Latest presentation (Howard Weil conference) posted below shows a headcount of just over 40,000 employees by end of 2015. February presentation (credit suisse february) showed a headcount of just under 50,000 employees by end of 2015. There has been no formal announcement, but it looks like WFT is planning another major rounds of cuts
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Could some of these numbers come from the sale of 2 divisions to Lubrizol? The deal was finalized at the end of December, but, I believe that Weatherford wasn't officially out of the picture until yesterday, so that will be a large number of employees off the books beginning today.
From current point I think there will be 12k layoffs. Per presentation they have already laid of 5000 that would put us at 52k. That is a massive layoffs.
Also based on their presentation they want a revenue rate of 300k for for 40k employee which is a revenue number of 12billion. So they are saying they will be shedding 3 billion of revenue.
For comparison SLB rate is 400k per employee
BHI 372k.per employee
Hal is 360k per employee
This is from their two presentations:
http://imgur.com/eSlVo8O
WOW! 2015 with a 40k employees headcount estimate. Is this for real? Or just for a dog and pony show to woo investors?
http://ir.weatherford.com/cs/Satellite?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1413870609041&ssbinary=true
Go to Weatherfords website, and click on Investor Relations, and Investor Presentations
Or google "Weatherford Credit Suisse" to see the previous presentation (feb)
scroll down past the table to view the headcount chart.
Do you have a link or text exert from that presentation per chance? . I dont see it on this message feed.
Thanks
Scroll down a little further to the 3 graphs on the next page. In the q4 presentation they said they were aiming for a headcount under 50,000 by year end. The latest graph is showing a year end head count just over 40,000 now.
The presentation I saw posted on the WFT website states 8000 positions targeted, and so far 5629 "completed." I did not see a headcount number. They cut 6,283 positions last year. Anyway, they are not done yet and no one should fee secure except for the CEO I guess who seems to not be held accountable. As a shareholder, it makes me sick.