Weatherford International

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{{Infobox company

| name = Weatherford International plc

| logo = Weatherford International Logo.svg

| logo_size = 200px

| type = Public

| traded_as = {{ubl|{{NASDAQ|WFRD}}|S&P 400 component}}

| ISIN = {{ISIN|sl=n|pl=y|IE00BLNN3691}}

| founder = Jesse E. Hall Sr.

| key_people = Girish K. Saligram (CEO)

| industry = Oilfield services & equipment

| services = Diversified oilfield services

| revenue = {{increase}} {{US$|5.51 billion|link=yes}} (2024)

| operating_income = {{nowrap|{{increase}} US$938 million (2024)}}

| net_income = {{nowrap|{{increase}} US$506 million (2024)}}

| assets = {{increase}} US$5.16 billion (2024)

| equity = {{increase}} US$1.28 billion (2024)

| num_employees = 19,000 (2024)

| founded = {{start date and age|1941}}

| hq_location = Houston, Texas, U.S.

| website = {{url|weatherford.com}}

| footnotes = {{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1603923/000160392325000050/wfrd-20241231.htm |title=2024 Annual Report (Form 10-K) |date=February 6, 2024 |publisher=U.S. Securities and Exchange Commission}}{{Cite web |title=Weatherford International PLC Company Profile |url=https://money.cnn.com/quote/profile/profile.html?symb=WFTLF |work=CNN Business |accessdate=2022-12-31}}

}}

Weatherford International plc is an American multinational oilfield service company, headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions. {{Cite web |date=February 19, 2021 |title=Weatherford.com |url=https://www.weatherford.com/en/ |website=Weatherford}} The company provides technical equipment and services used for drilling, evaluation, completion, production, and intervention on gas and oil wells.

History

File:Weatherford International nodding donkey pump, Bahrain.jpg

Weatherford International was established in 1987. The company'sFundingUnivers.com, Weatherford International: Company History roots date back to 1941 when Jesse E. Hall Sr.Riversand Company, [http://www.riversand.com/customers.aspx Customers]. Retrieved 27 April 2010. founded the Weatherford Spring Company in Weatherford, Texas.

Weatherford today consists of the consolidation of more than 300 acquisitions since its establishment. It was initially called Energy Ventures, then EVI (1990), and finally Weatherford International (1998).{{Cite news|date=1998-05-27|title=EVI COMPLETES WEATHERFORD MERGER|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/press-releases/1998-05-27/evi-completes-weatherford-merger|access-date=2021-02-19}} Energy Ventures (an E&P company that had been created in 1972) was publicly traded (OTC: ENGY) with a small market capitalization of about US$15 million. Bernard J. Duroc-Danner was hired and charged with the start-up of oilfield service and equipment operations.{{Cite news|last=Sider|first=Ryan Dezember, Tess Stynes and Alison|date=2016-11-09|title=Weatherford Chief Executive Duroc-Danner Steps Down|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/weatherford-chief-executive-duroc-danner-steps-down-1478727052|access-date=2021-02-19|issn=0099-9660}}

Between 1999 and 2008, Weatherford experienced high growth and continued building its service business through acquisitions and organic growth. Part of the growth strategy was developing the company's asset base with a primary focus on mature fields, which was a significant departure from industry trends during that time. In 2001, the company separated the tubulars business from its core offerings, believing that the intense capital requirements would prevent investments in core growth areas such as formation evaluation, well construction, and production. Afterward, expansion continued through 2009, and Weatherford grew by over 20% per annum, generating close to $10 billion in revenues in 2008.

In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland."[http://www.bizjournals.com/houston/stories/2008/12/08/daily50.html Weatherford planning to relocate base to Switzerland]." Houston Business Journal. Friday 12 December 2008. Retrieved 23 January 2010.

In April 2014, Weatherford announced that its board of directors approved relocating its legal domicile to Ireland from Switzerland. The company maintains its operational office in Houston, Texas.

