Anybody else worried that Weatherford's bad Q1 results (which are by now all but certainty) will end up prompting major layoffs after the announcement?
It wouldn't be the first time WFT tried to soften the blow by cutting more employees, I don't see why this time would be any different...
The bottoms up initiative should start at the bottom and go up. Many folks on the bottom want the company to succeed, but the higher up you the less you see a team mentality. Examine the district managers and up. Let’s start cutting there and eliminate the keyboard cowboys and be a service company again. Maybe we should use those important radar cards as a suggestion card and say how management is ruining the daily operations. Frustration is one of the Gems, so stop making it frustrating
everyone, less management who can't seem to get out of their own way. If the management team at this place would actually do what is best for the company, and not their buddy or themselves, it might have a chance of squeaking by until that 2020 date when we break even.
Maybe if we get to that point and start working on the 7B debt they will find better homes for some of the business groups before this entire thing goes down.
Think about that - 7B in debt and the market cap for WFT is around 2B with no sign of FCF coming back anytime soon. WTF WFT.
Everyone is working beyond the6job description.
I think closing the doors is about the only way they are going to save money at this point.
I am surprised that the shop and field hands have not organized enough to go in and demand more pay, I know they are working beyond their job descriptions owing to the number of folks they have cut in attempts to save.
Just think, estimates are that if Weatherford is able to hold on by some grace of the lending institutions, they may break even by 2020! That is breakeven with regard to cash flow. In other words they could support operations and such and pay the interest on the debt they owe - not even pay into the principal of it. I do not think we will see a day in my lifetime that this company in its current form gets its debt paid.
good luck
I don’t know how often you get up from your desk and go into the shop, but around here, if you’re going to let anyone go, just close the doors.