Halliburton posts 4Q, full year 2015 net loss

Halliburton’s total revenue in the fourth quarter of 2015 was $5.1 billion, compared to $5.6 billion in the third quarter of 2015. The company posted a net loss for the quarter of 26 million, compared to a gain of $ 905 million in the corresponding quarter of 2014.

As a result of the downturn in the energy market and its corresponding impact on the company’s business outlook, Halliburton said, the oilfield services provider recorded company-wide charges related primarily to asset writeoffs and severance costs of approximately $192 million.

Total revenue for the full year of 2015 was $23.6 billion, a decrease of $9.2 billion, or 28%, from 2014. As well as for the fourth quarter, Halliburton posted a net loss for the full year 2015. Net loss was at $667 million, versus a net profit of $3.5 billion a year ago.

The company’s Chairman and CEO Dave Lessar, said that the year ahead would be challenging.

He said: “2016 is expected to be another challenging year for the industry. We believe our customers will remain focused on cost per barrel optimization and gaining higher levels of efficiency, both of which bode very well for Halliburton. Ultimately, when this market recovers we believe North America will respond the quickest and offer the greatest upside, and that Halliburton will be positioned to outperform.”

Lessar also said Halliburton would be working towards completing the acquisition of Baker Hughes as soon as possible.

To remind, The European Commission earlier in January opened an in-depth investigation to assess whether the proposed acquisition of oilfield service supplier Baker Hughes by rival Halliburton would impede effective competition in breach of the EU Merger Regulation.

Lessar said: “We remain fully committed to closing the pending acquisition of Baker Hughes. We are continuing our discussions with competition authorities, and recently offered an enhanced set of divestitures in an effort to resolve competition-related concerns as soon as possible. We are diligently focused on pending regulatory reviews, the divestiture process, and planning for integration activities after the closing of the deal.”

Baker Hughes and Halliburton in September 2015 said they would market for sale additional businesses in connection with Halliburton’s pending multibillion-dollar acquisition of Baker Hughes, saying at the time they hoped to close the deal by December 15, 2015.

However, Halliburton’s proposed acquisition of Baker Hughes, valued at $35 billion, in December hit a stumbling block as the U.S. Department of Justice was not convinced the companies have done enough to address the DOJ’s Antitrust Division’s competitive concerns.  The companies then said the closing of the transaction would be delayed at “no later than April 30” this year.

Offshore Energy Today Staff

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