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.
TXO Partners, L.P. is an independent oil and gas exploration and production company. Its business is the acquisition, development, and optimization of conventional oil and natural gas reserves, with operations focused on the Permian, San Juan, and Williston basins. The company’s strategy is centered on growing its reserve base through acquisitions and active drilling programs. In June 2024, it entered into agreements to acquire producing assets in the Greater Williston Basin’s Elm Coulee field for approximately $350 million. Its financial performance is directly tied to commodity prices for oil and natural gas.
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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.