Baker Hughes said Monday it will report a $15 billion impairment charge, larger than the company’s current market capitalization value, as the decimated oilfield services sector adjusts to demand collapse triggered by the coronavirus pandemic. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Baker Hughes said in a statement it will record the goodwill charge in the first quarter after the impacts of the pandemic led the company to perform an interim quantitative impairment test. Apart from the impairment charge, Baker Hughes also will cut its 2020 capital expenditure budget by more than 20% from last year down to less than $1 billion, it said. Baker Hughes highlighted the impairment won’t impact cash flow and the company “continues to maintain solid financial strength and liquidity.” A Baker Hughes […]