Merewether Investment Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Merewether Investment Management, LP reported 54 stock positions worth $2.8 billion. Its top holding was Shell PLC-ADR (SHEL) at 6.3% of the portfolio, followed by Vistra (VST, 5.9%) and Suncor Energy (SU, 4.8%). Compared with Q4 2024, it opened 17 new positions, sold out of 15, added to 17 and reduced 19. The biggest buy was a new position in Suncor Energy (SU) and the biggest sale Conocophillips (COP, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001736852
- Portfolio Value
- $2.8B (Q1 2025)
- SEC Filing
- 0001420506-25-001282 ↗ filed May 15, 2025
Holdings Value
Holdings 54 stocks · $2.8B
| SHEL Shell PLC-ADR | 6.34% | 2,381,806 | $174.5M | Add +5.3% |
| VST Vistra Corp. | 5.93% | 1,390,884 | $163.3M | Add +42.6% |
| SU Suncor Energy Inc. | 4.84% | 3,439,415 | $133.2M | New |
| TRGP Targa Resources Corp. | 4.73% | 649,263 | $130.2M | Reduce -30.8% |
| XOM Exxon Mobil Corp. | 4.01% | 927,767 | $110.3M | Add +135.9% |
| ETR Entergy Corp. | 3.68% | 1,184,164 | $101.2M | Reduce -16.6% |
| EQT Eqt Corp. | 3.27% | 1,683,257 | $89.9M | Reduce -21.9% |
| MTZ Mastec Inc. | 3.23% | 761,016 | $88.8M | Add +122.3% |
| PR Permian Resources Corp. Class A | 2.95% | 5,861,351 | $81.2M | Add +61.9% |
| OVV Ovintiv Inc. | 2.85% | 1,830,865 | $78.4M | New |
| AR Antero Resources Corp. | 2.83% | 1,923,539 | $77.8M | Add +6.5% |
| NI Nisource Inc. | 2.82% | 1,936,831 | $77.6M | Add +50.2% |
| TRP TC Energy Corp. | 2.79% | 1,624,808 | $76.7M | Reduce -53.9% |
| EXE Expand Energy Corp. | 2.69% | 664,682 | $74.0M | Add +33.0% |
| PPL PPL Corp. | 2.58% | 1,968,812 | $71.1M | Reduce -8.8% |
| PNW Pinnacle West Capital | 2.44% | 706,270 | $67.3M | Reduce -13.5% |
| GEV GE Vernova Inc. | 2.26% | 203,942 | $62.3M | Reduce -19.2% |
| CNQ Canadian Natural Resources | 2.12% | 1,894,408 | $58.3M | Add +203.7% |
| ATO Atmos Energy Corp. | 1.88% | 334,694 | $51.7M | Reduce -2.5% |
| CVE Cenovus Energy Inc. | 1.86% | 3,681,626 | $51.2M | Reduce -14.6% |
| NEM Newmont Corp. | 1.84% | 1,050,477 | $50.7M | New |
| TS Tenaris SA-ADR | 1.84% | 1,293,733 | $50.6M | Add +141.2% |
| HES Hess Corp. | 1.76% | 303,600 | $48.5M | New |
| VLO Valero Energy Corp. | 1.73% | 361,468 | $47.7M | Add +20.2% |
| CNP Centerpoint Energy Inc. | 1.70% | 1,291,600 | $46.8M | New |
| KGS Kodiak Gas Services Inc. | 1.66% | 1,225,564 | $45.7M | Add +31.1% |
| COP Conocophillips | 1.66% | 435,159 | $45.7M | Reduce -69.0% |
| ET Energy Transfer LP | 1.64% | 2,426,212 | $45.1M | Reduce -7.3% |
| FTI Technipfmc PLC | 1.60% | 1,387,519 | $44.0M | Add +185.9% |
| OGE Oge Energy Corp. | 1.53% | 914,791 | $42.0M | Reduce -15.1% |
| TXNM TXNM Energy Inc. | 1.45% | 746,700 | $39.9M | New |
| FCX Freeport-McMoran Inc. | 1.43% | 1,036,500 | $39.2M | New |
| FANG Diamondback Energy Inc. | 1.17% | 200,673 | $32.1M | Reduce -8.8% |
| NUE Nucor Corp. | 1.16% | 265,694 | $32.0M | New |
| BKR Baker Hughes Co. | 1.08% | 676,930 | $29.8M | New |
| KNTK Kinetik Holdings Inc. | 1.07% | 566,200 | $29.4M | Add +184.8% |
| LBRT Liberty Energy Inc. | 1.06% | 1,847,214 | $29.2M | New |
| SRE Sempra | 1.03% | 397,501 | $28.4M | New |
| TLN Talen Energy Corp. | 1.03% | 141,633 | $28.3M | Reduce -42.2% |
| IAG Iamgold Corp. | 0.99% | 4,366,900 | $27.3M | New |
| KGC Kinross Gold Corp. | 0.98% | 2,142,476 | $27.0M | Reduce -16.4% |
| EVRG Evergy Inc. | 0.94% | 376,700 | $26.0M | New |
| HCC Warrior Met Coal Inc. | 0.89% | 515,612 | $24.6M | Add +4.3% |
| BKV BKV Corporation | 0.64% | 844,858 | $17.7M | Add +3.8% |
| FLEX Flex Ltd. | 0.55% | 456,036 | $15.1M | Reduce -72.1% |
| RS Reliance Inc. | 0.40% | 38,599 | $11.1M | Add +4.3% |
| CCJ Cameco Corp. | 0.24% | 162,320 | $6.7M | Reduce -72.1% |
| FSLR First Solar Inc. | 0.24% | 51,356 | $6.5M | Reduce -71.7% |
| WFRD Weatherford International PL | 0.19% | 97,554 | $5.2M | New |
| DINO HF Sinclair Corp. | 0.18% | 152,214 | $5.0M | New |
| DTM DT Midstream Inc. | 0.13% | 37,600 | $3.6M | New |
