Switzerland and Houston-based oil field service company Weatherford International posted an $821 million loss during the third quarter — marking 19 consecutive quarters of losses for the bankrupt company.
Weatherford did not host an earnings call as most publicly traded companies do but rather reported the near billion loss in a Wednesday afternoon filing with the U.S. Securities and Exchange Commission.
The bankrupt company’s $821 million loss on $1.3 billion of revenue is a sharp drop from the $199 million loss on $1.4 billion of revenue during the third quarter of 2018.
Once considered the fourth largest oil field service company in the world, Weatherford is still sorting through Chapter 11 bankruptcy and reorganization issues.
The third quarter earnings come two weeks after after the company guided down revenue expectations through 2022 amid tougher than expected market conditions.
Weatherford attributed part of its $821 million loss during the third quarter to $399 million of impairments, another $42 million in write downs for the value of its assets and $303 million in reorganization costs.
With roots going back to 1941, Weatherford grew to become the nation’s fourth-largest oil field services company but racked up $10 billion in debt along the way.
Headquartered in Switzerland but incorporated in Ireland and its principal offices in Houston, Weatherford has not made a profit since the third quarter of 2014.
The struggling oilfield service company filed for Chapter 11 bankruptcy in Houston in July and filed for similar protections with an Irish court in September.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
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