Leading US shale oilfield sector services provider Halliburton racked up a net loss of USD 1.7 billion after booking a USD 2.2 billion write-down in gloomy Q4’19 financial results released today, as the company’s core North American revenues crashed amid an intensifying deceleration in fracking activity compounded by bearish commodity prices. Halliburton attributed the USD 2.2 billion non-cash, pre-tax hit primarily to “pressure pumping and legacy drilling equipment, as well as severance and other costs”. The impairment allows Halliburton to “further adjust its cost structure to market conditions”, which seem to have deteriorated for oilfield services players more quickly than many had feared.
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