By Michael Calia
Weatherford International Ltd.'s (WFT) third-quarter earnings
fell 69%, due in large part to lower revenue in North America and a
provision for a settlement with the U.S. government.
Weatherford also named former Schlumberger Ltd. (SLB) executive
Krishna Shivram its new chief financial officer, replacing John H.
Briscoe, who resigned in September. Meanwhile, the company promoted
Dharmesh Mehta to chief operating officer, replacing Peter T.
Fontana, who will retire effective Dec. 13.
Weatherford, which has benefited from the oil and gas boom in
North America, has been pressured by slow international growth and
one-time charges. As reflected in the latest quarter's results, the
Geneva-based company reserved $153 million for a potential
settlement with the U.S. over allegations of bribery violations and
corruption in Iraq 10 years ago.
In the latest period, North American operations, the company's
biggest top-line contributor, posted a 7.4% decrease in revenue. In
the Middle East, North Africa and Asia, revenue rose 17%.
Overall, Weatherford reported a profit of $22 million, or three
cents a share, compared with a profit of $70 million, or nine cents
a share, in the prior year. Excluding charges from legacy
contracts, severance and other items, earnings were up at 23 cents
from 18 cents.
Revenue rose slightly to $3.82 billion.
Analysts polled by Thomson Reuters had expected per-share
earnings of 21 cents on revenue of $4.1 billion.
Shares were up 3%, to $16.95 after hours. The stock is up 47% so
far this year through the close.
Write to Michael Calia at michael.calia@wsj.com
Order free Annual Report for Schlumberger NV
Visit http://djnweurope.ar.wilink.com/?ticker=AN8068571086 or
call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires