Weatherford plans pre-packaged Chapter 11
By Richard Rostad, analyst, Oil & Gas 360

The Q4 2018 price crash is poised to claim several victims, as Weatherford (ticker: WFT) is filing Chapter 11 and two E&P companies are likely to announce bankruptcy in the coming days.

Once valued over $25 billion, Weatherford was hit hard by the 2014 downturn. While many service firms struggled to take advantage of the subsequent recovery, Weatherford’s large debt load meant the company was forced to take drastic measures to cut costs.

The company suspended, then sold its pressure pumping business in 2018, and divested many Middle Eastern drilling assets in early 2019. Further efforts included the company’s “Project 300,” a focused progra...


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