Halliburton Profit Drops on Lower Driling Activity, Charges


Oilfield services provider Halliburton Co (NYSE:HAL) reported a 93 percent fall in quarterly profit as oil producers pummeled by a steep decline in oil prices cut drilling activity, and the company incurred about $400 million in charges.

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Profit attributable to Halliburton fell to $53 million, or 6 cents per share, in the second quarter ended June 30 from $775 million, or 91 cents per share, a year earlier.

Revenue fell 26.5 percent to $5.92 billion.

Halliburton's $35-billion takeover of fellow oilfield services company Baker Hughes Inc <BHI.N> is now expected to close by Dec. 1, after the two companies agreed with the U.S. Department of Justice on July 10 to extend the date of the review.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)