Shares of Weatherford International Plc fell 18 percent in early January after the oilfield services company abandoned a proposed joint venture with Schlumberger and instead sold its hydraulic fracturing business to Schlumberger. The deal with Schlumberger, worth $430 million, gave Weatherford roughly $100 million less than originally anticipated from the two companies’ planned OneStim joint venture. Weatherford has suffered steep losses since the 2014 oil price downturn and has said it plans to sell units to raise cash and reduce its $7.9 billion in debt. Weatherford would have taken a 30 percent stake in OneStim, which was expected to contribute to its earnings.
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