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The Net Debt Free Cash Acid Test

Good thing that Oxy reporting tonight “exceeded guidance and continued to deliver operational excellence” otherwise they might have reported an even more epically abysmal result. Even with the aforementioned exceeding and excelling, the company reported a net loss attributable to shareholders for Q2 2020 of $8.4bn, or $9.12/share. Excluding writedowns (why? they happen on a recurring basis), the adjusted loss was $1.6bn, or $1.76 per diluted share. Anyway, with Oxy having reported, Sankey Research can […]

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8:18 AM

Halliburton beats expectations with a $1.7bn loss

Halliburton’s CEO Jeffrey Miller guided this year to be not a “V” nor “W” but an “L”. While there are “green shoots” of recovery, these are not “meaningful”, and full year guidance is below the eye-watering sequential declines seen Q1 to Q2, with full year revenues expected to be 50% down for 2020 over 2019 in North America. International decline expectations are mid-teens, with the year ending with “usual seasonal deceleration”. Given we expect another […]

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10:03 PM
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