Weatherford lowers revenue outlook through 2022

Weatherford International (OTCPK:WFTIQ) cuts its revenue expectations through 2022, saying the declining outlook for the oilfield services sector has prompted a reassessment of its forecast.

Weatherford trims its forecast for FY 2019 revenues to $5.35B from $5.39B previously, citing weaker demand from shale fields in the U.S. and Canada, and drops its 2022 revenue outlook to $5.6B from $5.8B.

“The negative impact of the revised market outlook is concentrated in the [U.S.], as evidenced by a 12% reduction in U.S. rig count from June to October 2019 and is also expected to impact the ramp-up of new technology introductions,” the company says in a new SEC filing.


READ  Cheniere faces buyer reluctance over long-term LNG contracts


Please enter your comment!
Please enter your name here