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WEATHERFORD INTERNATIONAL HOLDS ANNUAL MEETING

 HOUSTON, June 9 /PRNewswire/ -- Philip Burguieres, chairman, president and chief executive officer of Weatherford International (AMEX: WII), reviewed at the annual stockholders' meeting today, the company's strategy and the acquisitions and mergers made by the company during the last 18 months.
 Burguieres said that part of the company's strategy is to be a major participant in each of its principal businesses and advised that the company has accomplished this goal in the fishing and rental tool business, the tubular running services business and the primary cementing products business.
 Burguieres reported that the company has recognized significant cost savings in its existing and newly acquired businesses by restructuring its domestic operations, reducing headcount and consolidating facilities. He said that the company will recognize in the second quarter $3 million to $4 million in transaction and consolidation expenses related to the recent Homco acquisition.
 Burguieres reviewed the company's improved 1992 and first quarter 1993 performance. He said that management expects good second quarter results, although aggressive targets set by some analysts will not be reached due to Homco acquisition costs and a delay in the expected increase in the domestic rig count. Burguieres told stockholders that management anticipates strong performance in its domestic operations and continued good performance in its international operations during the remainder of 1993.
 All proposals presented to common stockholders at the meeting were approved, including the re-election of Burguieres, William E. Greehey and John P. Madden to the board of directors for three-year terms. Burguieres, 49, has been a Weatherford director since 1991. Greehey, 56, chairman of the board and chief executive officer of Valero Energy Corporation, has been a Weatherford director since 1984. Madden, 51, president of The Rex Group, has been a Weatherford director since 1991. Also approved was an amendment to the company's Restated Certificate of Incorporation to increase the authorized shares of common stock to 80 million.
 Holders of the company's Convertible Exchangeable Cumulative Preferred Stock exercised their right at the meeting to elect two members to the board of directors and elected J. Kelly Elliott and John C. Loring. Elliott, 61, is chief executive officer of Sigma Electronics and has been a Weatherford director since 1990. Loring, 47, an attorney and private investor, has been a Weatherford director since 1990. Elliott and Loring were elected for one-year terms or until dividends in arrears on the preferred stock are paid, whichever is earlier. The company resumed paying quarterly dividends on the preferred stock on Jan. 15, 1990, but did not pay dividends from Jan. 15, 1986, to Oct. 15, 1989.
 Weatherford is a Houston-based diversified international energy service and manufacturing company that provides tubular running services, fishing and rental tool services, cementation products and other specialized equipment to the oil and gas industry.
 -0- 6/9/93
 /CONTACT: Norman Nolen of Weatherford, 713-439-9400/
 (WII)


CO: Weatherford International, Inc. ST: Texas IN: OIL SU: PER

RA-BN -- AT005 -- 0161 06/09/93 12:33 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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