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.
Flotek Industries is a chemistry and data technology company whose business is focused on servicing the oil and gas industry. Its core customer base includes integrated oil companies, independent exploration and production firms, and oilfield service providers. The company's proprietary chemistry solutions and data analytics platform are designed to enhance the performance and economics of fossil fuel operations, as evidenced by its public description as a company "focused on servicing the Energy industry," where "Energy" is synonymous with oil and gas.
While the company has announced a contract to deliver power services for distributed energy resources, this appears to be an ancillary application of its existing platform. Its primary revenue driver and operational focus remain tied to the upstream oil and gas sector. A 2021 legal dispute cited a downturn in the oil and gas end market as a central factor in the company's decision-making, underscoring its financial dependence on the fossil fuel industry. Flotek's business model is that of an oilfield services company, providing specialized chemical and technological inputs that enable fossil fuel extraction.
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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.