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WEATHERFORD INTERNATIONAL REPORTS RESULTS

 WEATHERFORD INTERNATIONAL REPORTS RESULTS
 HOUSTON, Feb. 27 /PRNewswire/ -- Weatherford International


(AMEX: WII) today reported that 1991 operating income before nonrecurring expenses increased 54 percent to $20.1 million, compared to $13.1 million recorded during 1990.
 After recording nonrecurring expenses of $20.8 million, or $(0.53) per common share, Weatherford reported a net loss for 1991 of $6.8 million, or $(0.21) per common share, compared to net income of $12.4 million, or $0.30 per common share for 1990.
 For the fourth quarter of 1991, operating income before nonrecurring expenses increased 32 percent to $5.1 million, compared to $3.9 million during the same quarter of 1990. After recording nonrecurring expenses of $10.3 million, or $(0.26) per common share. Weatherford reported a net loss for the fourth quarter of 1991 of $6.0 million, or $(0.16) per common share, compared to net income of $3.4 million, or $0.08 per common share, for 1990.
 International operating income showed significant improvement over last year primarily as a result of increased service activity in virtually all international areas in which Weatherford operates. Also contributing to the improvement in operating income were the company's cost reduction and consolidation programs that began during the second quarter of this year. Offsetting this improvement was reduced operating income in the domestic market as a result of the declining rig count during the last quarter of 1991. Worldwide revenues for 1991 increased 4 percent to $205.8 million, compared to $197.3 million recorded during 1990. International revenues including export sales, which provided 67 percent of worldwide revenues, increased 12 percent to $137.2 million in 1991.
 During the fourth quarter of 1991, Weatherford completed a merger with Petroleum Equipment Tools Co. (PETCO), which was accounted for as a pooling of interests. Accordingly, financial results for all periods presented include the combined results of Weatherford and PETCO. The company recorded nonrecurring expenses of $10.3 million in the fourth quarter of 1991 which represent merger-related costs and the financial impact of management decisions related to the future operations of the combined companies. These decisions include, among other things, a consolidation plan in response to the downturn in the domestic market.
 Weatherford is a diversified international energy service and manufacturing company that provides tubular running and fishing services, sells products and equipment and rents specialized equipment and fishing tools to the oil and gas industry.
 Results include the combined results of Weatherford and PETCO for all periods presented:
 (In thousands of U.S. dollars, except per share amounts)
 Qtr. ended Dec. 31 1991 1990
 Revenues $51,725 $56,792
 Operating income before
 nonrecurring expenses 5,118 3,871
 Nonrecurring expenses 10,300 ---
 Operating income(b) (5,182) 3,871
 Income before income taxes(b) (5,413) 3,335
 Net income (loss)(b) (6,045) 3,395
 Net income (loss) per common
 and common equivalent
 share(a)(b) $ (0.16) $ 0.08
 Weighted average common and
 common equivalent shares
 outstanding 39,482 39,196
 Year ended Dec. 31 1991 1990
 Revenues $205,776 $197,344
 Operating income before
 nonrecurring expenses 20,063 13,063
 Nonrecurring expenses 18,800 ---
 Operating income(b) 1,263 13,063
 Income before income taxes(b) (324) 10,812
 Income (loss) before
 extraordinary gain(b) (6,834) 9,567
834) 12,393
 Net income (loss) per common
 and common equivalent
 share(a):
 Income before extraordinary
 gain(b) $ (0.21) $ 0.22
 Extraordinary gain --- 0.08
 Net income(b) $ (0.21) $ 0.30
 Weighted average common and
 common equivalent shares
 outstanding 39,320 36,744
 (a) Income (loss) per common and common equivalent share is computed on the basis of the weighted average number of shares of common stock and common stock equivalents (if dilutive) outstanding during the respective periods. For purposes of this calculation, preferred stock dividends of $384,000 ($0.01 per common share) have been added to the net loss or deducted from net income, as applicable, for the three-month periods ended Dec. 31, 1991 and 1990. Preferred stock dividends of $1,538,000 ($0.04 per common share) have been added to the net loss or deducted from net income, as applicable, for the years ended Dec. 31, 1991 and 1990. Fully diluted earnings per share are considered to be equal to primary earnings per share in all periods presented because the effects of potentially dilutive securities that are not common stock equivalents were either antidilutive or immaterial.
 (b) Net loss for the quarter ended Dec. 31, 1991 includes $10,300,000, or $(0.26) per common share of nonrecurring expenses. Net loss for the year ended Dec. 31, 1991 includes $20,800,000, or $(0.53) per common share, of nonrecurring expenses of which $2 million represents additional income tax expense.
 -0- 2/27/92
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford, 713-439-9400/
 (WII) CO: Weatherford International ST: Texas IN: OIL SU: ERN


BR -- AT001 -- 3119 02/27/92 09:19 EST
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Date:Feb 27, 1992
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