Energy Oilfield services firm Weatherford posts bigger loss than expected

Oilfield services firm Weatherford posts bigger loss than expected

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Oilfield services firm Weatherford posts bigger loss than expected

Oilfield services provider Weatherford International Plc reported a bigger-than-expected quarterly loss on Friday, as a fall in expenses failed to make up for lower revenue from markets including the Middle East and Africa.

The Houston-based company, which has not reported a quarterly profit in four years, has struggled under the weight of a massive debt load since oil prices crashed in 2014.

Weatherford recorded $2 billion in one-time expenses during the final quarter of 2018 which largely included write-offs.

Revenue from Weatherford’s Eastern Hemisphere markets fell 11 percent to $653 million in the fourth quarter ended Dec. 31 due to the sale of some of its land drilling rigs and lower revenue in the Middle East.

Its adjusted loss narrowed to $140 million or 14 cents per share, from $329 million or 33 cents per share a year earlier.

Analysts on average had expected a loss of 12 cents per share, according to IBES data from Refinitiv.

Revenue overall fell marginally to $1.4 billion from $1.5 billion.