Halliburton Company is one of the world's largest providers of products and services to the energy industry. The company has 55,000 employees, representing 140 nationalities in more than 80 countries, serves oil and natural gas companies throughout the world and operates under two divisions, the Completion and Production segment and the Drilling and Evaluation segment. Completion and Production delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion products and services. Drilling and Evaluation provides field and reservoir modelling, drilling, evaluation and precise wellbore placement solutions.
According to the Annual Financial Report, the Company generated a revenue of $22.4 billion in 2019, a 7% decrease from the $24.0 billion of revenue generated in 2018, with the Completion and Production (C&P) segment declining by 12% and the Drilling and Evaluation (D&E) segment improving by 4%. The decline was primarily due to lower activity and pricing in North America land, mainly associated with stimulation services and well construction. Revenue from North America was 53% of consolidated revenue in 2019. In 2018 and 2017, 59% and 53%, respectively, of consolidated revenue was from the United States. No other country accounted for more than 10% of the revenue.
The company reported a total company operating loss of approximately $448 million in 2019 driven by $2.5 billion of impairment charges, primarily associated with pressure pumping and drilling equipment. This compares to operating income of $2.5 billion in 2018. A significant decline in pricing in North America land during 2019 negatively impacted operating results, as well as reduced drilling activity in the Middle East. Excluding impairments and other charges, adjusted operating income for 2019 was $2.1 billion, compared to an adjusted operating income of $2.7 billion for 2018.
During 2019, capital expenditures of Halliburton were approximately $1.5 billion, a decrease of 24% from 2018, which were mostly made in Sperry Drilling, Production Enhancement, Artificial Lift, Wireline and Perforating, and Production Solutions product service lines. The company intends to reduce capital expenditures by 20% in 2020 to approximately $1.2 billion; approximately 60% of which the Company plans to allocate to the Completion and Production division. This will allow continued investments in international growth, while continuing to adjust business to the current conditions in North America. Within this reduced budget the Company will continue investing in and growing certain businesses, expanding Artificial Lift footprint, continuing a global roll-out of the iCruise rotary steerable drilling platform, and focusing on digital efforts and new technologies.
At the end of 2019, Halliburton had $2.3 billion of cash and equivalents, compared to $2.0 billion of cash and equivalents at the end of 2018, and $3.5 billion of available committed bank credit, which expires in 2024.
Cash flows from operating activities were $2.4 billion. In 2019 the company paid $630 million in dividends to shareholders.
Segmentally, Completion and Production revenue was $14.0 billion in 2019, a decrease of $1.9 billion, or 12%, compared to 2018. Operating income was $1.7 billion in 2019, a 27% decrease from $2.3 billion in 2018. These results were driven primarily by reduced activity and pricing for stimulation services and lower completion tool sales in North America land.
Drilling and Evaluation revenue was $8.4 billion in 2019, an increase of $355 million, or 4%, from 2018. These results were driven primarily by a global increase in wireline activity, increased activity in multiple product service lines in the North Sea and Mexico, as well as improved drilling activity in Asia Pacific and higher testing activity in the Eastern Hemisphere. Operating income was $642 million in 2019, a decrease of $103 million, or 14%, compared to 2018. These results were driven primarily by a decline in drilling activity in North America land, as well as lower drilling activity in the Middle East.
Geographically, North America revenue was $11.9 billion and declined 18% in 2019, compared to 2018, driven by reduced customer activity and pricing in North America land, mainly associated with stimulation and drilling-related activity. The North America land rig count decreased 26% from its high point in early 2019 to its low point in December 2019. Customer activity declined in 2019, affecting both drilling and completions businesses. The average North America rig count decreased by 146 rigs, or 12%, for the full year 2019 as compared to 2018. In 2020 Halliburton expects customers in the U.S. to reduce capital spending by approximately 10% from 2019 levels. In North America, the shale industry is facing its biggest challenge since 2015. In the fourth quarter of 2019, the market experienced an attrition of equipment. More equipment is expected to exit the market in 2020 driven by lower demand and increasing service intensity.
The average international rig count for 2019 increased by 110 rigs, or 11% compared to 2018. In 2020, the company expects the international spend by customers to increase slightly, making it the third consecutive year of spending growth.
Latin America revenue was $2.4 billion in 2019, a 14% increase compared to 2018, resulting primarily from increased activity in multiple product service lines in Mexico and Argentina.
Europe&Africa&CIS revenue was $3.3 billion in 2019, a 12% increase compared to 2018. This increase was due to higher activity for multiple product service lines throughout the region, primarily in the North Sea, Israel and Russia.
Middle East&Asia revenue was $4.9 billion in 2019, a 7% increase compared to 2018. This increase was due to higher activity throughout the region, mainly related to pressure pumping, completion tool sales and wireline activity.
Research and development costs were $404 million in 2019, $390 million in 2018 and $360 million in 2017.
In 2020, Halliburton expects international growth to continue. Increased activity, disciplined capital allocation, and pricing improvements should lead to improvement in international margins in 2020. With North America customer spending expected to decline again in 2020, Halliburton will continue to invest in technologies that improve margins, and create growth opportunities with non-hydraulic fracturing businesses.