US oilfield services company Baker Hughes saw its net losses expand and revenue decline in the second quarter of 2020, compared to the same period of 2019, according to its financial results statement released on Wednesday.
The Houston-based oilfield service provider posted a net loss of $201 million in the April-June period of this year. The net loss attributable to Baker Hughes amounted to only $9 million for the same period last year.
The company's revenue came in at $4.74 billion in the second quarter of 2020, down 20.7% from the $5.99 billion recorded in the second quarter of 2019.
"The second quarter of 2020 was challenging in several areas as our company navigated through the ongoing impacts of the COVID-19 pandemic and the sharp decline in activity levels due to lower oil and gas prices," Baker Hughes Chairman and CEO Lorenzo Simonelli said in a statement.
Although he noted that most of the lockdowns against COVID-19 have been eased around the world, he affirmed that "visibility on the economic outlook remains extremely limited."
"More specifically, the risk of a second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020," he said.
Due to weak global oil demand and low crude prices, Halliburton, another oilfield services giant, announced Monday that its revenue was down 46% in the second quarter year-over-year.
By Ovunc Kutlu