By May 3, 2016 Read More →

Halliburton posts bigger quarterly loss on $2.77 bln in charges

Halliburton, Baker Hughes deal called off on Sunday


Halliburton’s net loss attributed to the company was $2.41 billion in the quarter ending on March 31.

May 3 (Reuters) – Halliburton Co, the world’s No.2 oilfield services provider, reported a bigger first-quarter loss, hurt by $2.77 billion in charges for asset impairment and other reasons.

Net loss attributable to the company widened to $2.41 billion, or $2.81 per share, in the three months ended March 31, from $643 million, or 76 cents per share, a year earlier.

The Houston-based company had, on April 22, reported a 40.5 percent fall in revenue, to $4.2 billion, for the quarter, and said it had taken a $2.1 billion restructuring charge.

The company had at that time said it postponed releasing its full results to accommodate the April 30 deadline to close its acquisition of Baker Hughes Inc.

The deal was called off on Sunday after opposition from U.S. and European antitrust regulators.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D’Souza)

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