US oil field services company Halliburton posted a net loss and a revenue decline in the second quarter of 2020, according to the country's financial results statement released on Monday.
The firm reported a net loss of $1.68 billion in the second quarter of 2020, down from $77 million in the April-June period of last year.
Revenue was also down by 46% to $3.2 billion in the second quarter of this year, from $5.93 billion for the same period of 2019.
Jeff Miller, chairman, president and CEO, defined the current global oil market dynamics as 'tough,' but affirmed some cost reductions and positive cash flow, according to the statement.
'Despite the market headwinds, the margin performance of our completion and production and drilling and evaluation divisions and the $456 million of positive free cash flow generated this quarter show the speed and effectiveness of our aggressive cost actions,' he said.
Halliburton is the first of many oil companies in the world to post a net loss and revenue decline during the first half of 2020 due to low oil prices triggered by weak global oil demand because of the novel coronavirus (COVID-19).
Halliburton's net losses, which reached $230 million in the January-June period of 2019, ramped up to $2.69 billion in the first half of 2020.
Revenue declined by 29.5% in the first six months of this year to $8.23 billion, down from $11.67 billion during the same period last year.
By Ovunc Kutlu