Halliburton loss widens

NEW YORK, May 3, 2016 – Halliburton reported quarterly losses of USD 2.4 billion on Tuesday, a sharp increase from the company’s USD 643 million in losses over the same period one year earlier. The full results were released only today on account of the April 30 deadline to finalise its acquisition of Baker Hughes.

Called off the following day, Halliburton was hit by a USD 3.5-billion termination fee. The company reportedly also spent close to USD 100 million in advisory fees to the international banks involved in the proposed merger. The full acquisition-related costs over the first quarter were reported at USD 378 million, an increase of almost USD 300 million over the last quarter of 2015.

Earlier in April, Halliburton announced a 40.5% drop in revenue to USD 4.2 billion and an additional round of job cuts that saw the company eliminate 6,000 positions during the first three months of 2016.

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