Baker Hughes to take $15B Goodwill Impairment Charge

Oilfield services provider Baker Hughes Co on Monday wrote down the value of its assets by $15 billion as plunging oil prices and the coronavirus pandemic hit demand and forced oil producers to cut back drilling.

Producers have so far cut 2020 spending by about 30% or $37 billion, according to data compiled by Reuters, after a price war between Saudi Arabia and Russia and a cut in energy demand due to the outbreak of coronavirus pushed oil prices to around $30.

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