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.
Obsidian Energy Ltd. is a mid-sized Canadian oil and gas company focused on the exploration, extraction, and production of light oil and natural gas in Western Canada. Its core business is upstream fossil fuel development, with a production capacity exceeding 39,000 barrels of oil equivalent per day. The company’s reserves and operations are concentrated in Alberta’s hydrocarbon basins.
In April 2024, the Woodland Cree First Nation publicly criticized Obsidian Energy for failing to address ongoing community concerns about its operations, including seismic activity linked to extraction processes. The company has been engaged in a commercial dispute with the First Nation, which included the establishment of blockades at two Obsidian Energy sites. This reflects the company's direct involvement in the environmental and social impacts characteristic of fossil fuel extraction.
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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.