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.
Mach Natural Resources LP is an independent upstream oil and gas company focused on the acquisition, development, and production of oil, natural gas, and natural gas liquids. In 2025, the company generated $1.18 billion in revenue from these operations. Its core business is the expansion of fossil fuel reserves, evidenced by a 109% year-over-year increase in total proved reserves to 705 million barrels of oil equivalent in 2025, following acquisitions in the Permian and San Juan basins. The company has announced plans to invest $315 million in capital expenditures to further develop these reserves. Mach Natural Resources has no announced plan to phase out its fossil fuel production or transition its business model away from oil and gas 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.