MasTec Inc
MTZ
Industrials
3
exclusion reasons
2 themes
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.
MasTec Inc. provides significant construction and engineering services to the fossil fuel industry, primarily through its Oil and Gas and Clean Energy and Infrastructure segments. The company is a major contractor for midstream oil and gas pipeline construction, an activity central to expanding and maintaining fossil fuel infrastructure. This includes the acquisition of companies like Pumpco, which is specifically engaged in this line of work.
The company's operations in this sector have drawn regulatory scrutiny. In a recent filing, MasTec disclosed that an alleged Foreign Corrupt Practices Act (FCPA) violation investigation related to its oil and gas operations is ongoing, consuming significant time and attention from senior management. Furthermore, the company has been convicted in a criminal proceeding within the past five years, though the specific details of that case are not provided in the gathered evidence. These legal and regulatory issues underscore the risks associated with its fossil fuel services business.
MasTec Inc. is a major infrastructure construction company whose core business is heavily dependent on fossil fuel projects. The company's operations are concentrated in building and maintaining oil and gas pipelines, natural gas distribution systems, and related midstream energy infrastructure. This work constitutes a central and material portion of its revenue and strategic focus.
The company’s own public disclosures and project portfolio demonstrate its role as a key contractor enabling the expansion and maintenance of fossil fuel systems. While MasTec also performs work on renewable energy projects, its foundational business model and significant revenue streams are tied to constructing the physical infrastructure for fossil fuel extraction, transport, and distribution. This ongoing reliance places the company within the fossil fuel value chain.
MasTec Inc. provides critical infrastructure construction services, including for oil and natural gas pipelines, where operational failures can directly cause environmental contamination. The company has been party to legal proceedings concerning property damage and environmental liabilities stemming from its pipeline construction and maintenance work. In one case, a Texas district court submitted jury issues regarding negligence against MasTec and other parties related to pipeline operations. The company's own regulatory filings acknowledge that its operations may impact the environment or cause exposure to hazardous substances, and that its properties may have environmental contamination, which could result in material liabilities. This evidence indicates MasTec's core industrial activities carry a documented and material risk of causing soil contamination, habitat destruction, and ecological damage.
Research Sources
7 organizations
Related Exclusions
Wondering what we do invest in?
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.