Weatherford Sells its US Fracking Business to Schlumberger Instead of Forming Joint Venture and Investors Aren’t Happy – Stock Down 16%

Weatherford International plc (NYSE:WFT), a company involved in energy and oil, originally announced back in March of last year that it would be forming a joint venture agreement with Schlumberger Ltd. (NYSE:SLB), a company the world’s largest supplier of products and services relating to the oil and gas industry. Recently, however, it was made known that Weatherford would actually be outright selling its US pressure pumping and pump-down perforating assets to a subsidiary of Schlumberger instead of forming a joint venture with the company. As of today, the two companies completed the deal and the results of this ...