The company reported a net loss of $1.6 billion, or $1.88 per
share in the quarter, compared to a net income of $664 million, or $0.76 per
share, last year, mainly due to a $2.2 billion impairment charge associated with
cost structure adjustments. Adjusted EPS totaled $0.32, beating forecasts of
$0.29.
CEO Jeff Miller stated, “In 2020, we expect our
international growth to continue. Increased activity, disciplined capital
allocation, pricing improvements, and our ability to compete for a larger share
of high-margin services should lead to improvement in our international margins
in 2020.”
Completion and Production revenue fell 13% sequentially to $3.1 billion due mainly to reduced activity and pricing in multiple product service lines in North America land and reduced stimulation services in Latin America.
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Drilling and Evaluation revenue increased 4% sequentially, driven
by increased activity in all product service lines in Middle East/Asia, along with
increased drilling activity in Europe/Africa/CIS and year-end software sales
globally.
Revenue in North America dropped 21% sequentially, mainly
due to reduced activity and pricing in North America land. International
revenue rose 10% sequentially, helped by increased activity in multiple product
service lines in Middle East/Asia and increased well construction activity in
the North Sea.
Revenue in Latin America fell 2% sequentially while revenue in the Europe/Africa/CIS and Middle East/Asia regions grew 6% and 19%, respectively.
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