Reporting its third-quarter 2016 results on Oct. 25, Weatherford International Plc said revenue totaled $1.36 billion, less than third-quarter 2015’s $2.24 billion. Third quarter revenues declined 3% sequentially and 39% from the prior year.
Adjusted revenue grew 1%, with North America growing by 12% and international revenue declining by 4%.
Weatherford noted that its Zubair oilfield redevelopment project in Iraq is now completed. Excluding this project, international revenue declined overall—compared to third-quarter 2015, international revenue in the third quarter of 2016 was down by $418 million, to stand at $793 million.
Bernard J. Duroc-Danner, chairman of the board, president and CEO, said that in North America, operators’ willingness to invest in production-oriented projects with oil hovering above $50 per barrel is the first step toward a recovery in prices. He said the company’s North American revenue grew sequentially by 12%.
In Latin America operations, revenue was down by $166 million, or 39%, vs. revenue for the region in third-quarter 2015.
In Europe/Sub-Saharan Africa/Russia operations, revenue of $225 million was down by $136 million, or 38%, vs. revenue for the region in third-quarter 2015.
In Middle East/North Africa/Asia-Pacific operations, revenue of $329 million was down by $116 million, or 26%, vs. third-quarter 2015.
Land rig revenue of $98 million was down by $88 million, or 48%, from third-quarter 2015.
However, capex of $62 million rose by $31 million, or 100%, from second-quarter 2016’s amount. That $62 million capex fell, though, by $69 million, or 53%, vs. third-quarter 2015.
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