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Thursday, April 16, 2020 HOUSTON, Texas (KTRK) -- Weatherford International, a Houston-based oil and gas service company, says it plans on cutting 6,000 employees due to the current oil market. Weatherford Production Optimization Software Boosts Revenue by $156M, Increases … Oil-field service company Weatherford International is back in the red just a few months after emerging from bankruptcy.Weatherford lost $966 million in the first three months of 2020, doubling the $481 million it lost in the first quarter of 2019.Revenue declined by 10 percent to $1.2 billion compared with $1.3 billion in the same quarter a year earlier.While revenue remained steady, the company's loss mounted as it reduced the value of assets by $807 million in the midst of the historic oil crash.Headquartered in Switzerland with principal offices in Houston, Weatherford filed for bankruptcy in July 2019 and emerged as a reorganized company in December.After nearly six years of struggling to adapt to persistently low oil prices, Weatherford's $5.3 billion profit during the fourth quarter of 2019 was the company's first since the third quarter of 2014.The company started the second quarter with more than $905 million of cash and credit.Sergio Chapa covers the oil & gas industry for the Houston Chronicle and writes for Texas Inc., a weekly Monday insert dedicated to covering the most powerful business leaders in Texas. "Weatherford delivered materially improved performance this year until the onset of the COVID-19 pandemic and actions by certain oil producing … Latest News - 07/24/2020 Digitization and management ... Find out more; Latest News - 07/24/2020 Diversity is more than buzzwords and ... Find out more; Latest News - 07/23/2020 Weatherford Appoints New Executive Vice ... Find out more; Visit our Newsroom; Visit Investor News New York investment management firm and activist investor D.E. Weatherford International’s chief executive has resigned just days before the struggling oil-field services company’s annual meeting and amid a … As part of our commitment to innovation and technology leadership, we frequently contribute to publications that cover the latest industry trends. WFT: Get the latest Weatherford International stock price and detailed information including WFT news, historical charts and realtime prices. Media Inquiries: 713.836.6256 . Weatherford, which had racked up $10 billion in debt, went more than four years without making a profit and declared Chapter 11 bankruptcy in July 2019.The company, which is based in Switzerland with principal offices in Houston, emerged from bankruptcy in December and lost $966 million in the first-quarter as a price war between Russia and Saudi Arabia and the coronavirus pandemic began to crush crude prices.“Weatherford delivered materially improved performance this year until the onset of the COVID-19 pandemic and actions by certain oil producing nations created unprecedented uncertainty in the energy and other markets,” Weatherford board Chairman Thomas Bates said. Oil-field service company Weatherford International is back in the red just a few months after emerging from bankruptcy. He previously worked at the San Antonio Business Journal, KGBT-TV in the Rio Grande Valley and Al Día in Dallas. “They left bankruptcy with $2.7 billion of debt. Shaw Group, a bondholder and large Weatherford shareholder, is seeking to unseat three board members at the company's annual meeting Friday.Weatherford might also be in jeopardy of violating financial covenants in which a company agrees to keep to a certain amount of cash on hand and debts below certain levels, said Craig Pirrong, a finance professor with the University of Houston Bauer College of Business.Companies sometimes pay off debt in stock, but a second bankruptcy wouldn’t be unheard of if they face violating potential financial agreements with its investors and lenders, Pirrong said.Weatherford could be “in violation of these covenants, which would give the lenders the ability to force the company into default and/or bankruptcy,” Pirrong said. “We will continue to focus our efforts on reducing costs and managing liquidity in the face of this challenging business environment.”Although the company reported $950 million in cash and available credit at the end of the first quarter, Weatherford had a large debt payment and interest payment due on June 1, Foss said.Weatherford said it made the June payments, but the company recently retained bankruptcy and restructuring law firm Paul Weiss, according to Foss.The company's options, she said, include renegotiating payments and credit agreements with lenders or to file a second Chapter 11 bankruptcy.Some lenders are already showing signs of impatience.
