On a GAAP basis, the firm posted a quarterly net loss of $3.21 billion ($3.73 per share), compared with net income of $54 million ($0.06 per share) in the second quarter of 2016. In the quarter, Halliburton recognized a $3.5 billion breakup fee paid to Baker Hughes following the termination of the merger agreement between the two companies. Halliburton also took $423 million in impairments and other charges, included a pretax loss of $148 million related to an adjustment related to a financing agreement with its biggest Venezuelan customer.