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.
NOW Inc. (DNOW) is a global distributor of energy and industrial products, primarily serving the upstream, midstream, and downstream oil and gas sectors. Its core business is supplying mission-critical equipment, parts, and supply chain services to fossil fuel exploration, production, transportation, and refining operations. The company's operations are integrated across the full fossil fuel value chain, from wellsite products to pipeline and refinery supplies.
NOW Inc. (DNOW) is a global distributor of energy and industrial products whose primary business is supplying equipment and parts to the oil and gas industry. Its product portfolio is heavily geared toward upstream and midstream fossil fuel operations, including drilling, production, pipeline, and refinery equipment. The company's operations are directly tied to the capital and maintenance cycles of the fossil fuel sector.
The company’s business model is predicated on the ongoing exploration, extraction, and transportation of fossil fuels. As a specialized distributor, its revenue is intrinsically linked to the health and expansion of the oil and gas industry supply chain. This operational focus places it within the fossil fuel industrial ecosystem, supporting the infrastructure required for continued hydrocarbon dependence.
While DNOW has begun to list some products for alternative energy sectors, its core identity and historical revenue base remain anchored in fossil fuels. The company does not publish a revenue breakdown by end-market, but its public positioning and product catalogs confirm its primary role as a critical supplier to the oil and gas industry.
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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.
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