Halliburton Company (NYSE:HAL) reported a US$1.7bn second-quarter net loss amidst tough market conditions, though it described the quarter as “solid”.
Halliburton marked US$236mln of adjusted operating income - excluding impairments and charges - for the quarter marking a 53% decrease from US$502mln in the first quarter.
Second-quarter revenue totalled US$3.2bn, down 37% from the US$5bn generated in the preceding three months. It made an operating loss of US$1.9bn, increased from US$571mln in the first quarter. It generated US$598mln of cash flow from operating activities and free cash flow is reported at US$456mln.
“Halliburton’s second-quarter performance in a tough market shows we can execute quickly and aggressively to deliver solid financial results and free cash flow despite a severe drop in global activity,” said Jeff Miller, chief executive.
“Our results demonstrate a significant and sustainable reset to the power of our business to generate positive earnings and free cash flow.”
Halliburton stock rose by 51 cents or 3.9% changing hands at US$13.59.