Good morning! The 2021 annual meeting of stockholders of Kirby Corporation will please come to order. I'm Joe Pyne, Chairman of the Board of Kirby. In response to the ongoing COVID-19 pandemic, today's meeting is being conducted in a virtual format again this year in lieu of an in-person meeting. I'd like to welcome the employees, stockholders, and guests who are joining us on the call today. As a reminder, statements made in today's meeting with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events and involve risks and uncertainties. Our actual results could differ from those anticipated as a result of various factors. A list of these factors can be found in our most recent Form 10-K, with any updates in our quarterly or current reports.
I've been informed by the Inspector of Elections that approximately 94.6% of the outstanding shares are represented at this meeting. Therefore, we have a quorum, and the meeting is duly convened. I'd like to recognize the other directors of Kirby who are in attendance today. Anne-Marie Ainsworth, Richard Alario, Tanya Beder, Barry Davis, Sean Day, Monte Miller, Richard Stewart, and William Waterman. And of course, David Grzebinski, our CEO. We want to extend a special thank you to Monte Miller, who has served as a director of Kirby since 2006. His expertise, guidance, and support contributed significantly to Kirby's growth over the last 15 years, and we wish him well in his future endeavors as he completes his board service today.
Monte, the board, the officers, and employees of Kirby sincerely appreciate your dedication and service, and wish you continued success and happiness. Now, I'd like to recognize the executive team and corporate officers of Kirby who are in attendance today. David Grzebinski, President, Chief Executive Officer, and Director. Bill Harvey, Executive Vice President and Chief Financial Officer. Christian O'Neil, President, Kirby Inland Marine and Kirby Offshore Marine. Joe Reniers, President, Kirby Distribution and Services. Lynn Strahan, President of Kirby Engine Systems. Kim Clarke, Vice President and Chief Human Resources Officer. Amy Husted, Vice President, General Counsel, and Secretary. Ron Dragg, Vice President, Controller, and Assistant Secretary. Eric Holcomb, Vice President, Investor Relations. Scott Miller, Vice President and Chief Information Officer. Kurt Niemietz, Vice President and Treasurer. And finally, William Woodruff, Vice President, Public and Government Affairs.
In addition, I'd like to recognize Tony Campbell and Matt Glenn of KPMG, Kirby's independent public accounting firm. Tony Campbell will be available to respond to appropriate questions during the question and answer period. Rhonda Carroll, with Governance Resources, LLC, as a representative of Broadridge Investor Communication Solutions, Kirby, Kirby's proxy service provider, has been appointed to serve as the Inspector of Elections for this meeting. Today's meeting is a virtual-only stockholders meeting. We are recording this meeting, and you will be able to replay the recording for 1 year at Kirby's website, at www.kirbycorp.com, under the Events page in the Investor Relations section. Please wait 24 hours for the recording to be uploaded. If you were a stockholder as of the record date, you may vote at any time during the meeting today by online ballot until we close the polls.
If you've already voted, there's no need to vote during the meeting unless you'd like to change your vote. There will be a question and answer session following our prepared remarks. You can use the question box on your screen to submit questions at any time during the meeting. We cannot guarantee that we will answer all questions, and we may combine similar questions. If we don't get to your question today, we will post answers to appropriate unanswered questions on Kirby's website, again, www.kirbycorp.com, in the Investor Relations section within 30 days of today's call, or you're welcome to reach us directly at the following number, 713-435-1545.
As set forth in the proxy statement for this meeting, the purpose of this meeting are to elect three Class II directors to serve until the annual meeting of stockholders in 2024.... to ratify the audit committee selection of KPMG LLP as Kirby's independent registered public accounting firm for 2021, to cast an advisory vote on the approval of the compensation of Kirby's named executive officers, to approve the amendment to the 2005 Stock and Incentive Plan, and to approve the amendment to the 2000 Non-Employee Director Stock Plan. Each matter will be presented and discussed. The three Class II directors named in the proxy statement have been duly nominated. They are Tanya Beder, Barry Davis, and Joseph Pyne. No other nominations have been received in accordance with the procedures established in the corporation's bylaws.
The second item of business is the ratification of the audit committee's selection of KPMG as Kirby's independent registered public accounting firm for the fiscal year ending December 31, 2021. Third item of business is the approval on a non-binding advisory basis of the compensation of Kirby's named executive officers, as discussed and disclosed in Kirby's proxy statement. Fourth item of business is the approval of the amendment of the 2005 Stock and Incentive Plan, as disclosed and discussed in Kirby's proxy statement. And the final item of business is the approval of the amendment of the 2000 Non-Employee Director Stock Plan, as disclosed again and discussed in the proxy statement. Under the advanced notice requirements of the corporation's bylaws, there are no other matters to be voted on at this meeting.
The polls are now closed. Based on the preliminary results provided by the inspector of election, each of the Class II directors nominated by the board have received at least 85% of the votes cast in the election of directors and have therefore been duly elected. The appointment of KPMG LLP as Kirby's independent registered public accounting firm for 2021 has been approved by 98.7% of the shares represented at this meeting for this proposal, and has therefore been ratified. In the advisory vote of executive compensation, 94.8% of the votes cast for this proposal have been voted to approve Kirby's executive compensation, and has therefore been approved on a non-binding advisory basis.
