Fossil Fuel Extraction
Conduct Screen Fossil Fuels
Exploration, extraction, and production of oil, gas, and other fossil fuels (E&P companies, drilling operators, production platforms).
94 companies currently excluded under this screen
Excluded Companies (94 total)
Showing 25 of 94 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| CHK | Chesapeake Energy Corporation | Chesapeake Energy Corporation is an independent exploration and production company focused on the acquisition, development, and operation of onshore U.S. oil and natural gas reserves. Its core business is the upstream extraction of fossil fuels, with operations concentrated in major shale plays including the Anadarko, Eagle Ford, and Haynesville basins. In 2024, the company announced a merger with Southwestern Energy in a $7.4 billion deal intended to create one of the largest natural gas producers in the United States, explicitly aiming to accelerate America's energy reach. The company has a documented history of environmental and regulatory violations stemming from its extraction activities. In December 2013, Chesapeake Energy agreed to pay a $3.2 million civil penalty to resolve Clean Water Act violations related to natural gas extraction activities in West Virginia. The year prior, the company had pleaded guilty to three criminal violations of the same act for conduct in the state. Further legal issues include a 2015 case where the state of Michigan charged Chesapeake with antitrust violations, alleging conspiracy and anti-competitive conduct in connection with its oil and gas lease acquisitions. Chesapeake's financial history underscores the volatility and risk inherent in its business model. In June 2020, the company filed for Chapter 11 bankruptcy protection, burdened by mountains of debt accumulated during an aggressive expansion to acquire mineral rights. This collapse occurred amidst a shale gas price crash, highlighting the company's acute exposure to commodity market fluctuations. Despite this restructuring, Chesapeake continues to operate as a pure-play upstream fossil fuel producer with no announced strategic transition away from oil and gas extraction. |
| 883 | CNOOC | CNOOC Limited is a state-owned enterprise and China’s dominant offshore oil and gas producer, deriving the vast majority of its revenue from the exploration and production of fossil fuels. The company’s core business is the development of offshore reserves, with its domestic crude output increasing by 11.5% year-on-year in a recent reporting period to reach 233.9 million barrels. Its production targets indicate China's offshore oil output will reach approximately 68 million tons by 2025, accounting for 80% of the national increase. The company is actively expanding its resource base through new discoveries and enhanced recovery techniques. In 2025, CNOOC announced a new hydrocarbon find in the Beibu Gulf of the South China Sea, described as a “major breakthrough.” The company also reported that its heavy oil thermal recovery production had exceeded 1.3 million tons. Its operational interests extend internationally, including in oil and gas fields in Europe such as Buzzard and Golden Eagle, and it has expressed strong interest in increasing investment in Trinidad and Tobago's energy sector. While CNOOC has indicated some diversification into offshore wind power, its strategic direction remains firmly anchored in fossil fuel expansion. This focus was underscored in 2025 when Beijing appointed a former coal industry executive as the company's chairman, with a mandate to balance delivering increased fossil fuel output with the energy transition. The company’s activities are central to China's efforts to boost domestic oil and gas production. |
| CDEV | CENTENNIAL RESOURCE DEVELOPMENT IN | Centennial Resource Development is an independent oil and gas exploration and production company focused on the Delaware Basin within the Permian shale formation. The company’s primary business is the development, production, and acquisition of oil and natural gas reserves. Its 2022 Annual Report details proved reserves consisting of oil, natural gas liquids, and natural gas, demonstrating its core operational focus on fossil fuel extraction. The company expanded its upstream footprint significantly through a $7.0 billion merger of equals with Colgate Energy Partners III in 2022, forming Permian Resources, Inc. This consolidation was part of a broader trend of capital flowing to the Permian Basin, one of the most active oil-producing regions in the United States. Centennial’s financial activities, including a $254 million debt-for-debt exchange and a $340 million private investment in public equity (PIPE) offering, underscore its commitment to funding ongoing exploration and production operations. Centennial Resource Development operates within an industry that continues to allocate capital to new fossil fuel development. The Banking on Climate Chaos report notes that global banks have committed trillions in financing to the fossil fuel sector since the Paris Agreement, enabling the expansion of companies focused on oil and gas extraction. There is no public evidence of a corporate strategy to transition away from fossil fuel production or to align its business model with a net-zero emissions pathway. |
