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.
NOV Inc. is a major global supplier of equipment, technology, and services for the oil and gas industry, providing drilling and production equipment, downhole tools, and integrated systems primarily to fossil fuel operators. The company’s business model is fundamentally tied to fossil fuel extraction, with its products and services deployed throughout every major oil and gas region worldwide.
The company has been subject to regulatory enforcement for its international operations. In 2017, the U.S. Department of Commerce’s Bureau of Industry and Security asserted 22 violations of the Export Administration Regulations by NOV and its subsidiary Dreco. These violations involved unauthorized exports and re-exports of oilfield equipment to embargoed destinations.
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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.