Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update

Weatherford Set to Drop Non-Core Businesses, Cut Workforce

Print | Wednesday,February 26,2014

Weatherford Set to Drop Non-Core Businesses, Cut Workforce

Weatherford International Ltd. reported net income of$53 million ($0.07 diluted earnings per share on a non-GAAP basis), before charges, on revenues of $3.74 billion for the fourth quarter of 2013.

For the year ended December 31, 2013, Weatherford reported full-year net income, before charges, of $463 million ($0.60 diluted earnings per share on a non-GAAP basis) on revenues of $15.26 billion.

Fourth Quarter 2013 Highlights

Successful remediation of the long standing material weakness in income tax accounting;
Reduction in net debt by $687 million;
Positive free cash flow generation of $298 million (sequential improvement of $337 million), driven primarily by a reduction in working capital; and
Completion of the sale of our equity investment in Borets for $400 million and…

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Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update

Weatherford Set to Drop Non-Core Businesses, Cut Workforce

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