Weatherford International (WFT) saw its loss narrow to $549 million, or $0.59 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1,208 million, or $1.54 a share. On the other hand, adjusted net loss for the quarter widened to $303 million, or $0.32 a share from a loss of $102 million or $0.13 a share, a year ago. Revenue during the quarter plunged 30.12 percent to $1,406 million from $2,012 million in the previous year period. Operating margin for the quarter stood at negative 28.38 percent as compared to a negative 51.39 percent for the previous year period.
Operating loss for the quarter was $399 million, compared with an operating loss of $1,034 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $148 million compared to operating loss of $42 million in prior year period.
Krishna Shivram, chief executive officer, stated, "During 2016, we took the necessary steps to secure our liquidity and provide a runway from which the Company can become consistently profitable and free cash flow positive. We also removed a significant level of fixed costs, while still achieving the best safety record in the company’s history and measurably improving our service quality and performance.
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