Down just over 40% in past month - it's difficult to see any realistic way back now. The Q2 results, expected 8/5, will be interesting reading. I simply cannot see beyond Q3 without some major intervention or restructure.
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You will never take away my company credit card!
That’s how the higher ups justify their positions, is by initiating redundant systems.
Wft has done it to themselves, dumb decisions were made before the covid and oil price drop. We spent money on new systems that weren't needed. FX, Salesforce, Office suite, journey management, gps tracking, 5s, and the list goes on and on. Should have focused on profits and not spent on new ways for same outcome. If it aint broke, don't fix it; should have been their mantra instead of trying to get away from "its how we always did it".
So Halliburton took a $1.7 billion hit in the Q2, and they are slick, organized and aggressive. How much has Weatherford lost ? It’s gonna be a train wreck even worse than anybody imagined.
"more RIFs are coming..."
They have never stopped - I see reports related to terminations and the only variation is the quantity. Some days there might be fewer than 10, other days there can be anything between 20 - 50.
Last time wft enterra collapsed we cut everything up for junk. Collars, pumps etc. Elevators. Cut it all up
This would be a good time for every wft yard to start cutting everything up again like back in 86. Shut it down
more RIFs are coming...
To late, the top of the pyramid should have been right sized four years ago.
Kiss that 20% cut in pay goodbye, we will never get it back.
Weatherford are losing contracts left right and centre, the year’s of nepotism and installing people in management or sales positions who are totally inept and out of their depth is all coming to fruition. It’s a shame because there are some good people at Weatherford but they are outnumbered by the freeloaders and hangers on. I can’t seeea way out tbqh.
Cut'em all jack!!!
Wft can survive as a large half assed service company but its going to be very lean with large pay cuts for all and greatly reduced staff numbers. Is it worth continuing knowing that youre one lawsuit away from the end? Too risky
How do we strongly recover with over $2,000,000,000.00 in debt and the value of the company is $116,000,000.00? Even if we generate cash to fund the business in Q2 the order books are drying up and thus less cash in Q3.
The market told us, well in advance last year, that we were bust months before they announced it. The market is telling us we are bust again. There should be no surprises with what comes next.
Chapter 7 or chapter 11 - the market will decide.
Half of the Board of Directors has been fired as has the CEO and CFO.
WFT has focused on where the problem lies i.e. leadership and not the workforce.
We are now poised for a strong recovery.