Encompass Capital Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Encompass Capital Advisors LLC reported 47 stock positions worth $2.1 billion. Its top holding was T1 Energy (TE) at 11.2% of the portfolio, followed by Sable Offshore (SOC, 5.8%) and Solaris Energy Infrastructur (SEI, 5.6%). Compared with Q3 2025, it opened 21 new positions, sold out of 27, added to 9 and reduced 17. The biggest buy was T1 Energy (TE, shares +160%) and the biggest sale an exit from First Solar (FSLR).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001541901
- Portfolio Value
- $2.1B (Q4 2025)
- SEC Filing
- 0001172661-26-001127 ↗ filed Feb 17, 2026
Holdings Value
Holdings 47 stocks · $2.1B
| TE T1 Energy Inc. | 11.17% | 34,968,169 | $233.6M | Add +159.7% |
| SOC Sable Offshore Corp. | 5.82% | 13,489,241 | $121.7M | Add +88.1% |
| SEI Solaris Energy Infrastructur | 5.63% | 2,559,543 | $117.7M | Reduce -12.3% |
| FANG Diamondback Energy Inc. | 5.37% | 746,343 | $112.2M | New |
| NESR National Energy Services Reu | 5.32% | 7,103,284 | $111.2M | Reduce -22.8% |
| CSTM Constellium SE | 4.20% | 4,657,915 | $87.8M | Add +9.2% |
| KEX Kirby Corp. | 3.42% | 649,758 | $71.6M | Reduce -53.1% |
| HP Helmerich & Payne | 2.86% | 2,081,644 | $59.7M | Add +165.1% |
| MTDR Matador Resources Co. | 2.55% | 1,254,678 | $53.2M | New |
| VNOM Viper Energy Inc. Class A | 2.49% | 1,348,366 | $52.1M | New |
| NUE Nucor Corp. | 2.45% | 313,502 | $51.1M | New |
| WFRD Weatherford International PL | 2.24% | 599,274 | $46.9M | New |
| BTE Baytex Energy Corp. | 2.16% | 13,948,516 | $45.1M | New |
| NXT Nextpower Inc. | 2.08% | 499,837 | $43.5M | Reduce -58.0% |
| CMC Commercial Metals Co. | 1.99% | 599,871 | $41.5M | New |
| SHLS Shoals Technologies Group -A | 1.96% | 4,823,369 | $41.0M | Reduce -59.3% |
| AA Alcoa Corp. | 1.94% | 763,400 | $40.6M | Reduce -10.9% |
| PDS Precision Drilling Corp. | 1.91% | 556,638 | $40.0M | Reduce -0.2% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 1.91% | 205,000 | $39.8M | New |
| GXO Gxo Logistics Inc. | 1.76% | 698,974 | $36.8M | Add +74.7% |
| CHRD Chord Energy Corp. | 1.73% | 391,127 | $36.3M | Reduce -0.2% |
| SLI Standard Lithium Ltd. | 1.72% | 8,053,722 | $36.0M | New |
| PRIM Primoris Services Corp. | 1.72% | 289,907 | $36.0M | Reduce -22.6% |
| ORA Ormat Technologies Inc. | 1.65% | 312,675 | $34.5M | Reduce -51.0% |
| CCJ Cameco Corp. | 1.64% | 375,000 | $34.3M | Reduce -46.4% |
| HCC Warrior Met Coal Inc. | 1.58% | 375,791 | $33.1M | New |
| WTTR Select Water Solutions Inc. | 1.57% | 3,118,824 | $32.8M | Add +31.5% |
| VIST Vista Energy Sab DE CV | 1.38% | 594,846 | $28.9M | Reduce -38.4% |
| FLOC Flowco Holdings Inc. Class A | 1.35% | 1,503,216 | $28.2M | Add +21.8% |
| ECO Okeanis Eco Tankers Corp. | 1.31% | 810,154 | $27.4M | New |
| TTI Tetra Technologies Inc. | 1.30% | 2,891,590 | $27.1M | New |
| ALM Almonty Industries Inc. | 1.23% | 2,908,033 | $25.6M | New |
| VTOL Bristow Group Inc. | 1.23% | 699,429 | $25.6M | New |
