U.S. oilfield services giant Halliburton (HAL.N) on Monday reported a $1 billion first-quarter loss on charges and warned that bleak conditions in the U.S. shale patch would depress its results for the rest of the year.
Oil prices have collapsed 80% since January to levels well below many shale drillers’ cost of production, resulting in sharp drops in business for service firms. The spread of coronavirus and associated lockdown measures have crushed oil demand.
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