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.
CNX Resources operates as a major natural gas producer in the Appalachian Basin, with its core business of hydraulic fracturing and horizontal drilling inherently carrying risks of soil contamination, water pollution, and habitat disruption. The company has a documented pattern of regulatory violations related to these environmental impacts. Since 2020, the Pennsylvania Department of Environmental Protection (DEP) has assessed the company with hundreds of violations. In November 2022, CNX Gas Company LLC paid $200,000 in civil penalties for violations at well sites in Greene County’s Richhill Township. Good Jobs First’s ViolationTracker documents additional penalties, including a $32,500 fine for an air pollution violation in West Virginia in 2018 and a $30,000 fine for an environmental violation in Pennsylvania in 2015.
In a March 2024 commentary, CNX President and CEO Nick Deiuliis acknowledged “over 400 violations accrued by CNX since the 43rd statewide Grand Jury report.” The company states it works to self-report incidents and abate violations, but this volume of enforcement actions indicates persistent operational failures linked to its extraction activities. While CNX promotes its dedication to transparency and environmental stewardship in corporate reports, its ongoing regulatory penalty record demonstrates tangible, repeated incidents of environmental damage.
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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.