Morningstar Industry Classifications

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Fossil Fuel Industry Classifications

Under Morningstar’s Global Equity Classification Structure, each equity is mapped into one of 148 industries that most accurately reflects the underlying business of that company. This mapping is based on publicly available information about each company using annual reports, Form 10-Ks, and Morningstar Equity Analyst input as its primary source. Other secondary sources of information may include company websites, sell-side research (if available), and trade publications.

The 11 industries considered fossil fuel and screened by Fossil Free Funds have been combined into three overall categories: Coal, Oil/Gas, and Utilities. The industries within these three categories include:

Oil and Gas


  • Drilling: Companies primarily engaged in contract drilling and exploration for petroleum and natural gas, including offshore and onshore drilling as well as related oil well and contracting services.
  • E&P: Energy companies which are primarily engaged in gas exploration and production.
  • Integrated: Major energy companies engaged in the diverse aspects of oil and gas operations including crude oil and gas exploration, production, manufacturing, refining, marketing and transportation.
  • Midstream: Companies primarily engaged in owning and operating oilfield pipelines involving the gathering, processing and transportation of natural crude petroleum.
  • Refining and Marketing: Companies primarily engaged in the refining, gathering, marketing and selling of petroleum and petroleum products.
  • Equipment and Services: Companies primarily engaged in providing oilfield services and equipment such as contract drilling, seismic surveys, equipment and tool rental, pumping and processing services, inspection and contracting services.


  • Coal: Companies engaged in mining coal.


  • Independent Power Producers: Companies that own and operate merchant power generation facilities and sell electricity into retail and wholesale markets.
  • Diversified: Companies engaged in the regulated generation, transmission and/or distribution of electricity and natural gas, and own and operate merchant power generation facilities and energy marketing operations.
  • Regulated Electric: Companies engaged in the generation, transmission and/or distribution of electric energy for sale.
  • Regulated Gas: Companies engaged in the transmission, storage and/or distribution of natural gas.