The US oilfield services company Halliburton incurred a loss of one billion dollars in the first quarter and provisions for a devaluation of 1.1 billion dollars.
According to ArabiaNet, the company provided grim forecasts for shale oilfields in North America after prices fell due to the Corona virus.
Prices collapsed by about 80% to levels lower than the cost of many shale oil producers, with the spread of the Coruna virus and the accompanying isolation measures that plunged demand for crude.
Hallibutton, most of its activities in North America, said it had avoided provisions for impairment and other pre-tax charges of $ 1.1 billion.
The company announced a 25% decrease in revenues from the region to 2.46 billion, while international revenue increased 5 percent to 2.59 billion dollars.
For the remainder of the year, Halliburton CEO Jeff Miller said the company expects a further decline in revenue and profitability, especially in North America.
The company said it will cut capital spending this year to 800 million and reduce costs by about a billion dollars. The company laid off hundreds of workers and granted leave for a few thousand, while its executive team announced a voluntary reduction in wages.
The company reported a net loss of $ 1.02 billion, or $ 1.16 a share, in the first quarter, compared to a profit of $ 152 million, or 17 cents per share, a year earlier.
