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Halliburton Announces Plans to Cut Spending by $ 1 Billion

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American Halliburton Co., the second largest oilfield services company in the world and the largest supplier of equipment for the oil industry in the USA, recorded a net loss in the first quarter of 2020 and warned that a deterioration in the situation on the North American shale oil market would adversely affect on its results for the rest of the year.

Its net loss in January-March amounted to $ 1.02 billion, compared with a net profit of $ 152 million for the same period a year earlier.

Halliburton revenue last quarter fell 12% to $ 5.04 billion.

The company announced plans to reduce overhead and other costs this year by about $ 1 billion. 

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