Weatherford (WFT -14%) plunges as much as 16% after reporting a larger than expected Q4 loss, raising doubts that the company is executing a turnaround after years of losses despite the general upturn in demand for oilfield services that has helped rivals.

Q4 results “reflect a period of adjustment as we hit the reset button,” CEO Mark McCollum says, adding that WFT expects “significant sequential improvements” in EBITDA during Q1.

WFT says it expects to receive $500M in incremental proceeds this year from asset sales, including two expected in Q1, and expects an agreement on the sale of its land drilling rigs shortly.

“These results are bereft of redeeming qualities,” says Tudor Pickering Holt, and “it will likely be hard for investors to believe in the operational improvement story,” according to analyst at Capital One.

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