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.
Baker Hughes is an oilfield services and equipment (OFSE) company whose core business is providing technology and services for fossil fuel extraction and production. Its operations span the entire upstream and midstream lifecycle, including drilling, pressure pumping, and well intervention services. The company’s own materials state its purpose is to “maximize the long-term value of your oilfield operations.”
The company has a documented history of significant regulatory violations. According to ViolationTracker, Baker Hughes has accumulated at least $44 million in penalties from two Foreign Corrupt Practices Act cases, plus an additional $495,790 from 18 environmental violations. In one resolved enforcement action, Baker Hughes agreed to pay more than $23 million in disgorgement and interest, plus a $10 million civil penalty, for violations related to its acquisition of a competitor. As of 2021, the company also disclosed an ongoing federal investigation into potential sanctions violations.
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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.