Weatherford Loses $3.4B in 2016, Announces Partnership with Nabors

Weatherford International is the fourth largest oilfield services company in the world, employing some 44,000 people. They have a branch office in Canonsburg, PA (Pittsburgh area) with major operations in the Marcellus/Utica. Since November we’ve highlighted the financial problems at the company (see Oilfield Srvs Co Weatherford in Financial Trouble). Not long after, Weatherford fired their CEO (see Weatherford Fires CEO/Chairman, CFO Interim CEO). And in December, the company announced it would stop doing any more fracking work (i.e. “pressure pumping”) in the U.S. this year (see Weatherford Shutting Down US Fracking Operations in 2017). In two separate announcements on Wednesday, Weatherford released 2016 results (not good, lost $3.4 billion) and they announced they are latching onto a competitor, Nabors, to form a joint venture, without actually calling it a joint venture, to continue drilling in the U.S….

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