In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Hartree Partners, LP reported 68 stock positions worth $288.0 million . Its top holding was Star (SGU) at 14.0% of the portfolio, followed by Hudson Technologies (HDSN, 13.1% ) and Global Partners (GLP, 8.5% ). Compared with Q2 2025, it opened 37 new positions, sold out of 23, added to 11 and reduced 14. The biggest buy was a new position in Halliburton (HAL) and the biggest sale an exit from Eqt (EQT).
Location NEW YORK, NY
CIK 0001597857
Portfolio Value $288.0M (Q3 2025) Holdings 68 stocks · $288.0M 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 SGU Star Group LP 3,400,907 $40.2M No change HDSN Hudson Technologies Inc. 3,800,000 $37.7M Reduce -5.0% GLP Global Partners LP 508,080 $24.4M No change TNK Teekay Tankers Ltd. Class A 402,461 $20.3M Reduce -25.5% HAL Halliburton Co. 472,000 $11.6M New EXE Expand Energy Corp. 107,964 $11.5M Reduce -34.4% JBS JBS NV-A 736,441 $11.0M Reduce -51.6% USO United States Oil Fund LP 125,000 $9.2M New IAG Iamgold Corp. 663,119 $8.6M Add +6.1% CENX Century Aluminum Company 217,765 $6.4M Add +11.5% DAR Darling Ingredients Inc. 199,448 $6.2M Reduce -64.5% DBRG Digitalbridge Group Inc. 492,701 $5.8M New PDS Precision Drilling Corp. 100,000 $5.6M Reduce -50.0% L Loews Corp. 55,760 $5.6M Reduce -63.9% MEOH Methanex Corp. 134,470 $5.3M Reduce -50.0% OI O-I Glass Inc. 404,346 $5.2M Reduce -23.3% XEL Xcel Energy Inc. 63,000 $5.1M New NVDA Nvidia Corp. 25,500 $4.8M Add +59.4% TLN Talen Energy Corp. 11,000 $4.7M Add +547.1% DAC Danaos Corp. 45,150 $4.1M New BG Bunge Global SA 45,000 $3.7M New EE Excelerate Energy Inc. Class A 138,091 $3.5M New GNRC Generac Holdings Inc. 18,000 $3.0M New NGD New Gold Inc. 408,532 $2.9M New SBSW Sibanye-Stillwater Ltd.-ADR 238,750 $2.7M Add +1093.8% HAFN Hafnia Ltd. 441,100 $2.6M New B Barrick Mining Corp. 75,000 $2.5M New NEM Newmont Corp. 29,051 $2.4M Add +45.3% EXK Endeavour Silver Corp. 275,298 $2.2M Add +119.0% MTDR Matador Resources Co. 44,970 $2.0M New CVE Cenovus Energy Inc. 112,500 $1.9M New SHMD Schmid Group NV 904,460 $1.8M Reduce -1.7% EVRG Evergy Inc. 22,000 $1.7M New DVN Devon Energy Corp. 43,000 $1.5M New EQX Equinox Gold Corp. 100,000 $1.1M Reduce -69.0% BWXT BWX Technologies Inc. 6,000 $1.1M New FCX Freeport-McMoran Inc. 28,000 $1.1M New SHEL Shell PLC-ADR 15,000 $1.1M No change HBM Hudbay Minerals Inc. 70,000 $1.1M New FF Futurefuel Corp. 260,000 $1.0M No change TRGP Targa Resources Corp. 5,950 $997K Reduce -81.7% CDZI Cadiz Inc. 200,000 $944K New UGI Ugi Corp. 28,000 $931K Add +100.0% DC Dakota Gold Corp. 203,002 $924K Add +103.0% AA Alcoa Corp. 25,000 $822K Add +24.9% META Meta Platforms Inc. Class A 1,100 $808K New CGAU Centerra Gold Inc. 70,000 $750K New DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 101,622 $611K New NRG NRG Energy Inc. 3,500 $567K New SPY SS SPDR S&P 500 ETF Trust-US 850 $566K New DTM DT Midstream Inc. 5,000 $565K New GGB Gerdau SA -Spon ADR 