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.
CrossAmerica Partners LP is a wholesale distributor of motor fuel to more than 1,600 gas stations across the United States. The company also operates convenience stores and leases or owns the underlying real estate for retail fuel sites. Its supply contracts include major integrated oil companies such as Marathon, Citgo, Phillips 66, Mobil, BP, and Shell.
In July 2020, CrossAmerica Partners LP and its parent company, Alimentation Couche-Tard Inc., agreed to pay a $3.5 million civil penalty to settle Federal Trade Commission allegations that they violated antitrust laws. The FTC alleged the companies failed to comply with a 2018 order by not providing prior notice of a retail fuel station acquisition in Virginia. This pattern of regulatory non-compliance is documented in other legal filings, including a 2024 court opinion and a Remedial Action Plan submitted to Pennsylvania environmental regulators concerning soil and groundwater contamination.
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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.