I realize that this question maybe sounds a little pathetic, especially knowing the fact that this eas in the making for a long time. However, I imagine that other people that remember the days when this used to be a good company are asking the same question. What made us sink so low, in times when the competing companies are doing good?
7 replies (most recent on top)
Who would have thought putting a phD economist in charge of an oilfield services company wouldn’t work out well? You could see trouble coming from a mile away when that guy took over
Biggest problem i saw was salesmen showing up at remote locations without calling ahead to wft operator to see if he needed anything and making sure co man would be there.
Also some salesmen were more trouble than they were worth showing up on location bugging people trying to work. On location 72 hours trying to catch a snooze while p.o.o.h. and here comes ol jabberjaw. Handful of nothing and a mouthful of bs
BDD lost interest/focus on acquisitions before the ink was dry on the deals. Non-existent integration strategy; everyone was left alone until someone realized that having 170 manufacturing locations was not ideal and there was no accountability for $66M in unfavorable variances annually. Team brought in from HAL to fix supply chain was a disaster, pure and simple.
Too many 'Elk'' with their snouts in the trough.!
Easy equation to understand....good honest management equals good profitable company. Bad management equals bankruptcy. Simple and right to the crux of the problem. No need to over analyze.
Ever hear the phrase “Too many chiefs, not enough indians “ ?
Weatherford in a nutshell.
Way too many hogs at the trough, generally unsustainable in the long run. Each operational/ revenue maker has two to three office staff on his back, be they managers or administrative. They are leaking pipes stopping the flow of water up to the shareholders ( water being money if you get my drift ).