Halliburton warns on Russia asset risk, must end some contracts by May 15
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Halliburton (NYSE:HAL) fell more than 3% Friday after disclosing the Russian government could seize its $340M in assets in the country, and sanctions imposed by the U.S., the European Union and other countries mean it must wind down certain contracts in Russia by May 15.
Halliburton (HAL) said a new 10-Q filing that the net book value of its assets in Russia totals ~$340M, and warned that the invasion of Ukraine and related sanctions could cause the company to take an unspecified charge related to the assets.
The company said last month that it had suspended Russian operations, and it has already taken a $22M writedown on its Ukraine assets.
Baker Hughes (BKR) also said this week that sanctions have made its operations in Russia "significantly more difficult," and further sanctions "could have a material adverse effect" on future results.
Halliburton (HAL) shares have slipped 9% since reporting mixed Q1 results earlier this week, prompting investors to take profits after 80% YTD gains.