Chevron Corporation
CVX
Energy
7
exclusion reasons
5 themes
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.
Chevron Corporation operates a global network of high-hazard facilities, including refineries, offshore platforms, and pipelines, where safety failures have resulted in preventable worker and community deaths. In 2021, a massive fire and explosion at the Chevron refinery in El Segundo, California, sent a plume of toxic smoke over surrounding communities. Earlier that same year, an explosion at the Chevron refinery in Pascagoula, Mississippi, injured multiple workers.
The company was found liable for deliberate environmental contamination in Ecuador's Lago Agrio oil field, operations originally conducted by Texaco, which Chevron acquired. The court found the pollution caused a public health crisis, including cancer deaths, which experts linked directly to the oil waste.
Chevron has settled claims related to violations of the Risk Management Program rule at its U.S. refineries, a regulation designed to prevent catastrophic chemical releases. The recurrence of major fires, explosions, and toxic releases across its global operations indicates persistent failures in safety management directly contributing to preventable fatalities.
Documented strikes by United Steelworkers Local 5; reports of firing workers by text for union activities in Bangladesh.
Signed oil exploration deal off the Syrian coast; halted production in Israel's Leviathan gas field due to regional conflict.
Chevron Corporation has engaged in a documented pattern of using the legal and political system to shield itself from accountability for environmental harm. This is most prominently illustrated by its decades-long litigation concerning oil pollution in the Ecuadorian Amazon. Following a $9.5 billion judgment against it in Ecuadorian courts, Chevron pursued a retaliatory racketeering case against the plaintiffs' lawyer, Steven Donziger, which resulted in his criminal contempt conviction and house arrest. Legal observers, including human rights groups, have cited this case as an example of using judicial pressure and political influence to evade liability.
Furthermore, Chevron is a consistent and significant participant in political lobbying, regularly ranking among the top spenders in the oil and gas sector. Its lobbying efforts have historically focused on opposing climate regulations, supporting fossil fuel subsidies, and influencing energy policy. This political engagement functions to protect and prolong its core business operations in oil and gas extraction amidst mounting environmental and legal challenges.
Amazon Watch and AFSC reports allege involvement in forced labor in Myanmar related to Yadana gas project.
$30M FCPA settlement in 2007; $25M disgorgement plus civil penalty for FCPA books-and-records violations.
Chevron Corporation is a global integrated energy company whose core business is the exploration, extraction, and production of oil and natural gas. In the third quarter of 2025, its total net oil equivalent production was 3.396 million barrels per day. The company's operations span the full fossil fuel value chain, with upstream exploration and production being a primary driver of its revenue, which exceeded $184 billion in 2023.
The company's climate strategy relies heavily on carbon offsets and technologies that have been criticized as insufficient. A 2023 investigation concluded that a significant portion of Chevron's carbon offsets were "junk" and that some projects may cause harm. Furthermore, Chevron has been implicated in legal actions alleging that major fossil fuel companies engaged in long-running campaigns to mislead the public about climate change. In a recent case, Chevron sought to disqualify climate science presented by an Oregon county suing the company for damages related to a deadly heat wave.
Research Sources
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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.
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