Encompass Capital Advisors LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Encompass Capital Advisors LLC reported 53 stock positions worth $2.2 billion . Its top holding was Sable Offshore (SOC) at 5.6% of the portfolio, followed by Solaris Energy Infrastructur (SEI, 5.3% ) and Kirby (KEX, 5.2% ). Compared with Q2 2025, it opened 19 new positions, sold out of 26, added to 18 and reduced 14. The biggest buy was a new position in Williams Cos (WMB) and the biggest sale an exit from Fluor (FLR).
Location New York, NY
CIK 0001541901
Portfolio Value $2.2B (Q3 2025) Holdings 53 stocks · $2.2B 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 Q2 2025 SOC Sable Offshore Corp. 7,171,916 $125.2M Add +44.8% SEI Solaris Energy Infrastructur 2,919,586 $116.7M Reduce -19.5% KEX Kirby Corp. 1,386,324 $115.7M Add +13.1% NESR National Energy Services Reu 9,205,887 $94.5M No change FSLR First Solar Inc. 421,026 $92.8M Add +21.4% UEC Uranium Energy Corp. 6,769,688 $90.3M Add +62.1% NXT Nextpower Inc. filed as NEXTRACKER INC 1,191,583 $88.2M Reduce -59.2% SHLS Shoals Technologies Group -A 11,863,507 $87.9M Reduce -10.2% WMB Williams Cos Inc. 1,298,275 $82.2M New STNG Scorpio Tankers Inc. 1,238,960 $69.4M Add +56.9% KGS Kodiak Gas Services Inc. 1,736,009 $64.2M Add +59.3% CSTM Constellium SE 4,264,275 $63.5M Reduce -20.5% ORA Ormat Technologies Inc. 638,532 $61.5M New CCJ Cameco Corp. 700,000 $58.7M Reduce -22.2% MGY Magnolia Oil & Gas Corp. Class A 2,182,088 $52.1M Add +64.1% PRIM Primoris Services Corp. 374,800 $51.5M Reduce -36.0% TS Tenaris SA-ADR 1,432,704 $51.2M Reduce -17.3% BP BP PLC-Spons ADR 1,449,093 $49.9M New B Barrick Mining Corp. 1,485,605 $48.7M New GLNG Golar LNG Ltd. 1,140,969 $46.1M Reduce -2.9% INSW International Seaways Inc. 874,204 $40.3M Add +118.7% CHRD Chord Energy Corp. 391,777 $38.9M New DINO HF Sinclair Corp. 697,632 $36.5M Reduce -59.3% VIST Vista Energy Sab DE CV 965,859 $33.2M Add +26.1% PDS Precision Drilling Corp. 557,562 $31.4M Add +0.0% TGS Transportador Gas-ADR SP B 1,404,472 $29.5M Add +40.5% TE T1 Energy Inc. 13,463,268 $29.3M No change NXE Nexgen Energy Ltd. 3,151,178 $28.2M Reduce -13.7% AA Alcoa Corp. 857,220 $28.2M New GATX Gatx Corp. 149,946 $26.2M Add +0.0% WTTR Select Water Solutions Inc. 2,372,290 $25.4M New CENX Century Aluminum Company 811,162 $23.8M Add +676.0% CEG Constellation Energy 69,938 $23.0M Reduce -30.1% NVGS Navigator Holdings Ltd. 1,437,217 $22.3M Add +0.0% DTM DT Midstream Inc. 195,690 $22.1M New CDLR Cadeler A/S-ADR 1,053,393 $21.8M Add +4.5% BTU Peabody Energy Corp. 809,460 $21.5M New GFR Greenfire Resources Ltd. 4,619,563 $21.3M Reduce -6.6% RNGR Ranger Energy Services Class A 1,513,302 $21.2M Add +0.0% GXO Gxo Logistics Inc. 400,000 $21.2M New TRN Trinity Industries Inc. 749,510 $21.0M New GPRE Green Plains Inc. 2,239,642 $19.7M New FLOC Flowco Holdings Inc. Class A 1,234,313 $18.3M Add +25.4% HP Helmerich & Payne 785,107 $17.3M New AAL American Airlines Group Inc. 1,499,265 $16.9M New TBN Tamboran Resources Corp. 563,698 $15.4M New CMBT CMB Tech NV 1,503,007 $14.1M New INR Infinity Natural Resour Class A 849,113 $11.1M Add +0.0% CSX CSX Corp. 297,749 $10.6M Reduce -87.7% AUGO Aura Minerals Inc. 199,700 $7.4M New PARR Par Pacific Holdings Inc. 151,517 $5.4M Reduce -88.4% ASPI Asp Isotopes Inc. 500,000 $4.8M New URG Ur-Energy Inc. 2,528,941 $4.5M New
Options reported separately and not counted above: ARKK puts ($597.4M), SOC calls ($21.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $27K (not counted above) Security Class Shares / Principal Value Change T1 ENERGY INC *W EXP 07/09/202 355,465 $27K No change
