Following its industry peer, Schlumberger, oilfield services company Weatherford said its revenue for the first quarter was lower despite the robust market. Weatherford International, one of the largest oilfield services in the world, report first-quarter revenue at $1.42 billion, down 4 percent from the fourth quarter, but 3 percent higher year-over-year. It attributed the decrease from the fourth quarter to seasonal declines in the North Sea and in Russia. “The year-over-year increase was primarily due to activity increases in the U.S., Argentina and Mexico in the Western Hemisphere and Kuwait, Iraq, Russia and Saudi Arabia in the Eastern Hemisphere, partially offset by a decrease in Venezuela as a result of a change in accounting for revenue to cash basis and depressed offshore […]