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.
MDU Resources Group operates as a pure-play regulated energy delivery business, with natural gas distribution, transportation, and storage as a core component of its operations. The company’s WBI Energy subsidiary provides interstate natural gas transportation and storage services through approximately 3,400 miles of pipeline and related infrastructure.
The company’s strategic focus is on this regulated energy delivery model, with no announced plan to phase out its fossil fuel infrastructure. Its operations are characterized as essential infrastructure with limited near-term replaceability, locking in long-term reliance on natural gas.
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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.