Is Weatherford Intl the “Bernie Madoff” of Oilfield Services Cos?
Last week 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. That same writer is back with a new article–this one comparing Weatherford to fraudster and scam artist Bernie Madoff–seeking new money from investors to pay off previous investors. Strong words…
Read More “Is Weatherford Intl the “Bernie Madoff” of Oilfield Services Cos?”
Weatherford International, the fourth largest oilfield services company in the world employing some 31,000 people (down from 44,000 a year ago) and with major operations in the Marcellus/Utica region, is a company in trouble as we pointed out earlier this week (see 
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. By comparison, Weatherford competitor Halliburton is the #2 largest oilfield services company in the world. A strange thing happened to Weatherford in September 2015. The public company floated new shares of stock and new IOUs (i.e., convertible notes) hoping to raise $1 billion in cash. But a few hours after they announced the offering, they withdrew it because “while investor interest was strong for this offering” the price those investors were willing to pay for the new stock and notes was not anywhere near what Weatherford wanted (see 
A pair of companies operating in the Marcellus Shale announced late last week that they are laying off a collective 175 jobs in West Virginia between them . Energy Corporation of America (ECA), which ranked 20th for most production in the Marcellus Shale in 2015 according to NGI’s 
Very interesting development with Halliburton. As we previously reported, Halliburton is forcing Baker Hughes to the alter in a shotgun wedding/takeover (see 
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. By comparison, Weatherford competitor Halliburton is the #2 largest oilfield services company in the world. A strange thing happened to Weatherford on Monday. The public company floated new shares of stock and new IOUs (i.e., convertible notes) hoping to raise $1 billion in cash. But a few hours after they announced the offering, they withdrew it because “while investor interest was strong for this offering” (so said the company), the price those investors were willing to pay for the new stock and notes was not anywhere near what Weatherford wanted. After withdrawing the offering, Weatherford’s stock tanked. Last Thursday Weatherford’s stock (WFT) traded as high as $11.15 per share. Yesterday it closed at $8.87 per share, down 20% from Thursday’s high…