Weatherford curtails 4Q loss amid decline in revenues

  • Business & Finance

Oil and gas services company Weatherford reduced its quarterly loss by 55 percent while its revenues dropped by 30 percent. 

Weatherford on Thursday reported a smaller net loss for the fourth quarter 2016 of $549 million as opposed to the net loss of $1.2 billion in the corresponding quarter of 2015.

The company’s revenues slipped by 30% during the quarter to $1.41 billion, compared to revenues of $2.01 billion in the fourth quarter of 2015.

Krishna Shivram, Chief Executive Officer, stated, “During 2016, we took the necessary steps to secure our liquidity and provide a runway from which the company can become consistently profitable and free cash flow positive.”

During the quarter, the oil services company managed to reduce its net debt by $507 million to $6.5 billion.

Offshore Energy Today Staff

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