$WFT Weatherford (WFT +3.4%) is higher after repor
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Posted On: 07/27/2018 11:58:37 AM
$WFT Weatherford (WFT +3.4%) is higher after reporting a smaller than expected Q2 loss, benefiting from stronger results in its Western Hemisphere operations, particularly in U.S. and Latin American operations.
WFT says Q2 revenue from its U.S., Canadian and Latin American operations rose 13% Y/Y to $769M, helped by record U.S. oil production and stronger than expected performance in Argentina, Mexico and Colombia, but it warns the Latin American business could face inflationary pressure in the coming quarters.
Q2 revenue in the Eastern Hemisphere business, which includes Middle East, Asia and Russia, fell slightly to $679M from $685M a year ago.
WFT says it will continue to sell assets to reduce debt, which stood at $7.5B at the end of the quarter.
WFT says Q2 revenue from its U.S., Canadian and Latin American operations rose 13% Y/Y to $769M, helped by record U.S. oil production and stronger than expected performance in Argentina, Mexico and Colombia, but it warns the Latin American business could face inflationary pressure in the coming quarters.
Q2 revenue in the Eastern Hemisphere business, which includes Middle East, Asia and Russia, fell slightly to $679M from $685M a year ago.
WFT says it will continue to sell assets to reduce debt, which stood at $7.5B at the end of the quarter.
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