Jun 09, · Weatherford filed for bankruptcy in July , citing a liquidity shortfall caused by challenging economic conditions in the global energy industry. The company’s Chapter 11 case concluded in December, although it soon found itself coping with . Jul 03, · Weatherford files for Chapter 11 bankruptcy. 7/3/ BAAR -- Weatherford International plc, Weatherford International Ltd., and Weatherford International, LLC, announced that the Company has. Weatherford Probability Of Bankruptcy Analysis For stocks, Probability Of Bankruptcy is the normalized value of Z-Score. For funds and ETFs it is derived from a multi-factor model developed by Macroaxis. The score is used to predict the probability of a firm or a fund experiencing financial distress within the next 24 months.
It failed to hit first quarter cost reduction targets due to "market headwinds" and difficulties cutting its manufacturing operations, it said. Weatherford provides oil-and-gas well construction and completion, drilling and evaluation, and production services.
It had about 26, employees at the end of March. When asked on an earnings call in February if it was considering filing for bankruptcy protection, McCollum, the former finance chief of rival Halliburton, said, "I don't waste a lot of time thinking or planning how to fail. It has not reported a quarterly profit in four years. Weatherford said it will continue operating its businesses without any disruption to its customers and other partners.
Sign up for free newsletters and get more CNBC delivered to your inbox. The Company operates in more than 80 countries and has a network of locations, including manufacturing, service, research and development, and training facilities and employs more than 24, people. For more information, visit www. Certain statements in this press release are forward-looking statements. In addition, our management may from time to time make oral forward-looking statements.
All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "may," "will," "could," "should," "seek" or "intend" and similar expressions. Forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans.
Actual results could vary materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our filings with the Securities and Exchange Commission the "SEC". While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. The forward-looking statements made by us speak only as of the date on which they are made.
Factors or events that could cause our actual results to differ may emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Financial Woes: Weatherford postpones release of first quarter results Weatherford was originally supposed to release its first quarter earnings and host a conference call for investors early Wednesday morning.
Fuel Fix: Get energy news sent directly to your inbox Founded in Texas, Weatherford is one of the largest oilfield service companies in the world. Copyright Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign up for the Headlines Newsletter and receive up to date information. Click here to manage all Newsletters.
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