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ FLR Fluor Corp. Sold out 0.00% −4.32 EXE Expand Energy Corp. Sold out 0.00% −3.77 VST Vistra Corp. Sold out 0.00% −2.93 CSX CSX Corp. Reduce -87.7% 0.48% −2.72 EQT Eqt Corp. Sold out 0.00% −2.59 NXT Nextpower Inc. Reduce -59.2% 3.97% −2.44 PWR Quanta Services Inc. Sold out 0.00% −1.87 PPTA Perpetua Resources Corp. Sold out 0.00% −1.77 MTDR Matador Resources Co. Sold out 0.00% −1.50 MEOH Methanex Corp. Sold out 0.00% −1.49 RRC Range Resources Corp. Sold out 0.00% −1.48 BWXT BWX Technologies Inc. Sold out 0.00% −1.45 CMC Commercial Metals Co. Sold out 0.00% −1.38 NRG NRG Energy Inc. Sold out 0.00% −1.29 DINO HF Sinclair Corp. Reduce -59.3% 1.64% −1.20 PARR Par Pacific Holdings Inc. Reduce -88.4% 0.24% −1.15 FRO Frontline PLC Sold out 0.00% −1.15 NSC Norfolk Southern Corp. Sold out 0.00% −1.03 HOS Hornbeck Offshore Services I Sold out 0.00% −0.96 BKR Baker Hughes Co. Sold out 0.00% −0.93 KNX Knight-Swift Transportation Sold out 0.00% −0.89 DHT DHT Holdings Inc. Sold out 0.00% −0.83 EGO Eldorado Gold Corp. Sold out 0.00% −0.82 ARRY Array Technologies Inc. Sold out 0.00% −0.68 METC Ramaco Resources Inc. Class A Sold out 0.00% −0.53 NUE Nucor Corp. Sold out 0.00% −0.52 ARCB Arcbest Corp. Sold out 0.00% −0.51 GTE Gran Tierra Energy Inc. Sold out 0.00% −0.46 TS Tenaris SA-ADR Reduce -17.3% 2.31% −0.31 CEG Constellation Energy Reduce -30.1% 1.04% −0.27 AESI Atlas Energy Solutions Inc. Sold out 0.00% −0.20 CCJ Cameco Corp. Reduce -22.2% 2.64% −0.05 CSTM Constellium SE Reduce -20.5% 2.86% −0.02 METCB Ramaco Resources Inc. Class B Sold out 0.00% −0.01 GFR Greenfire Resources Ltd. Reduce -6.6% 0.96% +0.07 GLNG Golar LNG Ltd. Reduce -2.9% 2.07% +0.12 NXE Nexgen Energy Ltd. Reduce -13.7% 1.27% +0.25 PRIM Primoris Services Corp. Reduce -36.0% 2.32% +0.47 SEI Solaris Energy Infrastructur Reduce -19.5% 5.25% +1.11 SHLS Shoals Technologies Group -A Reduce -10.2% 3.96% +1.69
Portfolio Buys Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ WMB Williams Cos Inc. New 3.70% +3.70 UEC Uranium Energy Corp. Add +62.1% 4.06% +2.92 ORA Ormat Technologies Inc. New 2.77% +2.77 BP BP PLC-Spons ADR New 2.25% +2.25 B Barrick Mining Corp. New 2.19% +2.19 STNG Scorpio Tankers Inc. Add +56.9% 3.12% +1.88 FSLR First Solar Inc. Add +21.4% 4.18% +1.86 CHRD Chord Energy Corp. New 1.75% +1.75 KGS Kodiak Gas Services Inc. Add +59.3% 2.89% +1.38 AA Alcoa Corp. New 1.27% +1.27 SOC Sable Offshore Corp. Add +44.8% 5.63% +1.24 INSW International Seaways Inc. Add +118.7% 1.81% +1.22 WTTR Select Water Solutions Inc. New 1.14% +1.14 MGY Magnolia Oil & Gas Corp. Class A Add +64.1% 2.34% +1.14 CENX Century Aluminum Company Add +676.0% 1.07% +1.00 DTM DT Midstream Inc. New 1.00% +1.00 BTU Peabody Energy Corp. New 0.97% +0.97 GXO Gxo Logistics Inc. New 0.95% +0.95 TRN Trinity Industries Inc. New 0.95% +0.95 GPRE Green Plains Inc. New 0.89% +0.89 HP Helmerich & Payne New 0.78% +0.78 AAL American Airlines Group Inc. New 0.76% +0.76 TBN Tamboran Resources Corp. New 0.69% +0.69 CMBT CMB Tech NV New 0.64% +0.64 PDS Precision Drilling Corp. Add +0.0% 1.41% +0.35 AUGO Aura Minerals Inc. New 0.33% +0.33 TGS Transportador Gas-ADR SP B Add +40.5% 1.33% +0.28 GATX Gatx Corp. Add +0.0% 1.18% +0.25 RNGR Ranger Energy Services Class A Add +0.0% 0.96% +0.23 ASPI Asp Isotopes Inc. New 0.22% +0.22 URG Ur-Energy Inc. New 0.20% +0.20 NVGS Navigator Holdings Ltd. Add +0.0% 1.00% +0.18 CDLR Cadeler A/S-ADR Add +4.5% 0.98% +0.17 FLOC Flowco Holdings Inc. Class A Add +25.4% 0.82% +0.12 VIST Vista Energy Sab DE CV Add +26.1% 1.50% +0.02 INR Infinity Natural Resour Class A Add +0.0% 0.50% −0.13 KEX Kirby Corp. Add +13.1% 5.21% −0.40
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ARKK ARK Innovation ETF put New 6,922,500 $597.4M ENPH Enphase Energy Inc. put Sold out 2,709,700 $107.4Mbefore exit VST Vistra Corp. call Sold out 400,000 $77.5Mbefore exit FSLR First Solar Inc. call Sold out 300,000 $49.7Mbefore exit FLR Fluor Corp. call Sold out 500,000 $25.6Mbefore exit SOC Sable Offshore Corp. call New 1,225,400 $21.4M
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