Halliburton Company (NYSE: HAL) reported its financial results for the quarter ended March 31, 2020 today.
Halliburton slipped to a loss in the first quarter of 2020 from a profit last year due to the inclusion of impairments, other charges and a loss on the early extinguishment of debt. The top-line dropped by 12% due to the dual shock of a massive drop in global oil demand coupled with a resulting oversupply.
The company expects activity in North America’s land to sharply decline during the second quarter and remains depressed through year-end, impacting all basins. The company is taking swift actions to reduce overhead and other costs by about $1 billion, lower capital expenditures to $800 million, and improve working capital.
Oil demand has significantly deteriorated as a result of the COVID-19 pandemic outbreak and corresponding preventative measures taken around the world to mitigate the spread of the virus. For the remainder of 2020, the company expects a further decline in revenue and profitability, particularly in North America.
Walt Disney (DIS): After a tough FY20, the pandemic is likely to take a toll on operations next year too
The Walt Disney Company (NYSE: DIS) had a tough time in fiscal year 2020 with the COVID-19 pandemic bringing its operations to a standstill like never before. The company incurred
The recent optimism about economic recovery waned slightly this week after jobless claims increased more-than-expected to about 778,000 amid concerns over a resurgence in coronavirus cases. With the healthcare system
Yunji Inc. (NASDAQ: YJ) Q3 2020 earnings call dated Nov. 26, 2020 Corporate Participants: Kaye Liu -- Investor Relations Director Shanglue Xiao -- Chairman of the Board of Directors and Chief Executive Officer Chen