Weatherford curtails 4Q loss amid decline in revenues
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