179,090 $555K New TAC Transalta Corp. 40,000 $546K New LNT Alliant Energy Corp. 8,000 $539K New OGE Oge Energy Corp. 10,000 $463K New GPRE Green Plains Inc. 50,000 $440K New XOP SS SPDR S&P Og Exp & Prod 3,000 $397K New VST Vistra Corp. 1,850 $362K Reduce -91.1% GPOR Gulfport Energy Corp. 2,000 $362K Reduce -39.4% CHRD Chord Energy Corp. 3,500 $348K New FANG Diamondback Energy Inc. 1,800 $258K New BKV BKV Corporation 11,000 $254K No change SHLS Shoals Technologies Group -A 30,000 $222K New KEX Kirby Corp. 2,500 $209K New SLI Standard Lithium Ltd. 50,000 $169K No change EAF Graftech International Ltd. 10,000 $128K Add +433.1% TASEKO MINES LTD 20,000 $85K New SLSR Solaris Resources Inc. 10,000 $64K New
Options reported separately and not counted above: CENTURY ALUM CO calls ($1.3M), SIBANYE STILLWATER LTD calls ($491K), SHMDW calls ($454K), GDX puts ($226K), BRLSW calls ($115K), GERDAU SA calls ($104K), SCAGW calls ($53K), GCLWW calls ($23K), SLXNW calls ($7K), OUSTZ calls ($5K), MLECW calls ($4K).
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 ▲ EQT Eqt Corp. Sold out 0.00% −3.91 DAR Darling Ingredients Inc. Reduce -64.5% 2.14% −3.90 FRO Frontline PLC Sold out 0.00% −3.35 JBS JBS NV-A Reduce -51.6% 3.82% −2.49 HCC Warrior Met Coal Inc. Sold out 0.00% −2.46 CTRA Coterra Energy Inc. Sold out 0.00% −2.33 SDRL Seadrill Limited Sold out 0.00% −2.23 L Loews Corp. Reduce -63.9% 1.94% −2.07 CCJ Cameco Corp. Sold out 0.00% −2.03 OVV Ovintiv Inc. Sold out 0.00% −1.76 LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) Sold out 0.00% −1.73 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −1.68 KOSMOS ENERGY LTD (KOS 3.125 03/15/30) Sold out 0.00% −1.62 PBA Pembina Pipeline Corp. Sold out 0.00% −1.60 EXE Expand Energy Corp. Reduce -34.4% 3.98% −1.47 TRGP Targa Resources Corp. Reduce -81.7% 0.35% −1.26 VST Vistra Corp. Reduce -91.1% 0.13% −1.01 PDS Precision Drilling Corp. Reduce -50.0% 1.95% −0.73 PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) Sold out 0.00% −0.70 MEOH Methanex Corp. Reduce -50.0% 1.86% −0.67 OI O-I Glass Inc. Reduce -23.3% 1.82% −0.38 ADM Archer-Daniels-Midland Co. Sold out 0.00% −0.37 HOS Hornbeck Offshore Services I Sold out 0.00% −0.27 ASPN Aspen Aerogels Inc. Sold out 0.00% −0.25 NI Nisource Inc. Sold out 0.00% −0.23 SEADRILL LTD Sold out 0.00% −0.22 CORZ Core Scientific Inc. Sold out 0.00% −0.17 MTZ Mastec Inc. Sold out 0.00% −0.14 METC Ramaco Resources Inc. Class A Sold out 0.00% −0.14 EQX Equinox Gold Corp. Reduce -69.0% 0.39% −0.14 VISTRA CORP Sold out 0.00% −0.08 STATE STR SPDR S&P 500 ETF T Sold out 0.00% −0.07 GPOR Gulfport Energy Corp. Reduce -39.4% 0.13% −0.06 PUMP Propetro Holding Corp. Sold out 0.00% −0.04 SHMD Schmid Group NV Reduce -1.7% 0.63% −0.02 TNK Teekay Tankers Ltd. Class A Reduce -25.5% 7.06% +0.68 HDSN Hudson Technologies Inc. Reduce -5.0% 13.10% +3.89
