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.
Nabors Industries Ltd. is a global land-based drilling contractor whose core business is the exploration and extraction of oil and natural gas. The company provides advanced drilling rigs, rig-related equipment, and associated services to upstream oil and gas companies worldwide. Its operations and profitability are directly tied to the level of drilling activity, which is driven by oil and gas prices and capital expenditures by its exploration and production customers.
The company's 2024 Sustainability Report explicitly identifies itself as "a global upstream oil and gas drilling contractor." Its financial performance is a direct function of hydrocarbon extraction activity, as evidenced by quarterly earnings reports that tie revenue and profit gains to increased rig utilization and international drilling operations. Nabors' business model is fundamentally centered on enabling and servicing fossil fuel extraction.
While the company publishes sustainability materials discussing "Responsible Hydrocarbon Production," its operations show no strategic shift away from fossil fuel dependence. Its stated risks, as detailed in SEC filings, include investor sentiment against fossil fuels and the potential for decreased demand for its services due to ESG initiatives and energy transition policies, underscoring its entrenched position in the upstream oil and gas sector.
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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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