Weatherford to cut back Venezuela operations

This year, Weatherford International Ltd. plans to reduce its operations in Venezuela, while expanding its operations in Russia, according to Reuters.

Weatherford provides drilling and exploration services to Venezuela's national oil company Petroleos de Venezuela SA, but Venezuela's currency devaluation and economic instability have resulted in payment delays.

Contrasted with the challenges of dealing with Venezuela’s economic woes, Weatherford has seen increased revenues and drilling activity in Russia. Reuters noted that, last year, revenue in Weatherford's business unit that includes Russia rose 7% from a year earlier to $2.7 billion, helped by increased drilling activity in that country.

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