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Weatherford International
Weatherford International plc is an American multinational oilfield service company, headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions. The company provides technical equipment and services used for drilling, evaluation, completion, production, and intervention on gas and oil wells.
Weatherford International was established in 1987. The company's roots date back to 1941 when Jesse E. Hall Sr. founded the Weatherford Spring Company in Weatherford, Texas.
Weatherford today consists of the consolidation of more than 300 acquisitions since its establishment. It was initially called Energy Ventures, then EVI (1990), and finally Weatherford International (1998). Energy Ventures (an E&P company that had been created in 1972) was publicly traded (OTC: ENGY) with a small market capitalization of about US$15 million. Bernard J. Duroc-Danner was hired and charged with the start-up of oilfield service and equipment operations.
Between 1999 and 2008, Weatherford experienced high growth and continued building its service business through acquisitions and organic growth. Part of the growth strategy was developing the company's asset base with a primary focus on mature fields, which was a significant departure from industry trends during that time. In 2001, the company separated the tubulars business from its core offerings, believing that the intense capital requirements would prevent investments in core growth areas such as formation evaluation, well construction, and production. Afterward, expansion continued through 2009, and Weatherford grew by over 20% per annum, generating close to $10 billion in revenues in 2008.
In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland.
In April 2014, Weatherford announced that its board of directors approved relocating its legal domicile to Ireland from Switzerland. The company maintains its operational office in Houston, Texas.
In November 2016, Weatherford announced Krishna Shivram as Interim Chief Executive Officer and Robert Rayne as chairman of the board.
In March 2017, Weatherford appointed Mark A. McCollum as president, chief executive officer, and a member of the board of directors of Weatherford. The company also announced the appointment of Mr. William E. Macaulay as chairman of the board of directors.
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Weatherford International
Weatherford International plc is an American multinational oilfield service company, headquartered in the US and operating in 75 countries globally across the oil and natural gas producing regions. The company provides technical equipment and services used for drilling, evaluation, completion, production, and intervention on gas and oil wells.
Weatherford International was established in 1987. The company's roots date back to 1941 when Jesse E. Hall Sr. founded the Weatherford Spring Company in Weatherford, Texas.
Weatherford today consists of the consolidation of more than 300 acquisitions since its establishment. It was initially called Energy Ventures, then EVI (1990), and finally Weatherford International (1998). Energy Ventures (an E&P company that had been created in 1972) was publicly traded (OTC: ENGY) with a small market capitalization of about US$15 million. Bernard J. Duroc-Danner was hired and charged with the start-up of oilfield service and equipment operations.
Between 1999 and 2008, Weatherford experienced high growth and continued building its service business through acquisitions and organic growth. Part of the growth strategy was developing the company's asset base with a primary focus on mature fields, which was a significant departure from industry trends during that time. In 2001, the company separated the tubulars business from its core offerings, believing that the intense capital requirements would prevent investments in core growth areas such as formation evaluation, well construction, and production. Afterward, expansion continued through 2009, and Weatherford grew by over 20% per annum, generating close to $10 billion in revenues in 2008.
In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland.
In April 2014, Weatherford announced that its board of directors approved relocating its legal domicile to Ireland from Switzerland. The company maintains its operational office in Houston, Texas.
In November 2016, Weatherford announced Krishna Shivram as Interim Chief Executive Officer and Robert Rayne as chairman of the board.
In March 2017, Weatherford appointed Mark A. McCollum as president, chief executive officer, and a member of the board of directors of Weatherford. The company also announced the appointment of Mr. William E. Macaulay as chairman of the board of directors.