Leading oilfield services’ company Weatherford International Ltd. WFT reported first-quarter 2016 adjusted loss of 29 cents per share, wider than the Zacks Consensus Estimate of a loss of 26 cents as well as the year-earlier adjusted loss of 4 cents per share.First-quarter total revenue decreased to $1,585.0 million from $2,794.0 million in the year-ago period. The reported figure also came in below the Zacks Consensus Estimate of $1,691.0 million.Operational PerformanceNorth American revenues for the first quarter were $543 million, down 53.3% from the year-ago comparable quarter. Significant decline in North American land rig count, which adversely impacted customer activity and spending, resulted in the downside. Operating loss of $128 million was substantially wider compared to the operating loss of $10 million in the prior-year quarter.Middle East/North Africa/Asia posted revenues of $361 million, down $172 million or 32.3% from the year-earlier quarter. The first quarter operating income of $6 million was substantially below $69 million reported in the prior-year quarter. The decline in revenues is attributable to lower activity and lower product sales from the seasonally high fourth-quarter .Europe/West Africa/FSU posted revenues of $257 million, down $160 million or 38.4% from the year-earlier quarter. The decrease was mainly due a decline from the seasonally high fourth-quarter product sales, the normal first-quarter seasonality in Russia and North Sea, coupled with project cancellations throughout the Sub-Saharan Africa region. The reported quarter's operating loss of $1 million compared unfavorably with operating income of $71 million prior-year quarter.Latin American revenues of $305 million were down $486 million or 37.2% year over year.First-quarter operating income of $44 million was down from $98 million in the year-ago period. Revenues declined primarily in Venezuela owing to the change in exchange rates and lower activity in Colombia, Mexico, Brazil and Venezuela.LiquidityAs of Mar 31, 2016, Weatherford had $464 million in cash and cash equivalents and long-term debt was $5,846 million. Weatherford spent approximately $43 million in capital expenditures during the reported quarter.GuidanceKeeping in line with the changing market conditions, Weatherford has been aligning its organizational structure and cutting costs. The company continued with its reduction in force exercise in the first quarter – completing 78% of its latest 6,000 headcount reduction target, terminating operations at four of the nine planned manufacturing and service facilities for the year, and shutting down 26 operating and other facilities in North America.Weatherford now intends to reduce its full-yaer costs by cutting another 2,000 jobs. The company also has plans to shut down 30 operating and other facilities by the end of this year, mostly by the end of the second quarter.Weatherford has reduced its full-year guidance for capital expenditures to $250 million. This is 63% lower than its 2015 spending level and 83% below that in 2014.Zacks RankWeatherford currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the same space include ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. Each these stocks sports a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WEATHERFORD INT (WFT): Free Stock Analysis Report BRASKEM SA (BAK): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research