American oilfield services company Halliburton posted net losses for both the fourth quarter and full year of 2019, while revenue decreased slightly year-over-year, the company's results statement showed on Tuesday.
The firm saw a net loss of $1.65 billion in the fourth quarter of last year, compared to a net income of $664 million during the same period of 2018.
The company also recorded a net loss of $1.13 billion for the full year of 2019, while it posted a net income of $1.65 billion for the full year of 2018.
Halliburton's revenue also showed some declines, according to its financial results statement.
While the firm had revenue of $5.93 billion in the final quarter of 2018, this fell by 12.5% to $5.19 billion in the October-December period of 2019.
Revenue for the full year of 2018 was recorded at $23.99 billion, but it decreased 6.6% to $22.41 billion for the full year of 2019.
"Our North America revenue decreased 21% sequentially in the fourth quarter and 18% for the full year as a result of reduced customer activity and pricing, and our decision to focus on returns over growth," Chairman, President and CEO Jeff Miller said in the statement.
Miller noted that Halliburton delivered over $900 million of free cash flow for the full year of 2019.
By Ovunc Kutlu