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.
Newpark Resources historically provided drilling fluids systems and composite matting solutions to oil and gas exploration and production companies worldwide. In September 2024, Newpark completed the sale of its Fluids Systems segment to SCF Partners for a base price of US$127.5 million, retaining only its industrial site access (matting) business. Prior to the divestiture, drilling fluids represented a core revenue stream purpose-built for fossil fuel extraction. Annual revenue was approximately US$719 million in 2025 from the retained matting operations, which continue to serve oil and gas clients alongside other industrial markets. The exclusion is retained pending further review of the post-divestiture revenue mix.
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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.