| XOM | Exxon Mobil Corporation | Exxon Mobil Corporation is an integrated oil and gas major whose primary business activity is the exploration, extraction, and production of fossil fuels. The company operates one of the world's largest upstream portfolios, with significant conventional and unconventional oil and gas assets. In December 2025, ExxonMobil announced an acceleration of its growth plans in the Permian Basin, aiming to increase production to 2.3 million barrels of oil equivalent per day by 2030. In January 2025, the company announced a major new natural gas discovery in the Mediterranean Sea off Egypt's coastline, underscoring its continued focus on expanding fossil fuel reserves. The company's public climate positioning, as analyzed in peer-reviewed literature, has historically emphasized energy demand while framing climate policy around emissions from end-use consumers rather than the upstream supply of fossil fuels. ExxonMobil's Global Outlook to 2050 presents the company's internal projections, which anticipate continued significant reliance on oil and gas through mid-century. There is no company-wide commitment to align capital expenditures with the International Energy Agency's Net Zero Emissions scenario, which requires no new investment in fossil fuel supply. |
| MTDR | MATADOR RESOURCES | Matador Resources is an independent exploration and production company whose core business is the extraction of oil and natural gas. Its operations are concentrated in the Delaware Basin, a sub-basin of the Permian Basin in Texas and New Mexico. In 2025, the company reported average daily oil production of approximately 121,363 barrels and has consistently grown its production volumes and proved reserves, which reached 667 million barrels of oil equivalent. The company’s operations have resulted in significant regulatory enforcement for environmental violations. In March 2023, Matador Production Company, a subsidiary, agreed to a settlement with the United States and the State of New Mexico to resolve alleged Clean Air Act violations at 239 of its oil and gas well pads in New Mexico. The settlement required the company to pay over $6 million in penalties and implement compliance measures after the alleged violations caused significant excess emissions of volatile organic compounds, nitrogen oxides, and carbon monoxide. Matador Resources continues to expand its upstream production and related midstream infrastructure in the Delaware Basin, with no announced plan to transition away from fossil fuel extraction. |
| PR | Permian Resources Corporation | Permian Resources Corporation is an independent oil and natural gas company focused on the acquisition, development, and production of oil and natural gas reserves in the Permian Basin. The company reported average daily crude oil production of approximately 188,633 barrels in the fourth quarter of 2025. Its operations are concentrated exclusively in this major U.S. oilfield, with over 450,000 net acres and production of roughly 373 thousand barrels of oil equivalent per day, making it a pure-play upstream exploration and production company. The company’s business model is centered on expanding fossil fuel extraction. Its 2024 annual report outlines a strategy of driving “peer-leading returns” through the acquisition and development of oil and gas assets, indicating a focus on growing its reserve base and production footprint. While the company publishes a sustainability report and has agreed to settlements for environmental violations, such as a 2023 agreement with the EPA to pay $610,000 over Permian Basin pollution, its core activity remains the upstream production of oil and gas with no announced plan to transition away from fossil fuels. |
| BP | BP p.l.c. | BP p.l.c. is a vertically integrated oil and gas major whose core business is the exploration, extraction, and production of fossil fuels. In 2024, the company produced approximately 2.4 million barrels of oil equivalent per day from operations spanning 61 countries. Its upstream production activities are central to its financial performance, generating $8.9 billion in underlying replacement cost profit before interest and tax in 2024. The company is a defendant in multiple lawsuits alleging it has purposefully delayed the transition from fossil fuels. In February 2024, the City of Chicago filed a lawsuit accusing BP of directing tortious conduct toward the city by distributing, marketing, and supplying its fossil fuel products while misleading the public about climate risks. A separate complaint filed by environmental groups with the OECD alleges BP engaged in misleading advertising campaigns regarding its environmental commitments. As of early 2026, BP reported total production of 1.555 million barrels of oil equivalent per day for the fourth quarter, indicating an ongoing, material commitment to fossil fuel extraction. |
