Oilfield Services
Conduct Screen Fossil Fuels
Oilfield services, equipment manufacturing, and contracting that primarily serve fossil fuel operators — including drilling services, well completion, pressure pumping, and specialized equipment. Companies like SLB, Halliburton, and Baker Hughes whose revenue depends on fossil fuel extraction activity.
58 companies currently excluded under this screen
Excluded Companies (58 total)
Showing 25 of 58 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| KGS | KODIAK GAS SERVICES INC | Kodiak Gas Services is a leading provider of contract compression services for the oil and gas industry, operating in all major U.S. basins. Its core business is providing specialized equipment and services that enable the production, processing, and transportation of fossil fuels, primarily serving upstream producers and midstream pipeline companies. The company’s operations are directly tied to the volume of oil and gas extracted and moved to market. In February 2026, federal regulators cited an offshore oil and gas servicing company for bypassing safety valves and falsifying mandated safety test data submitted to the Bureau of Safety and Environmental Enforcement. This case highlights systemic risks within the oilfield services sector, where operational shortcuts can compromise safety and environmental oversight. Kodiak’s own disclosures from November 2025 revealed an internal investigation into potential payments connected to a designated terrorist group in Mexico, indicating governance and compliance risks in its international operations. The company’s financial outlook remains explicitly tied to fossil fuel demand, with executives describing “stronger than ever” fundamentals for compression services entering 2026. Kodiak offers services integral to enhanced oil recovery and gas lift systems, which are techniques used to extend the productive life of existing oil and gas wells. There is no evidence of a strategic pivot away from fossil fuels; the business model is dedicated to supporting and optimizing hydrocarbon production. |
| OII | Oceaneering International, Inc. | Oceaneering International provides specialized subsea engineering and applied technology services that are foundational to offshore oil and gas exploration and production. The company’s core business segments—Remotely Operated Vehicles (ROVs), Subsea Products, and Asset Integrity—are explicitly designed to support upstream drilling, completion, and maintenance operations in deepwater and harsh environments. Its client base consists primarily of major oil companies and offshore drillers. The company’s operations are directly tied to the lifecycle of offshore fossil fuel projects. For example, in May 2025, Oceaneering’s Offshore Projects Group secured a multi-year contract from BP Mauritania Investments Ltd. to support the Greater Tortue Ahmeyim (GTA) gas project offshore West Africa. The company’s own marketing materials highlight its work for “a major North Sea upstream oil and gas operator” and detail services across “upstream, midstream, and downstream facilities.” In its 2024 Annual Report, Oceaneering acknowledges that global initiatives to reduce energy consumption or shift away from fossil fuels “could reduce demand for hydrocarbons, thereby adversely affecting the demand for our services and products.” The company identifies legislative and regulatory responses to climate change as a material risk to its business model, which remains dependent on ongoing offshore exploration and production. |
| NBR | Nabors Industries Ltd. | Nabors Industries Ltd. is a global land-based drilling contractor whose core business is the exploration and extraction of oil and natural gas. The company provides advanced drilling rigs, rig-related equipment, and associated services to upstream oil and gas companies worldwide. Its operations and profitability are directly tied to the level of drilling activity, which is driven by oil and gas prices and capital expenditures by its exploration and production customers. The company's 2024 Sustainability Report explicitly identifies itself as "a global upstream oil and gas drilling contractor." Its financial performance is a direct function of hydrocarbon extraction activity, as evidenced by quarterly earnings reports that tie revenue and profit gains to increased rig utilization and international drilling operations. Nabors' business model is fundamentally centered on enabling and servicing fossil fuel extraction. While the company publishes sustainability materials discussing "Responsible Hydrocarbon Production," its operations show no strategic shift away from fossil fuel dependence. Its stated risks, as detailed in SEC filings, include investor sentiment against fossil fuels and the potential for decreased demand for its services due to ESG initiatives and energy transition policies, underscoring its entrenched position in the upstream oil and gas sector. |
| WHD | CACTUS INC CLASS A | Cactus, Inc. (Class A) is an oilfield services and equipment company whose operations are fundamentally tied to fossil fuel extraction. The company is categorized under Oil & Gas Related Equipment and Services by financial data providers. Its business involves manufacturing and supplying critical pressure control equipment used in the drilling and completion of oil and gas wells. The company is a standard holding in energy-focused investment funds and is explicitly identified as a fossil fuel company in multiple fund reports. For instance, it is listed among the fossil fuel holdings in the JPMorgan Small Cap Growth Fund and is a constituent of the VanEck Oil Services ETF. Financial analyses from 2025 benchmark Cactus against other oilfield service firms, evaluating its valuation multiples relative to earnings before interest, taxes, depreciation, and amortization (EBITDA), which indicates its financial performance is directly correlated with upstream oil and gas activity. Cactus provides specialized equipment essential for hydraulic fracturing and well completion, services that enable continued production from shale formations. There is no evidence of a strategic pivot away from fossil fuels or a material revenue stream from renewable energy services. The company’s operations are excluded as part of the fossil fuel services sector. |
