Halliburton Takes $3.2 Billion Loss in Q2

Oilfield services major Halliburton has seen red in the second quarter, ended June 30, 2016, as it recognized $3.5-million termination fee following a failed merger agreement with Baker Hughes and saw its revenue decline by some 35 percent.

The company booked quarterly net loss of $3.2 billion ($3.73 per share), compared with net profit of $54 million, ($0,06 per share) in the year-ago quarter. Year-to-date loss amounted to $5.62 billion or $6.54 per share against loss of $589 million or 70 cents per share for the first six months in 2015.

“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.

The aggregate impact of the company’s second-quarter items was $3.1 billion, after-tax, or $3.59 per diluted share, including the above mentioned $3.5-billion termination fee.

Second-quarter revenue dropped to $3.83 billion versus $5.91 billion same time last year, and also declined quarter-over-quarter from $4.2 billion. First-half-2016 revenue decreased some 38 percent at $8 billion from approximately $13 billion in the corresponding period in 2015.

Subsea World News Staff