| MARPS | Marine Petroleum Trust | Marine Petroleum Trust is a royalty trust whose sole business is collecting and distributing revenue from oil and gas leases in the Gulf of Mexico. The trust holds overriding royalty interests in federal offshore leases, deriving its income from the production and sale of fossil fuels extracted from marine environments. This structure directly links the trust's financial performance to the volume of oil and gas produced from these offshore operations. The trust’s operations are tied to the upstream (extraction) and midstream (transportation) stages of the fossil fuel value chain. Revenue flows from the production of oil and gas, which is then transported via pipeline. This model provides no diversification away from fossil fuels and is entirely dependent on the continued exploitation of offshore reserves. Evidence specific to the trust’s own environmental record or operational conduct is not publicly detailed in standard financial disclosures, as it acts as a passive royalty holder rather than an operating company. The exclusion is based on its fundamental business model as a financial vehicle for fossil fuel extraction. |
| SU | Suncor Energy Inc. | Suncor Energy Inc. is an integrated oil and gas company whose primary business is the exploration, extraction, and production of fossil fuels. Its core operations are in the Athabasca oil sands, where it operates some of the world's largest oil sands mining and upgrading facilities. In 2025, Suncor reported capital expenditures of $5.7 billion, with a 2026 budget set between $5.6 billion and $5.8 billion, directed toward sustaining and growing this production base. The company's financial disclosures detail extensive proved and probable undeveloped reserves, indicating a long-term commitment to fossil fuel extraction. The company's operations are a significant source of greenhouse gas emissions and environmental impact, with its own annual report citing stakeholder concerns over "climate change, fossil fuel extraction, GHG emissions, and water and land-use." Suncor's business model remains centered on upstream production, with no announced plan to phase out its core oil sands extraction activities. Its capital allocation and reserve development plans demonstrate an ongoing commitment to expanding fossil fuel supply. |
| CNX | CNX RESOURCES CORP | CNX Resources Corporation is an independent natural gas producer focused on the exploration, extraction, and production of natural gas, natural gas liquids (NGLs), and oil from unconventional shale formations. Its operations are concentrated in the Appalachian Basin, primarily in Pennsylvania, West Virginia, and Ohio. The company's core business is upstream oil and gas development, with revenue derived from the sale of produced natural gas, NGLs, and oil. The company has accumulated a documented pattern of environmental and regulatory violations related to its extraction activities. According to ViolationTracker, CNX has been penalized over $6.5 million across at least 45 separate enforcement records. These include a $3.16 million settlement for environmental violations, a $2 million False Claims Act settlement, and multiple penalties for air pollution and oil or gas drilling violations. In one specific 2025 incident, the Pennsylvania Department of Environmental Protection cited a CNX subsidiary for withdrawing over 1.8 million gallons of water for fracking operations over 22 days without the required permit. |
| CRK | Comstock Resources, Inc. | Comstock Resources, Inc. is an independent natural gas exploration and production company whose entire business model is based on the extraction of fossil fuels. The company’s operations are concentrated in the Haynesville and Bossier shale formations, where it held approximately 3.8 trillion cubic feet equivalent (Tcfe) of proved natural gas reserves as of December 31, 2024. Its financial results are directly tied to the production and sale of natural gas, with revenues increasing 47.7% year-over-year in its most recent quarter due to higher production volumes. The company’s SEC filings detail a business strategy focused on the development of these reserves, listing hundreds of proved undeveloped drilling locations. There is no evidence of a strategic transition away from fossil fuel extraction; Comstock’s capital allocation, operational focus, and reserve base are entirely dedicated to natural gas exploration and production. This places the company’s core activity in direct conflict with climate stabilization goals, as its business depends on the continued expansion and monetization of fossil fuel reserves. |
