you, thank Jim. Well,
a While as efficiencies, for the quarter margin improved success channels, the sources ended of Gross quarter crew well March revenue initiative. net compared ended the reporting XXXX, improved in of utilization our the result March X.X% as reported months as a XX $XXX,XXX net continuing for for three we $XXX,XXX a company decrease XX, reported increased with to energy XX, loss control to of XX.X% income of XXXX. cost ended March
such only. be $X the the of year primarily terms. The totaled of Capital additional channels Board on Directors maintenance XXXX. an initial XXXX for for $X.X of quarter the million expenditure purchases approved for for recording channels to requirements of opposed million, budget and balance as items to company’s for less capital are anticipated expenditures maintenance Capital capital has leasing favorable of
XX, company with of of said, and restricted million XX, finance the of as payable XXXX. strong leases balance capital $XX.X million cash, notes investments remains Jim and $X.X million As cash March of short-term sheet had as $XX.X working The and XXXX. company’s March of
impacted channel than the were count operation three crews States the continued and favorably large First in United quarter anticipated by of results season. better Canadian a
late with in February. pleased results market oil we numerous and since gas December been XX, our the there first While industry changes the to quarter reported results, have and are XXXX overall we
primarily cut economic oil impact number oil April. million in drilled wells markets in went barrel early by from worldwide, Saudi futures which in a period in the XXXX, the the Russia February resulted in Oil budgets brief for XX% exploration oil and and to from to between caused of being The $XX below oil has reductions to and to negative companies OPEC of approximately March. on per resulting agreement X, X.X plummet XX%, Arabia for Russia drop prices the in oil well and of dissolution by quotas, combination the rapid in Arabia the demand caused The in an ranging of oil per prices, pandemic, $XX March oversupply production from and barrel withhold despite approximately subsequent COVID-XX of Saudi reductions forced resulting to capital world barrels completed.
by requests demand and have our large Since for As periods our for reduction the declined of several unforeseen these a accordingly. prior expenditure has projects of been services proposals, in experienced reductions in circumstances, onset clients, capital postponed. we
communication of continue maintain our uncertainty our to who as We base, client the company. close same with level are experiencing
changing on we through the large anticipate but the Based XXXX. rapidly the two and quarter of continued channel of second into third operation information, current, quarter count crews
issue. be limited undetected as on a which third negatively will crew channel data quarter completed experienced impacted a operational second previously project, we count redeploy from The somewhat dropout smaller an
staff this $X.X of of visibility after beyond non-field in in is of environment, uncertainty, ultimately level In reduced support April, quarter $X.X million. quarter the the severance third in our part annual the response market we limited. costs second should early current savings which our to result million the approximately In
many XX, approximately savings senior March by XXXX until at levels In million. reduced XXXX, annual $X.X of approximately employees XX% other of XX, temporary addition, each varying effective Board. determined in taken currently our expect result we And of salary executives which the we unless have otherwise base should the salaries February an deductions by
to distancing, to protocols. company’s impact on recommended its people, the office CDC March, work limited COVID-XX hygiene recommendations, from update limits, and their guidelines, guidelines to, group enhanced the but response town In employees conferences early and telephone families small we pandemic our home hours social practices and on instituted minimized including not weekly hall in and
locations, that seeing that rigorously continue areas CDC are we and shelter-in-place begin in certain observe business Texas We guidelines to up, are applicable other and followed. reopening provided to now locations are open we proper directives
provide additional care issues, with in-home other health elderly residents general child or those home for conditions, work concerns. to pre-existing to continue We from flexibility
additional schedules needs. field times ample water crew level, the At to reduce a from flexibility, relaxed eliminate radio our individual Most provide project consist number work of large vehicles have day-to-day the for offered small, single often safe operations of to and communication, we secured people groups. in gathering, individual, locations, utilization group implemented to allow policies increased supply, isolated to and increased of traveling vehicle housing daily of
balance sheet, market industry to to a and gas depending to strong or favorably some While of and year we shareholders, positions that taken, expenses conditions difficult we down unremitting structure on throughout steps the most and has confident faced, today the a and employees, face during allows that up us quickly are challenges, challenging we’ve as such adjust an the ever our our scalable perhaps clients operations our commitment both business us commitment these times. and the oil difficult
to development there we identify exploration well to continue and locations. headwinds, program term will the companies’ helping drilling that value are by continue seismic near add and believe data significant production over to Although optimum long-term,
their employees, continued our our valued like and support commitment personally challenging of during would for clients and times. I to thank shareholders working these our all hard
with John, to And I for the that, questions. call are ready believe open we
