Merewether Investment Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Merewether Investment Management, LP reported 70 stock positions worth $4.2 billion. Its top holding was Entergy (ETR) at 4.8% of the portfolio, followed by Mastec (MTZ, 4.4%) and Sempra (SRE, 4.2%). Compared with Q2 2025, it opened 26 new positions, sold out of 19, added to 22 and reduced 19. The biggest buy was a new position in Dupont DE Nemours (DD) and the biggest sale Vistra (VST, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001736852
- Portfolio Value
- $4.2B (Q3 2025)
- SEC Filing
- 0001420506-25-003417 ↗ filed Nov 14, 2025
Holdings Value
Holdings 70 stocks · $4.2B
| ETR Entergy Corp. | 4.79% | 2,148,000 | $200.2M | Add +75.5% |
| MTZ Mastec Inc. | 4.42% | 867,240 | $184.6M | Add +59.8% |
| SRE Sempra | 4.20% | 1,949,432 | $175.4M | Add +16.3% |
| NVT Nvent Electric PLC | 4.01% | 1,699,674 | $167.7M | Add +59.2% |
| EXE Expand Energy Corp. | 3.86% | 1,517,475 | $161.2M | Add +136.4% |
| SU Suncor Energy Inc. | 3.68% | 3,681,304 | $154.0M | Add +17.7% |
| EQT Eqt Corp. | 3.56% | 2,735,086 | $148.9M | Reduce -18.7% |
| XEL Xcel Energy Inc. | 3.40% | 1,763,910 | $142.3M | Add +86.6% |
| TRGP Targa Resources Corp. | 3.20% | 798,177 | $133.7M | Reduce -19.6% |
| NI Nisource Inc. | 3.04% | 2,934,594 | $127.1M | Reduce -2.4% |
| CVE Cenovus Energy Inc. | 2.90% | 7,138,222 | $121.3M | Add +17.2% |
| DTM DT Midstream Inc. | 2.71% | 1,000,600 | $113.1M | Add +192.4% |
| PR Permian Resources Corp. Class A | 2.71% | 8,836,137 | $113.1M | Add +63.5% |
| VLO Valero Energy Corp. | 2.59% | 634,731 | $108.1M | Add +19.4% |
| BKR Baker Hughes Co. | 2.52% | 2,165,846 | $105.5M | Add +359.7% |
| TLN Talen Energy Corp. | 2.45% | 241,159 | $102.6M | Reduce -11.7% |
| DD Dupont DE Nemours Inc. | 2.38% | 1,279,700 | $99.7M | New |
| CNP Centerpoint Energy Inc. | 2.31% | 2,493,500 | $96.7M | Add +85.5% |
| FSLR First Solar Inc. | 2.22% | 420,700 | $92.8M | Add +111.8% |
| CMI Cummins Inc. | 2.18% | 215,800 | $91.1M | New |
| B Barrick Mining Corp. | 2.08% | 2,647,300 | $86.8M | Add +175.0% |
| NRG NRG Energy Inc. | 2.06% | 530,726 | $86.0M | New |
| HUBB Hubbell Inc. | 2.04% | 198,000 | $85.2M | Add +18.6% |
| KMI Kinder Morgan Inc. | 1.87% | 2,765,800 | $78.3M | Reduce -41.3% |
| XOM Exxon Mobil Corp. | 1.87% | 693,893 | $78.2M | Reduce -0.9% |
| BG Bunge Global SA | 1.79% | 921,700 | $74.9M | New |
| FANG Diamondback Energy Inc. | 1.74% | 508,750 | $72.8M | Add +20.1% |
| OVV Ovintiv Inc. | 1.69% | 1,747,097 | $70.5M | Reduce -18.6% |
| FTI Technipfmc PLC | 1.46% | 1,544,135 | $60.9M | Add +216.8% |
| SHEL Shell PLC-ADR | 1.28% | 750,821 | $53.7M | Reduce -69.3% |
| AYI Acuity Inc. | 1.21% | 147,100 | $50.7M | New |
| RIOT Riot Platforms Inc. | 1.14% | 2,510,000 | $47.8M | Add +6.4% |
| IAG Iamgold Corp. | 1.06% | 3,432,590 | $44.4M | Reduce -31.6% |
| GTX Garrett Motion Inc. | 0.97% | 2,980,200 | $40.6M | New |
| LGN Legence Corp. Class A | 0.96% | 1,306,852 | $40.3M | New |
| STNG Scorpio Tankers Inc. | 0.92% | 686,361 | $38.5M | New |
| CVX Chevron Corp. | 0.89% | 240,000 | $37.3M | New |
| DINO HF Sinclair Corp. | 0.85% | 682,400 | $35.7M | New |
| CMC Commercial Metals Co. | 0.64% | 468,700 | $26.8M | New |
| VNOM Viper Energy Inc. Class A | 0.64% | 697,582 | $26.7M | New |
| STLD Steel Dynamics Inc. | 0.63% | 189,800 | $26.5M | New |
