The announced duration for the short-term cuts totaling 10 million barrels per day, extend for two months through May and June.
This is the single largest coordinated output cut in history, but nonetheless, it falls far short of the estimated 25 million to 30 million barrels per day of demand destruction.
During the first quarter, our Completion Services revenues were modestly up sequentially with margins improving 370 basis points.
In our Downhole Technologies segment, revenues improved 7% sequentially and margins increased 420 basis points.
Segment backlog at March 31, 2020, totaled $267 million, a decrease of 4% sequentially.
During the first quarter, we generated revenues of $220 million, while reporting a loss of $405 million or $6.79 per share.
Our first quarter results were reduced by significant noncash impairment charges, including the following: a $406 million or $6.48 per share of goodwill written off; a $25 million or $0.34 per share inventory impairment; and a $5 million or $0.07 per share fixed asset impairment, driven by the expected duration of this unprecedented market downturn.
Our first quarter EBITDA totaled $22 million with an EBITDA margin of 10%.
In addition, given the negative market outlook, our estimated weighted average cost of capital increased approximately 500 basis points compared to year-end 2019.
We remained essentially cash flow neutral during the quarter with $5 million in cash flow from operations, offset by $6 million in capital expenditures.
In the first quarter, we collected $4 million in proceeds from the sale of equipment and repurchased $6 million in principal amount of our convertible senior notes at a 17% discount to par value.
For the first quarter 2020, our net interest expense totaled $4 million, of which $2 million was noncash amortization of debt discount and issuance costs.
At March 31, our net debt-to-book capitalization ratio was 23%, which increased from year-end 2019 due to the noncash asset impairments recorded during the first quarter.
At March 31, our liquidity totaled $132 million, and we were in compliance with our debt covenants.
It is important to fully understand our leverage position, which, at March 31, consisted of $72 million of senior secured revolving credit facility borrowings and $217 million of other debt, consisting primarily of our 1.5% convertible senior notes due in February 2023.
While the amount of the borrowing base has not yet been finalized, we expect the amended facility size to range from $175 million to $200 million, and it will not contain similar leverage covenants.
At March 31, 2020, our net working capital, excluding cash and the current portion of debt and lease obligations, totaled $348 million compared to borrowings outstanding under our revolver totaling $72 million, which yielded a 4.8 times coverage level.
In terms of our second quarter 2020 consolidated guidance, we expect depreciation and amortization expense to total approximately $25 million, net interest expense to total approximately $4 million, of which $2 million is noncash, and our corporate expenses are projected to total $8.5 million.
We are reducing our capex spending during 2020 to a range of $15 million to $20 million, which at the midpoint is roughly 70% less than our 2019 capital expenditures.
In our Offshore/Manufactured Products segment, we generated revenues of $91 million and segment EBITDA of $13 million during the first quarter.
Revenues decreased 16% sequentially due primarily to delays in our project-driven revenues due to global disruptions in our operations and in our supply chain.
Segment EBITDA margin was 14% in the first quarter of 2020 compared to 15% in the prior quarter.
Orders booked in the first quarter totaled $87 million, resulting in a quarterly book-to-bill ratio of approximately one times.
At March 31, our backlog totaled $267 million, a 4% sequential decrease, but it, nonetheless, reflected a 14% increase from the $234 million of backlog that existed at March 31, 2019.
For 75 years, our Offshore/Manufactured Products segment has endeavored to develop leading-edge technologies while cultivating the specific expertise required for working in highly technical deepwater and offshore environments.
In our Well Site Services segment, we generated $88 million of revenue, $12 million of segment EBITDA and a segment EBITDA margin of 14% compared to 10% reported in the preceding quarter.
International and Gulf of Mexico market activity comprised 20% of our first quarter Completion Services revenues.
As announced last year, we have discontinued our drilling operations in the Permian, reducing our marketed fleet from 34 rigs to nine rigs with the remaining assets serving customers in the Rocky Mountain region.
We recorded an additional $5 million noncash fixed asset impairment charge in the first quarter, given the negative outlook for the vertical rig market for the remainder of 2020.
While focusing on value-added services in 2019, we closed or consolidated eight North American operating districts or 19% of our locations and reduced headcount in our Completion Services business by 20%.
In our Downhole Technologies segment, we generated revenues of $41 million and segment EBITDA of $5 million in the first quarter.
Segment EBITDA margin averaged 13% in the first quarter compared to 9% in the preceding quarter.
The first quarter 2020 U.S. rig count average was 785 rigs, which was down 4% sequentially.
The U.S. rig count totaled 465 rigs on April 24, 2020, down 41% from the first quarter 2020 average rig count.
Current analyst estimates are calling for a 40% to 70% sequential decline in Completions activity, which will negatively impact all of our segments with short-cycle U.S. shale-driven exposure.
We project our second quarter revenues in this segment to range between $96 million and $104 million with segment EBITDA margins expected to average 10% to 12%, depending on product and service mix, along with absorption levels.
As Lloyd mentioned, capex will be reduced by approximately 70% year-over-year.
Headcount has already been reduced approximately 30% in our Well Site Services and Downhole Technologies segments since the beginning of this year.
SG&A headcount has been reduced by approximately 15% since the beginning of the year as well.
Our 401(k) and deferred compensation plan matches have been suspended for the immediate future.
When we summarize the impact of our actions taken, we estimate that we will reduce 2020 cost by $225 million when compared to 2019.
Of that total, 87% is estimated at cost of goods sold and 13% relates to SG&A.
We believe that 20% to 25% of the cost reductions are fixed in nature.

Summary:
During the first quarter, we generated revenues of $220 million, while reporting a loss of $405 million or $6.79 per share.
We are reducing our capex spending during 2020 to a range of $15 million to $20 million, which at the midpoint is roughly 70% less than our 2019 capital expenditures.
In our Downhole Technologies segment, we generated revenues of $41 million and segment EBITDA of $5 million in the first quarter.
The U.S. rig count totaled 465 rigs on April 24, 2020, down 41% from the first quarter 2020 average rig count.
Current analyst estimates are calling for a 40% to 70% sequential decline in Completions activity, which will negatively impact all of our segments with short-cycle U.S. shale-driven exposure.
As Lloyd mentioned, capex will be reduced by approximately 70% year-over-year.