Oil & Gas
Conduct Screen Fossil Fuels
Integrated oil and gas companies that span exploration, production, refining, and retail — companies whose operations cover the full fossil fuel value chain from wellhead to gas station. Includes the major integrated oil companies (ExxonMobil, Shell, BP, Chevron, TotalEnergies) and national oil companies with vertically integrated operations.
18 companies currently excluded under this screen
Excluded Companies (18 total)
Showing 18 of 18 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| NGL | NGL Energy Partners LP | NGL Energy Partners LP operates across the fossil fuel value chain, providing midstream services that are integral to oil and gas extraction and distribution. The company manages an extensive network of crude oil and natural gas liquids transportation pipelines, storage terminals, and processing facilities. Its operations also include the largest integrated network of large-diameter wastewater pipelines and disposal wells servicing major shale plays, a business directly supporting hydraulic fracturing (fracking) operations. The company’s core activities—transportation, storage, blending, and marketing of crude oil, natural gas liquids, and produced water—are classified under legacy exclusions for integrated oil and gas operations. This broad operational scope spans upstream, midstream, and downstream segments, making it a facilitator of fossil fuel production. NGL Energy Partners has been subject to litigation concerning its business conduct, including a 2020 case where a jury found the company liable for breaching fiduciary duties and awarded damages, highlighting governance risks. Furthermore, the company acknowledges in its regulatory filings that it is subject to anti-market manipulation rules under the Natural Gas Act, with the Federal Energy Regulatory Commission authorized to impose penalties of up to $1 million per violation per day. |
| PVL | Permianville Royalty Trust | Permianville Royalty Trust is a fossil fuel income vehicle that holds overriding royalty interests in oil and natural gas properties. Its entire business model is the collection and distribution of revenue generated from the ongoing production of fossil fuels, primarily from wells in the Permian Basin. The trust does not operate wells itself but receives payments based on the production volumes and sales prices from its underlying assets, which are operated by companies including Apache Corporation, XTO Energy, and Occidental Petroleum. This structure makes the trust’s distributions a direct pass-through of revenue from fossil fuel extraction. The trust’s financial viability is explicitly tied to the volume and price of oil and gas produced from its interests. For example, in 2018, royalties from the properties contributed approximately $1.4 billion to the state where they are located. The trust regularly announces monthly operational updates detailing production volumes and net profits calculations, underscoring its ongoing dependency on active drilling and hydrocarbon sales. Its exclusion falls under the legacy oil_gas category, which captures integrated fossil fuel operations; the trust’s pure-play, passive revenue model represents a financial conduit for upstream oil and gas production. |
| BSM | Black Stone Minerals, L.P. | Black Stone Minerals, L.P. is a large-scale owner of oil and gas mineral rights, deriving its revenue from leasing those rights to exploration and production companies and collecting royalties on the extracted fossil fuels. The company’s business model is entirely centered on the upstream oil and gas sector, with its portfolio spanning over 40 states and 60 productive basins across the United States. The company actively expands its fossil fuel operations through new development agreements. In May 2025, it announced a new agreement in the Shelby Trough with Revenant Energy, and in December 2025, it entered a multi-year drilling program with Caturus Energy to advance development of its acreage. This activity demonstrates an ongoing commitment to extending the lifecycle of its fossil fuel assets rather than transitioning its business model. As a publicly traded master limited partnership (MLP), Black Stone Minerals structures its distributions to investors directly from the cash flow generated by oil and gas production. Its financial sustainability is explicitly tied to “expected production growth” from its mineral interests, as noted in analyst reports, with no evidence of a strategic shift away from fossil fuels. |
| CMS | CMS Energy | CMS Energy's primary subsidiary, Consumers Energy, distributes natural gas to approximately 1.8 million customers in Michigan. Consumers Energy operates over 27,000 miles of natural gas distribution mains and service lines, and natural gas delivery contributes a significant portion of the company's revenue. CMS Energy has no announced plan to phase out its gas distribution network, instead forecasting continued customer growth and ongoing infrastructure investment. In January 2026, Michigan Attorney General Dana Nessel filed a lawsuit against CMS Energy and other fossil fuel companies, alleging they "acted as a cartel in an unlawful conspiracy in restraint of trade to forestall meaningful competition from alternative energy technologies." The suit accuses the defendants of coordinating to protect the market for natural gas appliances and infrastructure. CMS Energy's current capital plan directs billions toward gas infrastructure maintenance and modernization, with no binding commitment to cease gas hookups for new buildings or to retire its gas distribution operations. |
