Encompass Capital Advisors LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Encompass Capital Advisors LLC reported 54 stock positions worth $2.5 billion . Its top holding was Sable Offshore (SOC) at 9.1% of the portfolio, followed by T1 Energy (TE, 6.3% ) and Atlas Energy Solutions (AESI, 4.9% ). Compared with Q4 2025, it opened 27 new positions, sold out of 20, added to 7 and reduced 17. The biggest buy was a new position in Atlas Energy Solutions (AESI) and the biggest sale an exit from Diamondback Energy (FANG).
Location New York, NY
CIK 0001541901
Portfolio Value $2.5B (Q1 2026) Holdings 54 stocks · $2.5B 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 Q4 2025 SOC Sable Offshore Corp. 13,448,741 $222.2M Reduce -0.3% TE T1 Energy Inc. 34,968,169 $153.5M No change AESI Atlas Energy Solutions Inc. 9,135,182 $119.9M New SEI Solaris Energy Infrastructur 1,750,000 $98.9M Reduce -31.6% NESR National Energy Services Reu 4,261,389 $91.5M Reduce -40.0% CENX Century Aluminum Company 1,551,362 $91.0M Add +210.4% BTE Baytex Energy Corp. 20,071,614 $89.7M Add +43.9% KEX Kirby Corp. 469,611 $62.4M Reduce -27.7% ALM Almonty Industries Inc. 4,300,839 $62.3M Add +47.9% CSTM Constellium SE 2,477,278 $60.9M Reduce -46.8% ODFL Old Dominion Freight Line 310,061 $60.6M New NXT Nextpower Inc. 484,262 $58.4M Reduce -3.1% FPS Forgent Power Solutions Class A 1,925,699 $56.4M New CEG Constellation Energy 200,000 $55.9M New PSX Phillips 66 304,700 $55.5M New CNR Core Natural Resources Inc. 500,000 $52.4M Add +122.2% WTTR Select Water Solutions Inc. 3,085,249 $47.2M Reduce -1.1% MUSA Murphy USA Inc. 90,000 $44.5M New CMBT CMB Tech NV 3,500,000 $44.3M Add +40.0% VIST Vista Energy Sab DE CV 543,551 $41.0M Reduce -8.6% UEC Uranium Energy Corp. 3,000,000 $40.5M New AA Alcoa Corp. 605,149 $40.1M Reduce -20.7% WHD Cactus Inc. Class A 765,514 $36.3M New TBN Tamboran Resources Corp. 713,698 $35.7M No change PDS Precision Drilling Corp. 351,189 $34.5M Reduce -36.9% PR Permian Resources Corp. Class A 1,597,811 $34.1M New PWR Quanta Services Inc. 60,000 $32.9M New MATX Matson Inc. 199,834 $32.8M New CSX CSX Corp. 785,800 $32.3M New ASPI Asp Isotopes Inc. 6,912,054 $30.6M New MWH Solv Energy Inc. Class A 1,000,400 $30.0M New NUE Nucor Corp. 175,000 $29.6M Reduce -44.2% OXY Occidental Petroleum Corp. 451,396 $29.3M New PARR Par Pacific Holdings Inc. 460,393 $28.8M New KNX Knight-Swift Transportation 500,000 $28.8M New VTOL Bristow Group Inc. 587,364 $27.5M Reduce -16.0% TTI Tetra Technologies Inc. 3,201,953 $27.3M Add +10.7% ENPH Enphase Energy Inc. 720,288 $27.2M New FLOC Flowco Holdings Inc. Class A 1,275,044 $26.3M Reduce -15.2% DVN Devon Energy Corp. 517,600 $26.0M New RNGR Ranger Energy Services Class A 1,507,503 $25.8M Reduce -0.2% LIN Linde PLC 50,000 $24.8M New DAR Darling Ingredients Inc. 400,000 $24.7M New VNOM Viper Energy Inc. Class A 464,604 $21.8M Reduce -65.5% SM SM Energy Co. 697,800 $21.8M New POWL Powell Industries Inc. 40,000 $21.6M New KRSP.U Rice Acquisition Corp. 3 1,935,615 $20.5M Reduce -3.1% NVGS Navigator Holdings Ltd. 1,034,216 $20.0M Add +62.7% ECO Okeanis Eco Tankers Corp. 377,432 $19.1M Reduce -53.4% STLD Steel Dynamics Inc. 100,043 $18.0M New STNG Scorpio Tankers Inc. 200,000 $14.9M No change AGI Alamos Gold Inc. Class A 300,065 $13.3M New USAR USA Rare Earth Inc. 465,000 $6.2M New BESS Bimergen Energy Corp. 700,000 $1.5M New
Options reported separately and not counted above: LNG puts ($441.6M), XOP puts ($252.7M), LYB puts ($102.6M), SCCO puts ($53.0M), CF puts ($34.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $791K (not counted above) Security Class Shares / Principal Value Change BESS.WS Bimergen Energy Corp. *W EXP 12/12/203 1,000,000 $713K New T1 ENERGY INC *W EXP 07/09/202 355,465 $79K No change
