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