Merewether Investment Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Merewether Investment Management, LP reported 52 stock positions worth $2.5 billion. Its top holding was Targa Resources (TRGP) at 6.7% of the portfolio, followed by TC Energy (TRP, 6.6%) and Shell PLC-ADR (SHEL, 5.7%). Compared with Q3 2024, it opened 16 new positions, sold out of 11, added to 18 and reduced 16. The biggest buy was a new position in Entergy (ETR) and the biggest sale GE Vernova (GEV, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001736852
- Portfolio Value
- $2.5B (Q4 2024)
- SEC Filing
- 0001420506-25-000616 ↗ filed Feb 14, 2025
Holdings Value
Holdings 52 stocks · $2.5B
| TRGP Targa Resources Corp. | 6.68% | 937,521 | $167.3M | Add +9.6% |
| TRP TC Energy Corp. | 6.56% | 3,524,649 | $164.2M | Reduce -14.0% |
| SHEL Shell PLC-ADR | 5.66% | 2,262,997 | $141.8M | Add +46.5% |
| COP Conocophillips | 5.56% | 1,404,145 | $139.2M | Add +18.3% |
| VST Vistra Corp. | 5.37% | 975,142 | $134.4M | Add +10.8% |
| ETR Entergy Corp. | 4.30% | 1,419,507 | $107.6M | New |
| EQT Eqt Corp. | 3.97% | 2,156,322 | $99.4M | Add +25.4% |
| GEV GE Vernova Inc. | 3.31% | 252,269 | $83.0M | Reduce -59.3% |
| PPL PPL Corp. | 2.80% | 2,158,446 | $70.1M | New |
| PNW Pinnacle West Capital | 2.76% | 816,710 | $69.2M | New |
| CVE Cenovus Energy Inc. | 2.61% | 4,311,674 | $65.3M | Reduce -11.9% |
| AR Antero Resources Corp. | 2.53% | 1,806,095 | $63.3M | Reduce -8.9% |
| FLEX Flex Ltd. | 2.51% | 1,634,987 | $62.8M | Add +17.3% |
| NGG National Grid PLC-SP ADR | 2.50% | 1,053,461 | $62.6M | Add +10.3% |
| CVX Chevron Corp. | 2.15% | 371,896 | $53.9M | Add +351.9% |
| PR Permian Resources Corp. Class A | 2.08% | 3,621,015 | $52.1M | Reduce -22.8% |
| ET Energy Transfer LP | 2.05% | 2,618,212 | $51.3M | Add +36.5% |
| EXE Expand Energy Corp. | 1.99% | 499,891 | $49.8M | New |
| TLN Talen Energy Corp. | 1.97% | 245,208 | $49.4M | Reduce -57.0% |
| ATO Atmos Energy Corp. | 1.91% | 343,343 | $47.8M | New |
| NI Nisource Inc. | 1.89% | 1,289,157 | $47.4M | New |
| MTZ Mastec Inc. | 1.86% | 342,383 | $46.6M | New |
| SOBO South Bow Corp. | 1.84% | 1,952,495 | $46.0M | Add +138.3% |
| OGE Oge Energy Corp. | 1.78% | 1,078,061 | $44.5M | New |
| PSX Phillips 66 | 1.77% | 388,740 | $44.3M | New |
| VNOM Viper Energy Inc. | 1.72% | 875,361 | $43.0M | Add +1.7% |
| XOM Exxon Mobil Corp. | 1.69% | 393,351 | $42.3M | Add +28.0% |
| KGS Kodiak Gas Services Inc. | 1.52% | 934,499 | $38.2M | Add +259.4% |
| VLO Valero Energy Corp. | 1.47% | 300,672 | $36.9M | Add +198.2% |
| FANG Diamondback Energy Inc. | 1.44% | 219,959 | $36.0M | Reduce -60.5% |
| FSLR First Solar Inc. | 1.28% | 181,328 | $32.0M | Reduce -43.9% |
