Weatherford International (WFT) reports Q2 earnings on Wednesday. Analysts expect revenue of $1.42 billion and EPS of -$0.30. The revenue estimate implies a 10% decline sequentially, consistent with Q2 results reported by Halliburton ( HAL ) and Schlumberger ( SLB ). Investors should focus on the following key items. Improving Liquidity In my opinion, oilfield services companies need to squirrel away as much capital as possible to survive the downturn in the oil patch. I am on record that based on liquidation value, Weatherford is insolvent. In Q1 2016, I estimated the company's liquidation value at -$2.7 billion. However, every time it looks like the company is about to go under the Swiss Whale convinces investors to give it more capital. In March, the company raised $630 million in equity to help fund a $350 million principal payment due in Q1. Weatherford followed that up with bond offerings of $2 billion in June.