Newpark Resources (NYSE: NR) reported Q1 EPS of ($0.14), $0.09 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $164.55 million versus the consensus estimate of $172.71 million.

Paul Howes, Newpark's President and Chief Executive Officer, stated, "While our immediate focus remains on the health and safety of our employees, their families and the communities where we live and work, we continue to manage through the impact of the COVID-19 pandemic, both here in the U.S. and around the world. The unprecedented collapse of the oil & gas industry created by the demand destruction of the coronavirus and the resulting imbalance of supply and demand, has caused the price of oil to decline to historical lows. Fortunately, we have been working diligently over the last several years to reduce our dependency on the US shale market, executing strategic actions across both segments. These actions have strengthened our position and diversified our revenue base, as 57% of our first quarter 2020 consolidated revenues were derived outside of the U.S. land E&P market.

"Although many actions were already underway to reduce our U.S. Fluids operational footprint and drive a more variable cost structure, we recognize that the collapse in oil prices is going to have long lasting effects on the U.S. land market, requiring additional structural action to right-size for the new market reality in our Fluids Systems segment. Outside of US land, while we expect all regions within Fluids Systems to experience some impact from the collapse in oil prices, we anticipate our heavy IOC and NOC concentration in both the international and Gulf of Mexico markets will result in greater revenue stability relative to U.S. land, consistent with our experience in 2015 and 2016," added Howes.

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