Weatherford expects medium-for-longer prices to stay for some time
- Business & Finance
Houston-based oil and gas services company Weatherford tightened its net loss for the year’s 2Q while expecting medium-for-longer oil price level to remain for some time.
The company on Friday reported a net loss of $171 million, compared to $565 million loss in the second quarter of the prior year.
On a non-GAAP basis, net loss was $282 million before charges and credits for this year’s quarter versus $253 million in the prior-year period.
Revenues for the second quarter of 2017 were $1.36 billion compared with $1.39 billion in the first quarter of 2017, or a 2% decrease, and 3% lower than the $1.4 billion of revenue reported in the second quarter of 2016.
Mark A. McCollum, President and Chief Executive Officer, commented, “Looking forward, I see a lot of opportunities for further performance improvements, and we have initiated several projects to unlock and accelerate these opportunities to drive stronger financial results and meaningfully reduce our debt and increase market share.”
McCollum further added: “We believe our industry will remain range bound within this ‘medium-for-longer’ price level for some time, until production growth is moderated. In the interim, we expect continuous short-term cyclical fluctuations. Adapting to this likely new paradigm, our industry must transform itself.”
Offshore Energy Today Staff