The nearly $10 million raise happened despite pledges from the company to reduce executive pay as the coronavirus pandemic crushed the oil industry.
The company reported a loss of $235 million, or $0.27 per share, on revenue of $3.24 billion.
The company, along with most major international oil services companies, had already scaled back operations and written off hundreds of millions of dollars in assets and receivables in Venezuela.
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Halliburton is the world's second-largest oilfield-services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping. It added drilling services as a second key area of focus via its 1998 acquisition of Dresser and today stands second only to industry leader Schlumberger. Owing to its strategic bet on U.S. shale starting nearly two decades ago, Halliburton has played an unparalleled role in facilitating the shale revolution.
| Website: | www.halliburton.com |
| Email: | investors@halliburton.com |
| Main Phone: | +1 281 871-2699 |
| Address: | 3000 North Sam Houston Parkway East |
| State: | TX |
| City / Town: | Houston |
| Country: | US |
| Postal Code: | 77032 |
| Exchange: | NYE |
| CEO: | Jeffrey A. Miller |
| Employees: | 40000 |
| NAICS: | Support Activities for Oil and Gas Operations(213112) |
The nearly $10 million raise happened despite pledges from the company to reduce executive pay as the coronavirus pandemic crushed the oil industry.
The company reported a loss of $235 million, or $0.27 per share, on revenue of $3.24 billion.
The company, along with most major international oil services companies, had already scaled back operations and written off hundreds of millions of dollars in assets and receivables in Venezuela.
The company posted a net loss of $17 million in the quarter, or $0.02 per share. Adjusted for severance and other one-time charges, earnings came in at $0.11 per share.
Halliburton reported a net loss of $1.7 billion, or $1.91 per share, in the second quarter ended June 30, which included a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling.
"This could be the one that gets me," says Andrew Graham, a 20-year Schlumberger veteran cut in April.
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The company has cut its 2020 budget by over 20% from the prior year and is restructuring its operations to adjust to declining activities.
The company's capital outlay cuts of $800 million are the steepest by a major energy company so far. Halliburton will reduce other costs by about $1 billion. It has laid off hundreds and furloughed thousands of workers.
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