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Halliburton reports a quarterly loss and continues to expect pain in the oil industry
(Thomson Reuters)
Various Halliburton equipment being stored at the equipment yard in Alvarado Texas
The second big fourth-quarter earnings report from an energy company is out, and it's telling pretty much the same story about the sector's struggles.
Following Schlumberger's release last week, Halliburton reported its results before the market open on Monday.
It reported a net income loss per share of 79 cents for the full year. For the quarter, the loss was $28 million, or 3 cents per share.
The company reported 31 cents in adjusted earnings per share on continuing operations versus Bloomberg's consensus estimate for 24 cents.
Revenues for the quarter fell a bit below expectations, at $5.08 billion versus $5.11 billion estimated.
For the full-year, revenues dropped 28% to $23.6 billion, or a decrease of $9.2 billion.
The company said it incurred a charge of $192 million on writing down assets and laying off people "as a result of the downturn in the energy market and its corresponding impact on the company’s business outlook."
Last week, Schlumberger said it laid off an additional 10,000 workers in the fourth quarter.
Halliburton president Jeff Miller said in the earnings statement that he was satisfied with the full-year and fourth-quarter results, as the company outperformed its peers.
"Total company annual revenue of $23.6 billion declined 28% year-over-year, outperforming a 35% decline in both the average worldwide rig count and global drilling and completions spend," Miller said.
"2016 is expected to be another challenging year for the industry," said Dave Lesar, the company's CEO. "We believe our customers will remain focused on cost per barrel optimization and gaining higher levels of efficiency, both of which bode very well for Halliburton."
Halliburton shares have dropped 26% over the past year.
The company is still in the process of taking over Baker Hughes, and the $26 billion-deal has faced regulatory challenges.
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