You know things are bad for fossil fuels when the biggest profiteer of them all takes an axe to itself. The fewer fossil fuel boondoggles (including more pipeline projects going belly-up), the faster investment will keep moving to renewable sun, wind, and water power, for profits, and we get clean air and water and less global warming.

“Tyler Durden”, Zerohedge, 22 April 2016, Halliburton Fires One Third Of Global Staff: “What We Are Experiencing Today Is Unsustainable”,

In a brutally frank and painfully honest first quarter operational update, Halliburton president Jeff Miller poured freezing cold water all over the “oil is stabilizing, and everything is going to be awesome” narrative. After explaining that the firm has laid off one-third of its global employees, and pointing to the collapse in sequential revenues across every business unit, Miller exclaimed: “What we are experiencing today is far beyond headwinds; it is
unsustainable.”

Due to the deadline of its merger agreement with Baker Hughes Halliburtion has delayed its earnings conference call until May 3rd and so gave an operational update. The healdlines were horrific:

• *HAL SEES OVER 30% DROP IN YR GLOBAL DRILLING, COMPLETION SPEND
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