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.
BKV Corporation is an integrated natural gas producer whose core business is the production of natural gas from owned and operated upstream assets. The company’s operations span the full fossil fuel value chain, including upstream production, midstream transportation, and downstream marketing. Its business is organized into four segments: Upstream, Midstream, Downstream, and New Energy.
The company is actively expanding its fossil fuel operations. In September 2025, BKV successfully closed a $370 million acquisition of upstream natural gas assets. Concurrently, it is pursuing growth in carbon capture utilization and storage (CCUS) projects, including an August 2025 agreement with a midstream partner to develop a new carbon capture and sequestration hub. This strategy represents a continued investment in fossil fuel infrastructure, leveraging carbon management technologies to extend the operational life of its core gas business.
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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.