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.
ConocoPhillips is an exploration and production company focused exclusively on the upstream oil and gas sector. Its core business is the extraction of fossil fuels, with reported production of 2.32 million barrels of oil equivalent per day in late 2025. The company is actively expanding this production base, with recent exploration activities offshore Australia and new agreements for offshore blocks in Equatorial Guinea. Capital expenditures for 2026 were projected at approximately $12 billion, directed toward sustaining and growing this upstream portfolio.
The company is a defendant in multiple climate nuisance lawsuits filed by U.S. states and municipalities, including a 2023 suit by the state of California. These lawsuits allege that ConocoPhillips, alongside other major oil companies, engaged in campaigns to downplay the risks of fossil fuels to the public. A separate 2024 lawsuit filed by the city of Chicago makes similar allegations, stating the company purposefully directed the marketing and supply of its fossil fuel products into the city.
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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.