Feb. 2 (UPI) -- An unbending commitment to improving finances after spending in oil and gas exploration and production declined will pay off, Weatherford International said.
Weatherford is one of the larger companies servicing the exploration and production side of the industry alongside rivals like Halliburton and Schlumberger. The company reported a net loss for the fourth quarter of $549 million, a marked improvement over the $1.78 billion loss on the third quarter. Revenue for the fourth quarter was $1.4 billion, up 3.6 percent from the previous quarter.
CEO Krishna Shivram said fourth quarter figures were notable as the company scaled back some of its services, including in North America. The company cut around 1,000 jobs in the fourth quarter. In 2015, it closed six service facilities and 90 operating facilities in North America while at the same time completing its target of cutting payrolls by 14,000.
"After a protracted period of relentless cost structure transformation, implementation of disciplined financial metrics and the overall realignment of our company, Weatherford is now well positioned with a streamlined portfolio," he said in a statement.
Shivram took over as CEO when Bernard Duroc-Danner abruptly stepped aside in November after steering the company for the better part of three decades.
Oil and gas exploration has improved since the middle of last year as markets rebound from historic lows. Tepid economic growth worldwide, coupled with production declines from some of the top producers, has erased some of the supply-side pressures impacting the broader energy market.
Returning to North America, Weatherford said it's landed new work in the Bakken shale basin in North Dakota and a one-year contract in the Gulf of Mexico. Shivram said that as recovery takes hold, the climate for Weatherford will improve.
"We are now emerging from the downturn as a much stronger organization," he said.