Don't panic folks every other O&G service provider is in the same boat low oil price and less good paying contracts. Don't lay the blame solely on Weatherford lay some blame on the shareholders who are a different breed only in it for the short term profit first sign of a blip and off they go and that's the problem with stakeholders running a company greed they just want a quick buck if Weatherford was solely owned then I don't think we would ever be nearly $8B in debt or in the sorry state we now find ourselves in, Things will pick up again Weatherford has ridden many storms before.
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They slashed experianced staff, they had a bad accounting year which cost them $500M. They put a bunch of muppets in key management rolls and canceled strategic RnD. The company has been on its last legs for years. Those who were laid off a few years ago have gone through hardship and found other jobs, they even got a puny severance. Those left won’t get severance - the stock options are worthless. Wait until the liquidators come in, the blood will be everywhere. I feel for the employees but not for the management. Smile as much as they like, upper management are planning their exit strategy right now.
Others are in the same boat, but have life preservers (ie not insurmountable debt and crashing market cap). WFTs boat has sprung a leak and is sinking. Others are taking on a bit of water but their bilge pumps are effective. WFT is dying by a thousand cuts, they’ve attempted some stitches but have bleed out; what they needed is to amputate years ago. Best some can do is hold on a hope their division gets sold off, but don’t hold your breath.
Some higher-ups, when they were ousted, signed a no-compete so that they could keep their, now worthless, stocks. Some signed for 2 years, some 5.
Dont Panic, Its all right. You were awarded stocks at. $17 & $10. for your service and now its $0.7 don't pamic its okay if you loose money.
Dont Panic its okay if you are layed of tomorrow you have the stocks.
Dont panic the company is making loss for last 3 years and more its normal.
Dont Panic if you dont get your check next cycle ...you have the stocks.
Stop reality mongering Larry!
Don’t panic, but come to terms with reality. Investors given a choice will go with marginal risk. WFT isn’t marginal risk. We are now a penny stock and that’s a whole other breed of investor. WFT long ago lost blue chip investors. Soon we will be a day traders commonly flipped stock as they try to ride the waves in pricing. This is the stock that some cold call investor will try to sell some smuck list on the movie Wolf of Wallstreet.
@WbOpbgw - don’t panic - buy the 0.78 stock then. You should. Hah
He obviously hasn’t read Weatherford’s balance sheet.
The perfect storm. Have you read it?