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Halliburton Slashes Costs After Posting $1 Billion Loss

TheMotleyFool

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Halliburton Slashes Costs After Posting $1 Billion LossPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

Oilfield services behemoth Halliburton (NYSE: HAL) pledged to cut its 2020 spending by 50% and reduce other expenses by $1 billion after it announced a billion dollar net loss in Q1 2020.

Low oil prices have hurt demand for Halliburton's services as oil producers cut back on spending. In early March, OPEC+ members Russia and Saudi Arabia flooded the market with cheap crude, cutting oil prices nearly in half. Meanwhile, travel restrictions due to the COVID-19 pandemic caused demand to plummet. On Monday, U.S. oil prices had crashed below $11/barrel, a 34-year low.

Image source: Getty Images.

Source Fool.com

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