Encompass Capital Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Encompass Capital Advisors LLC reported 60 stock positions worth $2.5 billion. Its top holding was Nextpower (NXT) at 6.4% of the portfolio, followed by Kirby (KEX, 5.6%) and Sable Offshore (SOC, 4.4%). Compared with Q1 2025, it opened 22 new positions, sold out of 27, added to 16 and reduced 21. The biggest buy was a new position in Fluor (FLR) and the biggest sale an exit from GE Vernova (GEV).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001541901
- Portfolio Value
- $2.5B (Q2 2025)
- SEC Filing
- 0001172661-25-003466 ↗ filed Aug 14, 2025
Holdings Value
Holdings 60 stocks · $2.5B
| NXT Nextpower Inc. filed as NEXTRACKER INC | 6.40% | 2,919,777 | $158.7M | Add +11.0% |
| KEX Kirby Corp. | 5.61% | 1,225,338 | $139.0M | Add +32.4% |
| SOC Sable Offshore Corp. | 4.39% | 4,952,023 | $108.8M | Add +83.8% |
| FLR Fluor Corp. | 4.32% | 2,091,170 | $107.2M | New |
| SEI Solaris Energy Infrastructur | 4.14% | 3,627,158 | $102.6M | Reduce -0.1% |
| EXE Expand Energy Corp. | 3.77% | 799,646 | $93.5M | Reduce -7.8% |
| CSX CSX Corp. | 3.19% | 2,426,432 | $79.2M | New |
| VST Vistra Corp. | 2.93% | 375,000 | $72.7M | Reduce -35.0% |
| CSTM Constellium SE | 2.88% | 5,362,760 | $71.3M | Add +59.7% |
| DINO HF Sinclair Corp. | 2.84% | 1,714,618 | $70.4M | New |
| CCJ Cameco Corp. | 2.69% | 899,650 | $66.8M | New |
| TS Tenaris SA-ADR | 2.61% | 1,732,781 | $64.8M | Reduce -17.4% |
| EQT Eqt Corp. | 2.59% | 1,099,379 | $64.1M | New |
| FSLR First Solar Inc. | 2.32% | 346,948 | $57.4M | Reduce -46.6% |
| SHLS Shoals Technologies Group -A | 2.26% | 13,204,602 | $56.1M | New |
| NESR National Energy Services Reu | 2.24% | 9,205,887 | $55.4M | Add +4.3% |
| GLNG Golar LNG Ltd. | 1.95% | 1,175,570 | $48.4M | Reduce -48.4% |
| PWR Quanta Services Inc. | 1.87% | 122,914 | $46.5M | New |
| PRIM Primoris Services Corp. | 1.84% | 586,040 | $45.7M | Add +7.0% |
| PPTA Perpetua Resources Corp. | 1.77% | 3,608,369 | $43.8M | Add +145.0% |
| KGS Kodiak Gas Services Inc. | 1.51% | 1,089,756 | $37.3M | Reduce -0.0% |
| MTDR Matador Resources Co. | 1.50% | 779,431 | $37.2M | New |
| MEOH Methanex Corp. | 1.49% | 1,118,102 | $37.0M | Add +11.9% |
| VIST Vista Energy Sab DE CV | 1.48% | 765,850 | $36.6M | Reduce -24.6% |
| RRC Range Resources Corp. | 1.48% | 899,670 | $36.6M | New |
| BWXT BWX Technologies Inc. | 1.45% | 250,000 | $36.0M | New |
| PARR Par Pacific Holdings Inc. | 1.40% | 1,304,541 | $34.6M | New |
| CMC Commercial Metals Co. | 1.38% | 699,756 | $34.2M | New |
| CEG Constellation Energy | 1.30% | 100,000 | $32.3M | New |
| NRG NRG Energy Inc. | 1.29% | 199,924 | $32.1M | New |
| STNG Scorpio Tankers Inc. | 1.25% | 789,425 | $30.9M | New |
| MGY Magnolia Oil & Gas Corp. Class A | 1.21% | 1,329,611 | $29.9M | Reduce -37.6% |
| FRO Frontline PLC | 1.15% | 1,733,496 | $28.4M | Reduce -42.8% |
| UEC Uranium Energy Corp. | 1.15% | 4,176,444 | $28.4M | Reduce -1.1% |
| PDS Precision Drilling Corp. | 1.06% | 557,556 | $26.4M | Reduce -0.1% |
| TGS Transportador Gas-ADR SP B | 1.04% | 1,000,000 | $25.9M | New |
| NSC Norfolk Southern Corp. | 1.03% | 99,956 | $25.6M | New |
| NXE Nexgen Energy Ltd. | 1.02% | 3,651,140 | $25.4M | Reduce -12.1% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.96% | 3,806,807 | $23.8M | Reduce -25.4% |
| GATX Gatx Corp. | 0.93% | 149,944 | $23.0M | New |
| BKR Baker Hughes Co. | 0.93% | 599,767 | $23.0M | Reduce -38.5% |
| KNX Knight-Swift Transportation | 0.89% | 500,000 | $22.1M | New |
