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.
Mesa Royalty Trust is a statutory trust whose sole business is to hold overriding royalty interests in producing oil and gas properties, primarily in the Hugoton and San Juan Basins. Its revenue is derived entirely from the sale of fossil fuels—natural gas, oil, and natural gas liquids—produced from these wells. The trust does not operate the wells itself but is financially structured to pass through income from these fossil fuel assets directly to its unitholders.
The trust was formed in 1979 by Mesa Petroleum to hold these interests in perpetuity. Its financial filings confirm that its income distribution is wholly dependent on and exposed to fluctuations in oil and gas prices. As a pure-play financial vehicle for fossil fuel production, the trust’s existence and economic purpose are inextricably linked to the continued extraction of oil and gas. There is no business diversification or announced plan to transition its asset base away from fossil fuels.
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The Naughty List
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.