Skip to content
Disclosery

Encompass Capital Advisors LLC

Follow

13F filer, CIK 1541901, New York, NY

Encompass Capital Advisors LLC reported $2,739,302,382 across 65 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 40.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-003466

Period
2025-06-30
Reported value
$2.74B
Holdings
65
Top 10 weight
40.48%
New
26
Sold out
28

Part of the filer group Encompass Capital Advisors LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FLRnew+2,091,170$107M
CSXnew+2,426,432$79.2M
DINOnew+1,714,618$70.4M
CCJnew+899,650$66.8M
EQTnew+1,099,379$64.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GEVexited-252,140-$77M
FANGexited-471,944-$75.5M
VEREN INCexited-10,789,335-$71.5M
OVVexited-1,635,482-$70M
DVNexited-1,699,493-$63.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001172661-25-003466, largest first. % of portfolio is the value over $2,479,041,777, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NXTNEXTPOWER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,524,497 shares; 2025Q1: 2,630,114 shares; 2025Q2: 2,919,777 shares 2,919,777$159M6.4%+289,663Timeline
KEXKIRBY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 932,827 shares; 2024Q4: 700,358 shares; 2025Q1: 925,357 shares; 2025Q2: 1,225,338 shares 1,225,338$139M5.61%+299,981Timeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 611,505 shares; 2024Q4: 1,400,000 shares; 2025Q1: 2,694,954 shares; 2025Q2: 4,952,023 shares 4,952,023$109M4.39%+2,257,0692026-10-01, 13G/A: 12,063,568 shares, 6.29% of the class, 13G/A filed 2026-10-08 Timeline
FLRFLUOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,091,170 shares 2,091,170$107M4.32%newTimeline
SEISOLARIS ENERGY INFRAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,880,124 shares; 2024Q4: 2,290,643 shares; 2025Q1: 3,628,977 shares; 2025Q2: 3,627,158 shares 3,627,158$103M4.14%-1,819Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 299,372 shares; 2024Q4: 1,013,482 shares; 2025Q1: 867,599 shares; 2025Q2: 799,646 shares 799,646$93.5M3.77%-67,953Timeline
CSXCSX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,426,432 shares 2,426,432$79.2M3.19%newTimeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 613,972 shares; 2024Q4: 476,121 shares; 2025Q1: 576,987 shares; 2025Q2: 375,000 shares 375,000$72.7M2.93%-201,987Timeline
CSTMCONSTELLIUM SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,655,680 shares; 2024Q4: 1,838,324 shares; 2025Q1: 3,357,544 shares; 2025Q2: 5,362,760 shares 5,362,760$71.3M2.88%+2,005,216Timeline
DINOHF SINCLAIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,714,618 shares 1,714,618$70.4M2.84%newTimeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 899,650 shares 899,650$66.8M2.69%newTimeline
TSTENARIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,100,000 shares; 2025Q1: 2,097,540 shares; 2025Q2: 1,732,781 shares 1,732,781$64.8M2.61%-364,759Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,293,152 shares; 2025Q1: not reported; 2025Q2: 1,099,379 shares 1,099,379$64.1M2.59%newTimeline
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,445 shares; 2024Q4: 329,718 shares; 2025Q1: 650,000 shares; 2025Q2: 346,948 shares 346,948$57.4M2.32%-303,052Timeline
SHLSSHOALS TECHNOLOGIES GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,726,603 shares; 2024Q4: 5,410,245 shares; 2025Q1: not reported; 2025Q2: 13,204,602 shares 13,204,602$56.1M2.26%newTimeline
NESRNATIONAL ENERGY SERVICES REUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,829,032 shares; 2025Q1: 8,823,247 shares; 2025Q2: 9,205,887 shares 9,205,887$55.4M2.24%+382,640Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,309,391 shares; 2025Q1: 2,276,083 shares; 2025Q2: 1,175,570 shares 1,175,570$48.4M1.95%-1,100,513Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 122,914 shares 122,914$46.5M1.87%newTimeline
