Fossil Fuel Services
Conduct Screen Fossil Fuels
Companies that provide ancillary services, equipment, or infrastructure to fossil fuel operators without directly extracting, transporting, or refining fossil fuels themselves — oilfield services, pipeline maintenance, rig manufacturing, and specialized logistics.
16 companies currently excluded under this screen
Excluded Companies (16 total)
Showing 16 of 16 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| WTW | Willis Towers Watson PLC | Willis Towers Watson PLC is one of the world's largest insurance brokers, and its brokerage activities directly enable fossil fuel extraction projects that could not proceed without insurance coverage. WTW is part of the broker network used by Everen Limited, a Bermudian insurance company that provides coverage to companies behind two of the largest new North Sea oil fields — the 325-million-barrel Rosebank and the 170-million-barrel Cambo projects. The Ferret reported in October 2022 that WTW is used by Everen to "identify and present new prospective members" seeking fossil fuel insurance coverage, and FOI responses identified WTW as one of eleven brokers who provided or arranged insurance for North Sea oil firms between January 2021 and July 2022. The role is structurally material: without brokers and their connections, oil companies cannot access the insurance required for major extraction projects to proceed. Friends of the Earth Scotland stated that "without these firms and their crucial connections, it would be harder for fossil fuel companies to get the insurance they need." Campaigner Ariel Le Bourdonnec stated that brokers like WTW "advise and provide the oil and gas companies with captive insurance, threatening people's future for dirty oil and gas profits." WTW has faced direct protest action over this role. On October 29, 2024, Extinction Rebellion protesters defaced WTW's offices at 51 Lime Street, London, as part of the Insure Our Survival campaign; City of London Police arrested five people for criminal damage. On January 30, 2025, protesters occupied WTW offices and targeted CEO Carl Hess in a second day of action. The Insure Our Future campaign notes that just 20 companies insure 70% of fossil fuel projects, many headquartered in London. WTW has published a Climate Transition Pathways accreditation framework but has adopted no policy restricting fossil fuel insurance brokerage — it continues to facilitate coverage for new extraction projects. |
| TRV | The Travelers Companies | Travelers Companies is a major P&C insurer that has been targeted by climate activists for continuing to insure fossil fuel projects and invest in fossil fuel companies. The Insure Our Future scorecard rates Travelers among the lowest-scoring global insurers on climate policy. While Travelers has adopted limited policies restricting coal and tar sands underwriting and investment, it has made no comparable commitment for oil and gas. In May 2025, climate activists gathered outside Travelers' headquarters during the annual shareholder meeting demanding the company stop insuring fossil fuel projects. As You Sow filed a shareholder resolution requesting climate scenario disclosure for its homeowners insurance business. Consumer Watchdog identified Travelers among the top 10 U.S. insurers investing in fossil fuels without considering climate change. However, Travelers is a diversified general P&C insurer — fossil fuel underwriting is not separately disclosed and may not constitute a majority of premiums. The fossil_fuel_ancillary question turns on whether enabling fossil fuel operations through insurance constitutes material complicity. Already has a separate cio_approved exclusion for environmental_damage (legacy pollution liability claims). |
| HLI | Houlihan Lokey Inc | Houlihan Lokey is a global investment bank that provides financial advisory services, including mergers and acquisitions (M&A) and capital raising, to clients across industries. A material part of its business involves advising on transactions within the fossil fuel sector. The firm has served as a financial advisor to numerous oil, gas, and coal companies, facilitating deals that enable the expansion, restructuring, or sale of fossil fuel assets. This advisory role is integral to the functioning and strategic direction of the fossil fuel industry. Specific engagements highlight this activity. For instance, court documents from the *In re Tronox* litigation note Houlihan Lokey's role as an advisor to RWEST, a holding company within the Kerr-McGee corporate structure involved in the controversial separation of environmental liabilities from profitable assets. Furthermore, the firm actively markets its expertise in energy sector transactions, publishing studies and best practices aimed at clients investing in and valuing energy assets, including those in transition. This positions Houlihan Lokey as a key enabler of capital flows and strategic decisions within the fossil fuel economy. |
