Weatherford is a subscale, integrated oilfield services provider that emerged from a 2019 bankruptcy reorganization. Years of losses, siloed operations, weak incentive structures, and heavy leverage contributed to the bankruptcy. Significant leverage and poor integration resulted from heavy M&A activity, as Weatherford focused on achieving scale like the Big Three, SLB, Halliburton, and Baker Hughes. By contrast, the Big Three primarily focused their investments on key areas of strength, bolstering market-leading positions in these solutions that still stand today.