Thread regarding Weatherford International Ltd. layoffs

typical oil industry,,,,,,,, follow the money,,,,,,,,,,who walks away with pockets bulging

Uncle B wanted to leverage capital so bad during times of cheap money.

Pyramid schemes always break down sooner or later.

Go Wharton !

We should also note a bloated infrastructure, not properly understanding and/or tracking cost, and pricing deals at a loss just to generate revenue for the sake of generating revenue. This was BDD’s obsession in terms of being one of the big boys....unfortunately the real big boys generated real cash flow. The trick was to borrow short term and when the credit line was used up, just roll it into long term debt and do it all over again. They realized about 6yrs ago this had to stop, but it was too late....

One of the issues was the acceptance and reliance on corruption from the board all the way down to the individual facility managers. They would buy productive and profitable companies and within a year corrupt and destroy them. I left 2013, and thankful every day that chapter in my career is over.

Never in 30 years have I witnessed such corruption and dangerous business practices.

They stopped paying the bills back in 2005. Eventually Dell cut them off and wouldn't let them place another computer order until that bill was payed. It eventually was paid, not sure about other vendors. I am guessing NOT since they are in so much debt. We were told to put all "bill collector" calls thru a VM number, do not transfer it to accounting. They had a dedicated VM line setup for collector calls and told us they were not paying the bills at this time. That was back in 2005, it never changed.

Speaking from experience and knowing the inner workings of Weatherford it was doomed as BDD and his board of directors started the sinking of this ship 15 years ago. In the later years as the large debt continued to be ignored and majority of poor management decisions at lower levels and promotions of non qualified personal to both management and sales continued to catch up with the company. With current market conditions and interest payments coming due and still a 7.6 billion dollar debt this company is done. Who ever takes over needs to gut the company and start over especially current managers and sales staff who are a major problem in this company.

Bad management, then and now. Weatherford is renowned throughout the oil patch for it. Anyway it's too late to do anything about it now.

Take a look at who the member of the board of directors are as well as who has been on the board previously.

Easy BDD, his ego, his lack of business acumen and believing what his cronies told him without doing any due diligence.

They purchased other company’s. That were in trouble got a good price. Then let the managers and suits come with the company and let them be in charge. Coil tubing is a prime example when we bought infinastar the people took over and got a WFT credit card and went on a spending spree. Weatherford got a bunch of managers and suits from Halliburton ,slumb j And other company’s or should I say ther cast off sh-- workers that couldn’t make at there there company’s so WFT hired them. And they took the company down from the inside Paid for company’s to bail out ther friends and take Weatherford down from the inside Piss pore managers from the top down.