| ZION | Zions Bancorp | Zions Bancorporation self-identifies as one of the top energy banks nationally, with 30 years of specialization in oil and gas lending primarily through its Amegy Bank subsidiary in Texas. At the RBC Capital Markets Global Financial Institutions Conference (March 2025), President and COO Scott McLean disclosed $4 billion in commitments and $2 billion in outstandings to the oil and gas sector across approximately 70 reserve-based lending customers, with a stated goal to grow this portfolio 10% annually over the next 3-4 years. Zions also maintains $2 billion in commitments and $1.5 billion in outstandings to the power and alternative energy sector, and recently reintroduced an oil and gas hedging business targeting $5-10 million in annual revenue. Against total loans of $59.4 billion and total assets of approximately $89 billion, oil and gas outstandings alone represent roughly 3.4% of the loan book — a material concentration that management actively seeks to expand. The 10-K identifies oil and gas lending as a specific credit concentration risk alongside commercial real estate. |
| BAK | Braskem SA | Braskem SA is a major petrochemical company that produces thermoplastic resins, primarily polyethylene and polypropylene, from fossil fuel feedstocks. Its core business involves transforming oil and natural gas into plastics and chemicals, a process integral to the fossil fuel value chain. As a significant downstream consumer of fossil hydrocarbons, Braskem's operations provide an essential market for oil and gas extraction, falling under the definition of fossil fuel ancillary services. The company's legal history is marked by serious misconduct related to its operations. In December 2016, Braskem S.A. entered into a plea agreement with U.S. authorities, admitting to violations of the Foreign Corrupt Practices Act (FCPA). The charges involved a scheme to bribe Brazilian government officials over many years to secure favorable rates from the state-owned oil company, Petrobras, for the raw materials vital to its petrochemical production. This corruption case underscores the deep, entrenched links between Braskem's business model and the state-controlled fossil fuel sector. |
| NEU | NewMarket Corp | NewMarket Corporation operates as a holding company for subsidiaries that manufacture and market petroleum additives, a critical product line for the fossil fuel industry. Its primary business, conducted through its Afton Chemical and Ethyl Corporation segments, is the production of fuel and lubricant additives that enhance the performance of gasoline, diesel, and other petroleum-based transportation fuels. These products are essential for the operation and efficiency of the internal combustion engines that power the global fossil fuel-dependent transportation sector. The company's core revenue is intrinsically linked to the continued consumption of gasoline, diesel, and other refined petroleum products. By providing specialized chemical compounds that reduce emissions, improve fuel economy, and protect engine components, NewMarket's business model is designed to support and extend the operational life of the existing fossil fuel vehicle fleet. This places the company firmly within the oilfield services and equipment ecosystem that primarily serves fossil fuel operators. |
| MTZ | MasTec Inc | MasTec Inc. provides significant construction and engineering services to the fossil fuel industry, primarily through its Oil and Gas and Clean Energy and Infrastructure segments. The company is a major contractor for midstream oil and gas pipeline construction, an activity central to expanding and maintaining fossil fuel infrastructure. This includes the acquisition of companies like Pumpco, which is specifically engaged in this line of work. The company's operations in this sector have drawn regulatory scrutiny. In a recent filing, MasTec disclosed that an alleged Foreign Corrupt Practices Act (FCPA) violation investigation related to its oil and gas operations is ongoing, consuming significant time and attention from senior management. Furthermore, the company has been convicted in a criminal proceeding within the past five years, though the specific details of that case are not provided in the gathered evidence. These legal and regulatory issues underscore the risks associated with its fossil fuel services business. |
