During Weatherford's earnings conference call on Nov. 4, Chief Administrative Officer Dharmesh Mehta discussed the company's upcoming divestment plans.
"During Q3, we made good progress on our old oil divestiture program. The following four businesses will be divested in the traditional auction model: Drilling Fluids, Wellheads, Pipelines, and Specialty Services and Well Testing. The four businesses will have combined revenues of approximately US$1.2 billion in 2014 and an EBITDA range of $130 million to $170 million.
"The divestment teams are in place and we expect the data [rooms] to be complete in Q4 2013. The auction process will start in Q1 2014 with the intention of completing the divestments in Q3 2014. Bernard will describe the plans for the [effected] operations. There is an additional schedule posted on our website which provides further details about the divestment program and timeline."
[Find the additional schedule here.]
"Some comments on the outlook: our forecast shows a positive cash flow of $500 million in Q4 2013. Combined with the $400 million of cash from the divestitures our debt should decrease by approximately $900 million in Q4"
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