Baker Hughes posts bigger loss on impairment charges

Markets Reuters

Idle oil equipment is seen in a Baker Hughes yard in Williston, North Dakota April 30, 2016. REUTERS/Andrew Cullen

Idle oil equipment is seen in a Baker Hughes yard in Williston, North Dakota April 30, 2016. REUTERS/Andrew Cullen (Copyright Reuters 2016)

Oilfield services provider Baker Hughes Inc reported a bigger quarterly loss due to impairment charges.

Continue Reading Below

Net loss attributable to Baker Hughes widened to $429 million, or $1 per share, in the third quarter ended Sept. 30 from $159 million, or 36 cents per share, a year earlier.

The company said it recorded after-tax charges of $365 million related to asset impairments, restructuring, litigation settlements and goodwill impairment.

Revenue fell 37.8 percent to $2.35 billion.

In May, Baker Hughes and Halliburton Co scrapped their long-stalled deal - valued at about $35 billion when it was announced in 2014 - due to opposition from U.S. and European antitrust regulators.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Sriraj Kalluvila)