The revenue of the world's second-biggest oil services company, Halliburton, declined by around 7% in the third quarter to around $3 billion compared to the second quarter, according to its financial results statement released on Monday.
The company's total revenue totaled $5.6 billion in the same quarter of last year.
Halliburton posted a loss of $1 billion and $1.7 billion in the first and second quarters of 2020, respectively, and recorded a $17-million loss in the third quarter.
"The fundamentally different course we are charting is having a positive impact on our performance. Halliburton’s strong third-quarter results demonstrate that we are effectively executing on our strategic priorities," Jeff Miller, chairman, president and CEO of the company was quoted as saying in the statement.
The company attributed its "improved performance" to the slowing rate of decline in production on the international markets and a strengthening North American economy.
"We believe executing on our strategic priorities will boost our earnings power reset and free cash flow generation today and as we power into and win the eventual recovery," Miller said.
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry with more than 40,000 employees in more than 80 countries.
By Sibel Morrow and Firdevs Yuksel