Weatherford International $WFRD Rectangle Breakout, MACD Buy Signal On Credit Rating Upgrade

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Weatherford International $WFRD stock did a consolidation rectangle breakout on December 16, 2022. The MACD has given a buy signal. Dark pool activity has also occurred in the stock. The stock is in a technical strong uptrend.

Weatherford International stock chart on December 18 2022 with a rectangle breakout pattern and a MACD buy signal
Weatherford International stock chart on December 18 2022 with a rectangle breakout pattern and a MACD buy signal

Unusual Dark Pool Trade In Weatherford International $WFRD Stock

An unusually large dark pool trade occurred in Weatherford $WFRD stock on December 13, 2022. The trade was valued at $12 million. We think the dark pool trade was a buy order because $WFRD stock rose following the trade hitting the tape.

Weatherford International stock chart on December 18 2022 with a dark pool trade shown an with orange bar
Weatherford International stock chart on December 18 2022 with a dark pool trade shown with an orange bar

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Weatherford Announces Upgrade in Credit Rating

The issuer credit rating of the Company was recently raised by S&P Global Ratings from “B-” to “B,” according to a statement released by Weatherford International on December 7, 2022. The recent announcement of a $400 million credit facility, a series of debt repayment transactions that improved liquidity and the debt leverage profile demonstrating improved access to capital markets, as well as anticipated future improvements in market conditions and the Company’s financial measures, were all factors S&P used to base the rating upgrade.

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Girish K. Saligram, President and Chief Executive Officer of Weatherford, commented, “We truly appreciate the recognition by S&P. The enhanced rating reflects the improvements we have made in our operating performance and balance sheet, resulting from our focus on generating sustainable profitability and cash flow.”

Weatherford Partners with Ardyne, Bolstering Plug and Abandonment and Slot Recovery Portfolio

A strategic partnership between Weatherford International and Ardyne, a pioneer in specialized well-decommissioning technology, was announced on November 29, 2022. By providing the most complete portfolio of Plug and Abandonment and Slot Recovery solutions in the industry, Weatherford and Ardyne will be able to offer significant value to customers around the world.

The Company will invest in Ardyne’s specialized single-trip abandonment and slot-recovery technology to complement Weatherford’s top Firma Plug and Abandonment offering. Weatherford’s industry-leading expertise in Plug and Abandonment and global reach will allow Ardyne to expand its brand and compete in new markets while still remaining an independent business. By enabling operators to access additional reserves or sustainably abandon unproductive wells with an estimated 70–80% reduction in rig time in complex well environments, this combined offering fills a crucial gap in late-life well management.

Girish K. Saligram, Weatherford President and Chief Executive Officer, commented, “We are excited about this announcement, as it demonstrates our continuing commitment to innovation and value creation in the well-decommissioning space. Partnering with Ardyne was a clear and easy choice because together, we can address critical needs in the P&A market. We look forward to the mutual success this investment enables.”

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Alan Fairweather, Ardyne’s Chief Executive Officer, also commented, “Ardyne’s proprietary technologies are designed for efficient well decommissioning but are also core for slot recovery operations when combined with the Weatherford Intervention Services portfolio, comprising a strong mix of fishing, milling, and casing-exit technologies. We are excited about the opportunity to scale our offering through the global Weatherford brand, geographical footprint, operational infrastructure, and contract pipeline.”

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