Weatherford -17% after ending Schlumberger JV [Seeking Alpha]
WEATHERFORD INTL (WFT)
Last weatherford intl earnings: 2/1 06:50 am
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US:NYSE Investor Relations:
weatherford.com/en/investor-relations
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Source: Seeking Alpha
Weatherford -17% after ending Schlumberger JVWeatherford (NYSE:WFT) plunged 17% in today's trade after its fracking joint venture with Schlumberger (NYSE:SLB), seen as a way to take on giant Halliburton (NYSE:HAL), turns into anoutright sale of the business to SLB, a bigger rival.The $430M salebrought WFT ~$100M less than originally anticipated from the two companies’ planned OneStim joint venture, and WFT would have taken a 30% stake in the JV, which was expected to contribute to its earnings."The revised deal for WFT isinferior to the original deal," Gabelli analyst Simon Wong says, since WFT will not see any benefits from improvement in the pressure pumping market, although the company now has a bit more cash to reduce its $7.9B in debt.“There was a scenario whereby Weatherford may have been in a position to monetize its 30% stake,” says Tudor Pickering Holt's Byron Pope, and SLB eventually may have wanted to own 100%, noting the acquisition of Cameron's ownership stake in their On
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