After laying off hundreds of workers at its Oklahoma operations, Halliburton reported a third quarter net loss of $17 million, a loss that compared to the $295 million in net income a year ago. It is on top of the $1.7 billion reported lost in the second quarter of the year which translated into a loss of $1.91 per diluted share.
The loss figured to 2 cents a share as revenues for the quarter literally plugged from $5.55 a year earlier to $2.98 billion in the just-completed quarter for the company.
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.
Despite the loss, Jeff Miller, Chairman, President and CEO said the company’s different course being charged is having a positive impact on the company’s performance.
“Halliburton’s strong third quarter results demonstrate that we are effectively executing on our strategic priorities,” commented Miller. “The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing.”
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