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Halliburton posts fourth-straight quarterly loss as oil rout drags demand

Credit: REUTERS/© Richard Carson / Reuters

Halliburton Co posted its fourth-straight quarterly loss on Monday, as the world's second-largest oilfield services provider struggles with a plunge in demand and lower oil prices.

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Oct 19 (Reuters) - Halliburton Co HAL.N posted its fourth-straight quarterly loss on Monday, as the world's second-largest oilfield services provider struggles with a plunge in demand and lower oil prices.

Even though oil prices have recouped some of their losses from the historic lows of March and April, fresh lockdowns in some parts of the world due to a resurgence in COVID-19 infections is threatening that recovery.

Larger rival Schlumberger NV SLB.N on Friday posted a third-straight quarterly loss and warned that the recent economic recovery remained "fragile".

Halliburton, which last year recorded more than half of its business from North America, saw revenue from the region drop 66.6% to $984 million in the third quarter.

Total revenue fell 46.4% to $2.98 billion.

Net loss attributable to the company was $17 million, or 2 cents per share, in the quarter ended Sept. 30, compared with a profit of $295 million, or 34 cents per share, a year earlier.

The company took $133 million in severance and other charges, excluding which it posted adjusted earnings of 11 cents per share.

(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

((Shariq.Khan@thomsonreuters.com; Within U.S.+1 646 223 8780, outside U.S. +91 80 6182 2681; Twitter: @shariqrtrs))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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