Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

More Addition By Subtraction At Weatherford

I've long been fond of the expression "if it doesn't make dollars, it doesn't make sense," and I'm glad to see that Weatherford (NYSE:WFT) has gotten serious about adopting a similar philosophy. Back in March, the company sold its pipeline and specialty service business to Baker Hughes (NYSE:BHI) and before that the company sold its Russian ESP business for about $400 million. Now Weatherford has sold its Russian and Venezuelan drilling rigs and in doing so not only got a decent price but also improved the prospects for its drilling rig IPO. Weatherford has done quite well on the back of increasing optimism around energy services and for its specific restructuring opportunities and there is still...

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