Halliburton reports net loss of $17 million
Halliburton Company announced today a net loss of $17 million, or $0.02 per diluted share, for the third quarter of 2020. This compares to a net loss for the second quarter of 2020 of $1.7 billion, or $1.91 per diluted share. Adjusted net income for the third quarter of 2020, excluding severance and other charges, was $100 million, or $0.11 per diluted share.
This compares to adjusted net income for the second quarter of 2020, excluding impairments and other charges, of $46 million, or $0.05 per diluted share. Halliburton’s total revenue in the third quarter of 2020 was $3.0 billion, a 7% decrease from revenue of $3.2 billion in the second quarter of 2020.
Reported operating income was $142 million in the third quarter of 2020 compared to reported operating loss of $1.9 billion in the second quarter of 2020. Excluding impairments, severance and other charges, adjusted operating income was $275 million in the third quarter of 2020, a 17% increase from adjusted operating income of $236 million in the second quarter of 2020.
“The fundamentally different course we are charting is having a positive impact on our performance. Halliburton’s strong third quarter results demonstrate that we are effectively executing on our strategic priorities,” commented Jeff Miller, Chairman, President and CEO.
“Total company revenue was about $3.0 billion and adjusted operating income was $275 million. We improved our margin performance both internationally and in North America and are on track to generate over $1.0 billion in free cash flow for the year. The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing. We have a strong international business, a lean North America operation, and an efficient capital deployment strategy, all enabled by continued adoption of leading digital technologies that benefit our customers and Halliburton. We believe executing on our strategic priorities will boost our earnings power reset and free cash flow generation today and as we power into and win the eventual recovery,” concluded
Other Financial Items
Halliburton recognized $133 million of pre-tax severance and other charges in the third quarter to further adjust its cost structure to market conditions.
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