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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Weatherford International Plc (Ireland) | NYSE:WFT | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jun 2019 to Jun 2024
DOW JONES NEWSWIRES
Weatherford International Ltd. (WFT) has agreed to acquire the oilfield unit of BP PLC's Russian joint venture in a stock deal valued at $490 million.
Oil-services company Weatherford will exchange 24.3 million shares for the business, which has operating bases in critical reserves including Western Siberia and the Volga-Urals region. The unit's revenues exceeded $650 million in 2008, Weatherford said.
Weatherford and other oil-services companies have been looking for growth outside the U.S. amid a steep drop in demand.
The joint venture, TNK-BP Ltd., has been undergoing a sweeping overhaul of its structure and corporate governance, as well as a management shake-up after a long-running and bitter dispute. It is Russia's third-largest oil producer.
Weatherford's shares recently were up 3.7% at $20.70 as oil prices continue to climb. The stock, which closed at $20.13 on Thursday, are down 53% in the past year, though they have nearly doubled so far this year.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com
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