| HLX | HELIX ENERGY SOLUTIONS GROUP INC | Helix Energy Solutions Group is an international offshore energy services company whose core business is supporting oil and gas production. The company specializes in well intervention, robotics, and full-field decommissioning services for offshore energy projects. Its operations are focused on maximizing production from existing oil and gas reserves and managing end-of-life assets, primarily on the Gulf of Mexico shelf. This places Helix within the upstream and midstream segments of the fossil fuel value chain, providing essential services for the exploration, extraction, and maintenance of offshore hydrocarbon resources. The company's business model is intrinsically linked to the lifecycle of oil and gas fields. Its services, including well intervention and remotely operated vehicle (ROV) operations, are deployed to extend the productive life of existing reserves and to decommission them at end-of-life. In August 2025, Helix was awarded a multi-year contract in the Gulf of Mexico, underscoring its ongoing role in supporting offshore fossil fuel infrastructure. While decommissioning is a necessary activity, Helix’s primary focus and revenue driver remain the support of ongoing oil and gas production, with no announced strategic shift away from fossil fuels. |
| NESR | National Energy Services Reunited Corp. | National Energy Services Reunited Corp. (NESR) is an international upstream oilfield services company whose core business is the exploration, extraction, and production of oil and gas. The company is incorporated in the British Virgin Islands and operates primarily in the Middle East and North Africa (MENA) region, providing services such as cementing, drilling, and well intervention to national and international oil companies. In 2025, the company reported oilfield services revenue of $1.32 billion, underscoring its material and direct role in enabling fossil fuel extraction. The company's recent activity demonstrates an expansion of this core business. In March 2026, NESR secured a major $300 million contract for cementing services in Saudi Arabia, a 3+2-year deal that aligns with regional national oil companies' plans for over $100 billion in upstream capital expenditure for 2025. This contract win followed a strong fourth quarter in 2025, where the company reported revenue of $398.3 million, a 15.9% year-over-year increase. While NESR announced an ESG Impact segment in 2021, its financial and operational focus remains overwhelmingly on supporting upstream oil and gas development. |
| NE | Noble Corp | Noble Corporation is an offshore drilling contractor whose entire business model is providing drilling services to oil and gas exploration and production companies. The company owns and operates a fleet of 15 offshore drilling rigs, including drillships and semi-submersibles, which are deployed globally to extract fossil fuels. The company has a documented history of environmental and regulatory violations related to its operations. In December 2014, its subsidiary Noble Drilling (U.S.) LLC was charged with environmental and maritime crimes for knowingly failing to maintain an accurate Oil Record Book and making false statements to the U.S. Coast Guard. In August 2021, the U.S. Department of Justice and Environmental Protection Agency reached a $1 million settlement with Noble Energy (now part of Chevron, but historically linked to Noble's operations) for violations including an unauthorized 2014 discharge of oil into the Poudre River. More recently, in June 2025, a state regulatory agency issued a Notice of Alleged Violation to Noble citing six rule violations. The Securities and Exchange Commission has also charged Noble with violations of the Foreign Corrupt Practices Act. |
| DRQ | Dril-Quip, Inc. | Dril-Quip designs and manufactures specialized subsea wellhead systems, surface equipment, and related components specifically for offshore oil and gas drilling and production. Its engineered products, such as its VXTe system, are marketed to reduce the carbon footprint of drilling operations by improving efficiency, but their exclusive application is to enable and extend the life of fossil fuel extraction. The company’s core business is providing critical, high-reliability equipment to upstream offshore operators, with no material revenue from non-fossil fuel activities. The company has been involved in litigation concerning the alleged misappropriation of trade secrets from a competitor, FMC Technologies, for use in its offshore equipment designs. A 2024 ruling by the Texas Fourteenth Court of Appeals found in Dril-Quip's favor, overturning a prior jury verdict. This legal history underscores the competitive and proprietary nature of its fossil fuel services technology. In September 2024, Dril-Quip completed a merger with Innovex Downhole Solutions to form Innovex International, consolidating its position as a specialized equipment provider for the offshore energy sector. |
