Weatherford reports lower 3Q operating income

Swiss oilfield services firm Weatherford International Ltd. said its third-quarter operating profit declined more than 16 percent despite an increase in revenue.

The company said Monday after markets closed in the U.S. that its operating profit for the three months ended Sept. 30 was $343 million, compared to $411 million a year earlier. The company did not provide corresponding per-share amounts in its balance sheet.

Revenue in the quarter totaled $3.82 billion, compared to $3.37 billion a year earlier.

Because of accounting errors, the company restated some of its results for prior periods, including the year-ago third quarter.

Analysts have said they would be looking at the earnings report to see how the company is managing the downturn in North American demand, among other things.

Weatherford was a BP contractor involved with the blown-out Macondo well in the Gulf of Mexico in April 2010.


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Veteran newsman currently covering energy for The Houston Chronicle. Spent 12 years at The Associated Press covering energy, airlines, general business news, legal affairs, politics and state and federal government issues. Won or shared numerous awards and award nominations for coverage of the Gulf oil spill, Delta Air Lines, the Atlanta courthouse shootings and the murders of two Dartmouth College professors. Prior to AP, worked at two daily newspapers in the Boston area.