US oilfield service provider Halliburton on Monday reported an attributed net loss of $17 million, or 2 cents/share for the July-September quarter, marking the company’s fourth consecutive quarterly loss. This is compared to a $295 million, or 34 cents/share profit the company made in the same quarter last year. Halliburton took severance and other charges worth $133 million during the period. The company’s shares gained 3.4% in early Monday trading to $12.67.
Halliburton’s revenue in North America slumped 67% to $984 million. However, CEO Jeff Miller said two-thirds of the company’s revenue came from outside American operations. Its completion and production division registered a revenue of $1.57 billion for the quarter, falling by roughly 55% year-on-year from $3.51 billion. The company’s overall revenue plunged 46.4% to $2.98 billion.
Miller said that the US shale industry would likely shrink due to the coronavirus pandemic. However, the sector is expected to emerge from the health crisis stronger and with more profit. He expected revenue from Halliburton’s completions and drilling division to grow by 10% in the fourth quarter. However, he warned that a new wave of COVID-19 outbreak posed a near-term risk. Halliburton has significantly slashed costs, including by reducing real estate footprint and jobs in North America.
