Halliburton Co., one the world’s largest oil...

Halliburton Co., one the world’s largest oil field services companies, reported a loss of $524.6 million for the second quarter. The Dallas-based company said that more than 90% of the loss came from writedowns of $488.7 million on inventory, property and equipment associated with this year’s oil price slump. “The writedowns were made to recognize the substantial erosion which has occurred this year in the economic value of our operating assets and related investments,” said Thomas H. Cruikshank, president and chief executive. Cruikshank, in a statement, blamed the downturn in oil prices for the company’s decline in exploration, which resulted in declining marine engineering and construction revenues.