Weatherford's Earnings in 4Q11 Highest In Company's History

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Weatherford International Ltd. reported preliminary fourth quarter 2011 pre-tax income of $254 million, or $352 million after excluding pre-tax losses of $98 million. The excluded items were composed of a $67 million charge for assets principally in Libya, as well as $31 million for exit, restructuring, investigation and other costs.

Fourth quarter revenues of $3.71 billion were the highest in the company's history. Revenues were 10 percent higher sequentially and 27 percent higher than the same period last year. North America revenue was up five percent sequentially and up 34 percent versus the fourth quarter of 2010. International revenues were up 15 percent sequentially and up 21 percent versus the same quarter of 2010. Artificial Lift, Drilling Services, Integrated Drilling and Stimulation and Chemicals posted strong sequential growth.

Earnings Central link here.