Weatherford slides deeper into the red with $2.8bn loss in 2018

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Struggling oil field service company Weatherford International closed 2018 with a $2.8 billion loss, sliding deeper into the red as it moves into what will become its fifth year of losses.

Weatherford posted a $2.1 billion loss on $1.4 billion of revenue during the fourth quarter. The fourth quarter figures translated into a loss per share of $2.10, representing a decline from the $1.9 billion and loss per share of $1.95 during the same period in 2017.

The service company finished 2018 with a $2.8 billion loss on $5.7 billion of revenue. The annual figures translated into a loss per share of $2.82, which was flat compared to the $2.8 billion loss and a loss per share of $2.84 reported for 2017.

The company that $2 billion in pre-tax charges dragged down its fourth quarter and end of year performances. The company has posted 17 consecutive quarters of losses, completing four years of losses and moving into a fifth.

Weatherford’s fourth quarter and end-of-year figures fell in line with Wall Street expectations for the fourth quarter but missed them for year. A consensus of analysts expected Weatherford to finish the fourth quarter with nearly $1.4 billion of revenue and close the year with nearly $5.8 billion of revenue.

The company’s fourth quarter loss per share of $2.10 missed Wall Street expectations of 12 cents as did the end-of-year loss of share of $2.82, which was expected to be 75 cents.

A 40 percent drop in crude oil prices during the fourth quarter hurt business for Weatherford and other oil field service companies, which were pressured by oil and natural gas companies to lower their prices.

Weatherford has endured more than four years of losses. The company has not made a profit since the fourth quarter of 2014 and faces getting delisted from the New York Stock Exchange.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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