Weatherford Launches Two New Divestiture Processes

Weatherford International on Tuesday said a divestiture of its land drilling rigs was 'taking longer than expected'

The company said the delay was due to increased interest in a geographic subset of the business, which has made the divestiture process more complex.

Weatherford said it has also initiated two divestitures in addition to the land drilling rigs. Those divestitures are expected to generate $500 million by year end.

Weatherford's chief executive, Mark McCollum, on Tuesday said short-cycle investments would drive oil and gas activity in 2018.

Reporting by Liz Hampton