Of course, many companies fail in history, but rarely has one sunk this low that wasn’t doo to the dominant influence of some external factor or some unfortunate events. Our demise can be only contributed to poor leadership. In other words it took an “artist” to bring us down to this level.
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Economy rarely destroys a company, arrogant or ignorant owners do. It is unfortunate that WFT was managed all the way to the crash site. The facility I left in 2013 had over 30% managers, non-producers. It pushed our labor shop rate to over $300.00 per hour effectively pushing us out of our own market. Our massive non-billable overhead cost was so unsustainable that the facility closed in 2017. Sad to see, I'm very thankful I left before it destroyed it's self. There was some damn fine men and women there.
Feel bad for the cat calling out the guys “doom & gloom merchants “ just because they happen to see things as they are. This dude must be living in some alternative reality, probably wireline or drilling, tucked away in some managerial/logistical role far away from ops. We went bankrupt my man, and are up to our necks in s..t and the guilt is firmly on managements shoulders, if you can’t see that buddy then go get your eyes tested. Can you believe the balls on this guy, calling a spade a spade don’t sit well with him.......this guys destined for upper management coz he’s living in another dimension like cloud cuckoo land where all the managers exist. Good luck with your wireline/drilling career partner coz it sounds like you are destined for a top slot with your blinkered mindset.
Normally there is enough cash flow to cover any bad management or even bad luck. You can make mistake after mistake and still make money in oilfield services, just a matter of how much youll make. Somehow wft managed to go above and beyong or under and below. I know they lost some good work for having junky equipment sometimes. Well its over
There are too many levels of approvals and management.
It’s more of an HR company than an oil company. Two people actually creating value and a six manager chain asking when the work will be completed. Why would engineers/technicians put up with that?
WFT was falling apart in 2013 when I left, no way was going to sit around and wait
on more bad decisions. Never in my career have I been involved in company quite like WFT.
Lots of good people lead by fools. Oh well.
The doom and gloom merchants on here always cheer me up after a difficult day. I read their incessant whining about how big a victim they are, how everyone that isn’t in the field is terrible, how all managers are cancer and that comforts me knowing that there are individuals who are far more ignorant than I.
Thanks you whining b@st@rds, you truly sustain and fuel me.
The history of the oil and gas industry is littered with examples as bad or worse than Weatherford.