Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.
Shedding roughly $6 billion of debt after successfully emerging from Chapter 11 reorganisation in mid-December, Weatherford reported a $5.3 billion profit on more than $1.2 billion of revenue during the fourth quarter. The figures were mixed on the $2.1 billion loss on $1.4 billion of revenue during the fourth quarter of 2018.
Burdened by billion of dollars of debt, Weatherford had previously not made a profit since the third quarter of 2014.
Looking at the company’s end-of-year results, shedding debt allowed Weatherford to close 2019 with a $3.6 billion profit on $5.2 billion of revenue. The figures were mixed compared to the $2.8 billion loss on $5.7 billion of revenue reported in 2018.
With roots in Texas going back to 1941, Weatherford had grown to become the nation’s fourth-largest oil field services company but racked up $10 billion in debt along the way.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.