(Reuters) – 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.
FILE PHOTO: The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo
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.
Benchmark U.S. crude futures CLc1 were trading at below $12 a barrel on Monday, while Halliburton’s shares, which are down 70% so far in 2020, were off 6% in pre-market trading at $7.12.
Last week, rival Schlumberger cut its divi