U.S. oilfield services giant Halliburton ( HAL.N ) on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies as U.S. crude futures plunged to two-decade lows. U.S. oil prices have collapsed 80% since January and on Monday traded under $11 a barrel CLc1, a 34-year low, and below many shale drillers’ cost of production. The coronavirus pandemic has crushed oil demand and prompted a sharp decline in the need for oilfield services. Halliburton said it would cut this year’s capital outlays by roughly 50% to $800 million, the steepest by a major energy company so far, and reduce other costs by about $1 billion. It has laid off hundreds and furloughed thousands of workers. The company has no plans to cut its shareholder dividend but added it was a “lever” that could be pulled and promised […]