| PTR | PetroChina Company Limited | 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. |
| SHEL | Shell plc | Shell plc is an integrated energy company whose core business remains the exploration, extraction, and production of oil and natural gas. The company reported total oil and gas production of approximately 1.8 million barrels of oil equivalent per day in 2024. Its upstream operations are a primary driver of its financial performance, with its Exploration & Production segment generating $178 billion in revenue for the year. Despite public commitments to reduce the carbon intensity of its energy products, Shell continues to allocate significant capital to maintaining and expanding its fossil fuel portfolio. The company’s proved developed oil and gas reserves stood at 4.9 billion barrels of oil equivalent at the end of 2024. However, recent analysis indicates Shell’s total proved oil reserves have fallen to their lowest level since 2013, highlighting the challenge of replacing production through exploration. The company is reportedly facing a production shortfall of 350,000 to 800,000 barrels per day over the medium term, underscoring the material scale of its upstream operations. |
| DVN | Devon Energy Corporation | Devon Energy Corporation is an independent exploration and production company focused on hydrocarbon exploration, development, and production in the United States. Its core business is the upstream extraction of oil and natural gas. Following its announced merger with Coterra Energy, the combined entity is projected to have a production output of approximately 1.64 million barrels of oil equivalent per day, positioning it as one of the largest independent E&P companies in North America. In the third quarter of 2025, Devon’s oil production alone was expected to average 384,000 barrels per day. The company’s operations have been linked to regulatory violations, including a documented oil or gas drilling violation from the Bureau of Safety and Environmental Enforcement in 2004. Devon Energy does substantial fossil fuel product-related business in California and is a successor-in-interest to Pauley Petroleum. The company’s strategic focus remains on growing its upstream oil and gas production, as evidenced by recent merger activity aimed at consolidation within the shale sector. |
| CTRA | COTERRA ENERGY INC | Coterra Energy Inc. is an independent exploration and production company focused on the upstream extraction of oil and natural gas. Its operations are concentrated in the Permian Basin, the Marcellus Shale, and the Anadarko Basin. In 2025, the company reported producing approximately 610,000 barrels of oil equivalent per day, with oil production increasing by 18.6 million barrels year-over-year. The company’s business model is explicitly centered on the development and production of fossil fuels. In May 2024, Coterra pleaded no contest to violations of Pennsylvania’s Clean Streams Law related to its operations. The company’s 2026 guidance and capital plans remain focused on hydrocarbon production, with no corporate strategy or public commitment to phase out its core fossil fuel extraction business. While the company cites outperforming an upstream peer group on certain emissions intensity metrics, this relates only to the efficiency of its extraction process and does not address the significant Scope 3 emissions from the combustion of the oil and gas it produces. |
| GRNT | Granite Ridge Resources | Granite Ridge Resources is an independent oil and gas exploration and production company. Its business is the acquisition, development, and production of oil and natural gas reserves, primarily in the Permian Basin. The company reported production of 35,100 barrels of oil equivalent per day in Q4 2025 and targets a 9% production growth rate for 2026. Its proved reserves as of December 31, 2025, totaled 62,347 thousand barrels of oil equivalent. The company's operations and financial results are directly tied to fossil fuel extraction. For the fourth quarter of 2025, oil sales accounted for $87.6 million and natural gas sales for $17.9 million. Its investor materials describe reserve engineering as a core process for estimating underground accumulations of oil and gas, and its stated strategy is to invest capital in oil and gas development. Granite Ridge acknowledges in its regulatory filings that its business is subject to risks inherent in the oil and gas industry, including potential environmental incidents and non-compliance with environmental laws. |
