Global Warming Saps Halliburton Profits

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Halliburton reported yesterday that lower natural gas prices and less drilling in North America due to a late winter affected their first-quarter profits. In fact, Halliburton shares took their steepest dive in 8 months, dropping nearly 10%. The company is the “world’s second-largest oilfield services company” and issues affecting them often herald industry-wide trends.

The slump in profits was caused, analyst James Halloran told Bloomberg, by a late winter (quite possibly global warming related). A late winter meant that the ground froze later, so heavy drilling rigs could not move across Canadian and northern US oilfields until later in the season. That translated into fewer completed drilling projects. Not to mention, with the warmest winter on record this year, people may be using less gas and oil to heat their homes.

“Last fall, there’s no question there was a weather issue,” Halloran said. “And prices have not been exactly booming for people. My guess is there’s been some ongoing reluctance to get large drilling projects going again.”

One of Halliburton’s “large drilling projects” affected by the weather is in Alaska’s North Slope, a place heralded by National Geographic as “largest remaining piece of US wilderness” Drilling in valuable wilderness areas is just one of the reasons Halliburton shareholder meetings are regularly protested. No wonder they moved their HQ to Dubai.

–Jen Phillips

MOTHER JONES NEEDS YOUR HELP

We have about a $200,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, this week so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

MOTHER JONES NEEDS YOUR HELP

We have about a $200,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, this week so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate