Halliburton Suffers $2.4 Bln Loss

Oilfield services major Halliburton has seen red in the first quarter ended March 31, 2016 as the depressive market led to high impairments and revenue decline of approximately $2.86 billion compared to same time last year.

Due to negative market impact Halliburton recorded company-wide charges related primarily to asset impairments and severance costs of approximately $2.1 billion, after-tax.

In addition, Halliburton recorded Baker Hughes after-tax acquisition-related costs of $378 million.

Earlier this week, Halliburton and Baker Hughes terminated the merger agreement they entered into in November 2014, as the deal was blocked as believed it would lead to higher prices and eliminate competition.

The company recognised net loss of $2.41 billion ($2.81 per share), compared with net loss of $643 million, ($0.75 per share) in the year-ago quarter.

First-quarter revenue dropped to $4.2 billion versus $7.05 billion same time last year.

Halliburton has reduced its workforce by more than 6,000 employees during the first quarter 2016.

Following this recent round of layoffs, the company has slashed it global headcount by approximately one-third since late 2014.

Subsea World News Staff

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