| GFR Greenfire Resources Ltd. | 0.89% | 4,947,437 | $22.1M | Add +3.0% |
| DHT DHT Holdings Inc. | 0.83% | 1,899,098 | $20.5M | Reduce -0.1% |
| EGO Eldorado Gold Corp. | 0.82% | 1,000,000 | $20.3M | Add +0.0% |
| NVGS Navigator Holdings Ltd. | 0.82% | 1,437,201 | $20.3M | Add +7.4% |
| CDLR Cadeler A/S-ADR | 0.81% | 1,007,922 | $20.0M | Reduce -0.0% |
| RNGR Ranger Energy Services Class A | 0.73% | 1,513,284 | $18.1M | Add +0.8% |
| FLOC Flowco Holdings Inc. Class A | 0.71% | 984,301 | $17.5M | Add +84.0% |
| ARRY Array Technologies Inc. | 0.68% | 2,839,204 | $16.8M | New |
| TE T1 Energy Inc. | 0.67% | 13,463,268 | $16.6M | No change |
| INR Infinity Natural Resour Class A | 0.63% | 849,103 | $15.5M | Add +27.8% |
| INSW International Seaways Inc. | 0.59% | 399,824 | $14.6M | Add +33.3% |
| METC Ramaco Resources Inc. Class A | 0.53% | 1,000,000 | $13.1M | Reduce -37.9% |
| NUE Nucor Corp. | 0.52% | 100,000 | $13.0M | New |
| ARCB Arcbest Corp. | 0.51% | 164,355 | $12.7M | New |
| GTE Gran Tierra Energy Inc. | 0.46% | 2,387,614 | $11.4M | Reduce -4.5% |
| AESI Atlas Energy Solutions Inc. | 0.20% | 373,148 | $5.0M | Reduce -84.7% |
| CENX Century Aluminum Company | 0.08% | 104,535 | $1.9M | Reduce -86.1% |
| METCB Ramaco Resources Inc. Class B | 0.01% | 41,820 | $342K | Add +79.5% |
Options reported separately and not counted above: ENPH puts ($107.4M), VST calls ($77.5M), FSLR calls ($49.7M), FLR calls ($25.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $52K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| T1 ENERGY INC | *W EXP 07/09/202 | 355,465 | $52K | No change |
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q1 2025 → Q2 2025
| GEV GE Vernova Inc. | Sold out | 0.00% | −2.96 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −2.90 |
| VRN Veren Inc. | Sold out | 0.00% | −2.74 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −2.69 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −2.44 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −2.40 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −2.39 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −1.92 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −1.87 |
| FTI Technipfmc PLC | Sold out | 0.00% | −1.83 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −1.59 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −1.59 |
| AESI Atlas Energy Solutions Inc. | Reduce -84.7% | 0.20% | −1.47 |
| GLNG Golar LNG Ltd. | Reduce -48.4% | 1.95% | −1.37 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −1.34 |
| FDX FedEx Corp. | Sold out | 0.00% | −1.31 |
| X United States Steel Corp. | Sold out | 0.00% | −1.30 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −1.20 |
| GGB Gerdau SA -Spon ADR | Sold out | 0.00% | −1.16 |
| STLD Steel Dynamics Inc. | Sold out | 0.00% | −1.06 |
| WHD Cactus Inc. Class A | Sold out | 0.00% | −1.05 |
| WFRD Weatherford International PL | Sold out | 0.00% | −1.05 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.88 |
| MGY Magnolia Oil & Gas Corp. Class A | Reduce -37.6% | 1.21% | −0.86 |
| TRN Trinity Industries Inc. | Sold out | 0.00% | −0.84 |
| FSLR First Solar Inc. | Reduce -46.6% | 2.32% | −0.84 |
| BKR Baker Hughes Co. | Reduce -38.5% | 0.93% | −0.72 |
| HOS Hornbeck Offshore Services I | Reduce -25.4% | 0.96% | −0.67 |
| TNK Teekay Tankers Ltd. Class A | Sold out | 0.00% | −0.66 |
| FRO Frontline PLC | Reduce -42.8% | 1.15% | −0.58 |
| RS Reliance Inc. | Sold out | 0.00% | −0.55 |
