Quietly growing.....
11 replies (most recent on top)
KLX has been quiet lately, seems they have ran out of steam.
Chinese buying into US Oilfields
Shanghai-listed Yantai Xinchao Industry Co. said in a securities filing Saturday that it was acquiring oil properties in West Texas as part of a deal to buy an investment company called Ningbo Dingliang Huitong Equity Investment Center. Yantai Xinchao valued the overall deal at 8.3 billion yuan ($1.3 billion).
I think KLX is a Chinese company under cover!!!!
This already happened a few years ago. Wft and a Chinese company merged, a small bried memo went out a few years ago. Thats why alot of the sites are closed bc everything is being made over there.
Eldridge - where did you get this information? I saw some Chinese executives in our Houston office last week meeting with upper management but i don't know why they were here.
I worked for the Chinese before a takeaway it was wonderful always ended the night eating sweet & sour pork the owner lee wang used to laugh and call me a winker? What a funny guy always smiling hopefully he becomes our CEO
I wouldn't be surprised about this at all. They probably know they could get weatherford at a knockdown price and when you take out the debt and liabilities Weatherford will probably end up paying the Chinese to buy us. Weatherford is the kind of company the Chinese like to buy - worthless on paper but will give them a conduit to sell their own technology (copied from us anyway) under a US global brand name. Whats not to like about that if you are a Chinese business man? From an employee perspective....could it be any worse than the current management team and financial quagmire we are in?
The Chinese have been buying up fields from small mom and pop's in the US and Canada for years. That's not news. The idea of a Chinese company buying WFT is also complete bullshit. Why would they? They've been reverse engineering everything WFT has for years. As long as we're desperate enough to sell them our products without a corresponding service, or to do work with CNOOC where they take possession of the equipment long enough to copy it, they won't waste their money on WFT's ridiculous debt.
Well as crazy as this rumor sounds... check this official 1.3billion deal from the Chinese buying Oifield land in West Texas http://m.oaoa.com/news/state/article_46eaebe8-dbf9-5e09-90b5-46e8c4acf2b3.html?mode=jqm
Eldridge Parker look in the mirror what do you see? That's right a dumbass