Thread regarding Weatherford International Ltd. layoffs

Weatherford in Trouble Again

Looks like WFT is in trouble again! Get out when you can.

https://www.bizjournals.com/houston/news/2020/04/15/weatherford-cuts-headcount-to-delist-from-exchange.html?ana=e_ae_set1&j=90504230&t=Afternoon&mkt_tok=eyJpIjoiTkRWa1pqVTVOamMyT0RJeSIsInQiOiJyVEhcLzlQUWthM3o3c1piTkoyd1ZEcmxMQWRcL1wvRUhkMEFNN2l6eVhEMElkSUdVMkoxNFY5SkM5S2FMMkg1bGlScnhsM1grR3c1MDFQXC9pNUNabnpLQmRwS09tR3YyRm9UZHJmMTlNajJocHVScVBhVmphcDlJbmVsZWg3Sk5nT3UifQ%3D%3D

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Post ID: @OP+14ugg9I1

21 replies (most recent on top)

Hi everyone, it's my first day at WFT, where's the breakroom?

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Post ID: @2hed+14ugg9I1

Big companies are going down, too much overhead. None can purchase others with the overhead. Smaller companies can do more in these times, the only thing saving us and the other big ones is our credit to hang on longer, but no merges or purchases

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Post ID: @2fmn+14ugg9I1

If someone was to give me a dollar every time "Get out when you can." is posted on this board.

OK, OK, we heard you.

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Post ID: @2ujl+14ugg9I1

Seems like those of you are wondering if SLB would want to merge with WFT. I seriously doubt it. Company has debt and not making money everyone knows that. So, this is hypothetical. Why buy a company with debt? Wait till it folds, have the bank sell it just get it off their books. Let the big oil company Vultures take what they want. Leave the carcass [debt] behind. Or....... or.... we emerge from all that debt and bask in it fruitfulness.

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Post ID: @2gpy+14ugg9I1

I doubt SCB have got that much of a death wish.

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Post ID: @2qcx+14ugg9I1

Yes I'm eating that steak and Lobster from my SECOND Home........ Some people will never understand the way a big company operates...........

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Post ID: @2rky+14ugg9I1

SLB & WFT to merge? Hah! the prettiest girl in school does not marry the ugliest no account in the school.

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Post ID: @1uxi+14ugg9I1

Heard slb and wtf are going to merge, opinions

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Post ID: @1vca+14ugg9I1

Why dont you take the guesswork out of it and shut it all down. Take a few years go have fun then come back

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Post ID: @1djw+14ugg9I1

38% operations and only 25% support?? No operations than no need for anyone else! Duh

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Post ID: @1jdj+14ugg9I1

Meh.

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Post ID: @1xfz+14ugg9I1

Will I still get my bonus?

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Post ID: @1dqu+14ugg9I1

Great q1 results. It won't sink, even with covid19

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Post ID: @1wbx+14ugg9I1

Let’s be realistic lifefrog, Wft is very top heavy. Everyone wants that tasty cream from the top (management) no doubt. In the meantime, those bottom feeders are fighting to say alive (layoffs, scare tactics, pay-cuts, and furloughs). I myself love cream but I’m a bottom feeder, so the more bottom feeders are cut, the more management hurts Wft. You don’t start a company with 20 VP’s and 50 managers, while you employ 20 employees and wonder why your company is hemorrhaging money. Cut the top save the bottom.

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Post ID: @1yrn+14ugg9I1

Can’t see any more field operators getting the chop, we’re down to the bones as it is. Then again you never can tell with these clowns who run the show.

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Post ID: @1ynu+14ugg9I1

The boys in North Dakota are still rolling strong. No cuts to field hands yet. But, since North Dakota is carrying the company, I suppose they won’t come.

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Post ID: @1tps+14ugg9I1

Friday more layoffs coming and more branch closings.

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Post ID: @1xha+14ugg9I1

That’s why they went with cash incentives as they aren’t as easy traceable. Company will never change execs and managers along with over paid sales group continue to fill pockets all while preaching to the bottom feeders on the sacrifices that are required to survive. Same song and dance just a new year.

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Post ID: @rov+14ugg9I1

They are taking a 20% cut of their yearly retainer bonus, basically nothing. They are doing it to show how they are first in line to make sacrifices then wham....they cut the operational guys field bonus. Typical sham from the top, you think those hogs are gonna give up their place at the trough!

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Post ID: @kpm+14ugg9I1

Yup, CEO is still eating steak and lobster and the rest of us peasants are eating beans, rice and corn bread. I could live pretty good on his 20% reduction.

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Post ID: @eds+14ugg9I1

The Execs have a different standard than the rank and file employees it seems.

"Weatherford’s executives are joining the employees in salary reductions with a 20 percent pay cut, but salary historically represents a minority of those executives’ compensation. A 20 percent reduction to CEO Mark McCollum’s salary in 2018 would have been $200,000, which would have represented 2.2 percent of his total compensation for the year, according to the company’s 2019 proxy statement, the most recent available. The rest of the executives’ compensation — largely cash and equity performance awards — could also fluctuate based on the performance of the company."

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Post ID: @kns+14ugg9I1

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