Halliburton Co. (NYSE:HAL - news) , the world's No. 2 oil field services company, on Tuesday posted a third-quarter net loss as it took $230 million in charges to fund its asbestos liability.

The Houston-based company, formerly headed by Vice President Dick Cheney (news - web sites), said its net loss totaled $44 million, or 9 cents per share, compared with year-earlier net income of $58 million, or 13 cents per share.

Excluding the charge for its asbestos settlement, profit from continuing operations was $186 million, or 42 cents per share.

it sounds bad until you realize how nice it must be, to come out of bankruptcy smelling like a rose

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