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.