Halliburton Co (HAL) Q1 2020 Earnings Call Transcript

Halliburton Co (HAL) Q1 2020 Earnings Call Transcript

On our customers worksites and within our facilities, Halliburton People are getting the job done, while taking the appropriate steps to protect themselves and others.. We finished the quarter with total company revenue of $5.0 billion, a 12% decrease year-over-year, and adjusted operating income of $502 million, an increase of 18% from the first quarter of 2019.. Our Completion and Production division revenue declined 19% compared to the first quarter of 2019, and operating margin expanded 170 basis points.. Our North America revenue declined 25% due to lower activity in pricing in U.S. land.. Free cash flow was effectively neutral for the quarter, which is a significant improvement compared to the first quarter of 2019, and reflects our focus on driving more working capital efficiencies.. Although we came into 2020 with improving expectations for our financial performance in the North America and international markets, the dislocations resulting from the pandemic and the precipitous decline in oil prices have significantly altered those expectations.. Activity is in free fall in North America and is slowing down internationally.. We're significantly reducing costs, cutting capex and managing working capital.. And we believe our near-term actions will not only temper the impact of activity declines