Halliburton posts net loss in 3Q

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Halliburton, world’s second largest oilfield services provider, behind Schlumberger, on Monday reported its third quarter revenue fell to $5.58 billion, down from $8.7 billion a year ago.

The company recorded a net loss of $54 million, versus a net profit of $1.2 billion a year ago.

Furthermore, Halliburton recorded $381 million in impairments and other charges related to severance costs and asset write-offs, adding to that $82 million of Baker Hughes acquisition related costs.

After tax, the company’s impairments and charges were #257 million, and Baker Hughes related costs were $62 million

North America led the decline as a result of continued activity declines and pricing pressure, the company’s president Jeff Miller said, adding that revenuer declines were felt in Easten Hemisfere and Latin America as well.

Dave Lesar, Chairman and CEO of the company wouldn’t speculate on when and how the situation in the oil industry sector might turn for better.

He said: “There are a number of moving parts in the market today, and we are not going to try to call the exact shape of recovery, but we expect that the longer it takes, the sharper it will be. 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.”

He said Halliburton was continuing its work toward the closing of the pending Baker Hughes acquisition.

“We are enthusiastic about and fully committed to closing this compelling transaction, and remain confident we can achieve annual cost synergies of nearly $2 billion,” Lesar said.

Schlumberger, Halliburton’s biggest competitor, and the world’s largest oilfield services provider, last Thursday posted its 3Q 2015 results, reporting revenue of $8.47 billion, a drop of 33% from $12.64 billion a year ago, due to a continuing decline in rig activity and persistent pricing pressure throughout its global operations.

Offshore Energy Today Staff

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