Halliburton Co. (NYSE: HAL) reported fourth-quarter and full-year 2015 results before markets opened Monday. For the quarter, the oil and gas services company posted adjusted diluted earnings per share (EPS) of $0.31 on revenues of $5.08 billion. In the same period a year ago, the company reported EPS of $1.19 on revenues of $8.77 billion. Fourth-quarter results compare also to the Thomson Reuters consensus estimates for EPS of $0.24 and $5.11 billion in revenues.

For the full year, Halliburton reported EPS of $1.56 on revenues of $23.63 billion, compared with 2014 EPS of $4.02 on revenues of $32.87 billion. Analysts were looking for EPS of $1.48 on revenues of $23.69 billion.

On a GAAP basis, the firm posted a quarterly net loss of $28 million ($0.03 per share) compared with net income of $9.01 million ($1.06 per share) in the fourth quarter of 2014. In the quarter, Halliburton took charges, primarily for asset impairment and severance, of $192 million ($0.22 per share); a charge of $79 million ($0.07 per share) related to its acquisition of Baker Hughes; and $27 million ($0.03 per share) in interest charges related to its $7.5 billion fourth-quarter debt issue.

In 2015, North American revenue declined by about 28% year over year and operating income dropped from $5.1 billion to an operating loss of $165 million.

The company did not provide guidance in its earnings release, but the first-quarter consensus estimates call for EPS of $0.15 on revenues of $4.79 billion. For the full year, EPS is estimated at $0.87 on revenues of $20.13 billion.

Company President Jeff Miller said:

North America revenue declined 13% sequentially, led by reduced activity and pricing concessions in US Land. Operating margins improved by 160 basis points, driven by cost reduction efforts, and year-end completion tool sales in the Gulf of Mexico. Our margins continue to include an elevated cost structure in North America, in anticipation of the pending Baker Hughes acquisition.

Our strategy remains unchanged. We are focused on maintaining a strong customer portfolio, investing in more efficient technology, and delivering reliable, best-in-class service quality for our customers. We are looking through this cycle, drawing upon our management’s deep experience and preparing the business for growth when the industry recovers.

Halliburton’s stock closed at $30.19 on Friday, up about 3.1% as crude oil prices rose by 9% on the day. Shares were inactive in Monday’s premarket. The stock’s 52-week range is $27.64 to $50.20. Thomson Reuters had a consensus analyst price target of $43.44 before the report.

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