Halliburton Reports $498-Million Loss

Halliburton Co., the world’s second-largest provider of oil-field services, reported its first quarterly loss since 1998 as the it shed 1,600 jobs and set aside $391 million to pay for asbestos-damage claims.

The second-quarter net loss was $498 million, or $1.15 a share, contrasted with profit of $382 million, or 89 cents, a year earlier. Revenue fell 3.1% to $3.24 billion.

Meanwhile, Chief Executive David Lesar provided the first estimate of total asbestos costs, helping the company’s shares surge $2.10, or 23% to $11.20 on the NYSE.

Asbestos expenses will reach $2.2 billion through 2017, including $602 million not covered by insurance, mostly from businesses acquired when Vice President Dick Cheney was CEO, the Dallas-based company said.