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Weatherford to make another 1,000 U.S. job cuts

Jul. 23, 2015 1:10 PM ETWeatherford International plc (WFRD) StockWFRDBy: Carl Surran, SA News Editor
  • Weatherford International (WFT +0.8%) CEO Bernard Duroc-Danner says the company is acting “brutally realistic" as it makes more U.S. job cuts, but that the worst should be over and the company can slowly regain market share worldwide.
  • WFT says it is cutting another 1,000 jobs, mostly in its U.S. support staff, as its onshore shale business continues to suffer with low oil prices; the move would give WFT 11K job cuts globally for the year and ~18K reductions in the past 18 months, leaving 45K workers worldwide.
  • WFT took a $159M impairment charge in Q2 on its U.S. pressure pumping assets because they were largely sitting unused, and says it has shuttered 60% of its operating facilities in North America so far and plans to close 30 more facilities by year-end; but while Q2 revenues in North America fell 51% Y/Y, international revenues slipped only 16%.
  • Analysts at Tudor Pickering Holt say WFT's Q2 results were good enough for its stock to “start to regain some of its dramatic lost ground.”

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