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Weatherford shares buoyed by talk of improvement

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(Globalpost/GlobalPost)

HOUSTON (Reuters) - Shares of oilfield services firm Weatherford International Ltd <WFT.N> soared more than 8 percent on Friday, lifted by an improving outlook.

The company, which reported lower first-quarter earnings on Thursday, told analysts in a conference call on Friday that its plans to improve profitability were taking hold.

"These areas of focus - working capital, capital allocation, business focus, and efficiency - will be the building blocks that will allow us to deliver increasing free cash flow and higher earnings from 2013 onwards," Weatherford's Chief Administrative officer Dharmesh Mehta said according to a transcript of the company's earnings call.

Those comments and others, were "credible and informative" and contributed to the stock's rise on Friday, Bill Herbert, oilfield services analyst at Simmons & Co International, said in an email.

Shares of Weatherford rose $1.10 to $13.78 in midday New York Stock Exchange trading.

(Reporting by Anna Driver; Editing by Gerald E. McCormick)

http://www.globalpost.com/dispatch/news/thomson-reuters/130507/weatherford-shares-buoyed-talk-improvement