Halliburton has reported a net loss of $643 million, or 76 cents per share, in the quarter, compared with a profit of $622 million, or 73 cents per share, in the year-earlier period.

For the first three months of 2015 (Q1 2015), the company recorded an $823 million charge to cover asset writeoffs, inventory writedowns, asset impairments, severance costs and other charges.

Furthermore, Halliburton booked a Venezuela currency devaluation loss of $199 million and a $35 million charge related to the acquisition of Baker Hughes, bringing it to a total of $1.21 billion in charges related to asset writedowns and other items.

The oilfield services giant generated revenue of $7.05 billion, down 4% from the corresponding period of 2014.

Halliburton’s chairman and chief executive officer, Dave Lesar, commented: “Industry prospects will continue to be challenged in the coming quarters, and visibility to the ultimate depth and length of this cycle remains uncertain. We will continue to manage through this downturn focusing on reducing input costs, protecting our market position, and delivering the superior execution and solutions our customers have come to expect.”