| ECG Everus Construction Group | 0.59% | 289,700 | $24.8M | New |
| COPX Global X Copper Miners ETF | 0.54% | 379,500 | $22.7M | New |
| MOS The Mosaic Co. | 0.53% | 634,800 | $22.0M | Reduce -68.0% |
| WBI Waterbridge Infrastruc Class A | 0.53% | 870,400 | $22.0M | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.50% | 280,875 | $20.8M | Add +80.4% |
| WLK Westlake Corp. | 0.49% | 268,400 | $20.7M | New |
| BKV BKV Corporation | 0.48% | 876,517 | $20.3M | No change |
| GNRC Generac Holdings Inc. | 0.46% | 113,799 | $19.0M | Reduce -57.2% |
| DNN Denison Mines Corp. | 0.45% | 6,819,900 | $18.8M | New |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.45% | 1,913,400 | $18.7M | New |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.45% | 543,200 | $18.7M | Add +53.8% |
| METC Ramaco Resources Inc. Class A | 0.45% | 561,400 | $18.6M | New |
| VST Vistra Corp. | 0.44% | 94,022 | $18.4M | Reduce -92.8% |
| BTU Peabody Energy Corp. | 0.36% | 571,300 | $15.2M | New |
| FRO Frontline PLC | 0.34% | 626,500 | $14.3M | Add +96.0% |
| CDE Coeur Mining Inc. | 0.33% | 725,600 | $13.6M | New |
| ATO Atmos Energy Corp. | 0.30% | 72,936 | $12.5M | Reduce -79.1% |
| BTDR Bitdeer Technologies Group-A | 0.25% | 601,700 | $10.3M | New |
| LNG Cheniere Energy Inc. | 0.24% | 42,600 | $10.0M | New |
| VC Visteon Corp. | 0.20% | 70,700 | $8.5M | New |
| CCJ Cameco Corp. | 0.18% | 88,854 | $7.5M | Reduce -47.9% |
| HCC Warrior Met Coal Inc. | 0.17% | 108,569 | $6.9M | Reduce -68.5% |
| CNQ Canadian Natural Resources | 0.13% | 168,463 | $5.4M | Reduce -90.7% |
| FIX Comfort Systems USA Inc. | 0.08% | 4,169 | $3.4M | Reduce -94.0% |
| SOC Sable Offshore Corp. | 0.06% | 138,800 | $2.4M | Reduce -65.3% |
| AA Alcoa Corp. | 0.03% | 37,500 | $1.2M | New |
| ALV Autoliv Inc. | 0.02% | 6,400 | $790K | No change |
| DAR Darling Ingredients Inc. | 0.02% | 20,614 | $636K | No change |
| ITRI Itron Inc. | 0.02% | 5,075 | $632K | Reduce -98.3% |
Portfolio Sells Q2 2025 → Q3 2025
| VST Vistra Corp. | Reduce -92.8% | 0.44% | −6.90 |
| SHEL Shell PLC-ADR | Reduce -69.3% | 1.28% | −3.68 |
| KMI Kinder Morgan Inc. | Reduce -41.3% | 1.87% | −2.12 |
| EQT Eqt Corp. | Reduce -18.7% | 3.56% | −2.09 |
| PNW Pinnacle West Capital | Sold out | 0.00% | −1.89 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −1.86 |
| TRGP Targa Resources Corp. | Reduce -19.6% | 3.20% | −1.78 |
| MOS The Mosaic Co. | Reduce -68.0% | 0.53% | −1.56 |
| CNQ Canadian Natural Resources | Reduce -90.7% | 0.13% | −1.51 |
| FLS Flowserve Corp. | Sold out | 0.00% | −1.34 |
| ATO Atmos Energy Corp. | Reduce -79.1% | 0.30% | −1.25 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −1.17 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −1.15 |
| ITRI Itron Inc. | Reduce -98.3% | 0.02% | −1.13 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −1.02 |
| OGE Oge Energy Corp. | Sold out | 0.00% | −1.00 |
| FIX Comfort Systems USA Inc. | Reduce -94.0% | 0.08% | −0.99 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.98 |
| HES Hess Corp. | Sold out | 0.00% | −0.96 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.81 |
| KGC Kinross Gold Corp. | Sold out | 0.00% | −0.77 |
| ET Energy Transfer LP | Sold out | 0.00% | −0.69 |
| OVV Ovintiv Inc. | Reduce -18.6% | 1.69% | −0.66 |
| GNRC Generac Holdings Inc. | Reduce -57.2% | 0.46% | −0.64 |
