Another 2,000 in headcount reduction

In the first quarter of 2016, we completed 78% of our latest 6,000 headcount reduction target, ceased operations at four of the nine planned manufacturing and service facilities for the year, and shut down 26 operating and other facilities in North America.

As we continue to weather the reality of this downturn, we plan to further reduce our cost structure by another 2,000 in headcount and complete the closing of five additional manufacturing and services facilities. In addition, we expect to close another 30 operating and other facilities by year-end, with a target of completing half of these by the end of the second quarter. We have reduced our full year forecast for capital expenditures to $250 million, 63% lower than our 2015 spending level and 83% below the spend in 2014.

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Hey Captain Smith-it's still just rearranging the deck chairs while the ship is going down by the head. Have you seen your stock price tank lately as well as the lack of confidence from Wall Street? Do you know that the Ulta retail chain's stock price is 36 times WFT's ($208.00 a share) and they primarily sell cosmetics! Just break out the lifeboats and start paddling for the shore...

And you sound so proud of how many cuts you have done, really! These people worked hard and long hours for you to just cut them loose just so u can get a bigger bonus check.

Hire more VPs!!!!!!!! We need more VPs.

We should just change our ticker symbol form WFT to WTF!!!

Hey is Tracie Breedlove still work for WTF

This a--hole is so proud of screwing the employees

Bernard J. Duroc-Danner on Q1 2016 Results - Earnings Call Transcript

As of the end of April, almost 6,000, or 5,874 employees, had already left the payroll, substantially completing the program. We extended the program to cover another 2,000 reduction in force, bringing it to 8,000, if you will, which we expect to complete by the end of Q2. Annualized savings already crystallized from actions to date are specifically $408 million, with savings impacting Q1 to the tune of $34 million. So the bulk of it is coming in Q2, et cetera. The next two quarters will show much higher levels of savings from the actions to date.

As the massive cost containments come to an end, I will summarize the cost accomplishments from the first days of 2015. We believe we did more and further than anyone else. Reduction in force, for a total employee count on January 1, 2015, of 55,318. We ended Q1 2016 at 34,808. We expect a trough of total head count at about 32,000 shortly after Q2, will have been (33:26) a 42% total company payroll reduction in 18 months. This is a clean cost restructuring without any divestment to assist the numbers.

The 5 years I was with WFT the senior managers and VPS were subpar except for a very few. All of my years of being successful were all watered down because they were fearful of being shown up. Dealing with them was like hearing cats. Predict bankruptcy for this company.

WFT has the lowest grade of employees. The good ones have left.

Only the tit suckers remain because they have no where else to go.

Fact.

And so whenever this business does come back, WFT won't be able to handle it.

WFT is trash

Nothing new to oil/ Gas business fellow---remember 1083!

So at least another 2000+0.22x6000 people? Aka 3320?

F--- it just lay every one off and close the motherfucker, furlough, cost of health insurance going up, no 401k contribution, plus the uncertainty of this company ain't worth the stress any more.

Well...more layoff will come

Thread regarding Weatherford International Ltd. layoffs

Another 2,000 in headcount reduction

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