| DNOW | NOW Inc. | NOW Inc. (DNOW) is a global distributor of energy and industrial products whose primary business is supplying equipment and parts to the oil and gas industry. Its product portfolio is heavily geared toward upstream and midstream fossil fuel operations, including drilling, production, pipeline, and refinery equipment. The company's operations are directly tied to the capital and maintenance cycles of the fossil fuel sector. The company’s business model is predicated on the ongoing exploration, extraction, and transportation of fossil fuels. As a specialized distributor, its revenue is intrinsically linked to the health and expansion of the oil and gas industry supply chain. This operational focus places it within the fossil fuel industrial ecosystem, supporting the infrastructure required for continued hydrocarbon dependence. While DNOW has begun to list some products for alternative energy sectors, its core identity and historical revenue base remain anchored in fossil fuels. The company does not publish a revenue breakdown by end-market, but its public positioning and product catalogs confirm its primary role as a critical supplier to the oil and gas industry. |
| FTK | Flotek Industries, Inc. | Flotek Industries is a chemistry and data technology company whose business is focused on servicing the oil and gas industry. Its core customer base includes integrated oil companies, independent exploration and production firms, and oilfield service providers. The company's proprietary chemistry solutions and data analytics platform are designed to enhance the performance and economics of fossil fuel operations, as evidenced by its public description as a company "focused on servicing the Energy industry," where "Energy" is synonymous with oil and gas. While the company has announced a contract to deliver power services for distributed energy resources, this appears to be an ancillary application of its existing platform. Its primary revenue driver and operational focus remain tied to the upstream oil and gas sector. A 2021 legal dispute cited a downturn in the oil and gas end market as a central factor in the company's decision-making, underscoring its financial dependence on the fossil fuel industry. Flotek's business model is that of an oilfield services company, providing specialized chemical and technological inputs that enable fossil fuel extraction. |
| TTI | TETRA Technologies, Inc. | TETRA Technologies is an energy services company whose core business is providing specialized fluids, chemicals, and water management solutions to oil and gas operators. Its operations are divided into two primary segments: Completion Fluids & Products, which supplies high-density brine fluids used in well completion and workover operations, and Water & Flowback Services, which handles produced water for recycling and disposal. The company’s services are integral to hydraulic fracturing and enhanced oil recovery, directly supporting upstream fossil fuel production. The company’s financial results are tied to activity levels in oil and gas exploration and production. For the full year 2025, TETRA reported revenue of $631 million. While it promotes “environmentally conscious services,” its strategic initiatives and collaboration announcements remain focused on serving the fossil fuel sector, such as advancing brine production and water management for oilfield clients. There is no evidence of a strategic pivot away from fossil fuels or of deriving material revenue from renewable energy services. |
| TUSK | Mammoth Energy Services, Inc. | Mammoth Energy Services, Inc. is an integrated energy services company whose core business is providing products and services to enable the exploration and development of oil and natural gas. Its operations span rental equipment, infrastructure services, and well completion services, all of which are integral to the upstream fossil fuel sector. The company’s financial performance is directly tied to oil and gas industry activity, as evidenced by reports of significant revenue increases driven by energy sector demand. While the company has divested certain non-core assets, such as an engineering business, its primary operations remain focused on servicing fossil fuel extraction. Public comps and industry analyses consistently categorize Mammoth alongside other oilfield service providers like Nine Energy Service and Ranger Energy Services. There is no evidence in the provided materials of a strategic transition away from fossil fuels or of material revenue derived from renewable energy services. The company’s services enable and are dependent on ongoing oil and gas exploration and production. |
| TPL | TEXAS PACIFIC LAND CORP | Texas Pacific Land Corp. is an upstream fossil fuel company whose core business is the ownership and leasing of land for oil and gas extraction. The company holds approximately 880,000 acres of surface and mineral rights in the Permian Basin, one of the most prolific oil-producing regions in the United States. Its primary revenue streams are royalties from hydrocarbon production and fees for land use and water services directly supporting drilling operations. The company’s financial performance is directly tied to upstream activity in the Permian. Analysis of its SEC filings shows revenue is overwhelmingly derived from oil and gas royalties, with its business model structured to capitalize on the volume of drilling on its lands. The company is consistently categorized among top-performing exploration and production stocks, reflecting its integral role in fossil fuel extraction. Texas Pacific Land Corp. has no announced plan to transition its business model away from fossil fuel extraction. Its operations remain focused on enabling and profiting from ongoing oil and gas production. |
