stronger cash flow will improve our balance sheet. We realize the responsibility of being good stewards and recognize that there is work to be done to earn your trust and confidence. We are committed to meaningfully improving our returns and increasing shareholder value.”

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Earlier:

WEATHERFORD & NABORS ALLIANCE
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.

 

 WEATHERFORD NET LOSS $549 MLN
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.

 

 WEATHERFORD NET LOSS $498 MLN
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.

 

 WEATHERFORD NET LOSS $1.99 BLN
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.

 

 WEATHERFORD WORLD RECORD
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.

 

 WEATHERFORD CUTS 3,000 JOBS
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.

 

 WEATHERFORD NET LOSS $777 MLN
2015, October, 22, 18:40:00

WEATHERFORD NET LOSS $777 MLN

Third Quarter 2015 Highlights: - Net debt decreased by $28 million and positive free cash flow from operations was $123 million; - Operating income increased 3% and by 47 basis points sequentially, driven mostly by improvements in North America where revenue increased by 2% and operating margins increased 493 basis points with the modest recovery from spring break up in Canada and continued cost reduction measures; - Best-in-class sequential incrementals of 2% and year-on-year decrementals of 29%; - Completed the previous reduction in force target of 11,000 employees by September 30, 2015, with realized annualized savings of $803 million; and - Repurchased $236 million of long-term debt through open market transactions generating a gain of $35 million.

Tags: WEATHERFORD