| TUSK | Mammoth Energy Services, Inc. | Mammoth Energy Services, Inc. operates as an integrated oilfield services company, providing a portfolio of specialized equipment and labor to companies engaged in the exploration and development of oil and natural gas properties. Its operations are divided into four segments: well completion services, infrastructure services, natural sand proppant services, and drilling services. This business model is fundamentally tied to and enables the upstream fossil fuel extraction process, from drilling to hydraulic fracturing. The company’s services are marketed to exploration and production companies primarily in the United States, with additional operations in Canada and internationally. Its core activities include pressure pumping for well completions, the sale and transportation of frac sand, and the rental of specialized equipment for drilling and production sites. Mammoth’s integrated model means its revenue is directly derived from and contingent upon ongoing fossil fuel development. |
| USAC | USA Compression Partners, LP | USA Compression Partners, LP is one of the nation's largest independent providers of natural gas compression services. Its business is entirely dedicated to the natural gas value chain, providing the compression equipment and services necessary to move natural gas through gathering systems, processing plants, and transmission pipelines. This makes the company's operations integral to the midstream segment of the fossil fuel industry. The company's compression services are essential for transporting gas from both oil-rich shale plays and dry gas basins, including major production regions like the Permian Basin and Appalachia. Its revenue is derived exclusively from leasing and operating compression units for natural gas producers, processors, and pipeline operators, linking its financial performance directly to ongoing fossil fuel extraction and transportation. No evidence of a transition plan away from fossil fuel dependency was found in the materials reviewed. |
| TRGP | TARGA RESOURCES CORP | Targa Resources Corp is an independent midstream oil and gas company whose business operations span the full fossil fuel value chain. Its primary activities include gathering, compressing, treating, processing, and transporting natural gas and natural gas liquids (NGLs). The company reported net income attributable to Targa Resources Corp of $1.9 billion for the full year 2025, a significant increase from $1.3 billion in 2024, indicating substantial and growing financial reliance on fossil fuel infrastructure. In December 2025, the company demonstrated its commitment to expanding this infrastructure by announcing the acquisition of a Permian Basin gathering and processing system for $1.25 billion. This acquisition reinforces its core midstream operations in a key U.S. oil and gas basin. The company’s operations are integral to the transportation and processing of fossil fuels, connecting upstream production to downstream markets. |
| BKV | BKV CORP | BKV Corporation is an integrated natural gas producer whose core business is the production of natural gas from owned and operated upstream assets. The company’s operations span the full fossil fuel value chain, including upstream production, midstream transportation, and downstream marketing. Its business is organized into four segments: Upstream, Midstream, Downstream, and New Energy. The company is actively expanding its fossil fuel operations. In September 2025, BKV successfully closed a $370 million acquisition of upstream natural gas assets. Concurrently, it is pursuing growth in carbon capture utilization and storage (CCUS) projects, including an August 2025 agreement with a midstream partner to develop a new carbon capture and sequestration hub. This strategy represents a continued investment in fossil fuel infrastructure, leveraging carbon management technologies to extend the operational life of its core gas business. |
| NRT | North European Oil Royalty Trust | North European Oil Royalty Trust is a fossil fuel income vehicle whose sole business is collecting royalties from the production and sale of natural gas and crude oil in Germany. Approximately 94% of its royalty income in fiscal 2024 was derived from natural gas production. The Trust holds royalty rights under long-term contracts with the local German exploration and development subsidiaries of ExxonMobil and Shell. The Trust’s financial health and distributions to unitholders are directly and exclusively tied to the volume and price of fossil fuels extracted from these fields. It provides no service or product other than the monetization of these hydrocarbon assets, making it a pure-play financial instrument for fossil fuel production. There is no indication of a transition plan or diversification away from fossil fuel dependence. |