| WLK Westlake Corp. | 1.25% | 273,637 | $31.4M | Add +1.7% |
| CCJ Cameco Corp. | 1.20% | 582,723 | $29.9M | Add +7.0% |
| EPD Enterprise Products Partners | 1.07% | 856,200 | $26.9M | Reduce -18.9% |
| HCC Warrior Met Coal Inc. | 1.07% | 494,481 | $26.8M | Reduce -37.7% |
| KGC Kinross Gold Corp. | 0.95% | 2,563,602 | $23.8M | New |
| TS Tenaris SA-ADR | 0.81% | 536,413 | $20.3M | New |
| TECK Teck Resources Ltd.-CLS B | 0.79% | 488,476 | $19.8M | Add +78.1% |
| BKV BKV Corporation | 0.77% | 814,335 | $19.4M | Add +1.8% |
| CNQ Canadian Natural Resources | 0.77% | 623,769 | $19.3M | Reduce -52.5% |
| MTDR Matador Resources Co. | 0.63% | 279,071 | $15.7M | New |
| EXP Eagle Materials Inc. | 0.61% | 62,296 | $15.4M | Reduce -20.5% |
| FTI Technipfmc PLC | 0.56% | 485,379 | $14.0M | Reduce -50.3% |
| KNTK Kinetik Holdings Inc. | 0.45% | 198,844 | $11.3M | Reduce -70.0% |
| RS Reliance Inc. | 0.40% | 37,000 | $10.0M | New |
| LPX Louisiana-Pacific Corp. | 0.27% | 66,157 | $6.9M | Reduce -51.3% |
| ITRI Itron Inc. | 0.27% | 62,967 | $6.8M | Reduce -58.5% |
| LNG Cheniere Energy Inc. | 0.24% | 28,500 | $6.1M | No change |
| BTU Peabody Energy Corp. | 0.15% | 173,566 | $3.6M | New |
| PAAS Pan American Silver Corp. | 0.14% | 175,575 | $3.6M | New |
| TTE Totalenergies SE -Spon ADR | 0.06% | 25,785 | $1.4M | New |
| ALV Autoliv Inc. | 0.02% | 6,400 | $600K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| GEV GE Vernova Inc. | Reduce -59.3% | 3.31% | −3.97 |
| FANG Diamondback Energy Inc. | Reduce -60.5% | 1.44% | −2.98 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −2.97 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −2.96 |
| TLN Talen Energy Corp. | Reduce -57.0% | 1.97% | −2.71 |
| FSLR First Solar Inc. | Reduce -43.9% | 1.28% | −2.44 |
| TRP TC Energy Corp. | Reduce -14.0% | 6.56% | −2.42 |
| KEX Kirby Corp. | Sold out | 0.00% | −1.32 |
| HCC Warrior Met Coal Inc. | Reduce -37.7% | 1.07% | −1.27 |
| CNQ Canadian Natural Resources | Reduce -52.5% | 0.77% | −1.24 |
| ST Sensata Technologies Holdplc | Sold out | 0.00% | −1.17 |
| CVE Cenovus Energy Inc. | Reduce -11.9% | 2.61% | −1.17 |
| KNTK Kinetik Holdings Inc. | Reduce -70.0% | 0.45% | −0.93 |
| AES AES Corp. | Sold out | 0.00% | −0.88 |
| PR Permian Resources Corp. Class A | Reduce -22.8% | 2.08% | −0.86 |
| FTI Technipfmc PLC | Reduce -50.3% | 0.56% | −0.62 |
| ITRI Itron Inc. | Reduce -58.5% | 0.27% | −0.47 |
| EXP Eagle Materials Inc. | Reduce -20.5% | 0.61% | −0.43 |
| LPX Louisiana-Pacific Corp. | Reduce -51.3% | 0.27% | −0.40 |
