Weatherford International not too long ago introduced its outcomes for the second quarter of 2020.
On a GAAP foundation, revenues for the second quarter of 2020 had been $821 million, a decline of 32% sequentially and 37% year-on-year. Reported working loss was $497 million within the second quarter of 2020, in comparison with an working lack of $822 million within the first quarter of 2020 and $118 million within the second quarter of 2019. The Company’s second-quarter 2020 web loss was $581 million, in comparison with a web lack of $966 million within the first quarter of 2020 and $316 million within the second quarter of 2019. Second-quarter 2020 money flows from operations had been $31 million and capital expenditures had been $35 million. Available liquidity of $771 million as of June 30, 2020 was comprised of $680 million of money and money equivalents and $91 million of availability below the Company’s senior secured asset-based lending settlement.
Karl Blanchard, Interim Chief Executive Officer and Chief Operating Officer, commented, “Disruptions to the worldwide provide and demand of commodities and the ensuing decline in costs, mixed with COVID-related restrictions, led to unprecedented reductions in buyer spending within the quarter. This had a cloth impression on the business, with important declines in exercise in North America and internationally. As such, we aggressively expanded our price discount actions, and bolstered our monetary energy, preserving our margins and enhancing our liquidity place.
“We are happy to announce a brand new $500 million financing dedication which, topic to closing situations, will strengthen the Company’s liquidity because it continues to assist clients throughout this difficult surroundings.
“Global oil demand is within the early phases of what is going to seemingly be an uneven path to restoration, and we count on the market surroundings to stay difficult over the near-term. Over the medium- to long-term, the backlog of crude stock, continued uncertainty related to COVID-19 outbreaks and the ensuing modifications to international oil consumption patterns are anticipated to function headwinds for commodity costs, yielding a protracted timeline for a rebound in exercise.
“We proceed to give attention to delivering operational excellence to our valued clients, making structural enhancements to attenuate the impression of exercise reductions and additional enhance the Company’s working effectivity. We started taking motion early within the 12 months, expanded our efforts within the quarter, and can take extra actions as wanted going ahead. We will keep disciplined controls on prices and spending to maximise liquidity and protect our margins as we progress by way of the cycle. We are pleased with how our workers managed on this tough surroundings, in each supporting our clients and executing on our plans.”
(Source and picture: Weatherford)
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