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Weatherford considers selling one of its larger businesses by 2019 to cut debt

Weatherford International PLC may have to sell one of its larger businesses to cut debt as its revolver expires in 2019, the company's top executive said.

The oil and gas equipment and services company has taken action since late 2017 to "create a runway" designed to help address the revolver that is due in 2019, CEO Mark McCollum said May 22 during the UBS Global Oil and Gas Conference. A hydraulic fracturing deal at the end of 2017, continuing work on rig deals and a debt offering in the first quarter all allowed the company to delay maturities, he said.

McCollum said the company still may have to sell one of its larger business in 2019 to deliver on its debt. While it is still too early to specify what it might sell, he said it will depend on what the company looks like.

"What the company looks like when the Deepwater market comes back is significantly different than what it looks like today because areas like our well construction business, the completions business and others that look relatively small today significantly shine in that kind of market given our market share. So we'll have to factor all those in as we get there," he said.