Merewether Investment Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Merewether Investment Management, LP reported 77 stock positions worth $4.3 billion. Its top holding was Entergy (ETR) at 3.8% of the portfolio, followed by Xcel Energy (XEL, 3.7%) and Expand Energy (EXE, 3.4%). Compared with Q3 2025, it opened 25 new positions, sold out of 19, added to 19 and reduced 30. The biggest buy was a new position in Williams Cos (WMB) and the biggest sale an exit from Nisource (NI).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001736852
- Portfolio Value
- $4.3B (Q4 2025)
- SEC Filing
- 0001420506-26-000568 ↗ filed Feb 17, 2026
Holdings Value
Holdings 77 stocks · $4.3B
| ETR Entergy Corp. | 3.82% | 1,796,900 | $166.1M | Reduce -16.4% |
| XEL Xcel Energy Inc. | 3.68% | 2,167,710 | $160.1M | Add +22.9% |
| EXE Expand Energy Corp. | 3.37% | 1,329,075 | $146.7M | Reduce -12.4% |
| SU Suncor Energy Inc. | 3.35% | 3,277,504 | $145.5M | Reduce -11.0% |
| OVV Ovintiv Inc. | 3.26% | 3,612,697 | $141.6M | Add +106.8% |
| WMB Williams Cos Inc. | 3.24% | 2,341,000 | $140.7M | New |
| TRGP Targa Resources Corp. | 3.18% | 749,577 | $138.3M | Reduce -6.1% |
| SRE Sempra | 3.14% | 1,547,132 | $136.6M | Reduce -20.6% |
| NVT Nvent Electric PLC | 3.13% | 1,335,574 | $136.2M | Reduce -21.4% |
| DTM DT Midstream Inc. | 2.87% | 1,042,600 | $124.8M | Add +4.2% |
| MTZ Mastec Inc. | 2.85% | 569,140 | $123.7M | Reduce -34.4% |
| NRG NRG Energy Inc. | 2.80% | 765,626 | $121.9M | Add +44.3% |
| CNP Centerpoint Energy Inc. | 2.55% | 2,897,000 | $111.1M | Add +16.2% |
| BP BP PLC-Spons ADR | 2.40% | 3,008,100 | $104.5M | New |
| BG Bunge Global SA | 2.32% | 1,132,700 | $100.9M | Add +22.9% |
| PRIM Primoris Services Corp. | 2.23% | 781,700 | $97.0M | New |
| FCX Freeport-McMoran Inc. | 2.23% | 1,909,400 | $97.0M | New |
| FANG Diamondback Energy Inc. | 2.21% | 640,250 | $96.2M | Add +25.9% |
| PR Permian Resources Corp. Class A | 2.02% | 6,263,137 | $87.9M | Reduce -29.1% |
| FSLR First Solar Inc. | 1.95% | 325,100 | $84.9M | Reduce -22.7% |
| XOM Exxon Mobil Corp. | 1.94% | 701,493 | $84.4M | Add +1.1% |
| Q Qnity Electronics Inc. | 1.65% | 878,048 | $71.7M | Add +37.2% |
| LNG Cheniere Energy Inc. | 1.56% | 348,600 | $67.8M | Add +718.3% |
| FTI Technipfmc PLC | 1.55% | 1,511,128 | $67.3M | Reduce -2.1% |
| VST Vistra Corp. | 1.47% | 397,322 | $64.1M | Add +322.6% |
| VLO Valero Energy Corp. | 1.34% | 359,131 | $58.5M | Reduce -43.4% |
| B Barrick Mining Corp. | 1.33% | 1,331,000 | $58.0M | Reduce -49.7% |
| IAG Iamgold Corp. | 1.27% | 3,335,790 | $55.0M | Reduce -2.8% |
| CTRA Coterra Energy Inc. | 1.26% | 2,073,500 | $54.6M | New |
| CMI Cummins Inc. | 1.25% | 106,060 | $54.1M | Reduce -50.9% |
| GM General Motors Co. | 1.18% | 633,300 | $51.5M | New |
