Weatherford Slashes Another 3,000 Jobs

Oil Price ^ | 02 February 2017 | Tsvetana Paraskova

[Lorianne]

As part of its strategy to further cut costs and reduce debt, oilfield services company Weatherford International (NYSE:WFT) said on Thursday that it had launched another head count reduction plan totaling 3,000 employees.

Weatherford’s Chief Financial Officer and Executive Vice President Christoph Bausch said at the company’s earnings call on Thursday for the fourth-quarter and full-2016 results:

“At the time of this call, we have already reduced 2,000 employees out of the 3,000 mentioned before.”

As part of its strategy to further cut costs and reduce debt, oilfield services company Weatherford International (NYSE:WFT) said on Thursday that it had launched another head count reduction plan totaling 3,000 employees.

[Timpanagos1]

The oil industry can party like it’s 1986.

[factoryrat]

I think that the O & G industry actually outstripped the auto industry when comes down,to outsourcing and offshoring.

I ran across a lot of roughnecks and engineers who moved up north because all of the work in texas, the gulf, and all of the other oil patches dried up. Feast or famine.

But as a consolation, I here that there’s plenty of pemex, valero, and saudi aramco H1-B workers to take their places.

And you can get them for dirt cheap.

[sauropod]

Bkmk

[PA Engineer]

Weatherford is getting out of the "Frac" business in the US. There are other companies that are far more competitive in the Permian and Eagle Ford plays.

Most of their wireline, sand, flowback equipment and work has been bought out by others. I know there are at least two companies that would like to have a word with them about the so called "maintained" eqiupment they liquidated.

[cpdiii]

The oil industry can party like it’s 1986.

Not funny sir not funny at all!

I was doing great and in 1983 had no marketable skills. Sold my house and airplane and did flight instruction. Went back to school again and became a pharmacist at 35 years old. Please do not make fun of job losses in the oilfield. It was hard times for us in the eighties but most of us survived and went on to new professions. One of my friends in pharmacy school had a degree in biology. However, he was making a hell of a lot of money as a pipeline welder. He as I no longer had marketable skills. We went back to school.

A new generation of oilfield hands are going through what we did. It is not funny!

[Osage Orange]

Wow man.....what a transformation!!!

Good on ya!!

[Osage Orange]

I’d guess luck..had nothing to do with it/