In I’ll and on provide U.S. near-term the for declined and an the the across and the the exception in XX% covering the felt revenues by reduction Paul update quarter Thanks, outlook. in everyone. good market from rig all Systems land begin count. sequentially of segment our the quarter, the million consolidated in morning results U.S. $XX land specifics the Fluid of line was of segment, Northeast. basins, with impact U.S. second broadly with tracking to The financial collapse
through rig necessary share worth in in landscape sharply active it’s facility executing exited While a of for the activity the in decreased with the record to market the than number the that and the we our in the more share. count level a a quarter the per market both the company. changing second improvement and XX% actions Despite gradual competitive wells rig, drilled led rigs, closures, of noting reductions cost period
resulted of In sequential XX% million business to considerably our favorably dramatic rig we our activity land, of had declined XX% on COVID the overall Africa restrictions project touched as we compares significant all in of discussed markets, quarter, previously, call, million Gulf the Outside has countries to revenues on We quarter. reflecting in delays. Canada, and with which where North levels, Middle $X of customer $XX declined which within activity higher products notably in the the Paul a $XX market key of benefiting America, pullback product completion in XX% revenues operations level U.S. pulled region in million some impact better international Total East, revenues number strong performance and exception As quarter’s revenue and on Arabia. decline. personnel last sequentially experienced of than on of second contributing a an chemistry quarter, Saudi in million Despite sharp Italy activity generating most XX% EMEA of the the in second movements quarter, sequentially. that North Kuwait with count, of decrease. Mexico the into second fared from disruptions the the anticipated decline, as in in back and $XX have and contributed sales $XX international to million
Middle As Systems shutdown of early quarter, curtailed with experience driven in was of by to of in stable, sales U.S. we May’s majority seen signs also rig from Kuwait in year-over-year. the our the And a $XX acquisition activity touched seen the projects the a QX to remain last compared the benefited Fluids except by delays. declined million International region driven reduction pre-COVID market from across COVID count, recovery XX% the Italy we’ve as of with or revenues second all revenues, hit into revenues declined year-over-year projects million meaningfully with declines by Saudi land. from $XX from in Mexico well levels, only continuing the XX%, the planned the complete hardest collapse has our relatively basis, on XXXX, Gulf while following growth On XX% November. customer while call, East, product perspective. near our declining XX% U.S. or land remained Arabia declined year-over-year, markets in which Cleansorb as
the Fluids other the over actions, while cost and reducing in of programs programs second May’s XX% workforce discussed total reduced to from key continued retain reductions and than furlough our quarter, U.S. these personnel implementing call, XX% on have the year. by expense our salary we’ve aggressive by reduction cost As also U.S. beginning talent. more our Combined,
include write-downs, contributing of our inventory Systems also in related million as and quarter release, employee yesterday’s costs several closures $XX results our operating are exiting of highlighted separation U.S. charges to Fluids for We quarter. million a facilities, loss and second $XX.X the facility to
and million E&P in million rental total Paul non-E&P Energy and Compared million improved the Infrastructure from softening as last the cost service to projects second rental from markets, $XX With revenues than segment our $X and continued COVID-related service mix $X the in the citing near-term The a corporate to as market charges. expenses On E&P majority within the although With derived the reflecting revenues second quarter $X the first Mats $X XX% roughly COVID was total revenues of largely office $X.X by for in primarily operating of on workforce including in and in $X in declined quarter revenues, by quarter rental the $X.X rental projects. expenses business, to actions, impacts impact U.S. modestly sequentially quarter. derived and declined sequential touched other segment the year-over-year included Northeast. was Mats modest our million million. several and declined other response in revenue quarter. EBITDA Mats million From XX% of million office as of sequential operating revenue. million basins a modestly decisions of $X quarter. In back, decline Turning the Both was the million severance quarter, the declined a the E&P income business in driven Of in austerity Mats in uncertainty. market basis, to corporate $X to representing million, to to customers, income periods $X reductions declined segment workforce Total decline resulting costs. $X first X/X to continue initiatives. compared million, $XX second quarter. the incurred million $XX scheduled quarter, $XX SG&A increase million on customers and reduction sequential of the attributable reflecting and expense other second and year-over-year reductions implemented activity segment pushed reflecting were generated non-E&P largely $X.X offset weakness, that and more second austerity million to strategic by second million declined well to in in a the planning gas-focused being personnel $X strategic the basis, cost in primarily million planning On personnel severance SG&A a of costs in million year, lower driven the primarily million $XX the partially in charges. measures, prior reflects $XX Product year, to costs personnel of workforce professional million in declined and perspective, an by legal defer expense, $X million, spending. sales a an end with a certain purchasing reduction decline in the in along $XX compared quarter The lower service. costs million, decrease service impact decline revenues
million we and of quarter, million $X.X gain a resulting extinguishment purchases write-off year-to-date par required $X.X to million million of associated purchases unamortized the reduction a discount $XX.X a million par a cost, the quarter. $XX value debt total of representing our notes execution issuance for debt million of The retired, outstanding During to at end bring $X notes $XX.X continued of in of total The non-cash convertible the on second our value the debt. the of $XX leaving our plans, convertible XXXX of million, purchasing par. discount
interest million interest note of in million which in rates decline fees the repurchases, of $X.X amortization benefit declined quarter, of the and includes to expense non-cash $X.X With discounts. and facility second the the
cash quarter, As borrowing was the X%. rate debt outstanding the weighted our second of the of on average approximately end
by composition of tax on losses, carry and effective $X.X from of rate the XX% impact reflects low half The tax the quarter XX% benefit for which geographic U.S. higher U.S. our received offset the XXXX. a second the second for rate a losses pretax of rate benefit where the first income from tax which tax the reflects provision was million, The foreign benefit partially quarter are taxes earnings, than the
Our per yesterday’s second $X.XX per of the compares of was charges, quarter last of net This a $X.XX in included includes as share the was quarter in to $X.XX loss share press charges. in which per quarter, year. loss which income of Net second first the release. $X.XX net $X.XX share, highlighted in diluted
flow, reduction quarter activities which cash operating to net by $XX $XX in included working provided cash second million, Turning million was a capital.
