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Baker Hughes posts loss compared with 2014 profit

Market news
Market news

Baker Hughes has posted a quarterly loss compared with its profit one year ago.

A decline in oil prices has kept a lid on drilling activity for the company, which was bought over by Halliburton last year.

Baker Hughes said net loss attributable was $188million – or 43 cents a share – in the second quarter of 2015.

This was in comparison with a profit of $353million in 2014.

Revenue has also decreased by 33% to $3.97billion.

Earlier this week Halliburton posted a profits drop of 93% and said it had incurred about $400million in charges as companies have reduced drilling activity.

Baker Hughes and Halliburton have entered into a timing agreement with the antitrust division of the US Department of Justice, with the takeover expected to be completed by December.

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