| EPD Enterprise Products Partners | Reduce -18.9% | 1.07% | −0.35 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.31 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.31 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −0.23 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −0.14 |
| TNK Teekay Tankers Ltd. Class A | Sold out | 0.00% | −0.14 |
| AR Antero Resources Corp. | Reduce -8.9% | 2.53% | −0.09 |
| PEG Public Service Enterprise GP | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2024 → Q4 2024
| ETR Entergy Corp. | New | 4.30% | +4.30 |
| PPL PPL Corp. | New | 2.80% | +2.80 |
| PNW Pinnacle West Capital | New | 2.76% | +2.76 |
| EXE Expand Energy Corp. | New | 1.99% | +1.99 |
| ATO Atmos Energy Corp. | New | 1.91% | +1.91 |
| NI Nisource Inc. | New | 1.89% | +1.89 |
| MTZ Mastec Inc. | New | 1.86% | +1.86 |
| OGE Oge Energy Corp. | New | 1.78% | +1.78 |
| PSX Phillips 66 | New | 1.77% | +1.77 |
| CVX Chevron Corp. | Add +351.9% | 2.15% | +1.59 |
| KGS Kodiak Gas Services Inc. | Add +259.4% | 1.52% | +1.18 |
| EQT Eqt Corp. | Add +25.4% | 3.97% | +1.06 |
| SHEL Shell PLC-ADR | Add +46.5% | 5.66% | +0.96 |
| KGC Kinross Gold Corp. | New | 0.95% | +0.95 |
| SOBO South Bow Corp. | Add +138.3% | 1.84% | +0.95 |
| TRGP Targa Resources Corp. | Add +9.6% | 6.68% | +0.84 |
| VLO Valero Energy Corp. | Add +198.2% | 1.47% | +0.84 |
| TS Tenaris SA-ADR | New | 0.81% | +0.81 |
| ET Energy Transfer LP | Add +36.5% | 2.05% | +0.63 |
| MTDR Matador Resources Co. | New | 0.63% | +0.63 |
| VST Vistra Corp. | Add +10.8% | 5.37% | +0.56 |
| RS Reliance Inc. | New | 0.40% | +0.40 |
| FLEX Flex Ltd. | Add +17.3% | 2.51% | +0.36 |
| BTU Peabody Energy Corp. | New | 0.15% | +0.15 |
| PAAS Pan American Silver Corp. | New | 0.14% | +0.14 |
| TECK Teck Resources Ltd.-CLS B | Add +78.1% | 0.79% | +0.13 |
| BKV BKV Corporation | Add +1.8% | 0.77% | +0.10 |
| TTE Totalenergies SE -Spon ADR | New | 0.06% | +0.06 |
| XOM Exxon Mobil Corp. | Add +28.0% | 1.69% | +0.03 |
| CCJ Cameco Corp. | Add +7.0% | 1.20% | −0.00 |
| VNOM Viper Energy Inc. | Add +1.7% | 1.72% | −0.07 |
| COP Conocophillips | Add +18.3% | 5.56% | −0.20 |
| NGG National Grid PLC-SP ADR | Add +10.3% | 2.50% | −0.57 |
| WLK Westlake Corp. | Add +1.7% | 1.25% | −0.61 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 81 | $5.3B | DVN, OVV, ETR, VST, DAR |
| Q1 2026 | 79 | $5.2B | CTRA, OVV, DAR, SU, VST |
| Q4 2025 | 77 | $4.3B | ETR, XEL, EXE, SU, OVV |
| Q3 2025 | 70 | $4.2B | ETR, MTZ, SRE, NVT, EXE |
| Q2 2025 | 63 | $3.5B | VST, EQT, TRGP, SHEL, KMI |
| Q1 2025 | 54 | $2.8B | SHEL, VST, SU, TRGP, XOM |
| Q4 2024 | 52 | $2.5B | TRGP, TRP, SHEL, COP, VST |
| Q3 2024 | 46 | $2.2B | TRP, GEV, TRGP, COP, VST |
| Q2 2024 | 44 | $1.9B | VST, GEV, FANG, TRP, CVE |
| Q1 2024 | 42 | $1.9B | VST, CVE, FANG, TRGP, XOM |