| ITRI Itron Inc. | 0.07% | 18,200 | $1.9M | Reduce -71.1% |
| DAR Darling Ingredients Inc. | 0.03% | 22,000 | $687K | New |
| ALV Autoliv Inc. | 0.02% | 6,400 | $566K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| COP Conocophillips | Reduce -69.0% | 1.66% | −3.90 |
| TRP TC Energy Corp. | Reduce -53.9% | 2.79% | −3.77 |
| NGG National Grid PLC-SP ADR | Sold out | 0.00% | −2.50 |
| CVX Chevron Corp. | Sold out | 0.00% | −2.15 |
| FLEX Flex Ltd. | Reduce -72.1% | 0.55% | −1.96 |
| TRGP Targa Resources Corp. | Reduce -30.8% | 4.73% | −1.96 |
| SOBO South Bow Corp. | Sold out | 0.00% | −1.84 |
| PSX Phillips 66 | Sold out | 0.00% | −1.77 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −1.72 |
| WLK Westlake Corp. | Sold out | 0.00% | −1.25 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −1.07 |
| GEV GE Vernova Inc. | Reduce -19.2% | 2.26% | −1.05 |
| FSLR First Solar Inc. | Reduce -71.7% | 0.24% | −1.04 |
| CCJ Cameco Corp. | Reduce -72.1% | 0.24% | −0.95 |
| TLN Talen Energy Corp. | Reduce -42.2% | 1.03% | −0.95 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.79 |
| CVE Cenovus Energy Inc. | Reduce -14.6% | 1.86% | −0.75 |
| EQT Eqt Corp. | Reduce -21.9% | 3.27% | −0.70 |
| MTDR Matador Resources Co. | Sold out | 0.00% | −0.63 |
| ETR Entergy Corp. | Reduce -16.6% | 3.68% | −0.62 |
| EXP Eagle Materials Inc. | Sold out | 0.00% | −0.61 |
| ET Energy Transfer LP | Reduce -7.3% | 1.64% | −0.41 |
| PNW Pinnacle West Capital | Reduce -13.5% | 2.44% | −0.32 |
| FANG Diamondback Energy Inc. | Reduce -8.8% | 1.17% | −0.27 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −0.27 |
| OGE Oge Energy Corp. | Reduce -15.1% | 1.53% | −0.25 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.24 |
| PPL PPL Corp. | Reduce -8.8% | 2.58% | −0.22 |
| ITRI Itron Inc. | Reduce -71.1% | 0.07% | −0.20 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.15 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −0.14 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.06 |
| ATO Atmos Energy Corp. | Reduce -2.5% | 1.88% | −0.03 |
| KGC Kinross Gold Corp. | Reduce -16.4% | 0.98% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| SU Suncor Energy Inc. | New | 4.84% | +4.84 |
| OVV Ovintiv Inc. | New | 2.85% | +2.85 |
| XOM Exxon Mobil Corp. | Add +135.9% | 4.01% | +2.32 |
| NEM Newmont Corp. | New | 1.84% | +1.84 |
| HES Hess Corp. | New | 1.76% | +1.76 |
| CNP Centerpoint Energy Inc. | New | 1.70% | +1.70 |
| TXNM TXNM Energy Inc. | New | 1.45% | +1.45 |
| FCX Freeport-McMoran Inc. | New | 1.43% | +1.43 |
| MTZ Mastec Inc. | Add +122.3% | 3.23% | +1.36 |
| CNQ Canadian Natural Resources | Add +203.7% | 2.12% | +1.35 |
| NUE Nucor Corp. | New | 1.16% | +1.16 |
| BKR Baker Hughes Co. | New | 1.08% | +1.08 |
| LBRT Liberty Energy Inc. | New | 1.06% | +1.06 |
| FTI Technipfmc PLC | Add +185.9% | 1.60% | +1.04 |
| SRE Sempra | New | 1.03% | +1.03 |
| TS Tenaris SA-ADR | Add +141.2% | 1.84% | +1.03 |
| IAG Iamgold Corp. | New | 0.99% | +0.99 |
| EVRG Evergy Inc. | New | 0.94% | +0.94 |
| NI Nisource Inc. | Add +50.2% | 2.82% | +0.93 |
| PR Permian Resources Corp. Class A | Add +61.9% | 2.95% | +0.87 |
| EXE Expand Energy Corp. | Add +33.0% | 2.69% | +0.70 |
| SHEL Shell PLC-ADR | Add +5.3% | 6.34% | +0.68 |
| KNTK Kinetik Holdings Inc. | Add +184.8% | 1.07% | +0.62 |
| VST Vistra Corp. | Add +42.6% | 5.93% | +0.56 |
| AR Antero Resources Corp. | Add +6.5% | 2.83% | +0.30 |
| VLO Valero Energy Corp. | Add +20.2% | 1.73% | +0.26 |
| WFRD Weatherford International PL | New | 0.19% | +0.19 |
| DINO HF Sinclair Corp. | New | 0.18% | +0.18 |
| KGS Kodiak Gas Services Inc. | Add +31.1% | 1.66% | +0.14 |
| DTM DT Midstream Inc. | New | 0.13% | +0.13 |
| DAR Darling Ingredients Inc. | New | 0.03% | +0.03 |
| RS Reliance Inc. | Add +4.3% | 0.40% | +0.01 |
| BKV BKV Corporation | Add +3.8% | 0.64% | −0.13 |
| HCC Warrior Met Coal Inc. | Add +4.3% | 0.89% | −0.18 |
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 |