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.
Dril-Quip designs and manufactures specialized subsea wellhead systems, surface equipment, and related components specifically for offshore oil and gas drilling and production. Its engineered products, such as its VXTe system, are marketed to reduce the carbon footprint of drilling operations by improving efficiency, but their exclusive application is to enable and extend the life of fossil fuel extraction. The company’s core business is providing critical, high-reliability equipment to upstream offshore operators, with no material revenue from non-fossil fuel activities.
The company has been involved in litigation concerning the alleged misappropriation of trade secrets from a competitor, FMC Technologies, for use in its offshore equipment designs. A 2024 ruling by the Texas Fourteenth Court of Appeals found in Dril-Quip's favor, overturning a prior jury verdict. This legal history underscores the competitive and proprietary nature of its fossil fuel services technology. In September 2024, Dril-Quip completed a merger with Innovex Downhole Solutions to form Innovex International, consolidating its position as a specialized equipment provider for the offshore energy sector.
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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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