Halliburton Slashes Costs After Posting $1 Billion Loss
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.
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Source Fool.com
