The top executive at oil services company Weatherford International said he was taking a constructive approach to what he said was a “violent downturn.” The company said in its February report on the fourth quarter it lost $1.2 billion in profits. Revenue of $2 billion was down 46 percent. Noting the “brutality” of the oil sector downturn, Bernard Duroc-Danner, the company’s top executive, said early this year that a headcount reduction of as much as 6,000 was possible. In a market where supermajor Chevron posted its first loss in more than a decade, Weatherford’s boss said the entire industry was now under pressure. Lower crude oil prices means less capital to invest in exploration and production, the side of the […]