What exactly is Weatherford's endgame? What is the goal of our current business strategy?
From where I'm standing, it seems like we are aiming to go out of business within a few years. If that's the goal, then we are doing great.
I doubt thought that that was intentional, so can somebody enlighten me what were they trying to achieve?
End game is to be the biggest sh-- heap of all time. Being a sh-- heap is where this organization shines brightest.
Not very often do you see a forum or blog where everyone is in agreement like this one.
My belief is that Weatherford will continue to liquidate as many assets as possible in order to pay back as many of the banks and bond holders as possible. When they reach the point that nothing of value is left and revenue generation is minimal then they will probably enter Chapter 7 and dissolve. I could be wrong but I just don't see any upside in Weatherford any more. The business capacity has been eroded so much that even if oil were to reach $150 and stay there I do think Weatherford could step up and take advantage of it any more.
This company is a joke. Lot's of unjustified positions like computer and pencil pushers, sales ppl that don't do f all but show up to work 1 or 2 days a week and collect a bonus/commission check. Inventory management positions that haven't a clue how the oilfield works. Some of these brainless ppl think that when a well goes down that they won't need product the next day. Lol. The ppl that actually make this company money and do the hard work get nothing but sh-- on and belittled. Weatherford by far is one of the worst companies in the world. In the end every employee that they took advantage of will be left without a job and will be dust in the wind.
If they file bankruptcy now then the show for them is over, they will keep going as long as the creditors and banks allow....bottom line is they don’t generate any positive cash. Shouldn’t they have announced a new credit facility by now as their current one is up next year?? Banks starting to bail??
They are trying to figure out how to get blood out of a turnip
They have to keep it going until they secure their next gig and that only after they have socked away sufficient cash so they may sit-out for a bit during a no compete or whatever else may be required so the SEC does not come in and look at how it was driven into the dirt and sold off to the very companies that the C-Suite will be migrating to given time.
As the market picks up the opportunities will as well. If you are at WFT and not considering making a move you are foolish. You will loose if you stay if not out right, you will be stepped over by new talent being brought in or you will never make up for what you have missed out on waiting for what you have been sold to come true - you could have moved along and had less stress, been happier and been ahead just a bit (sure your family would have loved taking a vacation as opposed to you telling them you're attempting to make up the loss of a furlough or that you have to work as there is no one to cover for you as WFT has gotten rid of too many hands to sustain service).
Who really knows? Upper management and board members are still cashing in with huge salaries & bonuses. The best I can assume is that they will try to keep it afloat as long as they can. It’s already amazing they’ve kept it going this long. In the mean time they have made quite a fortune for themselves. Why would they not continue to kick the can down the road if they continue to get paid?