Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would rein in costs as it prepares for a longer period of volatility in oil prices that has crushed demand for its oilfield services.

Oil producers halted drilling new wells and drastically cut their budgets following a collapse in crude oil prices in March and April, clipping demand for services offered by Baker Hughes and rivals Schlumberger and Halliburton.

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