Weatherford International plc (NYSE:WFT) management reported that a strong culture is a major ingredient to unlocking their full potential. With the launch of new articulated values and mission statement, they revived a “One Weatherford” spirit, uniting the firm as they embarked on the measures that are fundamentally transforming the way they operate. In a year, they have noted a dramatic difference in their organization’s culture. The team has welcomed the changes that were rolled out over the preceding several months, and their commitment will make a remarkable difference as they move toward their objectives for the year and imminent period.
Weatherford reported that on their way to profitability in the imminent period, they intend to lower debt, strengthen balance sheet and restore company’s financial flexibility. They implemented the first vital measures towards those objectives in last year. The team was determined that they will record success no matter what the market conditions are.
Weatherford reported that they intend to bring long-term, sustainable changes to different areas of their business. Since reporting their $1 billion target, they have noted several functional and operational initiatives. These comprise field improvements, enhancements to their procurement policies and supply chain, a shift in their approach to sales, manufacturing process improvements and general and administrative efficiencies. The company has also completed a bottom-up and top-down validation procedure that validates the size of the prospect is as large as what they had projected.
Weatherford recorded progress in its plans for strategic divestitures. U.S. pressure pumping as well as pump-down perforating assets were divested at the closed of the year, which supported company to pay down debt and move capital resources on other operations with increased returns. The company will continue to look for and capitalize on prospects to divest other segments of their business that are not important to their strategy going forward, allowing company to further lower their debt burden.