Thread regarding Weatherford International Ltd. layoffs

Seeking Alpha - Weatherford to delist from NYSE; evaluating options to boost liquidity Apr. 15, 2020 8:02 AM ET|

Ride 'em Cowboy.

If you believe this BS you better also cut payments to WHO. Oh too late he's already done it.........

Weatherford International (OTCPK:WFTLF) will withdraw its appeal to the NYSE's delisting procedures, saying delisting is in the company's best interests.

The company says its financial results improved during Q1 due to operational and cost reduction initiatives, despite the impacts of COVID-19 and severe oil market disruption.

Q1 preliminary results include revenues of $1.19B-$1.21B, net loss attributable to Weatherford of $185M-$210M, adjusted EBITDA of $160M-$170M, and free cash flow of negative $15M to negative $25M.

Weatherford says it is cutting planned 2020 capital spending by ~50% from 2019 levels; reducing headcount across North American operations and the global support structure of 38% and 25%, respectively; issuing furloughs and pay reductions for remaining employees; and cutting management pay by 20%.

The company says it has adequate liquidity and is compliant with its financial covenants, but "debt levels are too high," and it is evaluating options to improve liquidity and address its long-term capital structure. to delist from NYSE; evaluating options to boost liquidity.

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Post ID: @OP+14ut7aOQ

10 replies (most recent on top)

I hope this stays in track. Crude oil was 18.71 this morning. That equivalent to a car wash or (2) number 1’s combs at McDonald’s with a large drink.

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Post ID: @2six+14ut7aOQ

OK, a few items: i was let go by Weatherford, and now get $521/week (for 39 weeks) from the state of Texas, and an additional $600/week (for 4 months) from the federal gvt., for a total of $1,121 per week or nearly $4,900 per month...why even try to find a job?
Can WFT survive? Other companies are now looking at the useful parts of it.

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Post ID: @1rzs+14ut7aOQ

The numbets are getting better

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Post ID: @1uvh+14ut7aOQ

Agreed , leave the field alone and cut the ones at home more than the ones still working

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Post ID: @1ztx+14ut7aOQ

Weatherford will fade off into the history, that nobody can fix. I do believe that there should be more management cuts and those that are left cut their pay 35% - lets see if they say.

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Post ID: @1rok+14ut7aOQ
  1. 2B Q1 is pretty darn good
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Post ID: @1idy+14ut7aOQ

Evaluating options to boost liquidity? We just came out of chapter 11 six months ago?! Other than the U.S government who in their right mind would give us more debt right now? I just hope the company lasts long enough that I get my redundancy payment.

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Post ID: @nzj+14ut7aOQ

Maybe they’ve found a buyer.

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Post ID: @gni+14ut7aOQ

The actions they mentioned seem to already have been executed (headcount reduction, pay reduction) what I wonder is if further headcount reductions will be in line or if they think they can navigate this period with the current structure.

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Post ID: @yoo+14ut7aOQ

This EBITDA BS really will be the death of WFT just stick to general accounting practices and investors won’t think you’re a bunch of cowboys

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Post ID: @bea+14ut7aOQ

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