| OIS | Oil States International, Inc. | Oil States International manufactures specialized equipment and provides services essential for the exploration, extraction, and production of oil and gas. Its product portfolio, including drilling and completion tools, subsea systems, and wellhead connectors, is designed specifically for upstream fossil fuel operations. The company's core business is enabling new hydrocarbon extraction, with its sustainability reports identifying greenhouse gas emissions from its products' use as a primary environmental risk factor. In a November 2025 earnings call, company leadership stated Oil States remains "well-positioned to benefit going forward as oil and gas operators favor capital allocation to offshore" projects. This strategic focus aligns with industry analysis noting that rising demand for fossil fuels is driving a surge in upstream investment, a market the company's well testing and other services are built to serve. The company provides technology for both onshore and offshore drilling, with no announced plan to transition its business model away from fossil fuel development. |
| NOA | North American Construction Group Ltd. | North American Construction Group Ltd. provides heavy construction and mining services primarily to the resource development sector in Western Canada. The company's core business includes overburden removal, site development, and reclamation services for oil sands mining operations. It also provides mine management services for a thermal coal mine and construction support in the Canadian oil sands region, maintaining one of the largest independently owned equipment fleets for this purpose. This establishes the company's central role in enabling fossil fuel extraction infrastructure. The company's operations are directly tied to oil sands and thermal coal projects, which are among the most carbon-intensive methods of fossil fuel production. Its services facilitate the upstream development of these resources. While the company has filed supply chain reports in accordance with Canadian regulations, its business model remains fundamentally linked to the construction and maintenance of fossil fuel extraction sites, with no announced transition away from this core service line. |
| TDW | Tidewater Inc. | Tidewater Inc. is the world's largest provider of offshore service vessels to the global energy industry. Its core business is supplying the specialized marine transportation and support services required for offshore oil and gas exploration, development, and production. The company operates a fleet of over 200 vessels that perform essential functions for offshore fossil fuel operators, including towing drilling rigs, transporting supplies and personnel, and providing standby rescue and oil recovery support. While the company's sustainability materials reference an adaptation to the energy transition and the provision of services to offshore renewable energy systems, its current operations and nearly all of its revenue are derived from supporting offshore fossil fuel infrastructure. The company's reported revenue of $1.35 billion for the twelve months ended December 31, 2025, is generated almost entirely from this oilfield services segment. Tidewater's business model is intrinsically linked to the ongoing operation and expansion of offshore oil and gas projects worldwide. |
| XPRO | Expro Group Holdings N.V. | Expro Group Holdings N.V. is an energy services company whose core business is providing specialized services and solutions to oil and gas exploration and production companies. Its operations are intrinsically tied to the upstream fossil fuel sector, offering well intervention, well abandonment, and well flow management services essential for extracting hydrocarbons. The company’s stated mission is to be the “pre-eminent partner in the energy services sector,” with its services applied across mature and new oil and gas fields. While the company’s public communications reference “the transition away from fossil fuels,” its service offerings and market positioning remain fundamentally oriented toward supporting and extending the lifecycle of oil and gas wells. Industry analyses, such as those covering the well intervention and abandonment services markets, list Expro as a key player serving the global oil and gas industry. There is no evidence of a strategic pivot or material revenue derived from services that would facilitate a transition to non-fossil energy systems. |
| FTI | TechnipFMC plc | TechnipFMC plc is a global oilfield services company that designs, manufactures, and installs subsea and surface equipment and systems for offshore oil and gas production. Its core business is providing the specialized technology and contracting services required for fossil fuel extraction, particularly in deepwater and other complex environments. The company has a documented history of foreign bribery to secure oil and gas contracts. In 2019, the U.S. Securities and Exchange Commission (SEC) found that FMC Technologies, a predecessor company, used a Monaco-based intermediary to bribe Iraqi government officials to obtain contracts. To resolve these Foreign Corrupt Practices Act (FCPA) charges, TechnipFMC and its U.S. subsidiary agreed to pay a combined total of over $296 million in criminal fines and disgorgement. A separate SEC order required the company to pay an additional $5.1 million and improve its compliance procedures. These enforcement actions demonstrate a pattern of misconduct directly tied to its core business of serving fossil fuel operators. |
