Schlumberger Ltd. (SLB) Tops Q2 EPS by 6c

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Go back to Schlumberger Ltd. (SLB) Tops Q2 EPS by 6c

Baker Hughes posts second quarterly loss as oil slump slams demand

July 22, 2020 8:40 AM EDT

By Shariq Khan and Liz Hampton

(Reuters) - Baker Hughes Co (NYSE: BKR) posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility.

Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that clipped demand for services offered by Baker Hughes and rivals Schlumberger (NYSE: SLB) and Halliburton (NYSE: HAL).

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