| CMBT CMB Tech NV | 1.15% | 2,499,307 | $24.1M | Add +66.3% |
| RNGR Ranger Energy Services Class A | 1.01% | 1,510,795 | $21.1M | Reduce -0.2% |
| KRSP.U Rice Acquisition Corp. 3 | 1.00% | 1,997,867 | $21.0M | New |
| ARCB Arcbest Corp. | 0.98% | 275,000 | $20.4M | New |
| CNR Core Natural Resources Inc. | 0.95% | 225,000 | $19.9M | New |
| CENX Century Aluminum Company | 0.94% | 499,837 | $19.6M | Reduce -38.4% |
| TBN Tamboran Resources Corp. | 0.93% | 713,698 | $19.4M | Add +26.6% |
| TMC TMC the Metals Co. Inc. | 0.89% | 3,000,000 | $18.5M | New |
| B Barrick Mining Corp. | 0.83% | 400,000 | $17.4M | Reduce -73.1% |
| SGML Sigma Lithium Corp. | 0.79% | 1,248,175 | $16.5M | New |
| BORR Borr Drilling Ltd. | 0.69% | 3,554,800 | $14.3M | New |
| NVGS Navigator Holdings Ltd. | 0.53% | 635,601 | $11.0M | Reduce -55.8% |
| STNG Scorpio Tankers Inc. | 0.49% | 200,000 | $10.2M | Reduce -83.9% |
| PPTA Perpetua Resources Corp. | 0.20% | 168,750 | $4.1M | New |
Options reported separately and not counted above: OXY calls ($228.8M), UAL puts ($130.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $416K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| T1 ENERGY INC | *W EXP 07/09/202 | 355,465 | $416K | No change |
Total filed on the 13F, all lines: $2.1B.
Portfolio Sells Q3 2025 → Q4 2025
| FSLR First Solar Inc. | Sold out | 0.00% | −4.18 |
| UEC Uranium Energy Corp. | Sold out | 0.00% | −4.06 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −3.70 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −2.89 |
| STNG Scorpio Tankers Inc. | Reduce -83.9% | 0.49% | −2.64 |
| MGY Magnolia Oil & Gas Corp. Class A | Sold out | 0.00% | −2.34 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −2.31 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −2.25 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −2.07 |
| SHLS Shoals Technologies Group -A | Reduce -59.3% | 1.96% | −1.99 |
| NXT Nextpower Inc. | Reduce -58.0% | 2.08% | −1.88 |
| INSW International Seaways Inc. | Sold out | 0.00% | −1.81 |
| KEX Kirby Corp. | Reduce -53.1% | 3.42% | −1.78 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −1.64 |
| B Barrick Mining Corp. | Reduce -73.1% | 0.83% | −1.36 |
| TGS Transportador Gas-ADR SP B | Sold out | 0.00% | −1.33 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −1.27 |
| GATX Gatx Corp. | Sold out | 0.00% | −1.18 |
| ORA Ormat Technologies Inc. | Reduce -51.0% | 1.65% | −1.11 |
| CEG Constellation Energy | Sold out | 0.00% | −1.04 |
| CCJ Cameco Corp. | Reduce -46.4% | 1.64% | −1.00 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −1.00 |
| CDLR Cadeler A/S-ADR | Sold out | 0.00% | −0.98 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.97 |
| GFR Greenfire Resources Ltd. | Sold out | 0.00% | −0.96 |
| TRN Trinity Industries Inc. | Sold out | 0.00% | −0.95 |
| GPRE Green Plains Inc. | Sold out | 0.00% | −0.89 |
| AAL American Airlines Group Inc. | Sold out | 0.00% | −0.76 |
| PRIM Primoris Services Corp. | Reduce -22.6% | 1.72% | −0.59 |
