Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Photo: Sergio Chapa / Houston Chronicle

Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Bankruptcy allows Weatherford to realize first profit in more than six years

Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Shedding roughly $6 billion of debt after successfully emerging from Chapter 11 reorganization in mid-December, Weatherford reported a $5.3 billion profit on more than $1.2 billion of revenue during the fourth quarter. The figures were mixed on the $2.1 billion loss on $1.4 billion of revenue during the fourth quarter of 2018.

Burdened by billion of dollars of debt, Weatherford had previously not made a profit since the third quarter of 2014.

Service Sector: Weatherford emerges from bankruptcy with $10 billion of support

Looking at the company's end-of-year results, shedding debt allowed Weatherford to close 2019 with a $3.6 billion profit on $5.2 billion of revenue. The figures were mixed compared to the $2.8 billion loss on $5.7 billion of revenue reported in 2018.

With roots in Texas going back to 1941, Weatherford had grown to become the nation's fourth-largest oil field services company but racked up $10 billion in debt along the way.

Fuel Fix: Get daily energy news headlines in your inbox

See more here:

Bankruptcy allows Weatherford to realize first profit in more than six years - Chron