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Weatherford International reported $1.78 billion loss, completes job cuts


  • bgtTake a by the numbers look at how the oil crash has shaken the Texas economy. /bgtbrgtbrgtigtA drilling rig is seen near Kennedy, Texas, Wednesday, May 9, 2012. /igt

Weatherford International, which has its main operations in Houston, posted a $1.8 billion net loss for the third quarter, even though its North American revenues slowly began to rise from the previous three months.

Weatherford laid off several hundred workers in in the third quarter to complete at least 8,000 job cuts through the first nine months of the year.

READ MORE: Baker Hughes posts loss after cutting 2,000 more jobs

About $1.4 billion of the oilfield services company’s losses come through the write downs on the lost values of rigs, equipment and other assets, as well as other tax charges.

Weatherford’s net loss compares to a $170 million loss during the same time last year, as well as a $565 million loss in the second quarter of this year.

READ MORE: Shareholders sue to stop merger of pipeline giants

Weatherford’s $1.35 billion in revenues are down almost 40 percent from last year, but just down 3 percent from the second quarter. The company’s North American revenues actually grew 12 percent from the previous quarter.

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