Weatherford International Ltd fka WFTQ

[Gigolo Jason]

Article about WFT posted this morning.

http://www.rigzone.com/news/oil_gas/a/129958/Weatherford_To_Cut_Debt_By_Up_To_5_Billion_In_Two_Years/?pgNum=1

Weatherford To Cut Debt By Up To $5 Billion In Two Years

But the company will stay in pressure pumping, a key part of the hydraulic fracturing boom. It ranks eighth in North America by pumping horsepower, but Duroc-Danner does not plan to buy any of the extra capacity that has left the market glutted. "I don't believe in consolidation in pressure pumping because the barriers to entry are too low," he said. The settled U.S. government charges include Foreign Corrupt Practices Act breaches, violations in the Iraq oil-for-food program, and work in sanctioned countries. Weatherford stuck with estimates of total fines of $253 million, and Duroc-Danner said if the deals are approved by the courts and regulator, the final announcement could come in four to six weeks. Weatherford shares were 2.5 percent higher at $16.87 in morning trading on the New York Stock Exchange. Analysts also welcomed the arrival of the company's new chief financial officer, Krishna Shivram, who joins from oilfield service industry leader Schlumberger Ltd. Also, Chief Administrative Officer Dharmesh Mehta will be promoted to chief operating officer with the retirement next month of Peter Fontana, the current COO. -