Hartree Partners, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Hartree Partners, LP reported 42 stock positions worth $275.7 million. Its top holding was Star (SGU) at 15.8% of the portfolio, followed by Global Partners (GLP, 9.8%) and Hudson Technologies (HDSN, 8.0%). Compared with Q4 2024, it opened 19 new positions, sold out of 31, added to 10 and reduced 9. The biggest buy was a new position in Hudson Technologies (HDSN) and the biggest sale an exit from Vistra (VST).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001597857
Portfolio Value
$275.7M (Q1 2025)
SEC Filing
0001597857-25-000005 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $384.6M Q1 2024 Q2 2024: $398.1M Q2 2024 Q3 2024: $346.9M Q3 2024 Q4 2024: $267.8M Q4 2024 Q1 2025: $275.7M $275.7M Q1 2025 Q2 2025: $352.8M Q2 2025 Q3 2025: $288.0M Q3 2025 Q4 2025: $273.6M Q4 2025 Q1 2026: $460.4M Q1 2026 Q2 2026: $464.8M Q2 2026

Holdings 42 stocks · $275.7M
SGU Star Group LP 15.85% 3,314,616 $43.7M Add +6.1%
GLP Global Partners LP 9.84% 508,080 $27.1M No change
HDSN Hudson Technologies Inc. 8.00% 3,573,142 $22.0M New
FRO Frontline PLC 7.93% 1,472,220 $21.9M Add +38.8%
EXE Expand Energy Corp. 5.61% 138,923 $15.5M Add +124.3%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) 4.33% 14,489,000 $11.9M New
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) 4.19% 15,000,000 $11.5M New
EQT Eqt Corp. 3.97% 204,672 $10.9M New
OVV Ovintiv Inc. 3.79% 243,991 $10.4M Add +113.2%
NE Noble Corp. PLC 3.65% 425,000 $10.1M Add +53.1%
CTRA Coterra Energy Inc. 3.40% 324,549 $9.4M Add +47.5%
SDRL Seadrill Limited 2.72% 300,000 $7.5M Add +10.5%
VRN Veren Inc. 2.70% 1,125,000 $7.4M Reduce -28.8%
UNP Union Pacific Corp. 2.48% 28,904 $6.8M New
HCC Warrior Met Coal Inc. 2.18% 126,211 $6.0M Reduce -21.9%
CSX CSX Corp. 1.89% 176,631 $5.2M New
CCJ Cameco Corp. 1.81% 121,413 $5.0M Add +76.0%
HAFN Hafnia Ltd. 1.65% 1,100,000 $4.5M Add +343.5%
X United States Steel Corp. 1.45% 94,617 $4.0M Reduce -63.3%
PDS Precision Drilling Corp. 1.43% 85,000 $4.0M No change
TECK Teck Resources Ltd.-CLS B 1.26% 95,219 $3.5M Reduce -63.4%
AEE Ameren Corporation 1.24% 38,350 $3.4M No change
SHMD Schmid Group NV 1.08% 912,410 $3.0M Reduce -13.8%
IAG Iamgold Corp. 1.02% 450,000 $2.8M Reduce -16.5%
PCG P G & E Corp. 0.93% 150,000 $2.6M Add +50.0%
AGX Argan Inc. 0.86% 18,000 $2.4M New
SPY SS SPDR S&P 500 ETF Trust-US 0.61% 3,000 $1.7M New
FLNG Flex LNG Ltd. 0.52% 61,825 $1.4M New
NEM Newmont Corp. 0.39% 22,000 $1.1M New
EQX Equinox Gold Corp. 0.37% 150,000 $1.0M Reduce -42.6%
FF Futurefuel Corp. 0.37% 260,000 $1.0M New
BWLP BW LPG Ltd. 0.36% 91,340 $991K New
ASPN Aspen Aerogels Inc. 0.35% 150,000 $959K New
DAR Darling Ingredients Inc. 0.34% 30,000 $937K Reduce -33.3%
CALM Cal-Maine Foods Inc. 0.33% 10,000 $909K New
SFD Smithfield Foods Inc. 0.30% 40,000 $816K New
CDE Coeur Mining Inc. 0.21% 97,500 $577K New
EXK Endeavour Silver Corp. 0.19% 125,698 $536K New
PG&E CORP 0.17% 400,000 $458K New
STATE STR SPDR S&P 500 ETF T 0.13% 30,000 $350K New
GFR Greenfire Resources Ltd. 0.11% 49,800 $292K Reduce -68.7%
SLI Standard Lithium Ltd. 0.02% 50,000 $64K No change

