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Halliburton profit falls 93 percent on lower drilling activity, charges

Oilfield services provider Halliburton Co <HAL.N> reported a 93 percent fall in quarterly profit as oil producers pummeled by a steep decline in oil prices cut drilling activity, and the company incurred about $400 million in charges.

Net profit fell to $53 million, or 6 cents per share, in the second quarter ended June 30 from $775 million, or 91 cents per share, a year earlier.

Revenue fell 26.5 percent to $5.92 billion.

Halliburton’s $35-billion takeover of fellow oilfield services company Baker Hughes Inc <BHI.N> is now expected to close by Dec. 1, after the two companies agreed with the U.S. Department of Justice on July 10 to extend the date of the review.

In related news, Halliburton says has cut 9,000 jobs in wake of oil’s drop

(Corrects paragraph 2 to change to “net profit” from ‘profit attributable to Halliburton’)

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)

This article was from Reuters and was legally licensed through the NewsCred publisher network.

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