GlobalData offers a comprehensive analysis of Hunting, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Hunting‘s ESG performance. GlobalData’s company profile on Hunting offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Hunting, a global energy services provider, has not yet committed to a net-zero target to reduce its carbon emissions, however, during 2023 a Net Zero plan is expected to be developed, as required by the recommendations by the
UK government. The company has specific goals related to scope 1, scope 2, and scope 3 emissions, which include direct emissions from its operations, indirect emissions from purchased electricity, and emissions from its supply chain. Hunting has reported its carbon emissions for 2022, which include 22,422 tonnes of CO2 from diesel and gasoline consumption and electricity consumption. Hunting’ latest filings mentioned the keywords 'Emissions' and 'Renewable' most number of times in relation to ‘Climate Change’.
Hunting is taking steps to reduce its carbon emissions. The company's role in reducing carbon emissions is driven by its products that deliver more efficient drilling procedures. Hunting has invested in innovative, high-quality, and reliable products to achieve its total customer satisfaction goal, which is reflected in its Quality Policy and Sustainability Framework. The company is also managing risks associated with the use of critical materials. The company also participates in a number of other initiatives, including the Energy Saving Opportunity Scheme, which requires Hunting’s UK facilities to be audited for energy efficiency, with recommendations provided to reduce energy usage.
In 2022, the Board approved a new carbon reduction target of 50% from its 2019 base-line year by 2030. The company continues to drive its intensity factor (calculated as total emissions divided by revenue) to less than 30. The company is migrating the electricity it purchase towards more renewable and sustainable sources. In the US, where the majority of the company’s facilities are located, wind generation capacity is substantial, giving the Board confidence that a large proportion of our carbon footprint (predominantly Scope 2 electricity usage) can be eliminated by moving to renewable energy. In the UK, the company’s Aberdeen and London operations have secured renewable energy supplies.
In conclusion, Hunting is taking steps to reduce its carbon emissions by investing in innovative, high-quality, and reliable products and managing risks associated with the use of critical materials. The company's Board of Directors have considered a possible commitment to a Net Zero target, but after further analysis of its current emissions profile they are still not able to make this commitment given the level of emissions derived from its North America operations. This is due to the lack of available renewable electricity capacity in Texas where the majority of the company’s facilities are located.