Oilfield Services Provider Baker Hughes Posts Loss

Reuters

Oilfield services provider Baker Hughes Inc, which is being acquired by larger rival Halliburton Inc, posted a quarterly loss, compared with a year-ago profit, as a steep drop in oil prices kept a lid on drilling activity.

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Net loss attributable to Baker Hughes was $188 million, or 43 cents per share, in the second quarter ended June 30, compared with a profit of $353 million, or 80 cents per share, a year earlier.

Revenue dropped 33 percent to $3.97 billion. (Reporting by Anannya Pramanick in Bengaluru; Editing by Savio D'Souza)