Who is buying weatherford

Mergr Weatherford office in Houston, Texas. Location Mergr. Company Summary. Search 4. Company About Contact LinkedIn. In its first whole year of operations, , in addition to completing the necessary task of restructuring and reorganizing, Weatherford International arranged over a dozen acquisitions and strategic alliances.

At the site, with a derrick, two separate wells, and two additional test cells, Weatherford gained the ability to test its complete inventory of oilfield tools under fully simulated conditions. There were growing pains, however. The petroleum industry had stagnated in the middle of the decade, and in , when the rig count in North America dropped 38 percent, it went into a recession that even worsened in In early , the decline in profits compelled Weatherford to lay off 3, workers, about 25 percent of its work force, and close North American sales and service facilities.

Further, it shifted it focus to international markets, where the rig count drop was only 15 percent. Even with the retrenchment, proved to be a grim year. Made necessary by its major mergers and acquisitions, the company had known that it had to make some major consolidation and restructuring moves.

The industry-wide woes simply exacerbated its reorganization problems, albeit only temporarily. As Bernard J. Duroc-Danner, Weatherford's new CEO indicated, the company's greatest challenge was to assemble all of its acquisitions into a coherent and cohesive whole.

In its consolidation strategies, including its acquisitions and divestitures, Weatherford seemed to be redefining itself, particularly as it moved into the next century. Major steps included the merger of the company's gas compression services with GE Capital, a subsidiary of General Electric Co. The result was a new company, Weatherford Global Compression Services, which became the core of one of the four divisions of Weatherford International, Inc.

In the interim, Weatherford continued to acquire other companies, despite sustaining losses into , when the industry finally recovered and the company returned to profitability. In , it had also divested itself of its major subsidiary, Grant Prideco Drilling Products, by spinning it off to Weatherford shareholders.

Principal Competitors: Baker Hughes Inc. James Press, As consumers, we often take for granted all the hard work that goes into building a great company. We see them around but we don't know what goes on behind the scenes. Finally, we can read about how these great companies came about with Company Histories. Forgot Password? Sign Out. Latest News. Sponsored Content. Share Close extra sharing options. Is Weatherford delisted? How large is Schlumberger? Can you still buy Weatherford stock?

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