Weatherford posts quarterly loss
HOUSTON, July 23, 2015 – Weatherford has reported an after-tax charges net loss of $489 million for the second quarter of 2015. Before taking after-tax charges into account, Weatherford’s net loss was $77 million, compared to net loss of $33 million for the first quarter, and representing a 129-percent year-on-year loss from $186 million.
Revenues at the international oil and natural gas services company stood at $2.39 billion, down from $2.79 billion posted in the first quarter, and a 36-percent year-on-year loss from $3.71 billion in 2014. Weatherford is nearing completion of layoff programme affecting 10,000 employees, with plans for another 1,000 job cuts.
Weatherford is the latest victim to a continuing slowdown in the oilfield services sector caused by low energy prices that is particularly affecting companies with a large presence in North America. Rivals Baker Hughes and Halliburton also posted net losses and fallen revenues this week. A report by Bloomberg news agency released in June calculated debt owed by 62 companies active in the North American market at $235 billion.