5 Sweet Energy Picks From T. Boone Pickens

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5 Sweet Energy Picks From T. Boone Pickens

Weatherford International

Everyone loves a turnaround story. For T. Boone Pickens and BP Capital, that story happens to be oil service firm Weatherford International (WFT). Pickens increased the size of his position by 44% during the past three months.

Weatherford international 185 5 Sweet Energy Picks From T. Boone PickensThe smallest of the big four oil service stocks, Weatherford has been rocked by an accounting investigation — going back six years — and major debt issues. Those problems have caused WFT to trail behind several of its rivals — both big and small.

However, things could finally be looking up for WFT. The firm recently settled those nasty accounting issues and has gotten serious about cost controls to remove its $9 billion worth of IOUs. At the same time, WFT is exploring options for land drilling rig business unit. As drilling has gotten more efficient, the number of drilling rigs focused on land are piling up. That has caused the business unit to be a huge drag on WFT’s earnings over the years. One solution being proposed by Weatherford is to spin off the business via an IPO.

All in all, these moves could finally put some spark back into WFT shares.


Article printed from InvestorPlace Media, http://investorplace.com/2013/11/boone-pickens-xom-eqt-athl-wft-vlo/.

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