Weatherford Shutting Down US Fracking Operations in 2017

weatherfordRecently MDN brought you an article from the Seeking Alpha investors website, written by an analyst/investor pointing out the financial troubles at the world’s fourth largest oilfield services company, Weatherford (see Oilfield Srvs Co Weatherford in Financial Trouble). The investor writing the piece is “short” on Weatherford, meaning he’s invested money betting Weatherford’s stock price will go down–so there is a built-in conflict of interest in the article. But a few days after that article was published came the news that Weatherford’s CEO is suddenly gone (see Weatherford Fires CEO/Chairman, CFO Interim CEO), which seems to lend credibility to the Seeking Alpha writer’s thesis that the company is in trouble. Now comes word that Weatherford has suspended their U.S. “pressure pumping” (i.e. fracking) activities beginning next year. Oilfield services companies do more work than just fracking, but fracking is a a big part of what they do. According to the Upstream news service, a Weatherford official is saying the decision is a “temporary pull back”…

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