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2016-05-05 18:00:00

HALLIBURTON NET LOSS $2.4 BLN

HALLIBURTON NET LOSS $2.4 BLN

 

HALLIBURTON 1Q 2016 RESULTS

 

HOUSTON – May 3, 2016 - Halliburton Company (NYSE:HAL) announced today that income from continuing operations for the first quarter of 2016 was $64 million, or $0.07 per diluted share, excluding special items. This compares to income from continuing operations for the fourth quarter of 2015 of $270 million, or $0.31 per diluted share, excluding special items. Adjusted operating income was $225 million in the first quarter of 2016, compared to adjusted operating income of $473 million in the fourth quarter of 2015. Halliburton's total revenue in the first quarter of 2016 was $4.2 billion, compared to $5.1 billion in the fourth quarter of 2015.

Market conditions continued to negatively impact Halliburton's business in the first quarter of 2016. The rig count declined to historic lows during the quarter, in the face of continued depressed commodity prices, which created further widespread pricing pressure and activity reductions for the company's products and services on a global basis. As a result of these conditions and their corresponding impact on the company's business outlook, Halliburton recorded company-wide charges related primarily to asset impairments and severance costs of approximately $2.1 billion, after-tax, or $2.39 per diluted share, in the first quarter of 2016, compared to $192 million, after-tax, or $0.22 per diluted share, in the fourth quarter of 2015. 

In accordance with Generally Accepted Accounting Principles, and in conjunction with the termination of its merger agreement with Baker Hughes, Halliburton determined that its proposed businesses to be divested no longer meet the assets held for sale criteria as of March 31, 2016. As a result, the company recorded corresponding charges representing the associated depreciation and amortization expense previously suspended for these businesses, along with other divestiture-related costs, within "Baker Hughes acquisition-related costs." In total, Halliburton recorded Baker Hughes acquisition-related costs of $378 million, after-tax, or $0.44 per diluted share, in the first quarter of 2016, compared to $79 million, after-tax, or $0.09 per diluted share, in the fourth quarter of 2015. Halliburton also incurred $45 million, after-tax, or $0.05 per diluted share, of interest expense in the first quarter of 2016 associated with the $7.5 billion of debt issued in late 2015, compared to $27 million, after-tax, or $0.03 per diluted share, in the fourth quarter of 2015. 

Reported loss from continuing operations was $2.4 billion, or $2.81 per diluted share, in the first quarter of 2016, compared to reported loss from continuing operations of $28 million, or $0.03 per diluted share, in the fourth quarter of 2015. Reported operating loss was $3.1 billion for the first quarter of 2016, compared to reported operating income of $86 million for the fourth quarter of 2015.

halliburton.com

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Earlier: 

HALLIBURTON & BAKER HUGHES TERMINATION 

BAKER HUGHES NET LOSS $981 MLN 

HALLIBURTON CUTS 6,000 JOBS 

HALLIBURTON & BAKER HUGHES CONTEST 

HALLIBURTON CUTS 5,000 JOBS 

BAKER HUGHES: NET LOSS $1.97 BLN

 

 

 

 

Tags: HALLIBURTON

Chronicle:

HALLIBURTON NET LOSS $2.4 BLN
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

HALLIBURTON NET LOSS $2.4 BLN
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

HALLIBURTON NET LOSS $2.4 BLN
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

HALLIBURTON NET LOSS $2.4 BLN
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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