Options reported separately and not counted above: EXPAND ENERGY CORPORATION calls ($1.5M), CENTURY ALUM CO calls ($245K), BRLSW calls ($82K), GCLWW calls ($16K), OUSTZ calls ($8K), ABVWF calls ($6K), MLECW calls ($4K).

Other holdings (2): bonds, preferreds, convertibles and warrants · $639K (not counted above)
SecurityClassShares / PrincipalValueChange
SHMDW Schmid Group NV -28 *W EXP 04/30/202 2,499,425$625KAdd +3.7%
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 182,355$15KReduce -2.7%

Total filed on the 13F, all lines: $276.3M.

Portfolio Sells Q4 2024 → Q1 2025
VST Vistra Corp. Sold out 0.00% −7.38
ET Energy Transfer LP Sold out 0.00% −6.01
SW Smurfit Westrock PLC Sold out 0.00% −3.16
TECK Teck Resources Ltd.-CLS B Reduce -63.4% 1.26% −2.67
NVDA Nvidia Corp. Sold out 0.00% −2.43
ETR Entergy Corp. Sold out 0.00% −2.27
MEOH Methanex Corp. Sold out 0.00% −1.85
X United States Steel Corp. Reduce -63.3% 1.45% −1.82
PR Permian Resources Corp. Class A Sold out 0.00% −1.63
NI Nisource Inc. Sold out 0.00% −1.49
CNQ Canadian Natural Resources Sold out 0.00% −1.15
HCC Warrior Met Coal Inc. Reduce -21.9% 2.18% −1.09
VTOL Bristow Group Inc. Sold out 0.00% −0.95
CGAU Centerra Gold Inc. Sold out 0.00% −0.87
EXC Exelon Corp. Sold out 0.00% −0.75
ASTL Algoma Steel Group Inc. Sold out 0.00% −0.56
EFXT Enerflex Ltd. Sold out 0.00% −0.56
EVRG Evergy Inc. Sold out 0.00% −0.55
SHEL Shell PLC-ADR Sold out 0.00% −0.55
HBM Hudbay Minerals Inc. Sold out 0.00% −0.54
IDA Idacorp Inc. Sold out 0.00% −0.35
ETN Eaton Corp. PLC Sold out 0.00% −0.34
VRN Veren Inc. Reduce -28.8% 2.70% −0.33
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.33
GFR Greenfire Resources Ltd. Reduce -68.7% 0.11% −0.31
CENX Century Aluminum Company Sold out 0.00% −0.31
ARCH Arch Resources Inc. Sold out 0.00% −0.26
DAR Darling Ingredients Inc. Reduce -33.3% 0.34% −0.23
MAC COPPER LTD Sold out 0.00% −0.20
NXE Nexgen Energy Ltd. Sold out 0.00% −0.19
FSLR First Solar Inc. Sold out 0.00% −0.18
OGE Oge Energy Corp. Sold out 0.00% −0.18
SRE Sempra Sold out 0.00% −0.18
STEEL DYNAMICS INC Sold out 0.00% −0.15
AA Alcoa Corp. Sold out 0.00% −0.14
EQX Equinox Gold Corp. Reduce -42.6% 0.37% −0.12
SHMD Schmid Group NV Reduce -13.8% 1.08% −0.11
TK Teekay Corp. Ltd. Sold out 0.00% −0.11
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.10
IAG Iamgold Corp. Reduce -16.5% 1.02% −0.02

