If you are still with this company, I strongly urge you to put the final touches on your resume and start shopping.
9 replies (most recent on top)
How is this company even meeting payroll?
Current management can blame previous management all they want, but the fact is WFT still owes 8 billion even after selling off three companies.....that money was supposed to go to debt reduction. Obviously it didn't. The CEO still has most of senior management still in place from the BDD era. They are the problem. Unfortunately you can't attract top talent to a company that is bankrupt. The company needs revenue, and unfortunately the best sales people are long gone. You need good field ops people to execute on the service side. most of those people are long gone to the competition. If you are a shareholder, you are betting on a three legged blind horse. A sad state of affairs to be sure
Weatherford is the oilfield equivalent of Fannie Mae and Freddie Mac, the sub-prime service oil company.
Leveraged to the hilt with debt so that the banks extract 350-500 hundred million in interest per year whilst the execs enrich themselves too.
The debt burden came from Bernie, I agree that the execs will be creaming as much as they can but what group of execs isn’t these days? Weatherford will be one of the first to hit chapter 11 but it won’t be the last, we are the canary in the debt bubble coal mine and it’s about to blow.
they will not win the battle, but pocket MM$ in the effort to do so. If WFT had gone Ch11 2 years ago, MM et al, would have less money in their pockets by now and probably unemployed.
And blaming BDD and previous mgmt is so shallow by current mgmt: you guys are on board now, you take ownership. Complaining about the previous admin just shows how you think and act; taking credit when things go right, blaming other when thing go wrong. OneWeatherford ole' ...
I do believe the current leadership are fighting the battle that Bernie created for them. However, unless the debt is restructured properly then it is going to be a battle that can never be won.
Replying to @YXDQraO-woc,
Ok, I get your point on the delay to hope on the 20-1 reverse split, but cancelling the call will not save WFT from disclosing the results which, if they are so bad as you suggest (and how i assume given the fact that SLB, HAL and BHGE were at best in line and WFT will never outbeat the competitors) will still sink the stock at which point the delay was pointless.
So, to me, and with no idea about how this NYSE Stock world works, by cancelling the call was a major own goal and frankly I am not proud of a CEO that plays this petty games. Go out and put your face,
It is like not showing up at the exam when you know you did not study. You still do not pass, but at least by showing up you put your face and honestly the MM$ that MM gets are also to put his face, not to hide it under the sand like an ostrage.
The stock was at 32 cents a week ago, why not push the call out last week? All they’ve done is unsettle the market further and dent the share price another ~15% by leaving it until the last minute.
The stock split changes nothing, rearranging the deck chairs on the Titanic. Restructuring the debt is the move needed.
Because if they went ahead and announced the results which are awful, the stock would be at 10 cents right now. By delaying and hoping for the reverse stock split they will at least get some leeway if the stock is still floating around the 40 cent mark. A 20-1 reverse stock split at 10 cents wouldn’t help anything, that’s why the conference call was delayed.
How on earth can the leadership be so inept as to pull the Q1 conference call hours before it is due to start?!
Surely it can’t just be for the reverse stock split? They’ve known that we’ve needed to do this for months!
We are either going chapter 11 or selling off a part of the company - thoughts?