Already struggling with previous losses as well as layoffs throughout Oklahoma, Texas and other states, Weatherford International reported a $60 million operating loss in the third quarter of 2020. But it is a sign of improvement for the company.
The $60 million loss compares to the $497 million operating loss in the second quarter of 2020 and the loss of $447 million in the third quarter of 2019.
The company said its revenues of $807 million dropped two percent from the second quarter while North America growth was 2%. However, the growth was offset by a 3% decline internationally.
The company’s third-quarter 2020 net loss was $174 million, compared to a net loss of $581 million in the second quarter of 2020 and $821 million in the third quarter of 2019.
After coming out of Chapter 11 bankruptcy reorganization 10 months ago and eliminating more than $6 billion in debt, the company had total cash of $1.3 billion on hand as of the end of September.
Girish Saligram, President and Chief Executive Officer, commented, “While our market outlook remains cautious, we are encouraged by the fact that we have started to see activity stabilize
in certain geographies and a gradual path to recovery in others.”
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