Encompass Capital Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Encompass Capital Advisors LLC reported 65 stock positions worth $2.6 billion. Its top holding was Nextpower (NXT) at 4.3% of the portfolio, followed by Expand Energy (EXE, 3.7%) and Kirby (KEX, 3.6%). Compared with Q4 2024, it opened 28 new positions, sold out of 21, added to 22 and reduced 13. The biggest buy was a new position in GE Vernova (GEV) and the biggest sale an exit from Tidewater (TDW).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001541901
- Portfolio Value
- $2.6B (Q1 2025)
- SEC Filing
- 0001172661-25-002362 ↗ filed May 15, 2025
Holdings Value
Holdings 65 stocks · $2.6B
| NXT Nextpower Inc. filed as NEXTRACKER INC | 4.26% | 2,630,114 | $110.8M | Add +72.5% |
| EXE Expand Energy Corp. | 3.71% | 867,599 | $96.6M | Reduce -14.4% |
| KEX Kirby Corp. | 3.59% | 925,357 | $93.5M | Add +32.1% |
| GLNG Golar LNG Ltd. | 3.32% | 2,276,083 | $86.5M | Add +73.8% |
| FSLR First Solar Inc. | 3.16% | 650,000 | $82.2M | Add +97.1% |
| TS Tenaris SA-ADR | 3.15% | 2,097,540 | $82.0M | Add +90.7% |
| SEI Solaris Energy Infrastructur | 3.03% | 3,628,977 | $79.0M | Add +58.4% |
| GEV GE Vernova Inc. | 2.96% | 252,140 | $77.0M | New |
| FANG Diamondback Energy Inc. | 2.90% | 471,944 | $75.5M | Add +69.3% |
| VRN Veren Inc. | 2.74% | 10,789,335 | $71.5M | Add +33.0% |
| OVV Ovintiv Inc. | 2.69% | 1,635,482 | $70.0M | Add +19.7% |
| SOC Sable Offshore Corp. | 2.63% | 2,694,954 | $68.4M | Add +92.5% |
| VST Vistra Corp. | 2.60% | 576,987 | $67.8M | Add +21.2% |
| NESR National Energy Services Reu | 2.49% | 8,823,247 | $64.9M | Reduce -0.1% |
| DVN Devon Energy Corp. | 2.44% | 1,699,493 | $63.6M | New |
| NFE New Fortress Energy Inc. | 2.40% | 7,516,219 | $62.5M | Add +29.8% |
| FCX Freeport-McMoran Inc. | 2.39% | 1,642,421 | $62.2M | New |
| MGY Magnolia Oil & Gas Corp. Class A | 2.07% | 2,130,595 | $53.8M | New |
| VLO Valero Energy Corp. | 1.92% | 378,330 | $50.0M | New |
| CNI Canadian Natl Railway Co. | 1.87% | 500,000 | $48.7M | New |
| FTI Technipfmc PLC | 1.83% | 1,500,000 | $47.5M | New |
| VIST Vista Energy Sab DE CV | 1.82% | 1,016,319 | $47.3M | Add +24.4% |
| FRO Frontline PLC | 1.73% | 3,032,023 | $45.0M | New |
| AESI Atlas Energy Solutions Inc. | 1.67% | 2,444,756 | $43.6M | New |
| BKR Baker Hughes Co. | 1.65% | 974,744 | $42.8M | Reduce -25.0% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 1.63% | 5,099,383 | $42.4M | Add +24.3% |
| UAL United Airlines Holdings Inc. | 1.59% | 600,000 | $41.4M | New |
| UNP Union Pacific Corp. | 1.59% | 175,000 | $41.3M | No change |
| KGS Kodiak Gas Services Inc. | 1.56% | 1,090,200 | $40.7M | Reduce -32.7% |
| MEOH Methanex Corp. | 1.35% | 999,305 | $35.1M | Add +86.0% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 1.34% | 999,047 | $35.0M | Reduce -0.1% |
| FDX FedEx Corp. | 1.31% | 140,000 | $34.1M | New |
| CSTM Constellium SE | 1.30% | 3,357,544 | $33.9M | Add +82.6% |
| X United States Steel Corp. | 1.30% | 800,000 | $33.8M | New |
| PRIM Primoris Services Corp. | 1.21% | 547,472 | $31.4M | Add +15.7% |
| HBM Hudbay Minerals Inc. | 1.20% | 4,132,062 | $31.4M | Add +18.6% |
| GGB Gerdau SA -Spon ADR | 1.16% | 10,610,617 | $30.1M | New |
| GFR Greenfire Resources Ltd. | 1.08% | 4,803,504 | $28.2M | Add +18.6% |
| STLD Steel Dynamics Inc. | 1.06% | 220,407 | $27.6M | New |
| WHD Cactus Inc. Class A | 1.05% | 599,095 | $27.5M | New |
| WFRD Weatherford International PL | 1.05% | 510,830 | $27.4M | New |