The amendment of the 2005 stock and incentive plan has been approved by 80.8% of the votes cast at this meeting, and therefore has been approved. The amendment of the 2000 non-employee stock plan has been approved by 98.5% of the votes cast at this meeting, and therefore has been approved. David Grzebinski, the President and Chief Executive Officer of Kirby, will now give his report on the, the company's operations.
Good morning, and welcome to our 2021 annual meeting. I would like to welcome everyone who joined us online today, our shareholders, board of directors, Kirby executive team, and employees. The last year has undoubtedly been challenging for Kirby and many around the world, and I hope all of you and your loved ones are doing well and then are in good health. In my remarks today, I will begin with a report on 2020, and will conclude with some comments on 2021 and ESG. Our 2020 financial results include revenues of $2.2 billion, a net loss of $273 million, and a loss per share of $4.55. Excluding some one-time items, our net earnings were $110 million, and earnings per share were $1.84.
These results reflect a decrease year over year due to the demand destruction across our businesses as a result of the COVID-19 pandemic and low oil prices. In marine transportation, 2020 started strong, with booming markets, high barge utilization rates, and increasing revenues and operating margins. During this time, we announced our intent to grow our inland operation through the acquisition of Savage Inland Marine's fleet for $279 million. Shortly thereafter, however, COVID started to rapidly intensify. Most of our major customers significantly cut production, and ultimately, our barge utilization plummeted to around 70% by midyear, where it remained for much of the remainder of the year.
Overall, reduced demand for our services, challenging operating conditions, and an active hurricane season in the second half of the year resulted in segment revenues declining 12% year-over-year, and marine transportation operating income declining 24% compared to 2019. In distribution and services, significant reductions in oil field demand and the COVID-19 pandemic contributed to a challenging year for this segment and a 39% year-over-year decline in revenue. In commercial and industrial, lockdowns across the U.S. and reduced economic activity resulted in lower activity at our on-highway repair centers and reduced demand in our power generation business. The marine repair business was also lower year-over-year, but overall activity was relatively stable. Our oil and gas businesses also experienced significant reductions in activity as the U.S. rig count fell by 50% and active frac crews declined 80%.
In response, we took thoughtful actions to significantly lower costs, reduce working capital, and to reorganize our oil and gas businesses. On a brighter note, at the beginning of 2020, we purchased the assets of Convoy Servicing Company. Convoy is a Thermo King refrigeration system, sales, service, and parts distributor with operations in North and East Texas, as well as Colorado. Looking forward, our outlook for 2021 contemplates improving market conditions for our businesses as the pandemic eases, economic activity recovers, and the demand for the products and services we provide increases. However, with the pandemic still ongoing here in the U.S. and throughout the world, we expect the recovery will be gradual, particularly in our marine transportation segment. We remain optimistic for a strong recovery in the second half of 2021 as demand improves and spot market dynamics become more favorable.
In distribution and services, we expect improving economic activity and a recovery in the oil field to continue to meaningful year-over-year growth, excuse me, to contribute to meaningful year-over-year growth in revenue and operating income. With respect to liquidity, our $850 million revolving credit facility has approximately $715 million available, and we have very substantial, a very substantial cushion in our bank facilities covenants. We expect to generate significant free cash flow in 2021 as the economy recovers, and we intend to direct the cash flow to reducing debt, increasing liquidity, and positioning the company to grow again as opportunities arise. Lastly, I'd like to take a moment to discuss ESG, or environmental, social, and governance.
Kirby continued to make progress in 2020, including the issuance of a significantly enhanced sustainability report, which aligned our ESG disclosures with the Sustainability Accounting Standards Board framework, SASB framework, for marine transportation companies. In conjunction with this, we disclosed our Scope 1 and Scope 2 greenhouse gas emissions for the first time. We also committed to reducing our marine transportation fleet's CO2 equivalent emissions by 25% on a per barrel of capacity basis by 2025. Most recently, we published our first report on Task Force on Climate-Related Financial Disclosures, TCFD, where we provide insights into how the board and Kirby view and manage climate risks. Before I close, I would like to thank the Kirby executive team for their hard work and dedication. 2020 presented many challenges, but together, we overcame and had many successes.
I would also like to thank our board for their wise advice and support. I'd also like to echo Joe's comments and wish Monte Miller all the best as he completes 15 years of board service to Kirby. To all the employees of Kirby, your dedication to our success, world-class customer service, and our no-harm safety culture is greatly appreciated. And finally, I'd like to thank each of you for your interest in Kirby and for joining us online today. I hope everyone has a good day.
Okay, thank you. Thank you, David. Hopefully, we're getting to the end of the COVID pandemic, and we'll be able to return in 2022 to a normal in-person annual meeting. COVID has been a challenge for all of us, but particularly businesses like Kirby, where we have mobile work sites, many miles, and in some cases, time zones from our corporate office, manned by men and women that live throughout the United States. Keeping our crew safe while making crew changes, repairs, and supplying vessels, which are servicing customers' facilities, which themselves have restrictions and challenges, is not an uncomplicated task. This is also true with respect to our distribution and supply business.
I want to congratulate David and his management team, as well as all Kirby employees, on a job very well done during this challenging period, and thank them on behalf of the Kirby board. Operator, we'll now open the meeting for questions. We do not have any questions at this time, sir. Okay, thank you. Thank you, Eric. There are no questions posted, therefore, we will conclude the meeting, and the meeting is adjourned.