In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Hartree Partners, LP reported 54 stock positions worth $352.8 million . Its top holding was Star (SGU) at 11.3% of the portfolio, followed by Hudson Technologies (HDSN, 9.2% ) and Global Partners (GLP, 7.6% ). Compared with Q1 2025, it opened 30 new positions, sold out of 18, added to 12 and reduced 6. The biggest buy was a new position in Teekay Tankers Class A (TNK) and the biggest sale Frontline (FRO, shares −51% ).
Location NEW YORK, NY
CIK 0001597857
Portfolio Value $352.8M (Q2 2025) Holdings 54 stocks · $352.8M 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 Q1 2025 SGU Star Group LP 3,400,907 $39.8M Add +2.6% HDSN Hudson Technologies Inc. 4,000,000 $32.5M Add +11.9% GLP Global Partners LP 508,080 $26.8M No change TNK Teekay Tankers Ltd. Class A 539,913 $22.5M New JBS JBS NV-A 1,522,974 $22.3M New DAR Darling Ingredients Inc. 561,452 $21.3M Add +1771.5% EXE Expand Energy Corp. 164,470 $19.2M Add +18.4% L Loews Corp. 154,350 $14.1M New EQT Eqt Corp. 236,757 $13.8M Add +15.7% FRO Frontline PLC 721,100 $11.8M Reduce -51.0% PDS Precision Drilling Corp. 200,000 $9.5M Add +135.3% MEOH Methanex Corp. 268,939 $8.9M New HCC Warrior Met Coal Inc. 189,698 $8.7M Add +50.3% CTRA Coterra Energy Inc. 324,549 $8.2M No change SDRL Seadrill Limited 300,300 $7.9M Add +0.1% OI O-I Glass Inc. 527,442 $7.8M New CCJ Cameco Corp. 96,268 $7.1M Reduce -20.7% OVV Ovintiv Inc. 163,609 $6.2M Reduce -32.9% LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) 7,289,000 $6.1M Reduce -49.7% TECK Teck Resources Ltd.-CLS B 146,574 $5.9M Add +53.9% KOSMOS ENERGY LTD (KOS 3.125 03/15/30) 8,000,000 $5.7M Reduce -46.7% TRGP Targa Resources Corp. 32,450 $5.6M New PBA Pembina Pipeline Corp. 150,000 $5.6M New IAG Iamgold Corp. 625,000 $4.6M Add +38.9% VST Vistra Corp. 20,700 $4.0M New CENX Century Aluminum Company 195,227 $3.5M New NVDA Nvidia Corp. 16,000 $2.5M New PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) 2,000,000 $2.5M New SHMD Schmid Group NV 920,375 $2.3M Add +0.9% EQX Equinox Gold Corp. 322,250 $1.9M Add +114.8% ADM Archer-Daniels-Midland Co. 25,000 $1.3M New NEM Newmont Corp. 20,000 $1.2M Reduce -9.1% SHEL Shell PLC-ADR 15,000 $1.1M New FF Futurefuel Corp. 260,000 $1.0M No change HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 150,000 $936K New ASPN Aspen Aerogels Inc. 150,000 $888K No change NI Nisource Inc. 20,000 $807K New SEADRILL LTD 2,000 $790K New GPOR Gulfport Energy Corp. 3,300 $664K New EXK Endeavour Silver Corp. 125,698 $620K No change CORZ Core Scientific Inc. 36,000 $615K New AA Alcoa Corp. 20,010 $590K New MTZ Mastec Inc. 3,000 $511K New UGI Ugi Corp. 14,000 $510K New METC Ramaco Resources Inc. Class A 38,351 $504K New TLN Talen Energy Corp. 1,700 $494K New DC Dakota Gold Corp. 100,000 $369K New VISTRA CORP 100 $278K New BKV BKV Corporation 11,000 $265K New STATE STR SPDR S&P 500 ETF T 250 $240K New SBSW Sibanye-Stillwater Ltd.-ADR 20,000 $144K New PUMP Propetro Holding Corp. 22,500 $134K New SLI Standard Lithium Ltd. 50,000 $98K No change EAF Graftech International Ltd. 18,760 $18K New
Options reported separately and not counted above: DARLING INGREDIENTS INC calls ($581K), EXPAND ENERGY CORPORATION calls ($469K), MATSON INC calls ($425K), SIBANYE STILLWATER LTD calls ($325K), ADM calls ($288K), ALBEMARLE CORP puts ($276K), BRLSW calls ($111K), GCLWW calls ($29K), ABVWF calls ($16K), MLECW calls ($8K), OUSTZ calls ($4K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $120K (not counted above) Security Class Shares / Principal Value Change SHMDW Schmid Group NV -28 *W EXP 04/30/202 375,000 $113K Reduce -85.0% SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 182,355 $7K No change
