Weatherford

Weatherford Exits Bankruptcy ‘More Focused,’ Says McCollum

Oilfield services giant Weatherford International plc has emerged from voluntary bankruptcy in stronger financial shape after eliminating $6.2 billion of outstanding funded debt.

December 16, 2019

Weatherford Filing for Chapter 11 Bankruptcy

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.

May 13, 2019
Weatherford Ignoring ‘Gravity Issues,’ Eyeing Positive Cash Flow by Year’s End

Weatherford Ignoring ‘Gravity Issues,’ Eyeing Positive Cash Flow by Year’s End

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.

February 7, 2019

Weatherford Facing NYSE Delisting, to Sell Surface Logging Business

Weatherford International plc, the No. 4 oilfield services (OFS) operator in the world, on Monday agreed to sell its surface data logging business for $50 million, just days after it was notified it could be delisted from the New York Stock Exchange (NYSE).

December 17, 2018

Weatherford Toning Up, but U.S. Drilling Activity Weighs in 3Q

Seasonal improvements in Canada and stronger activity overseas could not offset a drop-off in U.S. activity during the third quarter, but a transformation is taking effect as Weatherford International plc uses muscles it’s never used before, the CEO said Monday.

October 29, 2018
Weatherford’s Cash Flow Still Thorny, But Improving; Permian Constraints No Concern

Weatherford’s Cash Flow Still Thorny, But Improving; Permian Constraints No Concern

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.

July 30, 2018
North American Uptick Lifts 1Q for Schlumberger, BHGE, Halliburton and Weatherford

North American Uptick Lifts 1Q for Schlumberger, BHGE, Halliburton and Weatherford

North American onshore drilling carried the “earnings growth torch” for Schlumberger Ltd. in the first quarter, even though softer pressure pumping pricing and activity caused less equipment to be reactivated than expected. Halliburton Co., Weatherford International plc and Baker Hughes, a GE Company, also reported tightening conditions, likely leading to better pricing in the months ahead.

April 27, 2018
Weatherford Determined to Close Gap, Says CEO

Weatherford Determined to Close Gap, Says CEO

More sales in the Permian Basin and an increasingly positive outlook for international markets have given Weatherford International plc a “light wind at our back,” CEO Mark McCollum said last Friday.

February 5, 2018
Schlumberger Scuttles OneStim Plan, Buys Out Weatherford’s U.S. Fracture Business Instead

Schlumberger Scuttles OneStim Plan, Buys Out Weatherford’s U.S. Fracture Business Instead

Weatherford International plc has sold its U.S. pressure pumping and pump-down perforating assets to a subsidiary of Schlumberger Ltd. for $430 million, scrapping a plan initiated in early 2017 to partner in the domestic arena.

January 2, 2018

Weatherford Gains in North American Land as Overhaul Continues

Tasked with turning around Weatherford International plc, CEO Mark McCollum said Wednesday challenging days still are ahead as management restructures and casts off dead weight.

November 2, 2017
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