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Weatherford to Cut More Jobs, Close Additional Facilities in 1H16
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Weatherford International plc reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.01 billion for the fourth quarter of 2015. GAAP net loss for the fourth quarter of 2015 was $1.21 billion, or a net loss of $1.54 per share. Full year revenue was down $5.5 billion and operating income declined $1.5 billion primarily due to lower activity, pricing weakness and customer budget reductions in oil and gas markets across the world.
Key Points: Completed the 14,000 headcount reduction target Plan to reduce our cost structure by effecting a further headcount reduction of 6,000 which we expect to have completed during the first half of 2016. We will also close another 9 manufacturing and services facilities The full year forecast for…- ✓ Full news archive — U.S., Canada & international coverage
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