Weatherford International announced its results for Q1Christian Fernsby ▼ | May 12, 2020
On a GAAP basis, revenues for the first quarter of 2020 were $1.2 billion, a decline of 2% sequentially and 10% year-on-year.
Weatherford Reported operating loss was $822 million
The Company's first quarter 2020 net loss was $966 million, compared to a combined net income of $5.3 billion in the fourth quarter of 2019 and a net loss of $481 million in the first quarter of 2019.
The combined fourth quarter 2019 period included a net reorganization gain of $5.7 billion.
First quarter of 2020 cash flows from operations were $30 million and capital expenditures were $38 million.
Weatherford had cash and cash equivalents of $670 million and over $235 million of availability under its senior secured asset-based revolving credit agreement (the "ABL Facility") as of March 31, 2020. ■