| INR Infinity Natural Resour Class A | Sold out | 0.00% | −0.50 |
| CSX CSX Corp. | Sold out | 0.00% | −0.48 |
| NVGS Navigator Holdings Ltd. | Reduce -55.8% | 0.53% | −0.48 |
| AUGO Aura Minerals Inc. | Sold out | 0.00% | −0.33 |
| PARR Par Pacific Holdings Inc. | Sold out | 0.00% | −0.24 |
| ASPI Asp Isotopes Inc. | Sold out | 0.00% | −0.22 |
| URG Ur-Energy Inc. | Sold out | 0.00% | −0.20 |
| CENX Century Aluminum Company | Reduce -38.4% | 0.94% | −0.13 |
| VIST Vista Energy Sab DE CV | Reduce -38.4% | 1.38% | −0.11 |
| CHRD Chord Energy Corp. | Reduce -0.2% | 1.73% | −0.02 |
| RNGR Ranger Energy Services Class A | Reduce -0.2% | 1.01% | +0.05 |
| SEI Solaris Energy Infrastructur | Reduce -12.3% | 5.63% | +0.38 |
| PDS Precision Drilling Corp. | Reduce -0.2% | 1.91% | +0.50 |
| AA Alcoa Corp. | Reduce -10.9% | 1.94% | +0.67 |
| NESR National Energy Services Reu | Reduce -22.8% | 5.32% | +1.07 |
Portfolio Buys Q3 2025 → Q4 2025
| TE T1 Energy Inc. | Add +159.7% | 11.17% | +9.85 |
| FANG Diamondback Energy Inc. | New | 5.37% | +5.37 |
| MTDR Matador Resources Co. | New | 2.55% | +2.55 |
| VNOM Viper Energy Inc. Class A | New | 2.49% | +2.49 |
| NUE Nucor Corp. | New | 2.45% | +2.45 |
| WFRD Weatherford International PL | New | 2.24% | +2.24 |
| BTE Baytex Energy Corp. | New | 2.16% | +2.16 |
| HP Helmerich & Payne | Add +165.1% | 2.86% | +2.08 |
| CMC Commercial Metals Co. | New | 1.99% | +1.99 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 1.91% | +1.91 |
| SLI Standard Lithium Ltd. | New | 1.72% | +1.72 |
| HCC Warrior Met Coal Inc. | New | 1.58% | +1.58 |
| CSTM Constellium SE | Add +9.2% | 4.20% | +1.34 |
| ECO Okeanis Eco Tankers Corp. | New | 1.31% | +1.31 |
| TTI Tetra Technologies Inc. | New | 1.30% | +1.30 |
| ALM Almonty Industries Inc. | New | 1.23% | +1.23 |
| VTOL Bristow Group Inc. | New | 1.23% | +1.23 |
| KRSP.U Rice Acquisition Corp. 3 | New | 1.00% | +1.00 |
| ARCB Arcbest Corp. | New | 0.98% | +0.98 |
| CNR Core Natural Resources Inc. | New | 0.95% | +0.95 |
| TMC TMC the Metals Co. Inc. | New | 0.89% | +0.89 |
| GXO Gxo Logistics Inc. | Add +74.7% | 1.76% | +0.81 |
| SGML Sigma Lithium Corp. | New | 0.79% | +0.79 |
| BORR Borr Drilling Ltd. | New | 0.69% | +0.69 |
| FLOC Flowco Holdings Inc. Class A | Add +21.8% | 1.35% | +0.52 |
| CMBT CMB Tech NV | Add +66.3% | 1.15% | +0.52 |
| WTTR Select Water Solutions Inc. | Add +31.5% | 1.57% | +0.43 |
| TBN Tamboran Resources Corp. | Add +26.6% | 0.93% | +0.24 |
| PPTA Perpetua Resources Corp. | New | 0.20% | +0.20 |
| SOC Sable Offshore Corp. | Add +88.1% | 5.82% | +0.19 |
Options Activity Q3 2025 → Q4 2025
| ARKK ARK Innovation ETF | put | Sold out | 6,922,500 | $597.4Mbefore exit |
| OXY Occidental Petroleum Corp. | call | New | 5,565,200 | $228.8M |
| UAL United Airlines Holdings Inc. | put | New | 1,167,000 | $130.5M |
| SOC Sable Offshore Corp. | call | Sold out | 1,225,400 | $21.4Mbefore 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 |