| DD Dupont DE Nemours Inc. | 1.15% | 1,246,796 | $50.1M | Reduce -2.6% |
| LGN Legence Corp. Class A | 1.12% | 1,134,422 | $48.8M | Reduce -13.2% |
| AA Alcoa Corp. | 1.08% | 882,200 | $46.9M | Add +2252.5% |
| HUBB Hubbell Inc. | 1.05% | 102,920 | $45.7M | Reduce -48.0% |
| BKV BKV Corporation | 1.05% | 1,676,217 | $45.5M | Add +91.2% |
| EQT Eqt Corp. | 1.04% | 845,286 | $45.3M | Reduce -69.1% |
| FIX Comfort Systems USA Inc. | 0.99% | 46,349 | $43.3M | Add +1011.8% |
| AYI Acuity Inc. | 0.96% | 116,000 | $41.8M | Reduce -21.1% |
| CLF Cleveland-Cliffs Inc. | 0.95% | 3,096,600 | $41.1M | New |
| ATO Atmos Energy Corp. | 0.92% | 238,236 | $39.9M | Add +226.6% |
| SHEL Shell PLC-ADR | 0.91% | 539,421 | $39.6M | Reduce -28.2% |
| CVE Cenovus Energy Inc. | 0.81% | 2,076,591 | $35.1M | Reduce -70.9% |
| CTRI Centuri Holdings Inc. | 0.78% | 1,344,000 | $33.9M | New |
| NUE Nucor Corp. | 0.76% | 203,900 | $33.3M | New |
| SLB SLB Ltd. filed as SLB LIMITED | 0.76% | 857,300 | $32.9M | Add +57.8% |
| CGAU Centerra Gold Inc. | 0.75% | 2,253,100 | $32.4M | New |
| DAR Darling Ingredients Inc. | 0.73% | 878,114 | $31.6M | Add +4159.8% |
| ST Sensata Technologies Holdplc | 0.69% | 904,600 | $30.1M | New |
| CNR Core Natural Resources Inc. | 0.69% | 339,400 | $30.0M | New |
| GTX Garrett Motion Inc. | 0.68% | 1,686,100 | $29.4M | Reduce -43.4% |
| WLK Westlake Corp. | 0.66% | 388,100 | $28.7M | Add +44.6% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.63% | 1,694,800 | $27.5M | Reduce -11.4% |
| PARR Par Pacific Holdings Inc. | 0.59% | 734,400 | $25.8M | New |
| GNRC Generac Holdings Inc. | 0.59% | 188,946 | $25.8M | Add +66.0% |
| AR Antero Resources Corp. | 0.58% | 727,700 | $25.1M | New |
| WULF Terawulf Inc. | 0.57% | 2,164,500 | $24.9M | New |
| WHD Cactus Inc. Class A | 0.53% | 504,900 | $23.1M | New |
| LECO Lincoln Electric Holdings | 0.52% | 94,800 | $22.7M | New |
| TASEKO MINES LTD | 0.48% | 3,672,900 | $20.8M | New |
| JHX James Hardie Ind PLC | 0.42% | 876,600 | $18.2M | New |
| HUT Hut 8 Corp. | 0.42% | 393,600 | $18.1M | New |
| SLI Standard Lithium Ltd. | 0.41% | 4,037,000 | $18.0M | New |
| LBRT Liberty Energy Inc. | 0.40% | 951,092 | $17.6M | New |
| WBI Waterbridge Infrastruc Class A | 0.40% | 870,400 | $17.4M | No change |
| STNG Scorpio Tankers Inc. | 0.38% | 323,861 | $16.5M | Reduce -52.8% |
| DNN Denison Mines Corp. | 0.36% | 5,903,300 | $15.7M | Reduce -13.4% |
| EGO Eldorado Gold Corp. | 0.33% | 393,700 | $14.1M | New |
| KEX Kirby Corp. | 0.31% | 122,300 | $13.5M | New |
| VNOM Viper Energy Inc. Class A | 0.28% | 318,082 | $12.3M | Reduce -54.4% |
| STLD Steel Dynamics Inc. | 0.21% | 53,400 | $9.0M | Reduce -71.9% |
| TLN Talen Energy Corp. | 0.21% | 23,908 | $9.0M | Reduce -90.1% |
