I continue to be confused as to why WFT can’t make money...after 6+ yrs of cost cutting, “transformation”, etc etc etc. they don’t seem to be able to make a single dollar. I get it, when oil is $30, $40, $50 bucks, it might be tough, but they couldn’t make money when oil was $100+ either. Can they not price jobs? Still too many employees after cutting at least half of the company?? How is it others can make money but WFT just can’t seem to no matter what they try? A real shame....
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Carpet muncher, yes they used to make a profit in a few divisions such as Fishing and re-entry but the figures were shifted around to make the old vertical plumbing units look good. All this served to do was create investment in a failing division and restrict investment in the actual moneymakers. This was caused by the employees in the old verti plumbing side being promoted and as they climbed the tree they got their buddies into the lower branches and lo and behold you then have a whole tree of dysfunctional "management" running and protecting a loss making division. All this time the blind ignorance led to the profit making divisions being starved of investment and so as we see today we are left with a barren wasteland overseen still by the blind incompetent wasters.....it was always going to end this way!!!!
I have a hard time understanding why WFT has any functional employees left. there is simply no reason to still be there. The O&G industries is in an epic hiring orgy.
Go get a job people.
Price's Law is proven a thousand times over. Similar to the results of socialism.
Price’s Law. The square root of your total employees do one half of the work. If your company treats those people poorly (fails to reward/acknowledge them), they leave. It snowballs until your are left with a bunch of unproductive employees.
BC no one wants to deal with them. They don't pay the vendors, the vendors cut them off, they can't order materials they need to build and sell products, hence..no money to be made. They have no plans on paying the vendors, how can they now with billions in debt. Get out while you can...
The contracts tend to leave weatherford holding the bucket every time. Our account managers and sales teams can’t negotiate their way out of a wet paper bag.
I saw where i work that they cut a lot of jobs, but most of the guys who got the boot were productive and money makers but because they were low down on the pecking order and easy to get rid of when Houston control wanted numbers, they got the elbow.
The real parasites reinvented themselves with new titles and did a bit of shape shifting but are still there,
I imagine (and heard through the grapevine) that this happened on a global scale, so there is your answer.
The money is coming in, the guys in the field doing there best under sh--ty conditions to get the job done, but before the money makes its way to the shareholders it has to go through the Weatherford pipeline where it has to go through so many different broken and faulty valves that only a trickle comes out at the end.
Weatherford top brass need to address this if they ever want to be really effective, but they wont because it means being brutally honest with each other and chopping half the managers and various hangers on in the organization. Never gonna happen.
What is ever a profitable company?