Encompass Capital Advisors LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Encompass Capital Advisors LLC reported 58 stock positions worth $2.3 billion . Its top holding was Expand Energy (EXE) at 4.3% of the portfolio, followed by New Fortress Energy (NFE, 3.8% ) and Tidewater (TDW, 3.7% ). Compared with Q3 2024, it opened 20 new positions, sold out of 17, added to 16 and reduced 21. The biggest buy was a new position in National Energy Services Reu (NESR) and the biggest sale an exit from Constellation Energy (CEG).
Location New York, NY
CIK 0001541901
Portfolio Value $2.3B (Q4 2024) Holdings 58 stocks · $2.3B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 EXE Expand Energy Corp. 1,013,482 $100.9M Add +238.5% NFE New Fortress Energy Inc. 5,791,122 $87.6M Reduce -11.0% TDW Tidewater Inc. 1,582,328 $86.6M Add +17.7% NESR National Energy Services Reu 8,829,032 $79.1M New KEX Kirby Corp. 700,358 $74.1M Reduce -24.9% TRN Trinity Industries Inc. 1,992,281 $69.9M Add +16.7% KGS Kodiak Gas Services Inc. 1,619,458 $66.1M New SEI Solaris Energy Infrastructur 2,290,643 $65.9M Reduce -20.5% VST Vistra Corp. 476,121 $65.6M Reduce -22.4% EQT Eqt Corp. 1,293,152 $59.6M New FSLR First Solar Inc. 329,718 $58.1M Add +445.5% GBX Greenbrier Companies Inc. 930,236 $56.7M Add +26.2% NXT Nextpower Inc. filed as NEXTRACKER INC 1,524,497 $55.7M New GLNG Golar LNG Ltd. 1,309,391 $55.4M New OVV Ovintiv Inc. 1,366,150 $55.3M Add +48.7% BKR Baker Hughes Co. 1,300,000 $53.3M Reduce -28.1% TLN Talen Energy Corp. 239,901 $48.3M New FANG Diamondback Energy Inc. 278,763 $45.7M New VIST Vista Energy Sab DE CV 817,098 $44.2M Reduce -0.8% CHRD Chord Energy Corp. 374,142 $43.7M New CIVI Civitas Resources Inc. 930,290 $42.7M Reduce -0.8% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 1,000,000 $42.5M Reduce -27.1% SLB SLB Ltd. filed as SCHLUMBERGER LTD 1,105,040 $42.4M Reduce -0.8% VRN Veren Inc. 8,114,862 $41.7M Reduce -0.8% TS Tenaris SA-ADR 1,100,000 $41.6M New CP Canadian Pacific Kansas City 564,311 $40.8M New WAB Wabtec Corp. 211,849 $40.2M Reduce -5.8% UNP Union Pacific Corp. 175,000 $39.9M New HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 4,103,295 $38.2M Add +66.2% PRIM Primoris Services Corp. 473,288 $36.2M Add +110.6% AA Alcoa Corp. 955,506 $36.1M Reduce -55.5% KOS Kosmos Energy Ltd. 10,445,208 $35.7M New TE T1 Energy Inc. filed as FREYR BATTERY INC 13,463,268 $34.7M No change PDS Precision Drilling Corp. 558,346 $34.1M Reduce -0.8% AMPS Altus Power Inc. 8,027,318 $32.7M Add +20.0% XPRO Expro Group Holdings NV 2,574,122 $32.1M Add +33.0% SOC Sable Offshore Corp. 1,400,000 $32.1M Add +128.9% SHLS Shoals Technologies Group -A 5,410,245 $29.9M Add +14.5% GFR Greenfire Resources Ltd. 4,048,933 $28.6M Reduce -7.3% HBM Hudbay Minerals Inc. 3,484,227 $28.2M Add +99.1% MEOH Methanex Corp. 537,351 $26.8M New NPWR Net Power Inc. 2,497,413 $26.4M Reduce -0.6% NEXT Nextdecade Corp. 3,403,047 $26.2M Reduce -46.3% DOW Dow Inc. 639,387 $25.7M New RNGR Ranger Energy Services Class A 1,502,000 $23.3M Reduce -0.8% CDLR Cadeler A/S-ADR 1,009,978 $22.6M Reduce -0.6% NVGS Navigator Holdings Ltd. 1,339,151 $20.6M Reduce -0.8% MUSA Murphy USA Inc. 40,000 $20.1M New CSTM Constellium SE 1,838,324 $18.9M Add +11.0% SBLK Star Bulk Carriers Corp. 1,240,650 $18.5M Add +13.5% CRK Comstock Resources Inc. 953,251 $17.4M Reduce -61.8% GOLDEN OCEAN GROUP LTD 1,905,407 $17.1M Add +1402.3% COP Conocophillips 139,704 $13.9M Reduce -81.8% GTE Gran Tierra Energy Inc. 1,875,027 $13.6M New XOM Exxon Mobil Corp. 125,000 $13.4M New BORR Borr Drilling Ltd. 2,748,241 $10.7M New UEC Uranium Energy Corp. 1,189,464 $8.0M New NXE Nexgen Energy Ltd. 1,188,180 $7.8M New
Options reported separately and not counted above: XOM calls ($294.8M), X calls ($33.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $92K (not counted above) Security Class Shares / Principal Value Change T1 ENERGY INC *W EXP 07/09/202 355,465 $92K No change
Total filed on the 13F, all lines: $2.3B.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ CEG Constellation Energy Sold out 0.00% −4.45 PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −4.19 COP Conocophillips Reduce -81.8% 0.59% −3.35 CONSOL ENERGY INC Sold out 0.00% −3.23 OKLO Oklo Inc. Sold out 0.00% −2.54 AA Alcoa Corp. Reduce -55.5% 1.55% −2.49 KEX Kirby Corp. Reduce -24.9% 3.18% −2.39 GEV GE Vernova Inc. Sold out 0.00% −2.37 ASPN Aspen Aerogels Inc. Sold out 0.00% −2.30 SWN Southwestern Energy Co. Sold out 0.00% −1.80 ENPH Enphase Energy Inc. Sold out 0.00% −1.37 FLNC Fluence Energy Inc. Sold out 0.00% −1.34 TALO Talos Energy Inc. Sold out 0.00% −0.91 BKR Baker Hughes Co. Reduce -28.1% 2.29% −0.90 B Barrick Gold Corp. Sold out 0.00% −0.87 HAFN Hafnia Ltd. Sold out 0.00% −0.80 X United States Steel Corp. Sold out 0.00% −0.78 VST Vistra Corp. Reduce -22.4% 2.81% −0.73 DK Delek US Holdings Inc. Sold out 0.00% −0.73 VRN Veren Inc. Reduce -0.8% 1.79% −0.67 CRK Comstock Resources Inc. Reduce -61.8% 0.74% −0.61 PARR Par Pacific Holdings Inc. Sold out 0.00% −0.59 CIVI Civitas Resources Inc. Reduce -0.8% 1.83% −0.48 SLB SLB Ltd. Reduce -0.8% 1.82% −0.46 JBHT Hunt (jb) Transprt SVCS Inc. Sold out 0.00% −0.45 CDLR Cadeler A/S-ADR Reduce -0.6% 0.97% −0.43 GFR Greenfire Resources Ltd. Reduce -7.3% 1.23% −0.36 NEXT Nextdecade Corp. Reduce -46.3% 1.12% −0.33 WAB Wabtec Corp. Reduce -5.8% 1.72% −0.27 PDS Precision Drilling Corp. Reduce -0.8% 1.46% −0.23 NVGS Navigator Holdings Ltd. Reduce -0.8% 0.88% −0.18 XPO Xpo Inc. Sold out 0.00% −0.09 RNGR Ranger Energy Services Class A Reduce -0.8% 1.00% +0.12 VIST Vista Energy Sab DE CV Reduce -0.8% 1.89% +0.12 NPWR Net Power Inc. Reduce -0.6% 1.13% +0.28 YPF YPF S.A.