Weatherford Shares Sink On Cash Flow Miss, Bleak Fourth-Quarter Outlook

Shares of U.S. oilfield services provider Weatherford International Plc (NYSE: WFT) fell sharply on Oct. 29 after the company’s free cash flow and fourth-quarter guidance fell below analysts’ expectations.

The Houston-based company, which has not reported a quarterly profit in four years, has struggled under the weight of a massive debt load since oil prices crashed in 2014. In the third quarter, Weatherford reported over $7.6 billion in long-term debt.

Weatherford’s stock was down about 9% at $1.80 a share in early trading on the New York Stock Exchange. Last week, shares fell below $2, the lowest level in more than 20 years.