Financially struggling Weatherford International is still losing money, but the energy services firm is shrinking its losses and growing its revenues.
Weatherford, which operates out of Houston, posted a $245 million loss for the first quarter versus a $448 million loss a year ago. Despite selling assets and shrinking, Weatherford’s revenues jumped 3 percent to $1.42 billion from the same three months a year ago.
“As we continue on our transformational path, our results for the first quarter of 2018 reflect our focus on planning and executing tangible actions to improve our position as a strong, viable and innovative organization,” said Weatherford Chief Executive Mark McCollum.
Weatherford recently sold its North American hydraulic fracturing business to industry leader Schlumberger and next plans to see its land drilling business, which is primarily based in the Middle East.
Weatherford was considered part of the so-called “Big Four” energy services giants with Schlumberger, Halliburton and Baker Hughes, also of Houston. But the company has struggled for years, running into problems even before the oil bust that devastated the sector.
Weatherford has shrunk to fewer than 29,000 workers worldwide from 67,000 in early 2014.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Standardising specifications: a new approach
- OPINION: Victim’s son fears another Piper Alpha is ‘just around the corner’
- OPINION: Contractor lawyers in demand as firms reluctant to return to bloated workforces
- OPINION: Are Electric Vehicles changing BP’s business model?
- OPINION: Where helicopter safety is concerned, regulations matter