Weatherford Looks to Sell Off Pieces of the Business

We’ve had our eye on oilfield services (OFS) company Weatherford International for some time. They are the fourth largest OFS company in the world. In 2016 they lost $3.4 billion. Not good. Earlier this year (in February) the company floated $2.5 billion in new debt and equity securities in an attempt to claw their way out of the hole they’ve dug (see Weatherford Tries to Dig Out of Debt – $2.5B Securities Offering). In March, Mark McCollum, who had been Chief Financial Officer (CFO) of Halliburton, the world’s second largest oilfield services company, left to become the CEO of Weatherford (see Halliburton CFO Leaves to Become Weatherford CEO). We haven’t heard much since, but McCollum, a bean counter by training, appears to be hard at working counting beans at Weatherford. News broke a few weeks ago that Weatherford has hired investment bank powerhouse Morgan Stanley to help sell off pieces of the company. They’re still trying to claw their way out of the debt hole. By the end of the third quarter this year Weatherford’s debt had climbed to an eye-popping $7.9 billion…

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