| PDS Precision Drilling Corp. | 1.00% | 557,814 | $26.0M | Reduce -0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.88% | 551,153 | $23.0M | Reduce -50.1% |
| TRN Trinity Industries Inc. | 0.84% | 779,039 | $21.9M | Reduce -60.9% |
| RNGR Ranger Energy Services Class A | 0.82% | 1,500,568 | $21.3M | Reduce -0.1% |
| UEC Uranium Energy Corp. | 0.78% | 4,223,438 | $20.2M | Add +255.1% |
| DHT DHT Holdings Inc. | 0.77% | 1,899,975 | $19.9M | New |
| CDLR Cadeler A/S-ADR | 0.76% | 1,008,333 | $19.8M | Reduce -0.2% |
| NXE Nexgen Energy Ltd. | 0.72% | 4,153,080 | $18.6M | Add +249.5% |
| NVGS Navigator Holdings Ltd. | 0.68% | 1,337,875 | $17.8M | Reduce -0.1% |
| TNK Teekay Tankers Ltd. Class A | 0.66% | 449,689 | $17.2M | New |
| TE T1 Energy Inc. | 0.65% | 13,463,268 | $17.0M | No change |
| EGO Eldorado Gold Corp. | 0.65% | 999,702 | $16.8M | New |
| PPTA Perpetua Resources Corp. | 0.60% | 1,472,891 | $15.7M | New |
| RS Reliance Inc. | 0.55% | 49,986 | $14.4M | New |
| CENX Century Aluminum Company | 0.53% | 750,000 | $13.9M | New |
| FLOC Flowco Holdings Inc. Class A | 0.53% | 534,803 | $13.7M | New |
| METC Ramaco Resources Inc. Class A | 0.51% | 1,609,727 | $13.2M | New |
| INR Infinity Natural Resour Class A | 0.48% | 664,583 | $12.5M | New |
| GTE Gran Tierra Energy Inc. | 0.47% | 2,500,589 | $12.3M | Add +33.4% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.38% | 946,165 | $10.0M | New |
| INSW International Seaways Inc. | 0.38% | 299,910 | $10.0M | New |
| AA Alcoa Corp. | 0.32% | 268,923 | $8.2M | Reduce -71.9% |
| XPRO Expro Group Holdings NV | 0.25% | 661,503 | $6.6M | Reduce -74.3% |
| METCB Ramaco Resources Inc. Class B | 0.01% | 23,296 | $166K | New |
Options reported separately and not counted above: NFE calls ($8.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $36K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| T1 ENERGY INC | *W EXP 07/09/202 | 355,465 | $36K | No change |
Total filed on the 13F, all lines: $2.6B.
Portfolio Sells Q4 2024 → Q1 2025
| TDW Tidewater Inc. | Sold out | 0.00% | −3.71 |
| EQT Eqt Corp. | Sold out | 0.00% | −2.56 |
| GBX Greenbrier Companies Inc. | Sold out | 0.00% | −2.43 |
| TRN Trinity Industries Inc. | Reduce -60.9% | 0.84% | −2.16 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −2.07 |
| CHRD Chord Energy Corp. | Sold out | 0.00% | −1.87 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −1.83 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −1.75 |
| WAB Wabtec Corp. | Sold out | 0.00% | −1.72 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −1.53 |
| AMPS Altus Power Inc. | Sold out | 0.00% | −1.40 |
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −1.28 |
| KGS Kodiak Gas Services Inc. | Reduce -32.7% | 1.56% | −1.27 |
| AA Alcoa Corp. | Reduce -71.9% | 0.32% | −1.23 |
| NPWR Net Power Inc. | Sold out | 0.00% | −1.13 |
| NEXT Nextdecade Corp. | Sold out | 0.00% | −1.12 |
| XPRO Expro Group Holdings NV | Reduce -74.3% | 0.25% | −1.12 |
| DOW Dow Inc. | Sold out | 0.00% | −1.10 |
| SLB SLB Ltd. | Reduce -50.1% | 0.88% | −0.93 |
| NESR National Energy Services Reu | Reduce -0.1% | 2.49% | −0.90 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.86 |
| SBLK Star Bulk Carriers Corp. | Sold out | 0.00% | −0.79 |
| CRK Comstock Resources Inc. | Sold out | 0.00% | −0.74 |
| GOLDEN OCEAN GROUP LTD | Sold out | 0.00% | −0.73 |
| BKR Baker Hughes Co. | Reduce -25.0% | 1.65% | −0.64 |
| EXE Expand Energy Corp. | Reduce -14.4% | 3.71% | −0.62 |