In November 2016, Weatherford announced Krishna Shivram{{Cite web|title=Krishna Shivram, Sentinel Energy Services Inc: Profile and Biography|url=https://www.bloomberg.com/profile/person/17153039|access-date=2021-02-19|website=Bloomberg.com|language=en}} as Interim Chief Executive Officer{{Cite news|title=BRIEF-Weatherford announces appointment of Krishna Shivram as interim CEO|language=en|work=Reuters|url=https://www.reuters.com/article/idCNASC09HHG|access-date=2021-02-19}}{{Cite web|last=Robson|first=Doug|date=2016-11-10|title=Weatherford: Krishna Shivram Appointed Interim CEO as Bernard Duroc-Danner Steps Down|url=https://rogtecmagazine.com/weatherford-krishna-shivram-appointed-interim-ceo-bernard-duroc-danner-steps/|access-date=2021-02-19|website=ROGTEC|language=en-US}} and Robert Rayne as chairman of the board.

In March 2017, Weatherford appointed Mark A. McCollum as president, chief executive officer, and a member of the board of directors of Weatherford.{{Cite press release|last=plc|first=Weatherford International|title=Weatherford Appoints Mark A. McCollum as President, CEO and Director|url=https://www.prnewswire.com/news-releases/weatherford-appoints-mark-a-mccollum-as-president-ceo-and-director-300418776.html|access-date=2021-02-19|website=www.prnewswire.com|language=en}}{{Cite news|title=BRIEF-Weatherford appoints Mark McCollum as president, CEO and director|language=en|work=Reuters|url=https://www.reuters.com/article/brief-weatherford-appoints-mark-mccollum-idUKASB0B3ZZ|access-date=2021-02-19}} The company also announced the appointment of Mr. William E. Macaulay as chairman of the board of directors.

The company filed for Chapter 11 bankruptcy{{Cite web|title=Weatherford files for Chapter 11 bankruptcy|url=https://www.worldoil.com/news/2019/7/3/weatherford-files-for-chapter-11-bankruptcy|access-date=2021-02-19|website=www.worldoil.com|date=3 July 2019 }} in the Southern District of Texas in July 2019, along with two subsidiaries. The petitions listed assets of more than $1 billion.{{cite news |last1=Yerak |first1=Becky |title=Oil-Field Services Company Weatherford to File for Bankruptcy |url=https://www.wsj.com/articles/oil-field-services-company-weatherford-to-file-for-bankruptcy-11561929865 |website=Wall Street Journal |date=30 June 2019 |access-date=11 July 2019}} In December 2019, Weatherford announced that it completed its financial restructuring{{Cite web|date=December 13, 2019|title=Weatherford Successfully Completes Financial Restructuring|url=https://www.weatherford.com/en/about-us/newsroom/media-releases/weatherford-successfully-completes-financial-restructuring/|website=Weatherford}} and emerged from Chapter 11 protection. The company emerged with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, a $195M letter of credit facility, and $900M of liquidity.

In June 2020, Weatherford announced several changes to its executive leadership team,{{Cite web|date=June 8, 2020|title=Weatherford Announces Change to Executive Leadership Team|url=https://www.weatherford.com/en/about-us/newsroom/media-releases/2020/weatherford-announces-change-to-executive-leadership-team/}} including Mark A. McCollum and chief financial officer Christian Garcia's resignation. Weatherford appointed Karl Blanchard, vice president and chief financial officer, as interim chief executive officer. On June 12, 2020, the company's board of directors named Charles M. Sledge the chairman of the board.

