December 11, 2018

Embarrassments

WFT Principal Accounting Officer Leaving Company After $500 Million WTF

Sorry that we’re a little tardy on this news but you just knew someone was going down for this.

Apparently the mortification suffered by Weatherford International CFO Andrew Becnel was enough for him to keep his job. Principal Accounting Officer Charles Geer, on the other hand, wasn’t so lucky:

The Geneva-based company also disclosed the departure of Principal Accounting Officer Charles E. Geer, whose resignation comes two weeks after Weatherford disclosed tax-accounting errors that forced it to revise previous results by $500 million.

Weatherford said in a securities filings that Mr. Geer, whose resignation is effective Friday, is leaving to “pursue another career opportunity.”

It’s awfully nice of the company to keep things so professional after the material weaknesses under Geer’s watch will result in restatements for three years of filings.

Weatherford Cuts Earnings View; Top Accountant Exits [WSJ]

Weatherford CFO Not Taking $500 Million Accounting Error Well; CEO Slightly More Upbeat

WTF WFT CFO Andrew Becnel needs a hug:

Weatherford International Ltd. Chief Financial Officer Andrew Becnel called a $500 million accounting error disclosed by the oilfield-service company late Tuesday an “embarrassment,” the damage of which is “impossible to quantify.”

But you know who’s taking this whole snafu in stride? CEO Bernard Duroc-Danner that’s who! BDD told investors on a conference call today that nothing is fucked and that this will all be yesterday’s news in no time:

Chief Executive Bernard Duroc-Danner said there is no risk of a U.S. government investigation or of any tax penalties or fines related to what he characterized as a mistake in calculating the tax rates on dividends moved from one subsidiary to another.

Geez. Give the SEC some credit wouldja? Just because they missed a few things here and there doesn’t mean they won’t ask any questions about your material weaknesses.

Weatherford Finance Chief Calls Accounting Error an ‘Embarrassment’ [WSJ]