Weatherford

People

Weatherford International plc has appointed Karl Blanchard as COO.He spent more than 30 years at Halliburton Co. and most recently was COO of Seventy Seven Energy. Weatherford CEO Mark McCollum, who is working to turn around the company, formerly was CFO at Halliburton. Blanchard is to oversee all region and product line operations; quality, health, safety, security and environment; sales; engineering, research and development; and supply chain. “Mr. Blanchard has a long track record of bringing teams together to deliver operational excellence, strong financial performance and disciplined growth,” said McCollum. “I have witnessed the effectiveness of his leadership first-hand, and I am very much looking forward to working with him to create a more balanced and integrated organizational structure at Weatherford. By aligning several elements of our business under Mr. Blanchard’s direction, we will establish greater collaboration, innovation and process discipline across our organization.”

August 23, 2017
Weatherford’s McCollum Rewriting Script to Change Perceptions, Company’s Fortunes

Weatherford’s McCollum Rewriting Script to Change Perceptions, Company’s Fortunes

Weatherford International plc’s missteps and wrong turns, financially and management-wise, turned investors away over the last few years, but the company has a renewed purpose as it locks on to opportunities ahead, the newly installed CEO said.

August 11, 2017

Weatherford Eyeing More Oilfield Collaboration as ‘Next Chapter’ Begins

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.

April 28, 2017
Schlumberger, Weatherford Taking Fight to Halliburton for North American Fracking Share

Schlumberger, Weatherford Taking Fight to Halliburton for North American Fracking Share

Schlumberger Ltd. and Weatherford International plc are signaling a knife fight for North American pressure pumping market share after forming a partnership aimed at No. 1 operator Halliburton Co.

March 27, 2017

People — New Weatherford CEO, Chairman

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.”

March 7, 2017

People — New Weatherford CEO, Chairman

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.”

March 3, 2017

Weatherford, Nabors Collaboration to Target Lower 48 Drilling Customers

Two of the biggest oilfield operators in North America, Nabors Industries Ltd. and Weatherford International plc, are teaming up to combine their “enhanced” oil and natural gas drilling solutions for customers in the Lower 48 states.

February 2, 2017

People — Duroc-Danner

Long-time Weatherford International plc Chairman and CEO Bernard J. Duroc-Danner resigned effective on Wednesday. No explanation was offered by the company. The fourth largest oilfield services operator in the world is to be led by interim CEO Krishna Shivram, who also is to continue as CFO until a new financial chief is named. Vice Chairman Robert Rayne is taking over as chairman. The board stated that it was “extremely grateful” to Duroc-Danner for “his leadership, vision, loyalty and the guidance provided to Weatherford and its predecessors for the past 30 years. He has grown and steered the company from humble beginnings into one of the leading oilfield service providers that it is today, providing numerous contributions to both the company and the industry.” Shivram, who was appointed CFO in November 2013, previously worked for Schlumberger Ltd.

November 10, 2016
Weatherford’s Surprising Uptick in North American Onshore Called ‘First Step’ in Recovery

Weatherford’s Surprising Uptick in North American Onshore Called ‘First Step’ in Recovery

Weatherford International plc reported a big uptick in its North American operations during the third quarter, with revenue rising 12% sequentially, which bodes well for strength across other product service lines going forward, the CEO said Wednesday.

October 26, 2016

Weatherford to Pay $140M Penalty to Settle Financial Fraud Charges

Weatherford International plc, the fourth largest global oilfield services operator, agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said. Two former senior accounting executives settled claims that they were behind the scheme.

September 27, 2016