| IREN Iren Ltd. | Sold out | 0.00% | −0.61 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −0.57 |
| NI Nisource Inc. | Reduce -2.4% | 3.04% | −0.45 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.44 |
| XOM Exxon Mobil Corp. | Reduce -0.9% | 1.87% | −0.30 |
| HCC Warrior Met Coal Inc. | Reduce -68.5% | 0.17% | −0.29 |
| PRIM Primoris Services Corp. | Sold out | 0.00% | −0.23 |
| SOC Sable Offshore Corp. | Reduce -65.3% | 0.06% | −0.20 |
| CCJ Cameco Corp. | Reduce -47.9% | 0.18% | −0.19 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −0.17 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.10 |
| MPLX MPLX LP | Sold out | 0.00% | −0.00 |
| IAG Iamgold Corp. | Reduce -31.6% | 1.06% | −0.00 |
| TLN Talen Energy Corp. | Reduce -11.7% | 2.45% | +0.17 |
Portfolio Buys Q2 2025 → Q3 2025
| DD Dupont DE Nemours Inc. | New | 2.38% | +2.38 |
| CMI Cummins Inc. | New | 2.18% | +2.18 |
| NRG NRG Energy Inc. | New | 2.06% | +2.06 |
| BKR Baker Hughes Co. | Add +359.7% | 2.52% | +2.00 |
| ETR Entergy Corp. | Add +75.5% | 4.79% | +1.86 |
| BG Bunge Global SA | New | 1.79% | +1.79 |
| NVT Nvent Electric PLC | Add +59.2% | 4.01% | +1.76 |
| MTZ Mastec Inc. | Add +59.8% | 4.42% | +1.75 |
| EXE Expand Energy Corp. | Add +136.4% | 3.86% | +1.70 |
| DTM DT Midstream Inc. | Add +192.4% | 2.71% | +1.62 |
| XEL Xcel Energy Inc. | Add +86.6% | 3.40% | +1.55 |
| B Barrick Mining Corp. | Add +175.0% | 2.08% | +1.50 |
| FSLR First Solar Inc. | Add +111.8% | 2.22% | +1.27 |
| AYI Acuity Inc. | New | 1.21% | +1.21 |
| FTI Technipfmc PLC | Add +216.8% | 1.46% | +0.97 |
| GTX Garrett Motion Inc. | New | 0.97% | +0.97 |
| LGN Legence Corp. Class A | New | 0.96% | +0.96 |
| STNG Scorpio Tankers Inc. | New | 0.92% | +0.92 |
| CNP Centerpoint Energy Inc. | Add +85.5% | 2.31% | +0.89 |
| CVX Chevron Corp. | New | 0.89% | +0.89 |
| DINO HF Sinclair Corp. | New | 0.85% | +0.85 |
| CMC Commercial Metals Co. | New | 0.64% | +0.64 |
| VNOM Viper Energy Inc. Class A | New | 0.64% | +0.64 |
| STLD Steel Dynamics Inc. | New | 0.63% | +0.63 |
| ECG Everus Construction Group | New | 0.59% | +0.59 |
| PR Permian Resources Corp. Class A | Add +63.5% | 2.71% | +0.59 |
| COPX Global X Copper Miners ETF | New | 0.54% | +0.54 |
| SRE Sempra | Add +16.3% | 4.20% | +0.54 |
| VLO Valero Energy Corp. | Add +19.4% | 2.59% | +0.53 |
| WBI Waterbridge Infrastruc Class A | New | 0.53% | +0.53 |
| CVE Cenovus Energy Inc. | Add +17.2% | 2.90% | +0.52 |
| WLK Westlake Corp. | New | 0.49% | +0.49 |
| DNN Denison Mines Corp. | New | 0.45% | +0.45 |
| ARIS Aris Mining Corp. | New | 0.45% | +0.45 |
| METC Ramaco Resources Inc. Class A | New | 0.45% | +0.45 |
| RIOT Riot Platforms Inc. | Add +6.4% | 1.14% | +0.37 |
| BTU Peabody Energy Corp. | New | 0.36% | +0.36 |
| CDE Coeur Mining Inc. | New | 0.33% | +0.33 |
| SU Suncor Energy Inc. | Add +17.7% | 3.68% | +0.31 |
| NXT Nextpower Inc. | Add +80.4% | 0.50% | +0.25 |
| BTDR Bitdeer Technologies Group-A | New | 0.25% | +0.25 |
| LNG Cheniere Energy Inc. | New | 0.24% | +0.24 |
| VC Visteon Corp. | New | 0.20% | +0.20 |
| FRO Frontline PLC | Add +96.0% | 0.34% | +0.19 |
| SLB SLB Ltd. | Add +53.8% | 0.45% | +0.10 |
| HUBB Hubbell Inc. | Add +18.6% | 2.04% | +0.08 |
| FANG Diamondback Energy Inc. | Add +20.1% | 1.74% | +0.07 |
| AA Alcoa Corp. | New | 0.03% | +0.03 |
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 |