Halliburton books $1.1 billion charge, cuts spending amid oil rout

(Reuters) – Halliburton Co on Monday recorded $1.1 billion in impairment charges during the first quarter, lowered its spending forecast for the year, and gave a bleak outlook for North America activity as it grapples with an unprecedented decline in oil prices.

The company reported a net loss of $1.02 billion, or $1.16 per share, in the first quarter ended March 31, compared with a profit of $152 million, or 17 cents per share, a year earlier.

Excluding the impairments and other charges, Halliburton earned 31 cents per share.

“We expect activity in North America land to sharply decline during the second quarter and remain depressed through year-end, impacting all basins,” Halliburton’s Chief Executive Officer Jeff Miller said in a statement.

(Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Supriya Kurane)