This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
ProFrac Holding Corp. is a technology-focused, vertically integrated energy services company whose core business is providing hydraulic fracturing and completion services to upstream oil and natural gas producers. The company operates through three segments: Stimulation Services, Proppant Production, and Other Complementary Services, forming a complete supply chain for fracking operations. Its services are classified under "Oil and Gas Field Services, Not Elsewhere Classified," indicating its primary and dedicated role in fossil fuel extraction.
The company reported $2.2 billion in total revenue for fiscal year 2024. Its business model is fundamentally tied to enabling and expanding hydrocarbon production, providing the specialized equipment and pressure pumping essential for extracting oil and gas from shale formations. There is no evidence of a strategic pivot away from fossil fuels or a material commitment to renewable energy services.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.