Weatherford in the Midst of a Transformation Plan
Weatherford reported solid fourth-quarter results. Revenue fell 1% but would have increased 1% in the absence of the sale of part of the company's land drilling business. Adjusting operating margin fell to 5.1% from 5.9% previously, but would have improved to 6.9% had a $25 million litigation settlement charge not occurred in the Western Hemisphere segment. This improvement (after excluding for the charge) was driven chiefly by ongoing benefits from the company's transformation plan. Our fair va...
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