The board of directors{{Cite web|date=February 19, 2021|title=Board of Directors|url=https://www.weatherford.com/en/investor-relations/company-information/corporate-governance/board-of-directors/|website=Weatherford}} announced in September 2020 that it would appoint Girish K. Saligram as the company's president and chief executive officer.{{Cite web|date=September 10, 2020|title=Weatherford Appoints Girish K. Saligram as President, CEO and Director|url=https://www.weatherford.com/en/about-us/newsroom/media-releases/2020/weatherford-appoints-girish-k-saligram-as-president,-ceo-and-director/|website=Weatherford}} The appointment became effective on 12 October 2020. Girish K. Saligram was also appointed to the board of directors on 12 October 2020. Before joining Weatherford, Girish served Exterran Corporation as Chief Operating Officer, and had previously served as President, Global Services, after joining the company in 2016.{{cite web|date=February 19, 2021|title=Our Leadership|url=https://www.weatherford.com/en/about-us/our-leadership/|website=About Weatherford Leadership}}

On June 1, 2021, Weatherford International plc (OTC Pink: WFTLF) announced that Nasdaq has approved its application for the relisting of Weatherford's ordinary shares on Nasdaq under the ticker symbol "WFRD", effective with the opening of trading on Wednesday, June 2, 2021.

Controversies

= Sanctions violations =

== Cuba ==

According to the United States, Weatherford and its subsidiary P.D. Drilling Holdings Inc. knowingly sold products that included US goods to Cuba, violating the Trading with the Enemy Act of 1917. Staff allegedly falsified documents stating that they had shipped goods to Barcelona, Venezuela, where they were later sent to Cuba.{{Cite web|url=http://lib.law.virginia.edu/Garrett/corporate-prosecution-registry/agreements/txt/PD_Drilling.txt|title=UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION UNITED STATES OF AMERICA vs P.D. DRILLING HOLDINGS, INC.|website=University of Virginia School of Law|archive-url=https://web.archive.org/web/20180515102559/http://lib.law.virginia.edu/Garrett/corporate-prosecution-registry/agreements/txt/PD_Drilling.txt|archive-date=15 May 2018}}

== Sudan ==

In July 2007, the company was featured in news media reports questioning operations of the company's foreign subsidiary, Weatherford Oil Tool Middle East, which had offices and equipment in the nation of Sudan.Walt, Vivienne, [https://money.cnn.com/magazines/fortune/fortune_archive/2007/08/06/100156743/ A Texas Company In Sudan], CNN Money.com Fortune, 25 July 2007. Since 1997, U.S. companies were forbidden by law to operate in Sudan, though foreign subsidiaries of U.S. companies could still legally operate in that country if there was no involvement by the U.S. parent or any other U.S. person.Walt, Vivienne, A Texas Company In Sudan, 25 July 2007. Nevertheless, in response to media and investor criticism, the company announced that it would divest itself of any foreign subsidiary operations in countries sanctioned by the United States.{{cite journal|last=Walt|first=Vivienne|date=2007-09-12|title=U.S. oil firm pulls out of Sudan|url=https://money.cnn.com/2007/09/12/magazines/fortune/walt_khartoumfolo.fortune/index.htm|journal=CNN; Fortune 14 September 2007|accessdate=15 October 2013}} The next year, Weatherford withdrew from activities in Sudan and donated its in-country equipment as well as providing additional equipment, supplies, and funding to Thirst No More, a humanitarian organization operating in Sudan.Laird, Kerry, [http://www.rigzone.com/news/article.asp?a_id=58470 Weatherford Ending Operations In Iran, Cuba, Syria, Sudan With Loss], RigZone.com, 18 March 2008.Walt, Vivienne, [http://www.mutualfundsmag.us/2008/05/14/news/international/walt_sudan.fortune/index.htm?postversion=2008051411 Weatherford makes amends in Sudan], CNNMoney.com: Fortune, 14 May 2008.

= Paradise Papers =

Precision Drilling de Venezuela and P.D. Drilling Holdings Inc., subsidiaries of Weatherford, were featured in the Paradise Papers leak featuring offshore firms located in Barbados.{{Cite news|url=https://offshoreleaks.icij.org/nodes/101425519|title=PRECISION DRILLING DE VENEZUELA {{!}} ICIJ Offshore Leaks Database|work=ICIJ|access-date=2018-05-15}}