Weatherford International

Overview

Weatherford International plc

type	Public
traded as	nasdaq: WFRD S&P 400 component
isin	isin: IE00BLNN3691
founder	Jesse E. Hall Sr.
key people	Girish K. Saligram (CEO)
industry	Oilfield services & equipment
services	Diversified oilfield services
revenue	US$5.51 billion (2024)
operating income	US$938 million (2024)
net income	US$506 million (2024)
assets	US$5.16 billion (2024)
equity	US$1.28 billion (2024)
num employees	19,000 (2024)
founded	1941
hq location	Houston, Texas, U.S.
website	weatherford.com
footnotes	‡R1R‡‡R2R‡

Weatherford International plc is an American multinational oilfield service company,[2] headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions.[3] The company provides technical equipment and services used for drilling, evaluation, completion, production, and intervention on gas and oil wells.

History

Weatherford International was established in 1987. The company's[4] roots date back to 1941 when Jesse E. Hall Sr.[5] founded the Weatherford Spring Company in Weatherford, Texas.

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.[21]

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.[22] 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.[23] 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.[23][24] 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.[25][26]

Cuba

Sudan

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.[27]

Weatherford International

History

Controversies

Sanctions violations

Cuba

Sudan

Cuba

Sudan

Paradise Papers

See also

External links

References