script where review outlook year, in are the and couple where were Thanks, moments and changed do a today year the like given full what’s happened Thank from earlier the to I’d over Ryan quick we to have discuss how for for analysis now of good and here. financial morning we or fourth a quarter everyone. the our you may us results. and joining of adhere weekend
margin of revenues this of of cost the run the all after with about were EBITDA corporate first year, quarter annualized revenue XX% million. adjusted XX% $XX operating about allocations. of our annualized more the year, rate annualized margin EBITDA of $XXX represented revenues. XX% of rate decreased an run about a and run So, million about that’s importantly, to adjusted we about rate, $XXX roughly, X.X% during By margin half lower EBITDA at fourth an first million of half That’s
first half reduced quarter the activity. in we where running were dramatically So, versus fourth
share but well We have which a gaining all of spend at new perform market business solid and of with which E&P It’s gaining cannot customers. QX activity Plays, share. Shale important is gaining essentially levels. businesses It’s customer the
doing is aspect this cost environment. offerings Management current each what substantially about strengthened XX% our and attacked industry at imperative. business. activity every able we we regions our geo to expect by of consolidation can our is and We’ve or continue people be of absolute an in We we’ve in but and to broadened headcount so, reduced service XXX in levels doing
months, Clearly there investment be will reduced. all but be [knees]. are this mode further further sharp in reduction the E&P in also increase not Russia over bring its [Saudis] to [knees] its the prices the that will output and cut will share oil to morning, in any a in companies reassessment the bring coming industry will event OFS announcement E&P The it only demand will gas to and U.S. gain an weekend
script, get through respect run With with obligations background, and a then I here and the fourth-quarter think into we’ll do Q&A. our our that just to full-year
companies, demand and flow on intense fourth to and continuation third quarter was the abrupt abrupt discipline focus the their due was The activities decline in cash cessation conditions, the a in of demand industry E&P free deterioration quarter. the the in which capital began So, in in generation. decline and principally
severity The to of U.S. In half the addition year. course. sharp the rig a to companies the second in land by ended decline the exhaustion, the from spreads the operating calendar and of XX E&P through second end of quarter count led the January year decline unprecedented in customer decline frac in year budget of an
an we with As last comprehensive demand. review our ongoing aligning targeted rationalization reported program business cost cost quarter, we initiated at structure and customer
we year Specifically, our wireline in force, reduction person of XXX and warm implemented our cost XX% we approximate or business. stacked cut every we assets, based in aggressively approximate Permian
cost and the we in QX, free in to We undrawn in the will actions of ended $XXX continue million the benefits and compared realize cost XXX XX% and fourth our approximately carefully credit despite facility. a to with the monitor during quarter rationalization to as the our X.X structure. this began year about cash flow reduction staffing million We cash million generated revenues year quarter and in of
received While was have recruited million the cost as we’ve and diameter and drag last activities deploying join new currently to results. personnel approximate on both personal start-up company third five of we coiled tubing reduced spreads. $X.X level have fourth quarters substantially, our these are an also large coil our The tubing experienced operating the of the we in QX
the controls our tubing the the life which services share broad health with both range increases coil continued believe strong generation focus standards. greater gains partner services cash maintaining value-added superior safety broadly company's number customer a by environmental of history should serves services, while enhance and a proven and value-added tight on liquidity, providing spend strategy, a pulling together as of of confident We of clients position cost company's customers flow and our through to free with asset
current the performance, comment will financial discuss On outlook. and today's call XXXX market, our on review our quarter oilfield services fourth we’ll
across basins. market exploration begin under And U.S. in in spreads frac U.S. be the rig fourth an environment. The in continues focus. by major market This while X. quarter resulted quarterly to Slide to declines all significant land current pressure spending turn activity, the and oilfield reviewing reined during shale companies Let’s intense production services count; intense sequential maintaining completion as
the Many on and of fourth of concerns in hit this reflects to difficult. E&P were operations pronounced activity is Slide continue scaled Clearly, shut The XXXX half the extremely in conditions decline activity. demand. prices in more X supply down natural as plays natural even weigh growing gas back quarter. or second the multi-year sharp during completely gas reduction lows
adjusted in adjusted that margin our as of the was million, and about the XX fourth were second first EBITDA rate EBITDA quarter, half. EBITDA, XX% and adjusted and XX% half $XX the lower with this adjusted and And we in million, EBITDA revenues, EBITDA of X% as XXX and first XXX than margin compared KLXE and were respectively. year revenues, a of operating was million half revenues respectively at margin X.X% million
to to XXXX turn Adjusted was quarter revenues Slide us approximately consolidated decreased XX%, our to $XX Let fourth million, $XX.X review as loss X compared results. approximately of operating QX. QX million approximately to quarter quarter compared of compared adjusted million, EBITDA $X.X approximately revenues. to of million adjusted XX% operating about third million. loss third of approximately or was $X EBITDA $XX Adjusted
$X.XX diluted Adjusted net loss the of to $XX.X compared net million share share. quarter, per negative approximately loss adjusted third diluted was $X or quarter fourth $X.XX per or for million
or per XXXX, million loss positive For diluted reported $X.X as adjusted to fiscal million adjusted XXXX, fiscal earnings or net net was diluted $XX.X an for per the share. $X.XX year, of company That full $X.XX compared the share. of
