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.
PEDEVCO Corp. is an oil and gas exploration and production company focused on acquiring and developing onshore crude oil and natural gas assets in the United States. Its core business is the upstream extraction of fossil fuels. In the third quarter of 2025, the company reported production of 135,266 barrels of oil equivalent. As of year-end 2025, it held proved reserves totaling 32.1 million barrels of oil equivalent. The company’s public filings and investor materials describe a strategy centered on the development of high-growth, oil-weighted projects, with no announced plan to transition away from 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.