Weatherford – Oil & Gas 360

Honeywell, Weatherford partner on new emissions management solution for oil and gas industry

May 14, 2024

World Oil (WO) – Honeywell and Weatherford announced a partnership to deliver a comprehensive emissions management solution for the oil and gas industry. The agreement combines Honeywell’s emissions management suite with Weatherford’s Cygnet SCADA platform, providing customers with a powerful tool to monitor, report, and take measures to help reduce greenhouse gas emissions, flammable hydrocarbons, and other potentially dangerous and

Weatherford wins three-year drilling contract from Aramco

June 8, 2023

World Oil (WO) – Weatherford International plc has been awarded a three-year contract with Aramco to deliver drilling services. Under the contract, Weatherford will deploy its Drilling Services portfolio, which includes a suite of technology that combines world-class services, real-time information analysis, and innovative drilling tools to maximize efficiency in any environment. Deploying these services and technology offerings will add

Weatherford provides financial update and announces intention to delist from the New York Stock Exchange

April 15, 2020

Oil and Gas 360 HOUSTON, April 15, 2020 /PRNewswire/ — (OTCPINK: WFTLF) Weatherford International plc (“Weatherford” or the “Company”) provided an update today on its expected results for the first quarter of 2020 and announced its intention to delist from the New York Stock Exchange (“NYSE”). FINANCIAL UPDATE Despite the challenging environment, the Company’s preliminary financial results improved during the

Weatherford posts $821 million loss during third quarter

October 31, 2019

Switzerland and Houston-based oil field service company Weatherford International posted an $821 million loss during the third quarter — marking 19 consecutive quarters of losses for the bankrupt company. Weatherford did not host an earnings call as most publicly traded companies do but rather reported the near billion loss in a Wednesday afternoon filing with the U.S. Securities and Exchange

Weatherford lands three contracts in Iraq

October 9, 2019

Source: Houston Chronicle Struggling oilfield service company Weatherford International has landed three contracts in the oil fields of Iraq. In a statement released Tuesday afternoon, Weartherford reported that the company has been awarded a pair of two-year drilling rig contracts and a five-year oil well service contract in the Middle Eastern nation. Financial terms were not disclosed and the customer’s

Weatherford Files for Bankruptcy Protection

July 1, 2019

From The Houston Chronicle Weatherford International filed for Chapter 11 bankruptcy protection Monday The oilfield services company Weatherford International filed for Chapter 11 bankruptcy protection Monday, after struggling to assimilate the companies it bought during a quest for growth, taking on too much debt and fighting to recover from falling oil prices in 2014 that hammered the energy industry. Weatherford,

Finding Costs Drop to 10-Year Low - Oil & Gas 360

Bankruptcy Looms for Oil and Gas Companies

May 13, 2019

Weatherford plans pre-packaged Chapter 11 By Richard Rostad, analyst, Oil & Gas 360 The Q4 2018 price crash is poised to claim several victims, as Weatherford (ticker: WFT) is filing Chapter 11 and two E&P companies are likely to announce bankruptcy in the coming days. Once valued over $25 billion, Weatherford was hit hard by the 2014 downturn. While many

JPMorgan Presses Weatherford Over Debt Load

May 8, 2019

From Bloomberg Lenders to Weatherford International Plc have hired advisers to review whether the oil services company can keep up with payments on its $8 billion debt load. JPMorgan Chase & Co., the agent for the lenders, picked consultants at FTI Consulting Inc. to evaluate Weatherford’s financial condition, performance and strategic plan, according to people with knowledge of the matter. The hiring

Weatherford Completes Sale of Land Drilling Rigs

March 25, 2019

Weatherford Completes Sale of Land Drilling Rigs

Heard on the Call: Weatherford Targeting $1 Billion in Yearly EBITDA

October 29, 2018

Weatherford (ticker: WFT) reported third quarter results today, showing a net loss of $199 million, or ($0.20) per share. $1.44 billion in revenue, down from $1.45 billion in Q2 Net cash from operations of ($32 million) EBITDA of $195 million, up 56% year-over-year Increased segment operating income by 68% sequentially and by $123 million on a year-over-year basis. Reached an agreement with

Well Completions JV with Weatherford and Schlumberger Checks Off DOJ Clearance

November 30, 2017

Weatherford International plc (ticker: WFT) said that the U.S. Department of Justice has cleared the proposed OneStimSM joint venture between two oilfield service giants—Weatherford and Schlumberger Ltd. (ticker: SLB)—granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This paves the way for a Q4 2017 closing, which Weatherford had projected in October. Schlumberger

Weatherford International (WFT) Targets $1 Billion Cost Savings in 18-24 Months

November 2, 2017

How? Treat the $1 billion as a thousand $1 million decisions – McCollum Swiss-based oilfield service giant Weatherford International plc (ticker: WFT) reported a net loss of $256 million, or ($0.26) per share on revenues of $1.46 billion for the third quarter of 2017. Weatherford reported segment operating income of $34 million. Weatherford President and CEO Mark A. McCollum said, “Our highest priority is free

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