Halliburton, the American oilfield services company, continued to record quarterly losses for the third quarter in a row, with spare $ 2.1 billion in costs of depreciation amid a drop in oil prices and a collapse in drilling In North America.
According to Reuters, the Houston-based company reported a quarterly loss of $ 1.7 billion, or $ 1.91 a share in the second quarter, compared to a profit of $ 75 million , Or 9 cents a share, a year ago.
The demand for drilling services provided by Halliburton and competitors such as Schlumberger and Baker Hughes plunged after the oil price crash in March. Today, US crude futures are trading around $ 40 a barrel, the minimum most producers need to make profits.
The company’s stock rose seven percent to $ 14.00 by 1445 GMT, with analysts praising the company’s greater cash flow and a significant cost reduction.
Halliburton cut quarterly dividends by 75 percent and cut capital spending forecasts to $ 800 million, its workforce and payments to senior executives. The company has made a progress of about 75 percent towards achieving a targeted level of cost reductions on an annual basis of $ 1 billion.
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