PRIMPRIMORIS SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,729 shares; 2024Q4: 473,288 shares; 2025Q1: 547,472 shares; 2025Q2: 586,040 shares 586,040$45.7M1.84%+38,568Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,472,891 shares; 2025Q2: 3,608,369 shares 3,608,369$43.8M1.77%+2,135,478Timeline
KGSKODIAK GAS SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,619,458 shares; 2025Q1: 1,090,200 shares; 2025Q2: 1,089,756 shares 1,089,756$37.3M1.51%-444Timeline
MTDRMATADOR RES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 779,431 shares 779,431$37.2M1.5%newTimeline
MEOHMETHANEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 537,351 shares; 2025Q1: 999,305 shares; 2025Q2: 1,118,102 shares 1,118,102$37M1.49%+118,797Timeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 823,451 shares; 2024Q4: 817,098 shares; 2025Q1: 1,016,319 shares; 2025Q2: 765,850 shares 765,850$36.6M1.48%-250,469Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 899,670 shares 899,670$36.6M1.48%newTimeline
BWXTBWX TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares 250,000$36M1.45%newTimeline
PARRPAR PAC HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 683,817 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,304,541 shares 1,304,541$34.6M1.4%newTimeline
CMCCOMMERCIAL METALS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 699,756 shares 699,756$34.2M1.38%newTimeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 351,273 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 100,000 shares 100,000$32.3M1.3%newTimeline
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 199,924 shares 199,924$32.1M1.3%newTimeline
STNGSCORPIO TANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 789,425 shares 789,425$30.9M1.25%newTimeline
MGYMAGNOLIA OIL & GAS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,130,595 shares; 2025Q2: 1,329,611 shares 1,329,611$29.9M1.21%-800,984Timeline
FROFRONTLINE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,032,023 shares; 2025Q2: 1,733,496 shares 1,733,496$28.4M1.15%-1,298,527Timeline
UECURANIUM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,189,464 shares; 2025Q1: 4,223,438 shares; 2025Q2: 4,176,444 shares 4,176,444$28.4M1.15%-46,994Timeline
PDSPRECISION DRILLING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 562,687 shares; 2024Q4: 558,346 shares; 2025Q1: 557,814 shares; 2025Q2: 557,556 shares 557,556$26.4M1.06%-258Timeline
TGSTRANSPORTADORA DE GAS DEL SUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares 1,000,000$25.9M1.04%newTimeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 99,956 shares 99,956$25.6M1.03%newTimeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,188,180 shares; 2025Q1: 4,153,080 shares; 2025Q2: 3,651,140 shares 3,651,140$25.4M1.02%-501,940Timeline
HOSHORNBECK OFFSHORE SERVICES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,468,531 shares; 2024Q4: 4,103,295 shares; 2025Q1: 5,099,383 shares; 2025Q2: 3,806,807 shares 3,806,807$23.8M0.96%-1,292,576Timeline
GATXGATX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 149,944 shares 149,944$23M0.93%newTimeline
BKRBAKER HUGHES COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,806,686 shares; 2024Q4: 1,300,000 shares; 2025Q1: 974,744 shares; 2025Q2: 599,767 shares 599,767$23M0.93%-374,977Timeline
KNXKNIGHT-SWIFT TRANSN HLDGS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$22.1M0.89%newTimeline
GFRGREENFIRE RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,367,292 shares; 2024Q4: 4,048,933 shares; 2025Q1: 4,803,504 shares; 2025Q2: 4,947,437 shares 4,947,437$22.1M0.89%+143,933Timeline
DHTDHT HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,899,975 shares; 2025Q2: 1,899,098 shares 1,899,098$20.5M0.83%-877Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 999,702 shares; 2025Q2: 1,000,000 shares 1,000,000$20.3M0.82%+298Timeline
