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.
PetroChina Company Limited is a state-owned integrated oil and gas company and one of the world's largest producers of fossil fuels. Its core business is the exploration, extraction, and production of oil and natural gas. In 2024, the company reported an output of 1,603.2 million barrels of oil equivalent. It operates nine oil and gas field companies globally, with recent exploration activity cited in Niger and Chad. PetroChina also holds a 6% stake in the Lower Zakum offshore oil field in the United Arab Emirates, a documented fossil fuel expansion project.
The company's public reporting emphasizes "high-quality development" and "profitable growth" driven by its hydrocarbon operations, with consecutive record operating results announced through 2024 and into the first half of 2025. While its annual ESG reports discuss investments in wind, solar, and geothermal energy, these non-fossil initiatives are presented alongside the continued deepening of its core oil and gas business. There is no evidence of a company-wide commitment to phase out fossil fuel exploration or production.
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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.