Halliburton swings to $3.2 billion loss

Halliburton, one of the world’s largest oilfield services providers, on Wednesday posted a loss for the second quarter of 2016, compared to a year-earlier profit, impacted by a failed merger with its rival Baker Hughes. 

The company swung to a $3.21 billion loss in the second quarter of 2016, versus a profit of $54 million in the corresponding period last year.

During the quarter, Halliburton paid a $3.5 billion termination fee in conjunction with the termination of its merger agreement with Baker Hughes.

The company’s revenues for the quarter amounted to $3.8 billion, a drop compared to $5.9 billion in the same period last year.

“Our second quarter results showed resilience in the face of another challenging quarter marked by lower activity levels and continued pricing pressure around the globe,” said Dave Lesar, Chairman and CEO.

Lesar also added: “Our activity outlook has not changed and our strategy is working. During the coming recovery, we plan to scale up our integrated delivery platform by addressing our product line building blocks one at a time through a combination of organic growth and selective acquisitions.” 

Offshore Energy Today Staff

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