Baker Hughes posts bigger loss on impairment charges


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

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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)