| CCJ Cameco Corp. | 0.19% | 88,854 | $8.1M | No change |
| NXT Nextpower Inc. | 0.18% | 88,975 | $7.8M | Reduce -68.3% |
| TBN Tamboran Resources Corp. | 0.04% | 70,000 | $1.9M | New |
| ALV Autoliv Inc. | 0.02% | 6,400 | $760K | No change |
| VC Visteon Corp. | 0.01% | 5,200 | $495K | Reduce -92.6% |
Portfolio Sells Q3 2025 → Q4 2025
| NI Nisource Inc. | Sold out | 0.00% | −3.04 |
| BKR Baker Hughes Co. | Sold out | 0.00% | −2.52 |
| EQT Eqt Corp. | Reduce -69.1% | 1.04% | −2.52 |
| TLN Talen Energy Corp. | Reduce -90.1% | 0.21% | −2.25 |
| CVE Cenovus Energy Inc. | Reduce -70.9% | 0.81% | −2.09 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −1.87 |
| MTZ Mastec Inc. | Reduce -34.4% | 2.85% | −1.57 |
| VLO Valero Energy Corp. | Reduce -43.4% | 1.34% | −1.24 |
| DD Dupont DE Nemours Inc. | Reduce -2.6% | 1.15% | −1.23 |
| RIOT Riot Platforms Inc. | Sold out | 0.00% | −1.14 |
| SRE Sempra | Reduce -20.6% | 3.14% | −1.05 |
| HUBB Hubbell Inc. | Reduce -48.0% | 1.05% | −0.99 |
| ETR Entergy Corp. | Reduce -16.4% | 3.82% | −0.97 |
| CMI Cummins Inc. | Reduce -50.9% | 1.25% | −0.94 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.89 |
| NVT Nvent Electric PLC | Reduce -21.4% | 3.13% | −0.88 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −0.85 |
| B Barrick Mining Corp. | Reduce -49.7% | 1.33% | −0.74 |
| PR Permian Resources Corp. Class A | Reduce -29.1% | 2.02% | −0.68 |
| CMC Commercial Metals Co. | Sold out | 0.00% | −0.64 |
| ECG Everus Construction Group | Sold out | 0.00% | −0.59 |
| COPX Global X Copper Miners ETF | Sold out | 0.00% | −0.54 |
| STNG Scorpio Tankers Inc. | Reduce -52.8% | 0.38% | −0.54 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.53 |
| EXE Expand Energy Corp. | Reduce -12.4% | 3.37% | −0.48 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −0.45 |
| STLD Steel Dynamics Inc. | Reduce -71.9% | 0.21% | −0.42 |
| SHEL Shell PLC-ADR | Reduce -28.2% | 0.91% | −0.37 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.36 |
| VNOM Viper Energy Inc. Class A | Reduce -54.4% | 0.28% | −0.36 |
| FRO Frontline PLC | Sold out | 0.00% | −0.34 |
| SU Suncor Energy Inc. | Reduce -11.0% | 3.35% | −0.34 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −0.33 |
| NXT Nextpower Inc. | Reduce -68.3% | 0.18% | −0.32 |
| GTX Garrett Motion Inc. | Reduce -43.4% | 0.68% | −0.30 |
| FSLR First Solar Inc. | Reduce -22.7% | 1.95% | −0.27 |
| AYI Acuity Inc. | Reduce -21.1% | 0.96% | −0.25 |
| BTDR Bitdeer Technologies Group-A | Sold out | 0.00% | −0.25 |
| VC Visteon Corp. | Reduce -92.6% | 0.01% | −0.19 |
| HCC Warrior Met Coal Inc. | Sold out | 0.00% | −0.17 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.13 |
| DNN Denison Mines Corp. | Reduce -13.4% | 0.36% | −0.09 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.06 |
