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WEATHERFORD INT’L: Discloses Substantial Going Concern Doubt

Weatherford International plc filed its quarterly report on Form 10-Q, disclosing a net loss of $958 million on $1,215 million of total revenues for the three months ended March 31, 2020, compared to a net loss of $477 million on $1,346 million of total revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $6,165 million, total liabilities of $4,302 million, and $1,863 million in total shareholders’ equity.

The Company said, “The combination of the unprecedented industry conditions, risks and uncertainties associated with the COVID-19 pandemic, lower activity levels and potential covenant breach, raises substantial doubt about our ability to continue as a going concern.”

A copy of the Form 10-Q is available at:

https://is.gd/Ycr4XS

Weatherford International plc, an Irish-domiciled company, is one of the largest multinational oil and natural gas service companies.

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