Condire Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Condire Management, LP reported 20 stock positions worth $690.6 million. Its top holding was Seadrill (SDRL) at 17.1% of the portfolio, followed by Valaris (VAL, 16.8%) and New Gold (NGD, 11.8%). Compared with Q3 2024, it opened 4 new positions, sold out of 1, added to 3 and reduced 6. The biggest buy was Seadrill (SDRL, shares +18%) and the biggest sale SS Energy Select Sector (XLE, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $690.6M (Q4 2024)
- SEC Filing
- 0001085146-25-001689 ↗ filed Feb 14, 2025
Holdings Value
Holdings 20 stocks · $690.6M
| SDRL Seadrill Limited | 17.14% | 3,039,615 | $118.3M | Add +18.2% |
| VAL Valaris Ltd. | 16.78% | 2,618,678 | $115.9M | Add +34.1% |
| NGD New Gold Inc. | 11.76% | 32,739,918 | $81.2M | Reduce -6.1% |
| CHRD Chord Energy Corp. | 9.27% | 547,721 | $64.0M | No change |
| RYAM Rayonier Advanced Materials | 7.59% | 6,356,130 | $52.4M | No change |
| HBM Hudbay Minerals Inc. | 5.95% | 5,075,553 | $41.1M | No change |
| CVE Cenovus Energy Inc. | 4.63% | 2,108,306 | $31.9M | Reduce -4.6% |
| AEM Agnico Eagle Mines Ltd. | 4.53% | 400,000 | $31.3M | Reduce -26.8% |
| ARCH Arch Resources Inc. | 3.61% | 176,591 | $24.9M | No change |
| OSISKO DEVELOPMENT CORP - COMMON RESTRICTED | 2.84% | 12,000,000 | $19.6M | New |
| VTLE Vital Energy Inc. | 2.76% | 616,621 | $19.1M | New |
| TDW Tidewater Inc. | 2.27% | 285,900 | $15.6M | No change |
| CIVI Civitas Resources Inc. | 2.22% | 333,907 | $15.3M | New |
| CDLR Cadeler A/S-ADR | 2.02% | 624,400 | $13.9M | No change |
| SBSW Sibanye-Stillwater Ltd.-ADR | 1.81% | 3,790,555 | $12.5M | No change |
| XLE SS Energy Select Sector | 1.70% | 136,911 | $11.7M | Reduce -86.3% |
| XOP SS SPDR S&P Og Exp & Prod | 1.62% | 84,693 | $11.2M | Reduce -39.5% |
| PPTA Perpetua Resources Corp. | 1.38% | 890,459 | $9.5M | Add +6.9% |
| MUX McEwen Inc. | 0.13% | 112,998 | $879K | Reduce 0.0% |
| OSISKO DEVELOPMENT CORP | 0.00% | 15,658 | $26K | New |
Portfolio Sells Q3 2024 → Q4 2024
| XLE SS Energy Select Sector | Reduce -86.3% | 1.70% | −9.36 |
| GATO Gatos Silver Inc. | Sold out | 0.00% | −4.68 |
| AEM Agnico Eagle Mines Ltd. | Reduce -26.8% | 4.53% | −1.00 |
| NGD New Gold Inc. | Reduce -6.1% | 11.76% | −0.87 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -39.5% | 1.62% | −0.69 |
| CVE Cenovus Energy Inc. | Reduce -4.6% | 4.63% | −0.02 |
| MUX McEwen Inc. | Reduce 0.0% | 0.13% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| SDRL Seadrill Limited | Add +18.2% | 17.14% | +4.29 |
| VAL Valaris Ltd. | Add +34.1% | 16.78% | +3.09 |
| OSISKO DEVELOPMENT CORP - COMMON RESTRICTED | New | 2.84% | +2.84 |
| VTLE Vital Energy Inc. | New | 2.76% | +2.76 |
| CIVI Civitas Resources Inc. | New | 2.22% | +2.22 |
| PPTA Perpetua Resources Corp. | Add +6.9% | 1.38% | +0.40 |
| OSISKO DEVELOPMENT CORP | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 20 | $909.9M | CDE, IAUX, OGC, VAL, OSISKO DEVELOPMENT CORP |
| Q1 2026 | 18 | $993.2M | CDE, IAUX, VAL, OSISKO DEVELOPMENT CORP, CHRD |
| Q4 2025 | 21 | $919.9M | NGD, IAUX, OSISKO DEVELOPMENT CORP, SBSW, VAL |
| Q3 2025 | 19 | $817.0M | NGD, SSRM, IAUX, OSISKO DEVELOPMENT CORP, VAL |
| Q2 2025 | 27 | $694.3M | NGD, HBM, CHRD, VAL, IAUX |
| Q1 2025 | 22 | $668.8M | NGD, VAL, SDRL, CHRD, HBM |
| Q4 2024 | 20 | $690.6M | SDRL, VAL, NGD, CHRD, RYAM |
| Q3 2024 | 17 | $795.5M | VAL, SDRL, NGD, XLE, CHRD |
| Q2 2024 | 16 | $740.4M | SDRL, VAL, CHRD, NGD, GATO |
| Q1 2024 | 19 | $740.5M | SDRL, VAL, CHRD, GATO, CVE |