| TRGP Targa Resources Corp. | Reduce -6.1% | 3.18% | −0.02 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.02 |
| FTI Technipfmc PLC | Reduce -2.1% | 1.55% | +0.09 |
| LGN Legence Corp. Class A | Reduce -13.2% | 1.12% | +0.16 |
| ARIS Aris Mining Corp. | Reduce -11.4% | 0.63% | +0.18 |
| IAG Iamgold Corp. | Reduce -2.8% | 1.27% | +0.20 |
Portfolio Buys Q3 2025 → Q4 2025
| WMB Williams Cos Inc. | New | 3.24% | +3.24 |
| BP BP PLC-Spons ADR | New | 2.40% | +2.40 |
| PRIM Primoris Services Corp. | New | 2.23% | +2.23 |
| FCX Freeport-McMoran Inc. | New | 2.23% | +2.23 |
| OVV Ovintiv Inc. | Add +106.8% | 3.26% | +1.57 |
| LNG Cheniere Energy Inc. | Add +718.3% | 1.56% | +1.32 |
| CTRA Coterra Energy Inc. | New | 1.26% | +1.26 |
| GM General Motors Co. | New | 1.18% | +1.18 |
| AA Alcoa Corp. | Add +2252.5% | 1.08% | +1.05 |
| VST Vistra Corp. | Add +322.6% | 1.47% | +1.03 |
| CLF Cleveland-Cliffs Inc. | New | 0.95% | +0.95 |
| FIX Comfort Systems USA Inc. | Add +1011.8% | 0.99% | +0.91 |
| CTRI Centuri Holdings Inc. | New | 0.78% | +0.78 |
| NUE Nucor Corp. | New | 0.76% | +0.76 |
| NRG NRG Energy Inc. | Add +44.3% | 2.80% | +0.75 |
| CGAU Centerra Gold Inc. | New | 0.75% | +0.75 |
| DAR Darling Ingredients Inc. | Add +4159.8% | 0.73% | +0.71 |
| ST Sensata Technologies Holdplc | New | 0.69% | +0.69 |
| CNR Core Natural Resources Inc. | New | 0.69% | +0.69 |
| ATO Atmos Energy Corp. | Add +226.6% | 0.92% | +0.62 |
| PARR Par Pacific Holdings Inc. | New | 0.59% | +0.59 |
| AR Antero Resources Corp. | New | 0.58% | +0.58 |
| WULF Terawulf Inc. | New | 0.57% | +0.57 |
| BKV BKV Corporation | Add +91.2% | 1.05% | +0.56 |
| WHD Cactus Inc. Class A | New | 0.53% | +0.53 |
| BG Bunge Global SA | Add +22.9% | 2.32% | +0.53 |
| LECO Lincoln Electric Holdings | New | 0.52% | +0.52 |
| TASEKO MINES LTD | New | 0.48% | +0.48 |
| FANG Diamondback Energy Inc. | Add +25.9% | 2.21% | +0.47 |
| JHX James Hardie Ind PLC | New | 0.42% | +0.42 |
| HUT Hut 8 Corp. | New | 0.42% | +0.42 |
| SLI Standard Lithium Ltd. | New | 0.41% | +0.41 |
| LBRT Liberty Energy Inc. | New | 0.40% | +0.40 |
| Q Qnity Electronics Inc. | Add +37.2% | 1.65% | +0.40 |
| EGO Eldorado Gold Corp. | New | 0.33% | +0.33 |
| SLB SLB Ltd. | Add +57.8% | 0.76% | +0.31 |
| KEX Kirby Corp. | New | 0.31% | +0.31 |
| XEL Xcel Energy Inc. | Add +22.9% | 3.68% | +0.28 |
| CNP Centerpoint Energy Inc. | Add +16.2% | 2.55% | +0.24 |
| WLK Westlake Corp. | Add +44.6% | 0.66% | +0.17 |
| DTM DT Midstream Inc. | Add +4.2% | 2.87% | +0.16 |
| GNRC Generac Holdings Inc. | Add +66.0% | 0.59% | +0.14 |
| XOM Exxon Mobil Corp. | Add +1.1% | 1.94% | +0.07 |
| TBN Tamboran Resources Corp. | New | 0.04% | +0.04 |
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 |