U.S. oilfield services company BJ Services Co (BJS.N) reported a quarterly net loss on Tuesday as oil and gas producers ratcheted back activity in response to weaker oil and gas prices.
The company posted a net loss for its fiscal third quarter ended June 30 of $32.3 million, or 11 cents per share, compared with a net profit of $142 million, or 48 cents per share, in the same quarter a year before.
Revenue fell 41 percent to $787 million.
Included in the net loss were more than $23 million in charges for job reductions and to write down inventories and asset values.
On Monday, Wells Fargo Securities cut its rating on BJ Services to underperform from market perform due to challenges posed by an oversupplied pressure pumping market. [ID:nBNG218174]
Shares of BJ Services are up 23 percent so far in 2009, compared with a 38 percent rise for the Philadelphia oilfield service index .OSX.