Halliburton Reports $2.1 Billion Charge on Job Cuts, Assets

Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc.

The world’s largest provider of fracking services eliminated 6,000 more jobs in the quarter to reduce costs, according to a statement Friday. The release of its full earnings report is being postponed to May 3 from April 25 because of the deadline to complete the deal with Baker Hughes by the end of this month, Houston-based Halliburton said.

“It makes sense to delay this until after April 30, but the timing is just a little odd, doing it the Friday before the report,” Luke Lemoine, an analyst at Capital One Southcoast in New Orleans, said Friday in a phone interview. “It does probably show that they’re trying to work on this deal really hard for the April 30 deadline, and they just don’t need any distractions right now.”

Read more

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by WordPress.com.

Up ↑