Thursday, April 16, 2020 HOUSTON, Texas (KTRK) -- Weatherford International, a Houston-based oil and gas service company, says it plans on cutting 6,000 employees due to the current oil market. Weatherford Production Optimization Software Boosts Revenue by $156M, Increases … Oil-field service company Weatherford International is back in the red just a few months after emerging from bankruptcy.Weatherford lost $966 million in the first three months of 2020, doubling the $481 million it lost in the first quarter of 2019.Revenue declined by 10 percent to $1.2 billion compared with $1.3 billion in the same quarter a year earlier.While revenue remained steady, the company's loss mounted as it reduced the value of assets by $807 million in the midst of the historic oil crash.Headquartered in Switzerland with principal offices in Houston, Weatherford filed for bankruptcy in July 2019 and emerged as a reorganized company in December.After nearly six years of struggling to adapt to persistently low oil prices, Weatherford's $5.3 billion profit during the fourth quarter of 2019 was the company's first since the third quarter of 2014.The company started the second quarter with more than $905 million of cash and credit.Sergio Chapa covers the oil & gas industry for the Houston Chronicle and writes for Texas Inc., a weekly Monday insert dedicated to covering the most powerful business leaders in Texas. "Weatherford delivered materially improved performance this year until the onset of the COVID-19 pandemic and actions by certain oil producing … Latest News - 07/24/2020 Digitization and management ... Find out more; Latest News - 07/24/2020 Diversity is more than buzzwords and ... Find out more; Latest News - 07/23/2020 Weatherford Appoints New Executive Vice ... Find out more; Visit our Newsroom; Visit Investor News New York investment management firm and activist investor D.E. Weatherford International’s chief executive has resigned just days before the struggling oil-field services company’s annual meeting and amid a … As part of our commitment to innovation and technology leadership, we frequently contribute to publications that cover the latest industry trends. WFT: Get the latest Weatherford International stock price and detailed information including WFT news, historical charts and realtime prices. Media Inquiries: 713.836.6256 . Weatherford, which had racked up $10 billion in debt, went more than four years without making a profit and declared Chapter 11 bankruptcy in July 2019.The company, which is based in Switzerland with principal offices in Houston, emerged from bankruptcy in December and lost $966 million in the first-quarter as a price war between Russia and Saudi Arabia and the coronavirus pandemic began to crush crude prices.“Weatherford delivered materially improved performance this year until the onset of the COVID-19 pandemic and actions by certain oil producing nations created unprecedented uncertainty in the energy and other markets,” Weatherford board Chairman Thomas Bates said. Oil-field service company Weatherford International is back in the red just a few months after emerging from bankruptcy. He previously worked at the San Antonio Business Journal, KGBT-TV in the Rio Grande Valley and Al Día in Dallas. “They left bankruptcy with $2.7 billion of debt. Shaw Group, a bondholder and large Weatherford shareholder, is seeking to unseat three board members at the company's annual meeting Friday.Weatherford might also be in jeopardy of violating financial covenants in which a company agrees to keep to a certain amount of cash on hand and debts below certain levels, said Craig Pirrong, a finance professor with the University of Houston Bauer College of Business.Companies sometimes pay off debt in stock, but a second bankruptcy wouldn’t be unheard of if they face violating potential financial agreements with its investors and lenders, Pirrong said.Weatherford could be “in violation of these covenants, which would give the lenders the ability to force the company into default and/or bankruptcy,” Pirrong said. “We will continue to focus our efforts on reducing costs and managing liquidity in the face of this challenging business environment.”Although the company reported $950 million in cash and available credit at the end of the first quarter, Weatherford had a large debt payment and interest payment due on June 1, Foss said.Weatherford said it made the June payments, but the company recently retained bankruptcy and restructuring law firm Paul Weiss, according to Foss.The company's options, she said, include renegotiating payments and credit agreements with lenders or to file a second Chapter 11 bankruptcy.Some lenders are already showing signs of impatience.