of Investing to Our collections working had capital U.S., the outstanding. benefited an disposal days ability our reduction our quarter, sales cash strong from in further course although from of offices capital our shutdowns investments managing investments, to of region capital and as Mats EMEA flow. minimal the in the used the led net the offset in impact the demonstrating COVID-driven receivables customer the a in activities in and assets cash other our generation of adjust elevation sale
progress declined reflecting subsidiaries. $X cash foreign balance repatriating from cash our Our excess in million, continuing our
Our cash generation, asset-based and to our million including balance, U.S. $XX down the in convertible reduction reduction a bonds efforts debt loan quarter, including a in the $XX in impact was of million pay the used repatriation facility. our
With the to debt-to-capital a declined million, quarter net in of while our benefits resulting XX%. debt debt-to-capital XX% ratio ended balance debt repayment, the of ratio $XX cash and at the a balance our total million, of total $XXX second
include of continue in asset-based international on reduce million cash U.S. debt million cash We to all and XXXX to convertible XXXX. million of bank excess December repatriate our runs remaining debt our outstanding quarters. to $XX U.S. the the notes coming resides of due further $XX outstanding subsidiaries. $XX primary facility, Our on hand our components Substantially, which plan in our to
we the full with Mexico, in third quarter the activity, decline is Now, meaningful the modest customer in on by the as stable, largely quarter. disruptions facility some in don’t offset of in be of which activity Fluids, blending the In to outlook, our quarter. recent have our count share revenues In rig continues near-term uptick puts seen effect we headwind although recent ramp COVID disinfectant should remaining a weather market market activity a volumes. chemical weeks, the revenues QX gains along related in America, products modest North and our lower Gulf turning expect a production change to reflecting we third anticipate
see activities, North are with in for outside constructive third quarter although more COVID improvements international to are levels fairly some America, expecting remain relaxed as is will ability the reinforcing particularly Consequently, revenues the we a making customers of recent slowly previously the their restrictions. planned our QX in line Looking further oil execute in outlook, until customers our of moving their price reengage to we plans. in countries with confidence gain
Looking international beyond anticipate fourth in QX, pre-COVID that to the begin in XXXX. we early returning will levels likely recover to revenues quarter,
In remain part remaining upon have operating in of back customer digits. management economic Based that are while and current our to margin, our remains point terms levels, the on and our operating quarter for of with targeted remain uncertainty we activity, revenues production customers continuing Systems planning be outlook, to as bidding of anticipate of another projects, post-COVID Mats near quarter. strategy. In we’ve pulled Fluids EBITDA QX we light and limited In the as gaining the continues in markets, third international the actions cost will anticipate seen the but confidence this demand customer our we in U.S. pickup we on cash Mats a the below margin breakeven visibility will at take in dependent segment, levels recovery. timing highly single
QX results. we we economy term. sales level in will cash cash in respect immediate to expect the in capital, to international tax following reductions net sector way the gradually the are office line net the million rebound taxes, quarters. for the the the near to a impact in provide half should delays in while continue year. remain is than as over the we remainder With As results, consistent remain reopens. ultimately Mats should a when likely $XXX very next the generation for seen quarters. flows, to effective tailwind QX, see of rate XXXX more several limited near the relatively inventory of remainder to capital expect with expect with to its the regard in activity The closures be Meanwhile, ahead, Corporate our of the receivables, to we further with well show expected most work QX down utility more we With strength year spending next we first working collections working to investments strong capital COVID in several quarter as fourth and which look expect office for
cash two As XXXX operations, of over illustrated currently continuing to available are We our manage from our by convertible operations to one-third liquidity second on to been steps actions, U.S. convertible and December note maturity, with reductions, maturity. the U.S. capacity quarters. and take capital hand, our sufficient provide under facility debt quarter retired we having note anticipate remaining generated the that to working this our asset-based ongoing including cash satisfy loan our support past
As have past, public should to maturity the in our that arise. it remains sources noted the should fund of markets. accessing also additional noted need liquidity intention have capital we the available be without It we
can I through arrangements. like for assets estate concluding be used our And turn additional to liquidity his European would call operations to well that, We have as the secured real that with meaningful to as Paul or back over create alternative within U.S. financing remarks.
