Weatherford

Weatherford announced that Mark A. McCollum, president, CEO, and a director, has left the company, effectively immediately.

The oilfield services company's Tubular Running Service was recognized for reducing costs, maximizing safety.

With US oil prices struggling to top $25, oil companies and service providers are making deeper cuts this month to cope. The biggest come from Halliburton which may have shed 5,000 total jobs since the start of the year.

Financial Fallout: For two big companies, tougher times call for tougher actions.

The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.

The company, which filed for Chapter 11 protection in June, revised downward its revenue projections amid lower expectations for the US oilfield services market and oil prices.

The E&P sector has maintained a strong focus on capital discipline during its recovery from the 2014 oil price downturn, as investors look for companies to generate free cash flow to help pay down debt. How will this focus affect sector growth in the near term?

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Weatherford said it will file for bankruptcy after reaching a deal with its biggest lenders to halve its debt load and provide financing during and after the process.

These most recent deals bring the services company's divestiture total to $1 billion over the past 1 1/2 years.