It's bad management plain and simple. Top brass has over stepped trying to get closer to the big boys in the industry that they have been willing to spend blindly with money from creditors. Now the lenders are nervous about repayment which is trickling down to the vendors. How can we expect people not to want money up front when everyone in the world knows that we can barely pay any of our bills small and big. Grow up people really.If we are being punished it's for incompetence and not where Bernard had his offices.
8 replies (most recent on top)
Ireland. 12.5% on 0 profit is 0
Switzerland. 13%. on 0 profit is 0
USA. 35%. On 0 profit is 0
But the Guinness tastes better in Ireland.
I am seeing a cash burn. Can't get approvals to make purchases if our suppliers want cash on the barrel.
Having to go to the higher bids from our suppliers who are offering terms versus the normal suppliers who now want cash upfront.
So we are paying a higher cost for lower quality ancillary equipment in order to save working capital.
And if this continues, it could be the torpedo - the big enchilada - that sinks us.
MAKE SURE YOU KNOW WHERE YOUR LIFE VEST IS.
Weatherford is not alone in this
It's just what's done as a corporation
Corporate profit tax rates
Ireland - 12.5%
Switzerland - 13%
US&A - 35%
Corporations that hold profits offshore in Ireland, Switzerland & many other places - Apple, IBM, Google, Dell, Twitter, Facebook, Apache Oil, GE O&G, Duke Energy, ExxonMobil, Chevron...........
http://www.bloomberg.com/news/articles/2015-03-04/u-s-companies-are-stashing-2-1-trillion-overseas-to-avoid-taxes
The HQ is now in Dublin, not Geneva.
Unaoil Middleman Paid Millions To Influence Iraqi Officials Had U.S. Ties yep this is what is up http://www.huffingtonpost.com/entry/unaoil-ahmed-al-jibouri-iraq-bribery_us_573cc94fe4b0646cbeebee96
stupid f---ers when will weatherford get the big picture? they suck at bribery
Market likes it, more mulah for shareholders
I wouldn't think that the market is punishing because of the move to Switzerland. However I think the market would be worried about the debt ratio the company has. A lot of good reading out about it which you can search. I have my opinion of the future of the share price I am saying $2.50 by September but thats my opinion .I am not in the finance business