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.
Innovex International Inc. (NYSE: INVX) is a pure-play oilfield services company formed in 2024 through the merger of Dril-Quip Inc. and Innovex Downhole Solutions. The company designs, manufactures, and services products for drilling, well construction, completion, production, and intervention operations for oil and gas wells. Its product portfolio includes deepwater subsea wellheads, WearSox deepwater centralization products, SWAGE dissolvable frac plugs, QCI artificial lift technologies, and fishing tools. Approximately 56% of revenue comes from international and offshore markets, with 44% from onshore North America. In December 2024, Innovex completed the acquisition of Downhole Well Solutions, further expanding its fossil fuel services footprint. The company's entire revenue base depends on hydrocarbon extraction activity.
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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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