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HAL - Halliburton Q1 Results Perfectly Encapsulate The Oil Market Crisis
Halliburton Company
Halliburton Company (HAL), the OFSE industry heavyweight, has recently presented its Q1 2020 results and negatively impressed the market with a humongous quarterly loss of above $1 billion caused by massive impairment. Another matter that added to its difficulties was the shocking situation in the oil market, as the front-month (May) contract for WTI crude oil plummeted to sub-zero figures for the first time in history because the U.S. tank storage capacity has been approaching limits. As you can see, the OPEC+ deal that was supposed to bolster the price for crude is