After hearing the excuses offered up by Howes on the CC, let me offer Food for thought. NDF is in big time trouble due to a lack of leadership. North America is led by Dumb PV, who doesn't know a thing about the mud biz. Didn't PV get canned by Weatherford for being inept as well? His action of attaining 15% market share by selling products below cost is really working out-$83 million quarterly loss and -69% operating margin. Pathetic regional management in Permian, Oklahoma, Northeast and South Texas are seeing severe losses in market share. PV sidekick Dumberaggie WW has the personality of a Squid. So there you have it folks NDF North American leadership. Spending $$$ on Gulf upgrades for a segment that is dwindling daily. A pipe dream for deep water and not even a sniff of a deep water Gulf job. Howes can make all the excuses he wants about mud losses, selling below cost is killing the numbers-and the stock price. Internationally, they have more big problems. Brazil has never made a $, Australia is sucking wind and Black Sea is winding down. BS and LR are just as inept as Dumb and Dumber. Enjoy the ride while it lasts Paulie.
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Why is no one kicking the Scot's ass
He is the one that let Huddle, Warren and Pickett use Integrities oil mud, while NP had 40k bbls in storage. Daaaaa
Pay Cuts announced by Oxford Phil today on CC. No more 401 match. Bet Howes and officers give themselves a one time bonus to make up for the 401 shortfall - like they did in 09. Folks she's got big holes this time. Dumb and dumber ain't gotta clue how to dig their way out. Major bleeding in most regions. Going to take more than pay cuts and laying off engineers. Take a look at the corporate office overhead. Virtually untouched this past quarter. Howes protecting his cronies