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.
Core Laboratories NV provides proprietary reservoir description and production enhancement services exclusively to the oil and gas industry. For over 90 years, the company's core business has been laboratory-based analytical and field services to characterize crude oil and reservoir properties, making its operations entirely dependent on fossil fuel exploration and production.
The company has a documented history of regulatory and legal misconduct tied to its operations. In 1998, its subsidiary Saybolt agreed to pay a fine for falsifying fuel-testing reports on reformulated gasoline. More recently, the U.S. Securities and Exchange Commission and Department of Justice conducted investigations into potential bribery by the company, which were closed in 2018 without action. A 2011 Department of Labor administrative review also referenced uncontradicted evidence supporting allegations that Core Labs engaged in fraudulent conduct to evade taxes in Colombia.
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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.