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.
SLB Limited is the world's largest oilfield services company, providing technology, equipment, and project management for fossil fuel exploration and production. Its core business segments—Well Construction, Reservoir Performance, and Production Systems—are dedicated to servicing upstream oil and gas operators globally. The company reported $35.7 billion in revenue for 2025, with its strategic acquisition of ChampionX for $4.9 billion further deepening its integration into the fossil fuel supply chain.
While SLB has developed a digital and data center technology segment, this diversification is framed as offsetting softer traditional oilfield markets, not replacing its core business model. The company’s Energy Innovation and Technology Committee oversees a strategy focused on efficiency and lower-carbon intensity for fossil fuel operations, rather than a transition away from them. SLB’s services enable and prolong the lifecycle of oil and gas fields worldwide.
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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.