Weatherford to Reduce Workforce Further in 1st Half of 2016

February 2016, Vol. 243, No. 2

Oilfield services company Weatherford International will cut 6,000 positions in the first half of the year, which accounts for about 14% of its workforce.

In a written statement, CEO Bernard Duroc-Danner said he believes oil prices will eventually respond to a realignment of supply and demand, but “regardless, we have geared the company and will increasingly do so for a prolonged period of very low activity.”

The company said it lost $1.2 billion in profits during the fourth quarter, while revenues fell 46% to $2 billion. Weatherford also plans to shut down nine manufacturing plants.

In its report of fourth-quarter and 2015 annual results released Wednesday, the company said it closed one manufacturing facility and an additional 20 operating facilities in North America, and “successfully completed the previously announced headcount reduction target of 14,000 employees.”

PGJ staff report

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