million. full of the reported the an for So, adjusted company year, net $X.X loss
period corporate to months segment allocated to that mention XXXX during to we would segments. follows. for our the the review $XX approximately each all its quarter like financial Total quarter three million. our as three the fourth results, segment cost October Cost allocated XX segments ended we fourth to XX company and Before three costs were were January allocated
million X.X million QX, QX, in and in segment, Southwest million QX. in X.X and in Mountain $X.X and in segment Rocky million in $X.X QX Northeast/Mid-Con segment million $X QX; and QX $X.X respectively;
decline for revenues of free curtailing due the quarter of number some XXXX to corporate Let’s generation. a on segment exhaustion due of was Mountain budget this capital focus or million year compared quarter third third now intense our which balance million Slide XX.X%, substantially even million X cash discipline flow by to the turn Mountains in in results, the financial The costs year. spending Fourth quarter with decreased of revenue the $XX.X Rocky of E&P's or as operations review of and Rocky a customers XXXX. $X.X $XX.X allocation and to include QX primarily and
earnings operating the negative fourth for in EBITDA, X.X EBITDA Operating was XXXX. $X.X million loss million operating margin respectively, revenues in and Adjusted was of the in XX.X% quarter leverage. third margin. XX% margin million, EBITDA by adjusted operating $XX quarter margin and compared Adjusted negatively period and of EBITDA as resulting $XXX approximate in revenues to of million quarter XXXX third the adjusted EBITDA were and the $X.X current as adjusted XX% decline adjusted million half EBITDA $XX compared impacted EBITDA of revenues, and in first of XX.X% with and million resulting results
operations Let’s and was a revenues Northeast/Mid-Con turn the balance the due Northeast/Mid-Con XX.X% XX, quarter suspending third of our the ended of for XXXX decreased quarter segment $XX or of compared The primarily to January curtailing XXXX. X in segment million as performance. number Slide with even Fourth fourth substantially review by decline revenues year. quarter of to customer’s
customers. levels, third XXXX. as almost Northeast/Mid-Con In as The dramatically Natural of compared of adjusted to by segment Northeast/Mid-Con revenue adjusted natural the has this $X.X with exposure XX%, $X.X case, loss February declined particularly rigs along was percentage the activity loss by million, gas highest quarter natural lower with operating customers. million. about about compared segment gas gas operating to
XXXX adjusted revenues a adjusted million was operating third margin and quarter XXXX XX% a approximate $XX.X and Fourth negative $X.X to as million, million cost EBITDA and quarter’s and EBITDA weaker respectively results margin XX.X% and adjusted after margin EBITDA in EBITDA decline adjusted Fourth revenues XX.X% EBITDA to pricing. adjusted compared EBITDA reflect all XXXX quarter half the EBITDA $XX.X and first allocations. in million $X of
stack decreased ended fourth to Slide X company’s to turn revenues its Fourth results primarily a wireline majority the by segment. in the wireline review Permian, as activity and quarter driven weak pricing Southwest environment. elected warm assets revenues decline the levels January million of the for company quarter vast XXXX due XX, $XX Southwest lower the segment in XX% and Let’s to of
adjusted $X EBITDA $X.X quarter of and loss adjusted $X.X operating million, adjusted compared compared operating to quarter was $X.X third Adjusted to negative about of loss million. EBITDA negative third was million, million,
ended and X. XX, year-ended a moment a and the XXXX company take $XX approximately Slide for million. operations $XXX cash review approximately Cash million financial with was position of by our flow Let’s provided year the balance the January on
company's the $XX capital was company's facility cash approximately XX%. was net no million ratio outstanding were were There resulted debt are total $XXX million; X.X ratio Leverage in XXXX. long-term debt $XXX million. net debt debt $XXX net no maturities of until times. borrowings expenditures of under approximately approximately million, there Capital credit The and less November to approximately
We and us remain believe to explore through capital where continue or return highest position Moreover, shareholders capital our the debt service strategic or generate committed allow it believe shared will evaluate combinations. financial to will purchases we lines lens. we in deploying investments product same our the strong to potential our to
to moment I’d take on now a outlook. comment our like to
continued the to demand in part January improvement in February. improve So, of latter began and the
this XX, Before an ended XXXX. financial fourth in in as compared January were April improve increase performance we morning, ending quarter to our revenues expecting our XX, first and quarter
coil joined We diameter the tubing are last the first and tubing personal coil experienced of additional recruit quarter deploying in company currently spreads. our continuing new five we’re to large the
end related to first start-up spreads tubing coil to quarter earnings. are be of our to expect new large expected first diameter The quarter have coil do costs on deployment of XX operation our however of in We services the dragged these the the tubing XXXX. of by all
needs equipment focused and will of while We and and our new across major healthy portfolio by of on winning capital customer serving spend share liquidity prudently a gaining providing basins all of and customers both maintaining remain a broad the customers managing our of level services expenditures.
served rollout of differentiator, of ongoing a diameter efforts anticipated broad to services generating In cost positive market pull-through gain cash with with an share from customers our our share light our of gain key strength range is of our believe through the reduction the and to flow asset new XXXX. will allow financial along that large we greater where tubing services to the coil free impact of of environment, both operating customers us goal the increase continue number and the spend
being coming decades in caused destruction the and prices WTI moved Nevertheless, gas oil with natural demand pandemic E&P and lowest the having to months. gas could further coronavirus now investment deterioration levels by cause in and spending in
Ryan. With over call I’ll turn the to that,