Portfolio Buys Q4 2024 → Q1 2025
HDSN Hudson Technologies Inc. New 8.00% +8.00
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) New 4.33% +4.33
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) New 4.19% +4.19
EQT Eqt Corp. New 3.97% +3.97
EXE Expand Energy Corp. Add +124.3% 5.61% +3.31
UNP Union Pacific Corp. New 2.48% +2.48
SGU Star Group LP Add +6.1% 15.85% +2.39
FRO Frontline PLC Add +38.8% 7.93% +2.31
OVV Ovintiv Inc. Add +113.2% 3.79% +2.06
CSX CSX Corp. New 1.89% +1.89
CTRA Coterra Energy Inc. Add +47.5% 3.40% +1.30
HAFN Hafnia Ltd. Add +343.5% 1.65% +1.14
AGX Argan Inc. New 0.86% +0.86
SPY SS SPDR S&P 500 ETF Trust-US New 0.61% +0.61
FLNG Flex LNG Ltd. New 0.52% +0.52
CCJ Cameco Corp. Add +76.0% 1.81% +0.49
NE Noble Corp. PLC Add +53.1% 3.65% +0.40
NEM Newmont Corp. New 0.39% +0.39
FF Futurefuel Corp. New 0.37% +0.37
BWLP BW LPG Ltd. New 0.36% +0.36
ASPN Aspen Aerogels Inc. New 0.35% +0.35
CALM Cal-Maine Foods Inc. New 0.33% +0.33
SFD Smithfield Foods Inc. New 0.30% +0.30
CDE Coeur Mining Inc. New 0.21% +0.21
EXK Endeavour Silver Corp. New 0.19% +0.19
PCG P G & E Corp. Add +50.0% 0.93% +0.18
PG&E CORP New 0.17% +0.17
STATE STR SPDR S&P 500 ETF T New 0.13% +0.13
SDRL Seadrill Limited Add +10.5% 2.72% −1.23

Options Activity Q4 2024 → Q1 2025
EXPAND ENERGY CORPORATION call New 670,000 $1.5M
ZIM INTEGRATED SHIPPING SERV call Sold out 5,250 $1.4Mbefore exit
NOBLE CORP PLC put Sold out 3,000 $315Kbefore exit
CENTURY ALUM CO call New 200,000 $245K
BRLSW Oxus Acquisition Corp. -CW23 call Add +38.2% 818,928 $82K
GCLWW GCL Global Holdings-A -CW26 call New 325,564 $16K
RFACW RF Acquisition Corp.-CW27 call Sold out 225,000 $7Kbefore exit
ABVWF Above Food Ingredients- 29 call New 310,000 $6K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
SHMDW Schmid Group NV -28 *W EXP 04/30/202 Add +3.7% 2,499,425 $625K
RFACR RF Acquisition Corp.- Rights RIGHT 05/01/2028 Sold out 225,000 $36Kbefore exit
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 Reduce -2.7% 182,355 $15K
ABVWF Above Food Ingredients- 29 *W EXP 06/28/202 Sold out 310,000 $9Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 109$464.8MSGU, DVN, OVV, HDSN, TNK
Q1 2026 108$460.4MSGU, VG, OVV, HDSN, LNG
Q4 2025 59$273.6MSGU, HDSN, OVV, GLP, B
Q3 2025 68$288.0MSGU, HDSN, GLP, TNK, HAL
Q2 2025 54$352.8MSGU, HDSN, GLP, TNK, JBS
Q1 2025 42$275.7MSGU, GLP, HDSN, FRO, EXE
Q4 2024 54$267.8MSGU, GLP, VST, ET, FRO
Q3 2024 53$346.9MSGU, GLP, TECK, EXE, STNG
Q2 2024 56$398.1MSTNG, TECK, SGU, GLP, VST
Q1 2024 41$384.6MVST, STNG, TECK, GLP, SGU