| MEOH | Methanex Corp | Methanex Corporation is the world’s largest producer and supplier of methanol, a petrochemical primarily derived from natural gas. The company operates production facilities in the United States, Canada, Chile, New Zealand, and Trinidad, with a global marketing and distribution network. Methanol is a key feedstock in the production of formaldehyde, acetic acid, and a range of other chemicals, and is also blended into gasoline and used in biodiesel production. The company’s business model is fundamentally tied to fossil fuel infrastructure and markets. Methanex’s primary feedstock is natural gas, and its production assets are integrated with gas supply networks. In 2025, the company reported an EBITDA of $808 million, underscoring the scale of its operations. While methanol can be produced from renewable sources, Methanex’s current production and revenue are overwhelmingly dependent on fossil-sourced natural gas, placing it firmly within the downstream petrochemical processing segment of the fossil fuel industry. |
| WRB | W. R. Berkley Corporation | W. R. Berkley Corporation operates a significant insurance business focused on the fossil fuel sector through subsidiaries like Berkley Oil & Gas. These entities provide specialized insurance coverage and risk solutions for oilfield services, pipeline construction and repair, and well servicing equipment. This makes the company a key financial enabler for upstream and midstream fossil fuel operations. The company’s energy insurance offerings are a core part of its portfolio, underwriting on behalf of A+-rated subsidiaries to provide financial security for fossil fuel contractors and operators. In contrast, an external assessment of the insurance sector’s renewable energy underwriting placed W. R. Berkley Corporation at the bottom of the pack, noting it was among only a few companies whose primary renewable insurance activities were negligible. This indicates a business model materially dependent on and supportive of the fossil fuel industry. |
| PNGAY | Ping An | Ping An Insurance (Group) Company of China, Ltd. is a major financial services conglomerate whose business includes significant financing and insurance services for the fossil fuel sector. According to the Banking on Climate Chaos Fossil Fuel Finance Report, Ping An was among the top global financiers of fossil fuels between 2016 and 2022, providing billions in lending and underwriting to coal, oil, and gas companies. This financial support constitutes a critical ancillary service, enabling fossil fuel exploration, extraction, and infrastructure projects. While the company publishes sustainability reports and has made net-zero commitments for its investment portfolios, its ongoing, material financial facilitation of fossil fuel expansion places it under this exclusion. |
| TH | Target Hospitality Corp. | Target Hospitality Corp. operates a specialty rental business providing workforce accommodations and ancillary services. The company’s primary business segment, Specialty Rental Services, derives its revenue from serving the oil and gas industry, specifically by housing workers in major U.S. hydrocarbon basins. Its operations are concentrated in Texas, the largest oil-producing region in the United States. The company’s business model is a direct ancillary service to fossil fuel extraction, providing the temporary lodging infrastructure required to maintain and expand drilling and production operations. |
| SMHI | SEACOR MARINE HOLDINGS INC | SEACOR Marine Holdings Inc. provides global marine and support transportation services to offshore energy facilities worldwide. Its business is classified within the Energy - Fossil Fuels sector, and its fleet of offshore support vessels is primarily dedicated to servicing oil and gas exploration, development, and production activities. The company's core operations are intrinsically linked to the upstream fossil fuel industry. |
| UNCRY | UniCredit | UniCredit is a major European bank that BankTrack has documented breaching its own coal policy while continuing to support oil and gas expansion. The bank remains a significant financier of fossil fuel projects despite stated climate commitments. |
| DHY | CREDIT SUISSE HIGH YIELD CREDIT FUND | Credit Suisse High Yield Credit Fund is a fixed-income vehicle linked to Credit Suisse, which Banking on Climate Chaos identifies as a significant financier of fossil fuel companies through its lending and underwriting activities. |
| MMM | 3M Company | 3M manufactures specialized products for fossil fuel operations including tapes, adhesives, and electrical products marketed directly to oil, gas, and fossil fuel power generation customers via dedicated business lines. |
| TCBI | Texas Capital Bancshares Inc | Texas Capital Bancshares operates a dedicated Energy Banking division providing financing, treasury, and capital markets services to oil and gas E&P, midstream, and oilfield services companies. |
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.
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