Halliburton takes $1B charge, cuts costs by $1B

Houston-based Halliburton Co. (NYSE: HAL) recorded about $1.07 billion of pre-tax impairments and other charges in the first quarter of 2020, which resulted in a nearly $1.02 billion net loss for the oil field services company.

The charges were mostly non-cash asset impairments, primarily related to pressure pumping equipment, as well as severance and other costs, according to an April 20 press release.

When excluding special items, Halliburton’s adjusted net income was $270 million, or 31 cents…

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