Weatherford Seeking to Continue Transformation Plan Benefits
Investors were clearly disappointed in the wake of Weatherford's third-quarter results that the company is still not paying down its large debt load, with the company's shares falling around 30% (from about $2 per share to about $1.40). Net debt increased to $7.6 billion at the end of the quarter from $7.5 billion at the beginning. Previously, management had indicated that about $500 million in "onetime cash benefits" (mostly working capital reductions) that would begin allowing the company to p...
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