Oilfield services company Weatherford International Ltd will take a much more selective approach to expansion after more than a year of tending to tax problems, its chief executive officer said on Tuesday.The new focus will be more on returns, CEO Bernard Duroc-Danner said on a call with analysts. "It is a question of choosing the growth we are going to go after," he said. "It is quality growth as opposed to just growth."This represents a notable change in an industry where the world's biggest companies have spent years expanding their capability to provide more services to clients."Do we need to be emphasizing as many product lines as we do with the same degree of both people and capital support?" Duroc-Danner said. "The answer to that question is no."
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Shares of WFT fell by 13.05% or $-1.42/share to $9.46. In the past year, the shares have traded as low as $10.59 and as high as $18.33. On average, 9461750 shares of WFT exchange hands on a given day and today's volume is recorded at 21784272.
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