NEW YORK (AA) – The world’s second-biggest oil services company announced Tuesday a net loss and decline in revenue for the first quarter due to low oil prices.
Net losses for Halliburton fell to $2.4 billion, from a loss of $643 million the same period in 2015.
Revenues declined to $4.2 billion in the first quarter, from $7 billion the same quarter a year ago — a 40 percent decline.
“Continued depressed commodity prices created further widespread pricing pressure and activity reductions for the company’s products and services on a global basis,” Halliburton said in a statement.
The company announced Sunday that it scrapped the $34.6 billion merger deal with its rival Baker Hughes due to “challenges in obtaining regulatory approvals and general industry conditions.”
The Justice Department filed an antitrust lawsuit against the companies April 6. Halliburton will pay Baker Hughes a $3.5 billion fee for canceling the deal.
Shares of Halliburton fell almost 5 percent following the release of the earnings report.
