Oil heading to 100 a barrel and I’m working 40 hours week. What a piece of work this company is!
18 replies (most recent on top)
Just realized where I have seen this happen before, the housing loan market!
Not directly on par, however the WFT management has essentially leveraged itself so much that it is only paying the interest and never getting to the meat. And just as in the banking crises, the little guys are going to get smoked in the end. This time they will loose their jobs first before their homes.
****On another note - what is up with the sale that was suppose to happen in Q1 and generate another 500M to pay down debt? Is this another case where management is not able to make it happen and we are going to end with a worse deal? (JV selling to SLB for less than Initial advisement, no percentage retained for WFT). Is it any wonder the specifics have been short in coming out, at least we will only be left wondering how much the value of the deal(s) was eroded as opposed to knowing how inept our management is.
The math just doesnt add up tbqh. We cant generate enough money to pay the interest on the debt, and try as they might cooking the books it will be a slow drawn out death. Until the management realise they are the problem things wont change, and from what i see they dont have the moral courage to face up to it. The guys in the field are the gift that keeps on giving, and an endless supply of cash as far as the management are concerned, but this will change and is changing as the upturn takes effect. The guys will move on to pastures new, and leave Weatherford and its incompetent managerial class to the mess they created. A shame, but i cant see it playing out any other way. All, and i mean all Weatherfords problems can be placed at managements door.
Folks, it's math - do it. Take a look at the debt WFT has now. Take a look at the interest WFT must pay on the debt. Take a look at what WFT books each quarter. It has not been enough to service the debt.
I mean they are projecting they will be at break even come 2020. Then they can start paying down the debt and not just servicing it.
I am sorry but if you can not get past this great narrative (story) they are spinning for you, well you kind of deserve to go down with the ship. I would think the best question anyone could put to you once this happens, why did you stay when it was obvious? Maybe then you will reflect and realize you can't fix stupid.
What a toxic childish buncha nothing nobodies. Grow up and understand this mess is going down the sewer with your miserable pension.
Stop being negative then Koolaid and join us on the journey then I will respect you? Oil price and shares rising be positive.
Koolaid here, wise up and go someplace you’re respected. Otherwise you’re just another wh--e for this company. They will throw you out when it suits them or they’re able to replace you with someone cheaper
Don’t worry though, this company is n bee going to dig itself out without selling pieces off or other radical changes.
Just me being negative
I was also that loyal employee who only ate, sleep wft for 18 years. Stayed up meeting deadlines at 2am bc it had to be done. And then they laid me off. They don't care how loyal you are. Ur just a number they can delete.
@T8sWNyl-2ayc This shows how you will never make anything of life being bitter and twisted at those who grab opportunities makes you the untalented prick.
@T8sWNyl-1tvp . Spoken like one of the chosen ones. Total untalented prick!!!!!!
Koolaid brings so much negativity to the table one of the biggest reason we are becoming a nation of lazy underachievers.
Life is about throwing yourself into something you truly believe in which in my case is Weatherford I eat and sleep this truly great company and no this is not sarcasm.
My kids the next generation are already learning about how loyalty can open doors its a dog eat dog world only the achievers survive the negative people pick the bones.
@T8sWNyl-1tvp --- Appreciate you are just attempting to get folks wound up on here, however unless you are the nephew of one of the VPs (are you?), don't you find it difficult to type such absolute c***?
If I have taken what I believe to be sarcasm incorrectly and you are actually believing what you type, I'll just pray for you and hope you have not had children and spread your ignorance to another generation.
@T8sWNyl-1dyi Politics regarding nepotism come from insecure jealous individuals like you void of any love maybe you should feel the love for the Weatherford family and its leaders rather than criticise and join us on the exciting path of being a top company once again.
Really easy to run your mouth when all of the shops and plants are by your relatives, Every talented hand that is hired will leave because of the politics surrounding these bunch of idiots like 8sWNyl-1jsb.
Great Company?
This company has never been great! They’ve bought some great companies and ruined them - well, I guess they are great at screwing things up.
Wake the F*** up
Its greedy bastards like you milking our great company with unproductive overtime that's got us in this mess.
If you cant survive on 40 hours suggest you go back to college and learn a new better paid skill or go find a 7 day 12 hour shift early to your grave job.
Only losers stay and work for peanuts.
Sh--, you’re getting 40 hours? We all keep getting told there is no jobs out there, and that we should be glad we are still working...
Same here. It’s time to jump ship. I’m worth a lot more than this jacked up company is willing to pay. I expect a new job call next week.