| TS Tenaris SA-ADR | Reduce -17.4% | 2.61% | −0.54 |
| CENX Century Aluminum Company | Reduce -86.1% | 0.08% | −0.46 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.38 |
| VIST Vista Energy Sab DE CV | Reduce -24.6% | 1.48% | −0.34 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.32 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −0.25 |
| KGS Kodiak Gas Services Inc. | Reduce -0.0% | 1.51% | −0.06 |
| GTE Gran Tierra Energy Inc. | Reduce -4.5% | 0.46% | −0.01 |
| METC Ramaco Resources Inc. Class A | Reduce -37.9% | 0.53% | +0.02 |
| CDLR Cadeler A/S-ADR | Reduce -0.0% | 0.81% | +0.05 |
| DHT DHT Holdings Inc. | Reduce -0.1% | 0.83% | +0.06 |
| EXE Expand Energy Corp. | Reduce -7.8% | 3.77% | +0.06 |
| PDS Precision Drilling Corp. | Reduce -0.1% | 1.06% | +0.07 |
| NXE Nexgen Energy Ltd. | Reduce -12.1% | 1.02% | +0.31 |
| VST Vistra Corp. | Reduce -35.0% | 2.93% | +0.33 |
| UEC Uranium Energy Corp. | Reduce -1.1% | 1.15% | +0.37 |
| SEI Solaris Energy Infrastructur | Reduce -0.1% | 4.14% | +1.11 |
Portfolio Buys Q1 2025 → Q2 2025
| FLR Fluor Corp. | New | 4.32% | +4.32 |
| CSX CSX Corp. | New | 3.19% | +3.19 |
| DINO HF Sinclair Corp. | New | 2.84% | +2.84 |
| CCJ Cameco Corp. | New | 2.69% | +2.69 |
| EQT Eqt Corp. | New | 2.59% | +2.59 |
| SHLS Shoals Technologies Group -A | New | 2.26% | +2.26 |
| NXT Nextpower Inc. | Add +11.0% | 6.40% | +2.15 |
| KEX Kirby Corp. | Add +32.4% | 5.61% | +2.02 |
| PWR Quanta Services Inc. | New | 1.87% | +1.87 |
| SOC Sable Offshore Corp. | Add +83.8% | 4.39% | +1.77 |
| CSTM Constellium SE | Add +59.7% | 2.88% | +1.58 |
| MTDR Matador Resources Co. | New | 1.50% | +1.50 |
| RRC Range Resources Corp. | New | 1.48% | +1.48 |
| BWXT BWX Technologies Inc. | New | 1.45% | +1.45 |
| PARR Par Pacific Holdings Inc. | New | 1.40% | +1.40 |
| CMC Commercial Metals Co. | New | 1.38% | +1.38 |
| CEG Constellation Energy | New | 1.30% | +1.30 |
| NRG NRG Energy Inc. | New | 1.29% | +1.29 |
| STNG Scorpio Tankers Inc. | New | 1.25% | +1.25 |
| PPTA Perpetua Resources Corp. | Add +145.0% | 1.77% | +1.16 |
| TGS Transportador Gas-ADR SP B | New | 1.04% | +1.04 |
| NSC Norfolk Southern Corp. | New | 1.03% | +1.03 |
| GATX Gatx Corp. | New | 0.93% | +0.93 |
| KNX Knight-Swift Transportation | New | 0.89% | +0.89 |
| ARRY Array Technologies Inc. | New | 0.68% | +0.68 |
| PRIM Primoris Services Corp. | Add +7.0% | 1.84% | +0.64 |
| NUE Nucor Corp. | New | 0.52% | +0.52 |
| ARCB Arcbest Corp. | New | 0.51% | +0.51 |
| INSW International Seaways Inc. | Add +33.3% | 0.59% | +0.21 |
| FLOC Flowco Holdings Inc. Class A | Add +84.0% | 0.71% | +0.18 |
| EGO Eldorado Gold Corp. | Add +0.0% | 0.82% | +0.17 |
| INR Infinity Natural Resour Class A | Add +27.8% | 0.63% | +0.15 |
| MEOH Methanex Corp. | Add +11.9% | 1.49% | +0.15 |
| NVGS Navigator Holdings Ltd. | Add +7.4% | 0.82% | +0.14 |
| METCB Ramaco Resources Inc. Class B | Add +79.5% | 0.01% | +0.01 |
| RNGR Ranger Energy Services Class A | Add +0.8% | 0.73% | −0.09 |
| GFR Greenfire Resources Ltd. | Add +3.0% | 0.89% | −0.19 |
| NESR National Energy Services Reu | Add +4.3% | 2.24% | −0.26 |
Options Activity Q1 2025 → Q2 2025
| ENPH Enphase Energy Inc. | put | New | 2,709,700 | $107.4M |
| VST Vistra Corp. | call | New | 400,000 | $77.5M |
| FSLR First Solar Inc. | call | New | 300,000 | $49.7M |
| FLR Fluor Corp. | call | New | 500,000 | $25.6M |
| NFE New Fortress Energy Inc. | call | Sold out | 1,000,000 | $8.3Mbefore exit |
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 |