I'm worried. What is the true future of weatherford?
Do you think that PL will be bought by others oilfield company?
13 replies (most recent on top)
Update: the townhall meeting said we will get "merit" raises this year. I can finally tell the kids we can get a happy meal at end of year if we save the 2%.
It does surprise me the district level managers don't get a bonus, but sales and area management does. The screw the workers and reward the wrong people. We have the wrong business model which explains the lack of motivation and loyalty of the workers. It gets more toxice every day.
Isn't that why were trying to save 1 billion dollars by the year end of 2019 so we can make our interest maturity payment that they keep putting off by offering convertible senior notes due in 2025 just kicking the can down the road. The dumb thing is Weatherford still has a 7.6 billion dollar debt. So in last four years have sold off half their companies for nothing layed off 65% of their employees and are still no farther ahead back from 2009. They are doomed and the funny thing is now there happy if their share price gets to a dollar when all their competitors are averaging around 40.00 dollar a share with less than half the debt for their size. Management and sales will continue to preach the good news so long as they continue to get their bonuses and commissions and the guys that actually do the work and actually make money for the company get the pat on the back and encouraged on how they can contribute more. Maybe all us workers can go to the red cross and donate blood and with the money we get we can give it to Weatherford to assist some poor manager who's struggling to get by. LOL
Weatherford’s past, Weatherford’s present and Weatherford’s future walked into a bar, it was tense.
Weatherford’s transformation is like looking at Lindsay Lohan’s transformation over the last few years, just when you think it can’t get any worse.............
To the OP, none of the PL’s are really that desirable to other companies to buy out except maybe AL and TRS and that’s only because of their global revenue which is diminishing. Weatherford are desperately trying to cook the books for Q1 withholding payments to suppliers, not paying expenses to employees, and all sorts of tricks to make it look like the transformation is showing results, the fact is that the company will implode by the end of the year because more layoffs will happen and as we know the field guys will get hit the hardest making Weatherford even less profitable than it already is. The problem is that short term solutions are being made to save the jobs of the usual management and office based personnel. None of this will be enough to avert the inevitable at the end of year when the first 1 billion is due.
Let me have a look into my crystal ball at the future of Weatherford, yes your lucky stone is gall, and Uranus is in its last stages.
Weatherford’s transformation is worse than Bruce turning into Caitlyn
Transformation in Weatherford’s case means hiring more office based non revenue making parasites and also finding new titles and meaningless “necessary “ jobs for the parasites already here.
Transformation from an oilfield company into a huge beurocratic company where no one actually does any work or creates any revenue.
The "transformation" sure is costing alot if money and more useless jobs be created for folks that are c-app employees but they want to keep.is transformation the new good ole boys club?
Imagine sailing into a storm having gotten rid of half the crew, then just as the storm is about to hit you get rid of even more of the crew, the only people left on board are inept and have no experience.
Thats the future of Weatherford.
They can call it a Transformation, or some other user friendly pc tag to make it more digestible to the shareholders but at the end of the day the ship is going to end up on the rocks.