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.
ENGlobal Corp provides engineering, fabrication, and construction services primarily to the upstream oil and gas sector. The company's strategic focus is on supporting exploration, extraction, and production operations for fossil fuel clients. This business activity is central to its operations, as evidenced by its 2010 acquisition of CDI, which was explicitly described as providing "a strategic entry into the upstream energy sector."
The available evidence, while dated, consistently frames ENGlobal as an oil and gas services company. Executive biographies link its leadership to tenures at major fossil fuel firms like Exxon, and the company is listed alongside other energy service providers in industry contexts. However, specific, current data on revenue concentration, client lists, or project portfolios is absent from the provided materials. This lack of contemporary, detailed evidence regarding the scale and materiality of its upstream fossil fuel work necessitates a review of the exclusion's basis.
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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.