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Tag Archives: Weatherford

Weatherford cuts 3,000 jobs

Texas oil, pumpjack

Weatherford International plans continued cost cuts to bring its net debt from $6.5 billion at the end of 2016 to less than $3 billion over the next four years, said CEO Krishna Shivram on a Feb. 2 conference call, reports the Houston Business Journal. Part of the plan to reduce costs comes in the form of job cuts. The company ...

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SEC: Weatherford International oil firm to pay $140M fine

tax fraud, Weatherford International

HOUSTON (AP) — Oilfield-services company Weatherford International PLC has agreed to pay a $140 million fine to settle government claims that it used fraudulent tax accounting to inflate its earnings. The Securities and Exchange Commission announced the settlement Tuesday with Weatherford, which is based in Switzerland and has major operations in Houston. According to a settlement order, Weatherford issued financial ...

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Weatherford announces cuts to workforce

Weatherford executives on Thursday announced plans to further cut costs and lay off another 1,000 employees after shedding 10,000 workers earlier this year. The company will also close 30 more facilities this year in addition to 60 closed across North America in the first half of 2015. Weatherford officials did not specify the regions where those cuts would happen, leaving ...

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Small U.S. frackers face extinction amid drilling drought

WEATHERFORD, Texas – Oil field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of U.S. drilling. Founded in November 2011 with a loan of around $35 million, the Fort Worth, Texas-based company was by 2014 making ...

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Texas teen gets 45-year prison term for killing mom, sister

WEATHERFORD, Texas (AP) — A teenager has been sentenced to 45 years in prison for fatally shooting his mother and sister at their North Texas home. The Weatherford Democrat reports that 19-year-old Jake Evans pleaded guilty Thursday to two counts of murder in the killing of 48-year-old Jami Evans and 15-year-old Mallory Evans in October 2012. Jake Evans, who was ...

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North Dakota’s Bakken Club evicted; says oil drop not a factor

WILLISTON, N.D., Dec 31 – An exclusive private club in the heart of North Dakota’s oil country has been evicted amid a spat with its landlord over building maintenance and unpaid rent, but the club’s owners say it has nothing to do with low oil prices and they will reopen at another site. The Bakken Club, which Halliburton, Statoil, Weatherford ...

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The service company scramble

jack

Corey Paul | Odessa American (Odessa, Texas) This summer, city leaders heard yet another update from economic development officials about an oilfield services company’s planned expansion. Baker Hughes was in the process of relocating 100 workers from Bakersfield, Calif., to the Permian Basin. And staffers of the Odessa Chamber of Commerce heard there might be more, up to 400. Company representatives did ...

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