Weatherford expects 6,600 job cuts by end of June

HOUSTON — Weatherford International has completed about half of a 6,600-job reduction in its worldwide workforce, the oil field services company said Thursday.

The company gave no locations for the completed or planned job reductions.

The Geneva-based firm is one of Houston’s largest employers with more than 3,800 workers in the area, according a Houston Chronicle survey published last year.

In Securities and Exchange Commission filings Thursday, the company said it had 67,000 employees at the end of 2013.

Thursday’s filing said  workforce reduction in the first quarter resulted in pre-tax, annualized savings of $263 million. It predicted eventual savings of $500 million from the job cuts, which Weatherford said will be “substantially completed” in the second quarter.

Weatherford officials could not be reached for comment Thursday.

The company disclosed a planned workforce reduction of approximately 7,000 in a January SEC filing, calling it “an important step in making our cost base more efficient.”

The company also said it’s  identifying and exiting locations that are under-performing. “While these restructuring actions will involve one-time severance and restructuring costs, the end result will be a leaner and fitter company, better equipped to deliver higher margins with top line growth,” Weatherford wrote.

The company reported a net loss of $41 million in the first quarter on revenue of $3.6 billion, down 6 percent from the first quarter of 2013.