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.
Expand Energy Corporation is an upstream oil and gas exploration and production company, deriving 100% of its revenue from fossil fuel extraction. The company is North America's largest natural gas producer, reporting net production of approximately 7.33 billion cubic feet equivalent per day in the third quarter of 2025, with 92% of that volume being natural gas. Its business model is centered on expanding fossil fuel supply, guiding 2026 production up to 7,600 million cubic feet equivalent per day.
The company frames its operations as advancing "a lower carbon future by responsibly producing natural gas," a claim juxtaposed against the IPCC's reaffirmed urgency to phase out fossil fuels to meet Paris Agreement goals. There is no evidence of a corporate plan to phase out or wind down its core extraction business. Fitch Ratings' stable outlook affirmation in May 2025 indicates ongoing market access for financing this expansion.
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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.