Back to Setting the stage for transformation

Our strategic actions

By any measure, 2017 was an important year in the history of our Company.

The strategic, decisive actions we took as a Company throughout the year laid the foundation for a sustainably profitable future.

Announced new President and CEO, Mark A. McCollum

Gained an accomplished and respected leader with:

  • Extensive financial and executive leadership experience in the oilfield industry
  • Deep knowledge of the oilfield services market and how to navigate its challenges
  • Strong commitment to improving organizational health

Established our mission and core values

Re-energized and united our workforce by building a common One Weatherford culture focused on:

  • Ethics and integrity
  • Discipline and accountability
  • Flawless execution
  • Collaboration and partnership
  • Innovation and technology leadership
  • Commitment to sustainability

Welcomed new Executive Vice President and Chief Operating Officer, Karl Blanchard

Unified previously siloed segments of the business under a leader with:

  • More than 35 years of experience in the oilfield services sector
  • Extensive track record of delivering operational excellence, strong financial performance, and disciplined growth
  • Deep understanding of how to capitalize on technology portfolios

Complete organizational realignment, paving the way for a transformation that is targeted to yield $1B in improved earnings within 18-24 months

Marked the start of our realignment, which will:

  • Redefine the way we operate from a number of aspects, including operations, supply chain, manufacturing, sales, and functional support
  • Improve profits by further lowering our support-cost ratio, rationalizing our manufacturing footprint, enabling more disciplined supplier management, realizing field efficiencies, and gaining additional market share
  • Encourage integration and create synergies

Define our path to sustainable growth

Created a comprehensive corporate transformation plan that includes:

  • Sale of U.S. hydraulic fracturing business – $430M (complete)
  • Sale of land rig drilling business
  • Further non-core divestitures
  • Additional cost savings
  • Improved profitability

Our Results

Our 2017 accomplishments lay the critical foundation for change in 2018 and beyond as we continue on our path to deliver improved financial performance and long-term shareholder value.

  • Refreshed our leadership team
  • Lowered our support ratio
  • Reduced nonproductive time
  • Positioned ourselves to achieve significant cost savings
  • Redefined our culture and focused on organizational health
  • Diversified our board
  • Monetized non-core assets