-Sponsored ADR Reduce -27.1% 1.82% +0.40 NFE New Fortress Energy Inc. Reduce -11.0% 3.75% +0.87 SEI Solaris Energy Infrastructur Reduce -20.5% 2.83% +1.04
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ NESR National Energy Services Reu New 3.39% +3.39 EXE Expand Energy Corp. Add +238.5% 4.32% +3.12 KGS Kodiak Gas Services Inc. New 2.83% +2.83 EQT Eqt Corp. New 2.56% +2.56 NXT Nextpower Inc. New 2.39% +2.39 GLNG Golar LNG Ltd. New 2.37% +2.37 TLN Talen Energy Corp. New 2.07% +2.07 FANG Diamondback Energy Inc. New 1.96% +1.96 CHRD Chord Energy Corp. New 1.87% +1.87 TS Tenaris SA-ADR New 1.78% +1.78 FSLR First Solar Inc. Add +445.5% 2.49% +1.76 CP Canadian Pacific Kansas City New 1.75% +1.75 UNP Union Pacific Corp. New 1.71% +1.71 KOS Kosmos Energy Ltd. New 1.53% +1.53 MEOH Methanex Corp. New 1.15% +1.15 DOW Dow Inc. New 1.10% +1.10 PRIM Primoris Services Corp. Add +110.6% 1.55% +0.91 MUSA Murphy USA Inc. New 0.86% +0.86 SOC Sable Offshore Corp. Add +128.9% 1.37% +0.67 OVV Ovintiv Inc. Add +48.7% 2.37% +0.66 GOLDEN OCEAN GROUP LTD Add +1402.3% 0.73% +0.65 GBX Greenbrier Companies Inc. Add +26.2% 2.43% +0.61 GTE Gran Tierra Energy Inc. New 0.58% +0.58 XOM Exxon Mobil Corp. New 0.58% +0.58 BORR Borr Drilling Ltd. New 0.46% +0.46 HBM Hudbay Minerals Inc. Add +99.1% 1.21% +0.43 AMPS Altus Power Inc. Add +20.0% 1.40% +0.36 UEC Uranium Energy Corp. New 0.34% +0.34 NXE Nexgen Energy Ltd. New 0.34% +0.34 HOS Hornbeck Offshore Services I Add +66.2% 1.64% +0.30 TRN Trinity Industries Inc. Add +16.7% 3.00% +0.10 SHLS Shoals Technologies Group -A Add +14.5% 1.28% −0.01 XPRO Expro Group Holdings NV Add +33.0% 1.38% −0.24 SBLK Star Bulk Carriers Corp. Add +13.5% 0.79% −0.47 CSTM Constellium SE Add +11.0% 0.81% −0.50 TDW Tidewater Inc. Add +17.7% 3.71% −0.99
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ XOM Exxon Mobil Corp. call New 2,740,400 $294.8M X United States Steel Corp. call New 984,100 $33.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 51 $2.3B TE, SEI, AESI, NESR, CSTM Q1 2026 54 $2.5B SOC, TE, AESI, SEI, NESR Q4 2025 47 $2.1B TE, SOC, SEI, FANG, NESR Q3 2025 53 $2.2B SOC, SEI, KEX, NESR, FSLR Q2 2025 60 $2.5B NXT, KEX, SOC, FLR, SEI Q1 2025 65 $2.6B NXT, EXE, KEX, GLNG, FSLR Q4 2024 58 $2.3B EXE, NFE, TDW, NESR, KEX Q3 2024 55 $2.1B KEX, TDW, CEG, PBR, AA Q2 2024 57 $1.8B KEX, NFE, SLB, TDW, PBR Q1 2024 56 $1.8B NFE, SU, TDW, SLB, AA