Halliburton loses $643 million in 1Q

Oil field services firm Halliburton Co. (NYSE: HAL) posted a loss of $643 million during the first quarter amid what CEO Dave Lesar called an “unprecedented decline in drilling activity” in North America.

The company blamed the weak quarter on the downturn in the oil market, which led to $823 million in charges including asset write-offs, inventory write-downs and severance costs. Halliburton earned $622 million during the same period a year earlier.

Halliburton also recorded a $199 million loss due to Venezuelan currency devaluation and $35 million in costs from the company’s acquisition of Baker Hughes Inc. (NYSE: BHI).

Total revenue fell to…