Weatherford posts $821 million loss during third quarter

Weatherford International, an oilfield services company headquartered in Switzerland and Houston, lost $ 81 million over three quarters, causing the company's 19th consecutive loss.

Weatherford did not host import calls like most publicly traded companies did, but reported nearly 1 billion losses filed to the US Securities and Exchange Commission Wednesday afternoon.

The bankrupt company's $ 81 million loss on sales of $ 1.3 billion fell sharply from $ 190 million in losses of $ 1.4 billion in the third quarter of 2018.

Shale Slump: Weatherford lowers sales expectations when market conditions are more difficult

Weatherford was considered the fourth largest oilfield services company in the world, but it is still arranging Chapter 11 bankruptcy and reorganization issues.

Third quarter performance comes two weeks after the company has lowered its sales expectations by 2022 in poor market conditions.

Weatherford recorded a loss of $ 818 million in the third quarter, $ 429 million for its asset value, and $ 234 million for reorganization costs.

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As its roots date back to 1941, Weatherford has grown to be the fourth largest oilfield services company in the United States, but in the process, it has raised $ 10 billion in debt.

Headquartered in Switzerland, but based in Ireland and its headquarters in Houston, Weatherford has not made a profit since the third quarter of 2014.

A troubled oilfield service company filed for Chapter 11 bankruptcy in Houston in July, and in September applied for similar protection to an Irish court.

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