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 ▼ HAL Halliburton Co. New 4.03% +4.03 USO United States Oil Fund LP New 3.20% +3.20 DBRG Digitalbridge Group Inc. New 2.00% +2.00 XEL Xcel Energy Inc. New 1.76% +1.76 IAG Iamgold Corp. Add +6.1% 2.98% +1.67 TLN Talen Energy Corp. Add +547.1% 1.62% +1.48 DAC Danaos Corp. New 1.41% +1.41 BG Bunge Global SA New 1.27% +1.27 CENX Century Aluminum Company Add +11.5% 2.22% +1.22 EE Excelerate Energy Inc. Class A New 1.21% +1.21 GNRC Generac Holdings Inc. New 1.05% +1.05 NGD New Gold Inc. New 1.02% +1.02 NVDA Nvidia Corp. Add +59.4% 1.65% +0.94 HAFN Hafnia Ltd. New 0.92% +0.92 SBSW Sibanye-Stillwater Ltd.-ADR Add +1093.8% 0.93% +0.89 B Barrick Mining Corp. New 0.85% +0.85 MTDR Matador Resources Co. New 0.70% +0.70 CVE Cenovus Energy Inc. New 0.66% +0.66 EVRG Evergy Inc. New 0.58% +0.58 EXK Endeavour Silver Corp. Add +119.0% 0.75% +0.57 DVN Devon Energy Corp. New 0.52% +0.52 NEM Newmont Corp. Add +45.3% 0.85% +0.52 BWXT BWX Technologies Inc. New 0.38% +0.38 FCX Freeport-McMoran Inc. New 0.38% +0.38 HBM Hudbay Minerals Inc. New 0.37% +0.37 CDZI Cadiz Inc. New 0.33% +0.33 META Meta Platforms Inc. Class A New 0.28% +0.28 CGAU Centerra Gold Inc. New 0.26% +0.26 DC Dakota Gold Corp. Add +103.0% 0.32% +0.22 DCH Dauch Corporation New 0.21% +0.21 NRG NRG Energy Inc. New 0.20% +0.20 SPY SS SPDR S&P 500 ETF Trust-US New 0.20% +0.20 DTM DT Midstream Inc. New 0.20% +0.20 GGB Gerdau SA -Spon ADR New 0.19% +0.19 TAC Transalta Corp. New 0.19% +0.19 LNT Alliant Energy Corp. New 0.19% +0.19 UGI Ugi Corp. Add +100.0% 0.32% +0.18 OGE Oge Energy Corp. New 0.16% +0.16 GPRE Green Plains Inc. New 0.15% +0.15 XOP SS SPDR S&P Og Exp & Prod New 0.14% +0.14 CHRD Chord Energy Corp. New 0.12% +0.12 AA Alcoa Corp. Add +24.9% 0.29% +0.12 FANG Diamondback Energy Inc. New 0.09% +0.09 SHLS Shoals Technologies Group -A New 0.08% +0.08 KEX Kirby Corp. New 0.07% +0.07 EAF Graftech International Ltd. Add +433.1% 0.04% +0.04 TASEKO MINES LTD New 0.03% +0.03 SLSR Solaris Resources Inc. New 0.02% +0.02
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CENTURY ALUM CO call New 3,000 $1.3M DARLING INGREDIENTS INC call Sold out 2,500 $581Kbefore exit EXPAND ENERGY CORPORATION call Sold out 401,000 $469Kbefore exit SHMDW Schmid Group NV -28 call New 2,269,373 $454K MATSON INC call Sold out 2,000 $425Kbefore exit ADM Archer-Daniels-Midland Co. call Sold out 5,000 $288Kbefore exit ALBEMARLE CORP put Sold out 500 $276Kbefore exit GDX Vaneck Gold Miners ETF put New 2,500 $226K BRLSW Oxus Acquisition Corp. -CW23 call Add +3.5% 1,152,000 $115K GERDAU SA call New 11,000 $104K SCAGW Scage Future -30 call New 1,067,486 $53K ABVWF Above Food Ingredients- 29 call Sold out 310,000 $16Kbefore exit SLXNW Biomotion Sciences-CW29 call New 182,355 $7K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ SHMDW Schmid Group NV -28 *W EXP 04/30/202 Sold out 375,000 $113Kbefore exit SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 Sold out 182,355 $7Kbefore exit
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