Oilfield services provider Baker Hughes Co. posted its second quarterly loss for the year on July 22 and warned it was preparing for longer volatility after a slump in oil prices crushed demand for its services.

Net loss attributable to the company widened to $201 million, or 31 cents per class A share, in the second quarter ended June 30, from $9 million, or 2 cents per share, a year earlier.

Excluding charges, Baker Hughes lost 5 cents per share.