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ FANG Diamondback Energy Inc. Sold out 0.00% −5.37 HP Helmerich & Payne Sold out 0.00% −2.86 MTDR Matador Resources Co. Sold out 0.00% −2.55 WFRD Weatherford International PL Sold out 0.00% −2.24 CMC Commercial Metals Co. Sold out 0.00% −1.99 SHLS Shoals Technologies Group -A Sold out 0.00% −1.96 JBHT Hunt (jb) Transprt SVCS Inc. Sold out 0.00% −1.91 GXO Gxo Logistics Inc. Sold out 0.00% −1.76 CHRD Chord Energy Corp. Sold out 0.00% −1.73 SLI Standard Lithium Ltd. Sold out 0.00% −1.72 PRIM Primoris Services Corp. Sold out 0.00% −1.72 CSTM Constellium SE Reduce -46.8% 2.48% −1.72 ORA Ormat Technologies Inc. Sold out 0.00% −1.65 CCJ Cameco Corp. Sold out 0.00% −1.64 VNOM Viper Energy Inc. Class A Reduce -65.5% 0.89% −1.60 SEI Solaris Energy Infrastructur Reduce -31.6% 4.03% −1.60 NESR National Energy Services Reu Reduce -40.0% 3.73% −1.59 HCC Warrior Met Coal Inc. Sold out 0.00% −1.58 NUE Nucor Corp. Reduce -44.2% 1.21% −1.24 ARCB Arcbest Corp. Sold out 0.00% −0.98 TMC TMC the Metals Co. Inc. Sold out 0.00% −0.89 KEX Kirby Corp. Reduce -27.7% 2.54% −0.88 B Barrick Mining Corp. Sold out 0.00% −0.83 SGML Sigma Lithium Corp. Sold out 0.00% −0.79 BORR Borr Drilling Ltd. Sold out 0.00% −0.69 ECO Okeanis Eco Tankers Corp. Reduce -53.4% 0.78% −0.53 PDS Precision Drilling Corp. Reduce -36.9% 1.41% −0.50 AA Alcoa Corp. Reduce -20.7% 1.64% −0.30 FLOC Flowco Holdings Inc. Class A Reduce -15.2% 1.07% −0.28 PPTA Perpetua Resources Corp. Sold out 0.00% −0.20 KRSP.U Rice Acquisition Corp. 3 Reduce -3.1% 0.84% −0.17 VTOL Bristow Group Inc. Reduce -16.0% 1.12% −0.10 RNGR Ranger Energy Services Class A Reduce -0.2% 1.05% +0.04 VIST Vista Energy Sab DE CV Reduce -8.6% 1.67% +0.29 NXT Nextpower Inc. Reduce -3.1% 2.38% +0.30 WTTR Select Water Solutions Inc. Reduce -1.1% 1.92% +0.35 SOC Sable Offshore Corp. Reduce -0.3% 9.06% +3.24
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ AESI Atlas Energy Solutions Inc. New 4.89% +4.89 CENX Century Aluminum Company Add +210.4% 3.71% +2.77 ODFL Old Dominion Freight Line New 2.47% +2.47 FPS Forgent Power Solutions Class A New 2.30% +2.30 CEG Constellation Energy New 2.28% +2.28 PSX Phillips 66 New 2.26% +2.26 MUSA Murphy USA Inc. New 1.81% +1.81 UEC Uranium Energy Corp. New 1.65% +1.65 BTE Baytex Energy Corp. Add +43.9% 3.66% +1.50 WHD Cactus Inc. Class A New 1.48% +1.48 PR Permian Resources Corp. Class A New 1.39% +1.39 PWR Quanta Services Inc. New 1.34% +1.34 MATX Matson Inc. New 1.34% +1.34 CSX CSX Corp. New 1.31% +1.31 ALM Almonty Industries Inc. Add +47.9% 2.54% +1.31 ASPI Asp Isotopes Inc. New 1.25% +1.25 MWH Solv Energy Inc. Class A New 1.22% +1.22 OXY Occidental Petroleum Corp. New 1.20% +1.20 CNR Core Natural Resources Inc. Add +122.2% 2.13% +1.18 PARR Par Pacific Holdings Inc. New 1.18% +1.18 KNX Knight-Swift Transportation New 1.17% +1.17 ENPH Enphase Energy Inc. New 1.11% +1.11 DVN Devon Energy Corp. New 1.06% +1.06 LIN Linde PLC New 1.01% +1.01 DAR Darling Ingredients Inc. New 1.01% +1.01 SM SM Energy Co. New 0.89% +0.89 POWL Powell Industries Inc. New 0.88% +0.88 STLD Steel Dynamics Inc. New 0.73% +0.73 CMBT CMB Tech NV Add +40.0% 1.80% +0.65 AGI Alamos Gold Inc. Class A New 0.54% +0.54 NVGS Navigator Holdings Ltd. Add +62.7% 0.81% +0.29 USAR USA Rare Earth Inc. New 0.25% +0.25 BESS Bimergen Energy Corp. New 0.06% +0.06 TTI Tetra Technologies Inc. Add +10.7% 1.11% −0.18
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ LNG Cheniere Energy Inc. put New 1,556,100 $441.6M XOP SS SPDR S&P Og Exp & Prod put New 1,390,000 $252.7M OXY Occidental Petroleum Corp. call Sold out 5,565,200 $228.8Mbefore exit UAL United Airlines Holdings Inc. put Sold out 1,167,000 $130.5Mbefore exit LYB Lyondellbasell Indu Class A put New 1,274,000 $102.6M SCCO Southern Copper Corp. put New 308,100 $53.0M CF CF Industries Holdings Inc. put New 265,400 $34.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ BESS.WS Bimergen Energy Corp. *W EXP 12/12/203 New 1,000,000 $713K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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