NCS Multistage Holdings, Inc.
NCSM
Energy
1
exclusion reason
1 theme
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.
NCS Multistage Holdings, Inc. is a provider of highly engineered products and support services specifically for the optimization, completion, and construction of oil and natural gas wells. Its business model is entirely focused on facilitating hydrocarbon extraction, operating on a capital-light model to navigate the cyclical nature of the fossil fuel industry. The company's patents and litigation, such as the cases against Kobold Corporation, are directed at downhole apparatuses for hydraulic fracturing of oil- and gas-bearing rock, underscoring its core technological focus on enhancing fossil fuel production.
This record is classified under the legacy `oil_gas` code, which is a catch-all for integrated fossil fuel operations. A review of available evidence did not specify whether NCS Multistage's activities are concentrated in upstream (exploration and production), midstream (transportation and storage), or downstream (refining and retail) operations. For accurate categorization, this record requires reclassification into one of the specific stage codes: `fossil_fuels_upstream`, `fossil_fuels_midstream`, or `fossil_fuels_downstream`.
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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.
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