| RES | RPC, Inc. | RPC, Inc. generates its income primarily by offering specialized oilfield services and equipment to oil and gas companies. Its operations span the full fossil fuel value chain, providing pressure pumping, coiled tubing, and other well completion services essential for upstream extraction. The company has expanded its footprint in key basins, including a 2025 acquisition to bolster its Permian operations. As a pure-play oilfield services provider, RPC’s business model is inextricably linked to the volume of fossil fuel drilling and completion activity. Its financial performance is directly tied to global oil and gas prices, which drive demand for its services. The company continues to invest in new assets and launch products aimed at increasing hydrocarbon production, with no announced transition plan away from fossil fuels. |
| SMHI | SEACOR MARINE HOLDINGS INC | SEACOR Marine Holdings Inc. provides marine and support transportation services exclusively to offshore oil and gas facilities worldwide. Its fleet of vessels is dedicated to supporting offshore exploration, development, and production activities. The company’s business model is intrinsically linked to the upstream fossil fuel sector, with its revenue and operations wholly dependent on the offshore oil and gas industry. The company’s 2024-2025 Sustainability Report explicitly aligns with the industry-specific standard for the oil and gas sector, confirming its core operational focus. Its services enable the exploration and extraction of fossil fuels, placing it within the fossil fuel value chain. There is no evidence of a strategic pivot away from fossil fuels or a material commitment to serving renewable energy projects. |
| WHD | CACTUS INC CLASS A | Cactus Inc. designs, manufactures, sells, and leases pressure control equipment and spoolable pipes specifically for the oil and gas industry. This equipment is essential for the upstream segment of fossil fuel operations, including well construction, completion, and production. The company's products and services are integral to the exploration and extraction of oil and gas. As a specialized equipment provider, Cactus's business model is directly tied to the capital expenditure cycles of oil and gas producers. Its revenue is derived from enabling and supporting fossil fuel extraction activities. There is no evidence of a strategic pivot away from this core business or a material commitment to renewable energy services. |
| VVV | Valvoline Inc. | Valvoline Inc. was an integrated lubricants manufacturer and marketer whose global products business was acquired by Saudi Aramco in February 2023 for $2.65 billion. This transaction directly integrated Valvoline's former global lubricants operations into the world's largest oil company, a state-owned entity whose core business is the exploration, production, and sale of fossil fuels. While Valvoline has since operated solely as a retail automotive service chain in North America, this exclusion is based on its historical status as a company whose operations spanned the fossil fuel value chain, culminating in its acquisition by a major integrated oil producer. |
| GBR | New Concept Energy, Inc. | New Concept Energy, Inc. is a fully integrated oil and gas producer, engaged in the exploration, production, and operation of wells, primarily in Ohio and West Virginia. The company has been focused on energy resource development since 2003, deriving its core business revenue from fossil fuel extraction and production. The company has been subject to regulatory scrutiny by the SEC. In 2012, the Commission highlighted that third-party payments made by the company created a risk that funds could be used for illicit purposes such as bribery or embezzlement. This enforcement action points to governance and control failures within its operations. |
| MVO | MV Oil Trust | MV Oil Trust is a passive entity whose sole business is to hold and distribute net profits from MV Partners, LLC’s oil and natural gas properties. The trust’s underlying assets consist of working interests in producing oil and natural gas wells located in the Mid-Continent region of the United States. Its distributions are funded entirely by the sale of fossil fuels. The trust is structured to continue until the later of two events: when total production reaches 11.5 million barrels of oil equivalent, or December 31, 2031. This makes it a pure-play, non-operating investment vehicle for fossil fuel extraction. |
| LPG | DORIAN LPG LTD | Dorian LPG Ltd. is a pure-play shipping company specializing in the transportation of liquefied petroleum gas (LPG), primarily propane and butane, worldwide. Its entire business model and revenue are derived from operating a fleet of modern very large gas carriers (VLGCs) that move these fossil fuel products across global markets. This activity constitutes a core component of the midstream fossil fuel value chain, connecting upstream production with downstream consumption. |
| DNOW | NOW Inc. | NOW Inc. (DNOW) is a global distributor of energy and industrial products, primarily serving the upstream, midstream, and downstream oil and gas sectors. Its core business is supplying mission-critical equipment, parts, and supply chain services to fossil fuel exploration, production, transportation, and refining operations. The company's operations are integrated across the full fossil fuel value chain, from wellsite products to pipeline and refinery supplies. |
| BOOM | DMC Global Inc. | DMC Global's Dyna Energetics subsidiary manufactures perforating systems used to initiate oil and gas well production. Well completion technology is integral to hydrocarbon extraction. |
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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