In this week's news, oilfield services company Halliburton released its second quarter earnings report and two oil refiners reached a settlement with the U.S. government over air quality violations
Halliburton reported a $3.2 billion loss in the second quarter when it released its earnings report on July 20. The loss is largely because of a $3.5 billion breakup fee it paid rival and former acquisition target, Baker Hughes, the company said.
Halliburton’s acquisition of Baker Hughes fell apart in May after the Justice Department intervened because of anti-competitiveness concerns.
The company cut another 5,000 jobs globally in the second quarter, bringing the total workforce to just more than 50,000 people. Halliburton has eliminated more than 35,000 jobs in two years.
Oil Refiners Reach Settlement to Resolve Air Quality Violations
U.S. oil refiners Tesoro Corp and Par Hawaii Refining announced July 19 that they have reached a $425 million settlement with the federal government to resolve air quality violations at six refineries in Western states.
The agreement requires the companies to invest $403 million in new equipment to better control air emissions at operations in Alaska, Northern California, North Dakota, Utah, Hawaii and Washington, according to the Justice Department.
Tesoro is required to pay a $10.45 million civil penalty and spend about $12 million to fund environmental projects in local communities that were affected by pollution.