Weatherford International PLC (NYSE:WFT) Update On OneStim(SM) Joint Venture

Weatherford International PLC (NYSE:WFT) reported that the U.S. Department of Justice has approved the proposed OneStim(SM) JV between Schlumberger Ltd. and Weatherford,  and paving the way for Q4 closing.  Post-closing, OneStim will offer completions services and products for the advancement of unconventional resource plays in the U.S. and Canada land segments.

The buzz

In unrelated news, Weatherford and associates offered a check for $345,000 to three Houston-based non-profit firms at the yearly Weatherford Walks charity event planned on November 4 at Sam Houston Race Park. The donation will be divided equally among the Camp Hope, Small Steps Nurturing Center and Houston Area Women’s Center. Since its inception, the company has raised over $1.2 million for the Houston community.

Over 1,300 participants enrolled to walk the race track in assistance of these local firms. Weatherford employees and trusted business associates made remarkable monetary donations to assist the cause. This walk was followed by a family day and donation ceremony with games, lunch and music at the Race Park Pavilion.

Three firms that celebrated in 2017 are beneficiaries of previous Weatherford Walks shows. The 2015 event contributed funds to Camp Hope, a Houston firm that offers peer support, mentoring housing and services for veterans and their families struggling from combat-related PTSD. Last year, it was Small Steps which benefitted from Weatherford Walks. It is a Houston-based firm committed to the social, physical, emotional, spiritual and intellectual growth of economically at-risk kids and their families.

Weatherford Walks intends to support charitable organizations that are engrained in the local community and offer services integral to assisting their neighboring families in need. Mark A. McCollum, the CEO and President of Weatherford, expressed that one of their core values at company is making a constructive impact on the places and people they touch as a firm. They are dedicated to being a trusted associate to all the firms they interact with.

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Culver Stinson

Culver Stinson

Stinson is US Markets Daily’s Senior Producer for News & Public Affairs.