Oil producer Halliburton missed on third-quarter revenue expectations as it continued to navigate the coronavirus pandemic and lower demand for oil.
Houston-based Halliburton posted a net loss of $19 million, or 2 cents a share, vs. net income of $296 million, or 34 cents a share, in the year-earlier quarter. On an adjusted basis, the company said it earned $100 million, or 11 cents an adjusted share.
The adjusted per-share earnings number beat analysts' forecasts of 8 cents.
Total sales rang in at $2.97 billion, down 46% from the $5.5 billion it brought in a year earlier and below analysts’ forecasts of $3.09 billion. Cash flow from operations came in at $420 million, with free cash flow of $265 million, Halliburton said.
Completion and production revenue fell 6% to $1.6 billion, driven by reduced completion tool sales across Europe, Africa, the Gulf of Mexico, and Latin America, coupled with lower cementing activity in the Middle East, Asia and North America.
Drilling and evaluation revenue fell 8% to $1.4 billion from the second quarter due to reduced drilling-related and wireline services in North America and the Eastern Hemisphere, coupled with lower project management activity in Middle East and Asia.
Offsetting that was improvement in both international and North American demand, combined with ongoing efforts to make its operations more cost-effective and efficient helped offset ongoing lack of demand in oil and energy, which have been pummelled by the pandemic and lack of demand.