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Weatherford International SWOT & PESTLE Analysis

ID : 52842053| Jan 2021| 15 pages

COMPANY PROFILE -Weatherford International

Business Sector :Oil Well Services and Equipment

Operating Geography :Ireland, Europe, Global

About Weatherford International :

Weatherford International plc, an Irish public limited multinational oilfield service company. Weatherford, along with its subsidiaries, is the leading wellbore and production solution company rendering innovative solutions, technology, and services used in the drilling, evaluation, completion, production, and intrusion of oil and natural gas wells. Most of Weatherford's primary business is to procure equipment and services to the oil and natural gas exploration and production industry, both onshore and offshore. In 1998, the merger of EVI, Inc. and Weatherford Enterra, Inc, led to the formation of today's Weatherford, which is one of the top oilfield service companies in the world. Inclusive of its predecessors, Weatherford has been operating for more than 50 years; as of 2020 it conducts operations in over 80 countries and has service and sales locations in essentially all of the major oil and natural gas producing regions in the world. The Company elucidates the challenges of the energy industry with its global talent network of nearly 24,000 team members operating in 610 locations, which include service, research and development, training and manufacturing facilities. Weatherford's business model revolves around its core values viz., Ethics and integrity, Discipline and accountability, Flawless execution, Collaboration and partnership, Innovation and technology leadership, Commitment to sustainability.Some of the noteworthy awards that Weatherford won in 2020 include, Bronze award for the category Communications or PR Campaign of the Year - Internal Communications - 100 or More Employees in 2020, Winner at AMA Houston 2020 Crystal Awards for Special Event Marketing - Event promotion: Single event and Contractor of the Year award at SANTOS.
Weatherford's vision-driven mission statement reads "We’re looking to the future with a clear vision and a strong mission. Our goal is to address the headwinds facing the industry and revolutionize the oilfield with digital technology, integrated solutions, and world-class talent. Weatherford's USP lies in being one of the world's largest oilfield service companies as of 2020.

Weatherford International Revenue :


$ 4,954 million before bankruptcy and $ 261 million after bankruptcy - FY ending 31st December 2019 (y-o-y decline 9.21%)
$ 5,744 million - FY ending 31st December 2018

Competitive Analysis of Weatherford International

SWOT
PESTLE
The SWOT analysis of Weatherford International is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Association with all the major oil exploration enterprises
2. Effective awareness of the brand through social media
3. One of leaders on innovation in its sector
1. Contraction in cash reserves and losses in business causing bankruptcy
2. Delisting from NYSE
3. Company undergoing downsizing and compressing the business in North America
4. Large amount of long-term debts weighing on the business forcing divestures and loss of goodwill
OpportunitiesThreats
1. Helping consumers in cost cutting by providing competent products and services
2. A fresh start after filing bankruptcy
1. Extreme crunch of liquidity may force the company to become defaulter again
2. All major consumers curtailing expenses
3. Higher debt and capital intensive business consuming substantial chunk of income
4. High volatility in oil and natural gas prices making growth unpredictable
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Detailed SWOT Analysis of Weatherford International

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

1. Contraction in cash reserves and losses in business causing bankruptcy: Weatherford International has been a loss making organization since a long time. It was only in the FY19 that it could show positive net income in its accounts but it resulted after several divestures and other cost cutting activities following bankruptcy in 2019. In FY17 and FY18, the company booked net losses of 49.3% and 48% respectively. However, in FY19 it showed a profit of 69.7% worth $3.6 billion, but only due to reorganization as stated above. Again, falling at the wrong place at the wrong time the company had to book a loss worth $966 million due to vehemently low demands of oil after the spread of Covid-19 which resulted in travel bans and lockdown. High amount of long-term debt has resulted to dry down the cash flow in the company. The company was having a net cash outflow of $686 million in 2019 and also maintained the cash outflow for the last two fiscal years prior to 2019. This is making the company weak, which was already bankrupted in 2019. The company has to figure a way out to cover up losses to avoid other financial debacles or sell out.

2. Delisting from NYSE: Weatherford was once a $50 billion star in its sector. After the collapse of oil prices in 2014, the service provider to oil and gas companies could never recover from it's losses. It filed bankruptcy for the second time in 2019. Weatherford's American customers are least interested in further exploration of shale gas due to lower demands in the Covid Era. The capital-intensive nature of its industry has eaten most of its income, due to competitive pricing. It is also downsizing its presence in the US through divestures and job cuts of more than 6000 employees and many contract laborers. In such a scenario, during the 1st quarter in FY2020, the board members of Weatherboard decided to delist itself from NYSE as the company is failing to preserve investor interest and its capital. Strict compliances for American Public companies make decision-making in reorganization slow. The delisting pushes Weatherford to acquire 90% of the outstanding shares in the market or a consent of 90% of its shareholders, which might further add to it's financial worries after being delisted. The numerous fund raising opportunities and protections that public companies in the USA enjoy, especially the credibility of being listed on NYSE, would be eroded from Weatherford.

The remaining section of “Weakness” is available only in the 'Complete Report' on purchase.

Opportunity

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Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Schlumberger
  • Halliburton, Baker Hughes
  • National Oilwell Varco
  • Nabors Industries
  • Apergy Corp.
  • Frank’s International
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References used in Weatherford International SWOT & PESTLE Analysis Report

1. Weatherford is determined to meet the challenge of sustainability https://www.weatherford.com/en/sustainability/sustainable-performance/>
2. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 2020 https://weatherford.gcs-web.com/static-files/0e8a7358-9110-45fd-b03b-119cc54dd102
3. ANNUAL REPORT 2019 https://www.weatherford.com/getattachment/c85baf49-c4a2-4d10-8d0f-19d165e9823b/2019-Weatherford-Annual-Report
4. Lift smarter, increase production, and get maximum return from your field assets https://www.weatherford.com/en/products-and-services/production/artificial-lift-systems/
5. Mark McCollum Leaves Weatherford, Company Announces Leadership Change https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7149
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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In-text: (SWOT & PESTLE.com, 2021)

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Weatherford International SWOT and PESTLE analysis has been conducted by Tej Narayan Shaw and reviewed by senior analysts from Barakaat Consulting.

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