Weatherford loses $565M despite massive job cuts

Oilfield services giant Weatherford International lost $565 million in the second quarter despite cutting its workforce by more than 50 percent during the last 30 months.

The loss was 16 percent larger than the $489 million Weatherford lost during the same period in 2015.

The Switzerland-based company, which maintains its operational headquarters in Houston, reported $1.4 billion in quarterly revenue, down from nearly $2.4 billion last year. But Weatherford’s expenses also have declined; it has a much smaller workforce at what some are saying is the “bottom” of the oil bust.

RELATED: Weatherford to cut 6,000 jobs in first half of 2016

Weatherford already announced it cut 8,000 jobs in the first six months of the year, bringing its 30-month tally to about 35,000. Weatherford had more than 67,000 workers at the beginning of 2014 and now counts 32,000. The world’s fourth-largest oilfield services company was struggling financially even when oil was at $100 a barrel and began eliminating jobs before the bust.

In a statement, Weatherford Chairman and CEO Bernard Duroc-Danner said he’s optimistic the company can begin a turnaround. He said the industry has bottomed out in both activity levels and services pricing after offering deep discounts to oil producers.

“With our legacy issues now behind us, and a fundamentally transformed cost structure, Weatherford is positioned for the market recovery,” Duroc-Danner stated.