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Wednesday, July 27, 2016

Halliburton Posts $3.2 Billion Loss, Lays Off More Workers

From Fuel Fix:
Halliburton reported a $3.2 billion loss in the second quarter Wednesday, largely because of a $3.5 billion breakup fee it paid rival and former acquisition target, Baker Hughes. 
Halliburton’s acquisition of Houston-based Baker Hughes fell apart in early May after the Justice Department intervened because of anti-competitiveness concerns. 
Halliburton said it cut about another 5,000 jobs globally during the second quarter, bringing the total workforce to just more than 50,000 people. Halliburton has eliminated more than 35,000 jobs in two years, roughly 40 percent of its total jobs during that timeframe. 
Halliburton’s second-quarter revenue of $3.8 billion was off almost 35 percent from the same period a year earlier, when the company recorded earnings of $54 million. In the first quarter of this year, Halliburton posted revenue of $4.2 billion and a $2.4 billion net loss. 
Halliburton’s North American revenue fell 15 percent in the second quarter, Chairman and CEO Dave Lesar said, while the continent’s rig count fell by a steeper 23 percent.
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