| SOC | Sable Offshore Corp. | Sable Offshore Corp. is an independent upstream oil and gas company whose sole operational focus is the restart and development of the Santa Ynez Unit (SYU) offshore California. The company's entire business model is the exploration, extraction, and production of fossil fuels, with its assets showing a production mix of approximately 96% oil prior to being shut-in. The company acquired the SYU assets, including three offshore platforms and the associated pipeline, from ExxonMobil in 2024. This followed ExxonMobil's own failed seven-year effort to restart the unit. Sable Offshore has since secured federal approval to restart the Las Flores Pipeline, a project that remains controversial due to the pipeline's history—it ruptured in 2015, spilling over 100,000 gallons of crude oil. The planned restart has also prompted litigation, with the state of California suing the federal government over the approval. The site is historically significant, located near the origin of the 1969 Santa Barbara oil spill that helped inspire the modern environmental movement. |
| COP | ConocoPhillips | ConocoPhillips is an exploration and production company focused exclusively on the upstream oil and gas sector. Its core business is the extraction of fossil fuels, with reported production of 2.32 million barrels of oil equivalent per day in late 2025. The company is actively expanding this production base, with recent exploration activities offshore Australia and new agreements for offshore blocks in Equatorial Guinea. Capital expenditures for 2026 were projected at approximately $12 billion, directed toward sustaining and growing this upstream portfolio. The company is a defendant in multiple climate nuisance lawsuits filed by U.S. states and municipalities, including a 2023 suit by the state of California. These lawsuits allege that ConocoPhillips, alongside other major oil companies, engaged in campaigns to downplay the risks of fossil fuels to the public. A separate 2024 lawsuit filed by the city of Chicago makes similar allegations, stating the company purposefully directed the marketing and supply of its fossil fuel products into the city. |
| CRT | Cross Timbers Royalty Trust | Cross Timbers Royalty Trust is a passive financial vehicle that holds a 90% net profits interest in producing oil and gas properties across Texas, Oklahoma, and New Mexico. Its entire revenue stream is derived from royalties on the production and sale of fossil fuels from these underlying assets. The Trust does not engage in exploration, drilling, or production activities itself, but its economic existence is wholly dependent on the continued extraction of oil and gas. The Trust’s monthly distribution reports detail underlying sales volumes and prices, providing a direct financial link to active oil and gas operations. Recent corporate activity, including a planned $200 million asset sale by its managing partner TXO Partners, underscores the ongoing, active management of these fossil fuel assets to generate cash flows for the Trust’s unitholders. As a pure-play royalty trust, Cross Timbers offers no transition plan away from fossil fuels and represents a direct financial investment in the upstream segment of the oil and gas value chain. |
| E | Eni S.p.A. | Eni S.p.A. is an integrated energy company whose core business remains the exploration and production of fossil fuels. In the fourth quarter of 2025, the company reported total oil and gas production of 1.839 million barrels of oil equivalent per day. Its ongoing upstream activities include significant new hydrocarbon discoveries, such as a major gas find in the Adriatic Sea announced in 2023. The company is facing legal action over its historical and ongoing role in the climate crisis. In 2023, environmental groups filed Italy’s first climate lawsuit against Eni, alleging the company used lobbying and greenwashing strategies despite internal knowledge of climate risks dating back to the 1970s. That case, which opened in court in February 2024, is assessing whether the company violated constitutional and international human rights protections. Further reporting in 2024 highlighted concerns that Eni’s use of sustainable finance bonds may be funding new hydrocarbon extraction, potentially undermining its stated energy transition goals. |