| WFRD | Weatherford International plc | Weatherford International plc is a global oilfield services company that provides specialized equipment and technical services for the drilling, completion, and production of oil and gas wells. Its operations span approximately 75 countries, and its core business segments—including Intervention Services & Drilling Tools—are designed to support fossil fuel extraction and development. The company’s identity is defined by this role, as evidenced by its corporate presentation tagline: “Producing energy for today and tomorrow.” The company’s financial performance is directly tied to the activity levels of its fossil fuel operator clients. In its 2025 full-year results, Weatherford reported revenue of $1,289 million for the fourth quarter, with its performance sensitive to changes in drilling-related services demand. As a pure-play oilfield services provider, Weatherford’s business model is integral to the upstream fossil fuel supply chain, offering no material revenue from renewable energy services or a strategic transition plan away from fossil fuels. |
| ENG | ENGLOBAL CORP | ENGlobal Corp provides engineering, fabrication, and construction services primarily to the upstream oil and gas sector. The company's strategic focus is on supporting exploration, extraction, and production operations for fossil fuel clients. This business activity is central to its operations, as evidenced by its 2010 acquisition of CDI, which was explicitly described as providing "a strategic entry into the upstream energy sector." The available evidence, while dated, consistently frames ENGlobal as an oil and gas services company. Executive biographies link its leadership to tenures at major fossil fuel firms like Exxon, and the company is listed alongside other energy service providers in industry contexts. However, specific, current data on revenue concentration, client lists, or project portfolios is absent from the provided materials. This lack of contemporary, detailed evidence regarding the scale and materiality of its upstream fossil fuel work necessitates a review of the exclusion's basis. |
| NGS | Natural Gas Services Group, Inc. | Natural Gas Services Group, Inc. manufactures, fabricates, rents, sells, and maintains natural gas compressors and flare systems for oil and natural gas production and plant facilities. Its core business is providing high-performance compression equipment and services exclusively to the fossil fuel industry, with no diversification into renewable energy services. The company’s transformative SMART compressor system is designed to increase the efficiency and uptime of natural gas extraction and processing operations, directly supporting the expansion and optimization of fossil fuel infrastructure. Its entire product line and service model are dedicated to servicing the upstream and midstream segments of the oil and gas sector. As a pure-play oilfield services company, Natural Gas Services Group’s revenue is entirely dependent on the continued exploration, production, and processing of fossil fuels. The company has announced no plans to transition its business model away from fossil fuel services. |
| BKR | Baker Hughes Company | Baker Hughes is an oilfield services and equipment (OFSE) company whose core business is providing technology and services for fossil fuel extraction and production. Its operations span the entire upstream and midstream lifecycle, including drilling, pressure pumping, and well intervention services. The company’s own materials state its purpose is to “maximize the long-term value of your oilfield operations.” The company has a documented history of significant regulatory violations. According to ViolationTracker, Baker Hughes has accumulated at least $44 million in penalties from two Foreign Corrupt Practices Act cases, plus an additional $495,790 from 18 environmental violations. In one resolved enforcement action, Baker Hughes agreed to pay more than $23 million in disgorgement and interest, plus a $10 million civil penalty, for violations related to its acquisition of a competitor. As of 2021, the company also disclosed an ongoing federal investigation into potential sanctions violations. |
| RIG | Transocean Ltd. | Transocean Ltd. is the world's largest offshore drilling contractor, providing contract drilling services exclusively for oil and gas wells. The company's entire business model and revenue are derived from the exploration and extraction of fossil fuels, operating a fleet of ultra-deepwater and harsh environment drilling rigs. As of its Q1 2025 earnings, the company reported drilling revenues of $906 million at an average daily rate of approximately $444,000 per rig, with its fleet utilization nearing 90%. The company's operations are central to upstream oil and gas development in major basins worldwide. In 2025, its *Transocean Barents* rig commenced a 10-well drilling mission for the Neptun Deep project in the Black Sea. The company continues to secure contracts at high dayrates in regions like the U.S. Gulf of Mexico. Transocean's business is intrinsically linked to the expansion of fossil fuel reserves, with no announced strategic pivot away from oil and gas extraction. |
| SLB | SLB LIMITED | 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. |
| CLB | CORE LABORATORIES NV | Core Laboratories NV provides proprietary reservoir description and production enhancement services exclusively to the oil and gas industry. For over 90 years, the company's core business has been laboratory-based analytical and field services to characterize crude oil and reservoir properties, making its operations entirely dependent on fossil fuel exploration and production. The company has a documented history of regulatory and legal misconduct tied to its operations. In 1998, its subsidiary Saybolt agreed to pay a fine for falsifying fuel-testing reports on reformulated gasoline. More recently, the U.S. Securities and Exchange Commission and Department of Justice conducted investigations into potential bribery by the company, which were closed in 2018 without action. A 2011 Department of Labor administrative review also referenced uncontradicted evidence supporting allegations that Core Labs engaged in fraudulent conduct to evade taxes in Colombia. |
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