Mccollum

Weatherford International plc, one of the largest oilfield services (OFS) companies in the world, is restructuring to reduce long-term debt and establish a “more sustainable” business.

Weatherford International plc’s management team has been working for close to two years to extricate itself from a legacy jam, with a stumbling share price and debt issues looming, but CEO Mark McCollum is optimistic that the target to generate positive cash flow remains on track for year’s end.

Battered oilfield services (OFS) operator Weatherford International plc’s “transformation” story appears to have kicked into second gear as the company crossed one major hurdle in its efforts to trim its business while also reporting improvements in revenue and operating income.

The Environmental Protection Agency (EPA) violated federal law when it bought and installed a “soundproof privacy booth” in the Washington, DC, office of Administrator Scott Pruitt, according to the Government Accountability Office (GAO).

Weatherford International plc has begun its next chapter as it emerges from the worst downturn in oilfield history, newly entrenched CEO Mark A. McCollum said Friday.

Halliburton Co. CFO Mark McCollum has been tapped to lead Weatherford International plc as president and CEO beginning in April. First Reserve Co-CEO William Macaulay was appointed chairman of the board. Halliburton General Counsel Robb L. Voyles has been named the company’s interim CFO. McCollum became Halliburton’s financial chief in 2008, but he stepped aside briefly in 2015 to become chief integration officer during the failed takeover bid of Baker Hughes Inc. “I am excited to join the company at such an important time,” McCollum said. “I look forward to working with the team to build a stronger and healthier Weatherford with a clear purpose and vision for the future.” Weatherford has cut its ties with interim CEO and former CFO Krishna Shivram, who was widely praised after assuming leadership when Bernard J. Duroc-Danner retired in November. Until McCollum comes aboard, Weatherford CFO Christoph Bausch will serve as acting CEO. “I would like to take this opportunity to thank Krishna for his contributions to the company and his years of service at Weatherford,” Macaulay said. “Krishna was instrumental in helping us through this transition process while setting the company on the right path forward. The entire Weatherford family wishes him well in his future endeavors.”

Halliburton Co. CFO Mark McCollum has been tapped to lead Weatherford International plc as president and CEO beginning in April. First Reserve Co-CEO William Macaulay was appointed chairman of the board. Halliburton General Counsel Robb L. Voyles has been named the company’s interim CFO. McCollum became Halliburton’s financial chief in 2008, but he stepped aside briefly in 2015 to become chief integration officer during the failed takeover bid of Baker Hughes Inc. “I am excited to join the company at such an important time,” McCollum said. “I look forward to working with the team to build a stronger and healthier Weatherford with a clear purpose and vision for the future.” Weatherford has cut its ties with interim CEO and former CFO Krishna Shivram, who was widely praised after assuming leadership when Bernard J. Duroc-Danner retired in November. Until McCollum comes aboard, Weatherford CFO Christoph Bausch will serve as acting CEO. “I would like to take this opportunity to thank Krishna for his contributions to the company and his years of service at Weatherford,” Macaulay said. “Krishna was instrumental in helping us through this transition process while setting the company on the right path forward. The entire Weatherford family wishes him well in his future endeavors.”

Halliburton Co. isn’t reporting much impact to its North American business from plunging oil prices yet, but adjustments are likely to occur through 2015 as operators recalibrate, CFO Mark McCollum said Wednesday.