NVGSNAVIGATOR HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,349,563 shares; 2024Q4: 1,339,151 shares; 2025Q1: 1,337,875 shares; 2025Q2: 1,437,201 shares 1,437,201$20.3M0.82%+99,326Timeline
CDLRCADELER A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,016,493 shares; 2024Q4: 1,009,978 shares; 2025Q1: 1,008,333 shares; 2025Q2: 1,007,922 shares 1,007,922$20M0.81%-411Timeline
RNGRRANGER ENERGY SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,513,678 shares; 2024Q4: 1,502,000 shares; 2025Q1: 1,500,568 shares; 2025Q2: 1,513,284 shares 1,513,284$18.1M0.73%+12,716Timeline
FLOCFLOWCO HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 534,803 shares; 2025Q2: 984,301 shares 984,301$17.5M0.71%+449,498Timeline
ARRYARRAY TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,839,204 shares 2,839,204$16.8M0.68%newTimeline
TET1 ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,463,268 shares; 2024Q4: 13,463,268 shares; 2025Q1: 13,463,268 shares; 2025Q2: 13,463,268 shares 13,463,268$16.6M0.67%0Timeline
INRINFINITY NAT RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 664,583 shares; 2025Q2: 849,103 shares 849,103$15.5M0.63%+184,520Timeline
INSWINTERNATIONAL SEAWAYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 299,910 shares; 2025Q2: 399,824 shares 399,824$14.6M0.59%+99,914Timeline
METCRAMACO RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,609,727 shares; 2025Q2: 1,000,000 shares 1,000,000$13.1M0.53%-609,727Timeline
NUENUCOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 100,000 shares 100,000$13M0.52%newTimeline
ARCBARCBEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 164,355 shares 164,355$12.7M0.51%newTimeline
GTEGRAN TIERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,875,027 shares; 2025Q1: 2,500,589 shares; 2025Q2: 2,387,614 shares 2,387,614$11.4M0.46%-112,975Timeline
AESIATLAS ENERGY SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,444,756 shares; 2025Q2: 373,148 shares 373,148$4.99M0.2%-2,071,608Timeline
CENXCENTURY ALUM COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 750,000 shares; 2025Q2: 104,535 shares 104,535$1.88M0.08%-645,465Timeline
METCBRAMACO RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 23,296 shares; 2025Q2: 41,820 shares 41,820$342K0.01%+18,524Timeline
TEWST1 ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 355,465 shares; 2024Q4: 355,465 shares; 2025Q1: 355,465 shares; 2025Q2: 355,465 shares 355,465$52.4K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
ENPHENPHASE ENERGY INC Stockput2,709,700$107Mnew
VSTVISTRA CORP Stockcall400,000$77.5Mnew
FSLRFIRST SOLAR INC Stockcall300,000$49.7Mnew
FLRFLUOR CORP COMcall500,000$25.6Mnew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
GEVGE VERNOVA INC252,140$77Mshares
FANGDIAMONDBACK ENERGY INC471,944$75.5Mshares
VEREN INCVEREN INC10,789,335$71.5Mshares
OVVOVINTIV INC1,635,482$70Mshares
DVNDEVON ENERGY CORP NEW1,699,493$63.6Mshares
NFENEW FORTRESS ENERGY INC7,516,219$62.5Mshares
FCXFREEPORT MCMORAN INC1,642,421$62.2Mshares
VLOVALERO ENERGY CORP378,330$50Mshares
CNICANADIAN NATL RY CO500,000$48.7Mshares
FTITECHNIPFMC PLC1,500,000$47.5Mshares
UALUNITED AIRLS HLDGS INC600,000$41.4Mshares
UNPUNION PAC CORP175,000$41.3Mshares
YPFYPF SOCIEDAD ANONIMA999,047$35Mshares
FDXFEDEX CORP140,000$34.1Mshares
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW800,000$33.8Mshares
HBMHUDBAY MINERALS INC4,132,062$31.4Mshares
GGBGERDAU SA10,610,617$30.1Mshares
STLDSTEEL DYNAMICS INC220,407$27.6Mshares
WHDCACTUS INC599,095$27.5Mshares
WFRDWEATHERFORD INTL PLC510,830$27.4Mshares
SLBSLB LIMITED551,153$23Mshares
TRNTRINITY INDS INC779,039$21.9Mshares
TNKTEEKAY TANKERS LTD449,689$17.2Mshares
RSRELIANCE INC49,986$14.4Mshares
HCM II ACQUISITION CORPHCM II ACQUISITION CORP946,165$10Mshares
NFENEW FORTRESS ENERGY INC1,000,000$8.31Mcall
AAALCOA CORP268,923$8.2Mshares
XPROEXPRO GROUP HOLDINGS NV661,503$6.58Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-003466 base2025-08-14acceptance time not in the bulk data set