By John Lee.
In its results for the first quarter of 2015, oil services company Weatherford said it expected “a positive cash outcome on the Zubair project in Iraq as milestones are achieved and continued control of capital expenditures,”
The company added that “reduction in working capital balances and managing a cash neutral end to the Zubair project in Iraq which will contribute enough to more than offset any reduction in earnings.”
Bernard J. Duroc-Danner, Chairman, President and Chief Executive Officer commented:
“Our approach is to treat this down cycle as an opportunity to become a much leaner, more efficient and streamlined organization. Our key focus areas of cost management, cash generation and talent development will pay dividends in improved market share, margins and reduced debt levels by year end.”