I don't usually read those corporate emails, but I did read the last one about Q2 results and I shouldn't be surprised. remember Girish said to us in April our raises were being differed and cut, and it had to do nothing with the state of the business? well, if you look at our Q2 results its very clear he did that for his dividend cut (do a quick google search to see how many WFD stocks that P.O.S has). the board obviously approved the dividend payout which they already a precedent. To say our shop is disgruntled would be an understatement. I challenge anyone reading this do their own homework and if I'm wrong I will gladly listen to a rebuttal. I hear staff are dropping at a high rate, and I will be gone before the end of summer. The procurement process is beyond asinine, and I cannot wait to say goodbye after over 15 years with this place.
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International 3rd quarter revenue decreased by $154 million, or 13% year-over-year.
North America revenue decreased by $23 million, or 9% year-over-year.
Shareholder return $25 million in Q3 (dividends $18m, share repurchases of $7m)
Operations in Russia continue as oil revenues fund war fighting against Ukraine.
Layoffs continue.
Remember the huge hoopla surprise reveal that was the sh---y $1k one off bonus?
@1fq LMAO I couldn't stop thinking about how he presented himself as if he was "taking one for the team" when we all damn well know he gets inflated bonuses and stocks. check out yahoo finance for largest individual stockholders in Weatherford.
@OP but he sacrificed HIS merit raise lmao
Money flowing to shareholders and executives will always be paramount. Employees who produce the revenue with scant resources in toxic cultures are specs of dirt on a spreadsheet blown away without a care. When they push their eyebrows together forming a facade of concern and say they "make these difficult decisions carefully" it's not true.
@yp yup, he played us good. I wonder what he will say in the next town hall. "Okay look, that 14 million in compensation, and 65 million worth of shares just isnt enough. I need that dividend, you peasants just wouldn't understand" im so done with this company
Remember during the town halls GS says we pay for great performance and merit increases aren't going away?
@OP agree. He’s him and Reed are pompous as--s.
I get where you're coming from, and I think a lot of people are feeling the same way after that Q2 report. I looked into some of the public filings to get a better picture, and here’s what I found:
Weatherford paid out a $0.25 per share dividend and also repurchased approximately $34 million in stock during the last quarter. That’s over $50 million returned to shareholders, while many employees were told their raises were being deferred or cut.
The board formally approved the dividend, as stated in their public filings.
CEO Girish Saligram earned approximately $14.8 million in total compensation last year — about 320 times the median employee's salary. It’s safe to assume he holds a significant number of shares, although I couldn’t find the exact number, so we can’t say for sure how much he personally gained from the dividend.
There’s no public data on staff turnover or the internal procurement process, but the concerns you’re raising resonate with what others have said.
So, while not every detail can be confirmed, your main point — that cost-cutting for employees occurred while shareholder returns continued — seems to align with what’s publicly available. Appreciate you speaking up.