Total filed on the 13F, all lines: $352.9M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ FRO Frontline PLC Reduce -51.0% 3.35% −4.57 NE Noble Corp. PLC Sold out 0.00% −3.65 VRN Veren Inc. Sold out 0.00% −2.70 LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) Reduce -49.7% 1.73% −2.61 KOSMOS ENERGY LTD (KOS 3.125 03/15/30) Reduce -46.7% 1.62% −2.57 UNP Union Pacific Corp. Sold out 0.00% −2.48 OVV Ovintiv Inc. Reduce -32.9% 1.76% −2.02 CSX CSX Corp. Sold out 0.00% −1.89 HAFN Hafnia Ltd. Sold out 0.00% −1.65 X United States Steel Corp. Sold out 0.00% −1.45 AEE Ameren Corporation Sold out 0.00% −1.24 PCG P G & E Corp. Sold out 0.00% −0.93 AGX Argan Inc. Sold out 0.00% −0.86 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.61 FLNG Flex LNG Ltd. Sold out 0.00% −0.52 BWLP BW LPG Ltd. Sold out 0.00% −0.36 CALM Cal-Maine Foods Inc. Sold out 0.00% −0.33 SFD Smithfield Foods Inc. Sold out 0.00% −0.30 CDE Coeur Mining Inc. Sold out 0.00% −0.21 PG&E CORP Sold out 0.00% −0.17 STATE STR SPDR S&P 500 ETF T Sold out 0.00% −0.13 GFR Greenfire Resources Ltd. Sold out 0.00% −0.11 NEM Newmont Corp. Reduce -9.1% 0.33% −0.06 CCJ Cameco Corp. Reduce -20.7% 2.03% +0.21
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ TNK Teekay Tankers Ltd. Class A New 6.38% +6.38 JBS JBS NV-A New 6.31% +6.31 DAR Darling Ingredients Inc. Add +1771.5% 6.04% +5.70 L Loews Corp. New 4.01% +4.01 MEOH Methanex Corp. New 2.52% +2.52 OI O-I Glass Inc. New 2.20% +2.20 TRGP Targa Resources Corp. New 1.60% +1.60 PBA Pembina Pipeline Corp. New 1.60% +1.60 PDS Precision Drilling Corp. Add +135.3% 2.69% +1.25 HDSN Hudson Technologies Inc. Add +11.9% 9.21% +1.21 VST Vistra Corp. New 1.14% +1.14 CENX Century Aluminum Company New 1.00% +1.00 NVDA Nvidia Corp. New 0.72% +0.72 PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) New 0.70% +0.70 TECK Teck Resources Ltd.-CLS B Add +53.9% 1.68% +0.42 ADM Archer-Daniels-Midland Co. New 0.37% +0.37 SHEL Shell PLC-ADR New 0.30% +0.30 IAG Iamgold Corp. Add +38.9% 1.30% +0.28 HCC Warrior Met Coal Inc. Add +50.3% 2.46% +0.28 HOS Hornbeck Offshore Services I New 0.27% +0.27 NI Nisource Inc. New 0.23% +0.23 SEADRILL LTD New 0.22% +0.22 GPOR Gulfport Energy Corp. New 0.19% +0.19 CORZ Core Scientific Inc. New 0.17% +0.17 AA Alcoa Corp. New 0.17% +0.17 EQX Equinox Gold Corp. Add +114.8% 0.53% +0.15 MTZ Mastec Inc. New 0.14% +0.14 UGI Ugi Corp. New 0.14% +0.14 METC Ramaco Resources Inc. Class A New 0.14% +0.14 TLN Talen Energy Corp. New 0.14% +0.14 DC Dakota Gold Corp. New 0.10% +0.10 VISTRA CORP New 0.08% +0.08 BKV BKV Corporation New 0.08% +0.08 STATE STR SPDR S&P 500 ETF T New 0.07% +0.07 SBSW Sibanye-Stillwater Ltd.-ADR New 0.04% +0.04 PUMP Propetro Holding Corp. New 0.04% +0.04 EAF Graftech International Ltd. New 0.01% +0.01 EQT Eqt Corp. Add +15.7% 3.91% −0.05 EXE Expand Energy Corp. Add +18.4% 5.45% −0.16 SHMD Schmid Group NV Add +0.9% 0.65% −0.42 SDRL Seadrill Limited Add +0.1% 2.23% −0.49 SGU Star Group LP Add +2.6% 11.28% −4.57
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ DARLING INGREDIENTS INC call New 2,500 $581K EXPAND ENERGY CORPORATION call Reduce -40.1% 401,000 $469K MATSON INC call New 2,000 $425K SIBANYE STILLWATER LTD call New 5,000 $325K ADM Archer-Daniels-Midland Co. call New 5,000 $288K ALBEMARLE CORP put New 500 $276K CENTURY ALUM CO call Sold out 200,000 $245Kbefore exit BRLSW Oxus Acquisition Corp. -CW23 call Add +35.9% 1,112,727 $111K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ SHMDW Schmid Group NV -28 *W EXP 04/30/202 Reduce -85.0% 375,000 $113K
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 109 $464.8M SGU, DVN, OVV, HDSN, TNK Q1 2026 108 $460.4M SGU, VG, OVV, HDSN, LNG Q4 2025 59 $273.6M SGU, HDSN, OVV, GLP, B Q3 2025 68 $288.0M SGU, HDSN, GLP, TNK, HAL Q2 2025 54 $352.8M SGU, HDSN, GLP, TNK, JBS Q1 2025 42 $275.7M SGU, GLP, HDSN, FRO, EXE Q4 2024 54 $267.8M SGU, GLP, VST, ET, FRO Q3 2024 53 $346.9M SGU, GLP, TECK, EXE, STNG Q2 2024 56 $398.1M STNG, TECK, SGU, GLP, VST Q1 2024 41 $384.6M VST, STNG, TECK, GLP, SGU