| OXY | Occidental Petroleum Corporation | Occidental Petroleum Corporation is an upstream oil and gas exploration and production company whose core business is the extraction of fossil fuels. In 2025, the company reported total revenues of $22.08 billion, derived from its global production, which averaged 1,481 thousand barrels of oil equivalent per day in the fourth quarter. Its operations are expansive; in the Mukhaizna Field alone, Occidental has drilled close to 3,600 new wells and produced over 607 million gross barrels since assuming operations. The company’s strategic focus remains on expanding its fossil fuel reserves to drive long-term growth, as noted in its 2025 communications. Its operational conduct has included regulatory violations; in July 2025, Occidental was cited alongside Chevron and Civitas for falsified lab reports that underreported groundwater pollution levels. While Occidental publishes a climate report and GHG goals, its primary business model and capital allocation continue to be centered on the exploration and production of oil and gas. |
| KRP | Kimbell Royalty Partners, LP | Kimbell Royalty Partners, LP is a leading owner of oil and gas mineral and royalty interests across approximately 17 million gross acres in the United States. Its business model is based on collecting royalty payments from fossil fuel production, entitling it to a share of the cash flow from wells operated by other companies. This royalty-based, asset-light structure does not change the fundamental nature of its revenue, which is derived entirely from the extraction and sale of oil and natural gas. The company actively expands its fossil fuel portfolio through acquisitions. In January 2025, Kimbell closed a $230 million acquisition of mineral and royalty interests in the Midland Basin, a major shale oil-producing region. This transaction demonstrates a continued strategic commitment to growing its exposure to upstream oil and gas production. Kimbell’s public materials describe itself as a premier owner of mineral and royalty interests across leading U.S. basins, offering investors exposure to fossil fuel cash flows. |
| CVX | Chevron Corporation | Chevron Corporation is a global integrated energy company whose core business is the exploration, extraction, and production of oil and natural gas. In the third quarter of 2025, its total net oil equivalent production was 3.396 million barrels per day. The company's operations span the full fossil fuel value chain, with upstream exploration and production being a primary driver of its revenue, which exceeded $184 billion in 2023. The company's climate strategy relies heavily on carbon offsets and technologies that have been criticized as insufficient. A 2023 investigation concluded that a significant portion of Chevron's carbon offsets were "junk" and that some projects may cause harm. Furthermore, Chevron has been implicated in legal actions alleging that major fossil fuel companies engaged in long-running campaigns to mislead the public about climate change. In a recent case, Chevron sought to disqualify climate science presented by an Oregon county suing the company for damages related to a deadly heat wave. |
| NRT | North European Oil Royalty Trust | North European Oil Royalty Trust derives its income from royalties on oil and natural gas production in Germany. The trust holds overriding royalty interests in concessions located in the northwestern German state of Lower Saxony, receiving payments based on the gross production of hydrocarbons from these fields. This business model is entirely dependent on the ongoing extraction and sale of fossil fuels. Recent legal developments highlight the increasing climate accountability for such operations. In late 2025, the European Court of Human Rights issued landmark rulings, including in Greenpeace Nordic and Others v. Norway, which established that states must fully assess the climate impacts of new fossil fuel projects. While these rulings directly address state licensing duties, they create a more stringent legal environment for all fossil fuel extraction, including the mature fields from which this trust earns its royalties. The trust’s revenue is directly tied to the continuation of this extraction activity. |
| SBR | Sabine Royalty Trust | Sabine Royalty Trust is a pure-play upstream fossil fuel entity whose sole business is owning royalty interests in the gross production of oil and gas from properties across Texas, Oklahoma, New Mexico, and Louisiana. The trust does not operate wells but derives 100% of its income from the ongoing extraction and production of these fossil fuels by its lessees. Its financial performance is directly tied to the volume and price of oil and gas produced from its depleting reserves. The trust’s structure is passive and finite, with reserves originally estimated to last 9-10 years at its founding. Its annual reports acknowledge that demand for fossil fuels could be tempered by climate policy and energy transition risks, yet the trust has no transition plan, invests in no renewable assets, and exists solely to monetize the remaining production from its fossil fuel portfolio. As a royalty trust, it provides capital to and profits from the upstream operators who perform the physical extraction. |
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