Weatherford Appoints Mark A. McCollum as President, CEO
Weatherford International plc WFT recently announced that it has appointed Mark A. McCollum as President and Chief Executive Officer as well as a member of the board of directors, effective late Apr 2017.
McCollum has been associated with the energy sector for more than three and a half decades. No wonder, his vast experience and proven track record make him ideal for the position. Most recently, McCollum served in the capacity of Executive Vice President and Chief Financial Officer at Halliburton Company HAL. This apart, the company has appointed William Macaulay as the Chairman of its board.
Macaulay announced that consistent with its latest communications, the company’s near-term priorities remain unchanged and focused on driving sustainable free cash flow, higher returns and enhanced financial flexibility. Moreover, Weatherford remains committed to the core elements of its near-term strategy and will achieve those objectives through debt reduction and non-core asset dispositions. The company plans to continue serving customers through the highest level of service quality. The board is confident that McCollum is well suited to lead Weatherford in its efforts and execute a longer-term strategy to position the company for development.
Notably, Krishna Shivram will be departing as interim Chief Executive Officer, effective immediately. Christoph Bausch, Weatherford's Executive Vice President and Chief Financial Officer, will serve as acting Chief Executive Officer until McCollum takes office.
Prior to joining Halliburton, McCollum held a number of senior positions at Tenneco, Inc., including Chief Financial Officer. He also served as an Audit and Advisory Partner in Arthur Andersen's Energy Division, where he began.
McCollum is also a member of the board of directors and the Audit and Compensation Committees at Archrock, Inc., previously known as Exterran Holdings. He is also a Regent at Baylor University and on the Baylor College of Medicine Board of Trustees. McCollum received his Bachelor Degree in Business Administration and Accounting from Baylor University, and is a registered CPA in the State of Texas.
Weatherford’s price chart reveals that its shares have outperformed the Zacks categorized Oil Field Machinery & Equipment industry in the last three months. Weatherford shares have gained 10.1%, whereas the broader market lost 5%.
Weatherford carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Denbury Resources Inc. DNR and Pioneer Natural Resources Company PXD. Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted in-line earnings in the preceding quarter. It had an average positive earnings surprise of 212.50% in the four trailing quarters.
Pioneer Natural Resources posted a positive earnings surprise of 63.33% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 21.86%.
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Weatherford International PLC (WFT): Free Stock Analysis Report
Halliburton Company (HAL): Free Stock Analysis Report
Pioneer Natural Resources Company (PXD): Free Stock Analysis Report
Denbury Resources Inc. (DNR): Free Stock Analysis Report
Sunrun Inc. (RUN): Free Stock Analysis Report
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