| COP Conocophillips | Sold out | 0.00% | −0.59 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.58 |
| YPF YPF S.A.-Sponsored ADR | Reduce -0.1% | 1.34% | −0.48 |
| PDS Precision Drilling Corp. | Reduce -0.1% | 1.00% | −0.47 |
| BORR Borr Drilling Ltd. | Sold out | 0.00% | −0.46 |
| CDLR Cadeler A/S-ADR | Reduce -0.2% | 0.76% | −0.21 |
| NVGS Navigator Holdings Ltd. | Reduce -0.1% | 0.68% | −0.20 |
| RNGR Ranger Energy Services Class A | Reduce -0.1% | 0.82% | −0.18 |
Portfolio Buys Q4 2024 → Q1 2025
| GEV GE Vernova Inc. | New | 2.96% | +2.96 |
| DVN Devon Energy Corp. | New | 2.44% | +2.44 |
| FCX Freeport-McMoran Inc. | New | 2.39% | +2.39 |
| MGY Magnolia Oil & Gas Corp. Class A | New | 2.07% | +2.07 |
| VLO Valero Energy Corp. | New | 1.92% | +1.92 |
| CNI Canadian Natl Railway Co. | New | 1.87% | +1.87 |
| NXT Nextpower Inc. | Add +72.5% | 4.26% | +1.87 |
| FTI Technipfmc PLC | New | 1.83% | +1.83 |
| FRO Frontline PLC | New | 1.73% | +1.73 |
| AESI Atlas Energy Solutions Inc. | New | 1.67% | +1.67 |
| UAL United Airlines Holdings Inc. | New | 1.59% | +1.59 |
| TS Tenaris SA-ADR | Add +90.7% | 3.15% | +1.37 |
| FDX FedEx Corp. | New | 1.31% | +1.31 |
| X United States Steel Corp. | New | 1.30% | +1.30 |
| SOC Sable Offshore Corp. | Add +92.5% | 2.63% | +1.25 |
| GGB Gerdau SA -Spon ADR | New | 1.16% | +1.16 |
| STLD Steel Dynamics Inc. | New | 1.06% | +1.06 |
| WHD Cactus Inc. Class A | New | 1.05% | +1.05 |
| WFRD Weatherford International PL | New | 1.05% | +1.05 |
| VRN Veren Inc. | Add +33.0% | 2.74% | +0.96 |
| GLNG Golar LNG Ltd. | Add +73.8% | 3.32% | +0.95 |
| FANG Diamondback Energy Inc. | Add +69.3% | 2.90% | +0.94 |
| DHT DHT Holdings Inc. | New | 0.77% | +0.77 |
| FSLR First Solar Inc. | Add +97.1% | 3.16% | +0.67 |
| TNK Teekay Tankers Ltd. Class A | New | 0.66% | +0.66 |
| EGO Eldorado Gold Corp. | New | 0.65% | +0.65 |
| PPTA Perpetua Resources Corp. | New | 0.60% | +0.60 |
| RS Reliance Inc. | New | 0.55% | +0.55 |
| CENX Century Aluminum Company | New | 0.53% | +0.53 |
| FLOC Flowco Holdings Inc. Class A | New | 0.53% | +0.53 |
| METC Ramaco Resources Inc. Class A | New | 0.51% | +0.51 |
| CSTM Constellium SE | Add +82.6% | 1.30% | +0.49 |
| INR Infinity Natural Resour Class A | New | 0.48% | +0.48 |
| UEC Uranium Energy Corp. | Add +255.1% | 0.78% | +0.43 |
| KEX Kirby Corp. | Add +32.1% | 3.59% | +0.41 |
| IMSR Terrestrial Energy Inc. | New | 0.38% | +0.38 |
| INSW International Seaways Inc. | New | 0.38% | +0.38 |
| NXE Nexgen Energy Ltd. | Add +249.5% | 0.72% | +0.38 |
| OVV Ovintiv Inc. | Add +19.7% | 2.69% | +0.32 |
| SEI Solaris Energy Infrastructur | Add +58.4% | 3.03% | +0.21 |
| MEOH Methanex Corp. | Add +86.0% | 1.35% | +0.20 |
| METCB Ramaco Resources Inc. Class B | New | 0.01% | +0.01 |
| HBM Hudbay Minerals Inc. | Add +18.6% | 1.20% | −0.01 |
| HOS Hornbeck Offshore Services I | Add +24.3% | 1.63% | −0.01 |
| VIST Vista Energy Sab DE CV | Add +24.4% | 1.82% | −0.08 |
| GTE Gran Tierra Energy Inc. | Add +33.4% | 0.47% | −0.11 |
| GFR Greenfire Resources Ltd. | Add +18.6% | 1.08% | −0.14 |
| VST Vistra Corp. | Add +21.2% | 2.60% | −0.21 |
| PRIM Primoris Services Corp. | Add +15.7% | 1.21% | −0.34 |
| NFE New Fortress Energy Inc. | Add +29.8% | 2.40% | −1.35 |
Options Activity Q4 2024 → Q1 2025
| XOM Exxon Mobil Corp. | call | Sold out | 2,740,400 | $294.8Mbefore exit |
| X United States Steel Corp. | call | Sold out | 984,100 | $33.4Mbefore exit |
| NFE New Fortress Energy Inc. | call | New | 1,000,000 | $8.3M |
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 |