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Tuesday, Jul 30
Weatherford budgets $153M for potential foreign bribery violations
- Weatherford (WFT) says in its Q2 earnings report that it reserved $153M for a potential settlement with the U.S. over allegations of potential foreign bribery violations and corruption in Iraq from a decade ago.
- WFT reserved $100M last July to cover a potential penalty for its business in countries under U.S. sanctions, so it appears $53M was added to the reserve.
- In Q2, WFT's North America operations, which contribute most of the top line, recorded an 8.1% drop in revenue due to a seasonal downturn in Canada and severe flooding. In the Middle East, North Africa and Asia, revenue rose 42%.