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Weatherford's weak Q4 overshadowed by plans to sell non-core businesses

  • Weatherford (WFT) reports a wider Q4 unadjusted loss and a Y/Y decline in revenue, but shares +2.7% AH on plans to sell non-core businesses.
  • WFT says it expects to sell its pipeline and specialty services, testing and production services, drilling fluids and wellheads businesses by the end of this year, and plans to spin off or take public its land drilling rig business in Q4 2014 or Q1 2015.
  • WFT, which said last month it would cut 7K jobs, says cash proceeds from the sale of the businesses would be used to pay down debt.
  • During Q4, North American operations, which accounts for ~45% of WFT's revenue, posted a 6.5% decrease in revenue; in the Middle East, North Africa and Asia, revenue fell 3.5%.
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