Weatherford International Inc. (NYSE: WFT) reported first-quarter 2015 earnings after markets closed Wednesday night. The oil field services company posted an adjusted net loss of $0.04 on revenues of $2.79 billion. In the same period a year ago, the company reported earnings per share of $0.13 on revenues of $3.6 billion. First-quarter results also compare to the consensus estimate for EPS of $0.01 on revenues of $3.07 billion in revenues.

The company said that it is raising its reduction-in-force total by 2,000 to a total of 10,000. As of the end of the first quarter, Weatherford had fired 6,449 employees and reckoned that it had achieved realized annualized savings of $422 million.

On a GAAP basis, the company’s net first-quarter loss totaled $0.15 a share, which included $35 million in severance costs, $26 million due to a devaluation in the Venezuelan currency, $14 million related to divestitures and $10 million for other charges, which adds to a total of $85 million.

North American revenues of $1.16 billion were down $606 million, or 34%, sequentially and down $447 million, or 28%, year over year. The company attributed the decline to the significant reduction in the North American land rig count and pricing pressures that broadly impacted all product lines in the United States and Canada.

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Revenues from international operations totaled $1.44 billion, down $300 million, or 17%, sequentially and down $208 million, or 13%, year over year.

In its outlook statement, Weatherford said that it expected to complete its announced 10,000 layoffs by the end of the second quarter. Realized annualized savings are expected to total $640 million. Weatherford also planned to shut down seven manufacturing facilities during the year. Of these, two were closed in the first quarter with four more planned for the second quarter, and the seventh is targeted for closure in the third quarter. The company will also shut down and consolidate 60 operating facilities across North America by the end of the year.

The company’s CEO said:

North America was very challenged [in the first quarter] and we believe the cost actions we have taken and will take in the second quarter will recover margins in the second half of the year. … Our international performance will be resilient. Both Eastern Hemisphere and Latin America will show relative strengths through the 2015 market decline, and will outperform on margin growth. North America will remain very challenged.

The company’s shares closed up 0.45% on Wednesday and were inactive in premarket trading Thursday. The stock’s 52-week range is $9.40 to $24.88. The consensus price target for the shares was around $14.60 before the latest report.

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