In the oilfield, pricing is based on risk. The premium prices are on critical equipments and services. Wft cannot afford risk anymore. Its over why can you not accept that
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Speaking of corporate transformations , anyone remember the WIGs ? what a LoL that was ,seems the 1$billion transformation is going the same way and wtf was that ‘behind the curtain ‘ BS? I bet half the company debt is down to these annual cringe fests . The company is still being run from old school TX that can’t see oil is going the way of the dinosaurs , if Wft is to survive it needs to branch out to new directions that the existing workforce could diversify to, things like lithium batteries, civil engineering projects like tunnelling ,railroads , piling , renewable energy and that’s just for starters , if WFt just sticks to oil then all of us and our pensions and benefits are screwed . see you in the Walmart recruitment Q
Considering that during my 25 years there none of the corporate transformation initiatives ever resulted in meeting the stated objectives, I'll bet against Weatherford being able to 'up their game'.
WOW! This sounds like the Corporate HR dude using big words and reading from a Corporate script. No compassion, cold, heartless. This is not the new Oilfield as he references, it's weak management that is not agile. Funny how the 'new generation' oilfield is being run by 'the old generation'. Layoff announcements have no effect on the price of the worthless stock but performance and value of the equipment does. Wft may have 'upped it's game', but now is the time to start playing in the game versus sitting on the sideline.
The layoffs are ongoing and consistent with the long term plan of Weatherford. They won’t be announced anymore as they have an adverse effect on the already volatile share price, but will be implemented irrespective of fluctuating market prices of oil or temporary external factors such as the c19 situation. A long term plan is in force and non profit making PL’s will be purged, and personal that can’t be used in other PL’s will be let go. Obviously some wheat will be thrown out with the chaff but that’s an inevitable consequence and although unfortunate can be expected as most of the operational and management are utility and expendable. The long term plan is to concentrate a smaller work force on a sector of the market that is more profitable and focused on higher monetary gains. Although a few traditional PL’s will be kept on to keep the revenue flowing the overall long term plan is that Weatherford will be focused on offering clients fast and efficient solutions to their immediate and increasingly technological answers and results, to their individual needs. This new mindset is a consequence of the new and fluid dynamic that is the oil and gas industry of today and any dinosaurs thinking that they have a job for life in some stagnant PL or with an ancient skill set are in for a rude awakening. Weatherford has upped it’s game and you either get with the new program and be part of the new generation that the O&G industry is looking for or become one of the numerous shards that are cut off in the effort to make Weatherford a more streamlined and efficient organization. So start diversifying your individual portfolio and make yourself a problem solver and solution maker or it’s goodbye.
Of course it’s not over idjit, it’s only just begun. The ship is sinking.
Some key JDE folks yet to come!
@Bunghole AKA Roy..
I've seen things you people wouldn't believe. Attack ships on fire off the shoulder of Orion. I've watched C-beams glitter in the dark near the Tannhauser Gate. All those moments will be lost in time, like tears in the rain.
Oh, and as an aside, Weatherford has been a basket case for years. I hope my old manager survives long enough to get frog-marched outta there. Cvnt.
I wonder which plants Weill be closing.
How many times can you try to polish a t–d? This will be flushed down the drain by years end. Sending broken equipment, no parts for repair, work force cut by half and in some places nobody at all. The things that I have seen is just incredible. Well we can always sc-ap it.
Its all over now. Too many things have gone wrong now, we used to cover our mistakes with revenue. We cant do that now..its all over people. We tried. We failed. Stop fighting now
Still laying off field hands, the top is getting heavier! Gonna be fun when it flips and they drown
Weatherford is never done
A lot of wft technologys cross into the horizontal boring industry and you could cut down (shorten) the fleet of mud motors and directional tools to use in horizontal boring for utilities.
Its going to be a much smaller, more manufacturing based wft. Wft should pursue the horizontal boring market. Make small short low flow mud motors for utility boring
Sadly next lot coming, this time looking to RIF right down. Retract exit from apac completely. Remain small in US.
Round 1 is complete in Kern county. Waiting for round 2 to commence. No way they can continue to pay us with no revenue coming in. I agree we are very top heavy, Weatherford has these Managers doing sales, field hand and shop hands job because they’ve all been laid off.
I heard the same thing. Many good people were let go through out the year, others quit because management. Now it’s super top heavy, I’m waiting for it to flip. i.e. shut down. You can’t run a place with managers managing nobody. I wonder what’s next?
Major layoffs at the Katy facility. From what I’m hearing is that management let go of some very valuable employees in the shop. That sounds about right to me!!
I've heard of nothing so far, don't know if that's a good thing or not though. Prior to these past two weeks of cuts there was an email from the CEO basically saying cuts were going on and recently there's been no emails so I can only hope they're done for now...... not sure how long "now" will be....