Recurrent Investment Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Recurrent Investment Advisors LLC reported 64 stock positions worth $1.2 billion. Its top holding was Cenovus Energy (CVE) at 7.1% of the portfolio, followed by Energy Transfer (ET, 7.0%) and Oneok (OKE, 6.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 3, added to 46 and reduced 7. The biggest buy was a new position in South Bow (SOBO) and the biggest sale Alliance Resource Partners (ARLP, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001803146
- Portfolio Value
- $1.2B (Q2 2025)
- SEC Filing
- 0001420506-25-002061 ↗ filed Aug 14, 2025
Holdings Value
Holdings 64 stocks · $1.2B
| CVE Cenovus Energy Inc. | 7.13% | 6,300,950 | $88.1M | Add +28.7% |
| ET Energy Transfer LP | 7.03% | 4,792,806 | $86.9M | Add +1.4% |
| OKE Oneok Inc. | 6.27% | 948,758 | $77.4M | Add +40.1% |
| TRGP Targa Resources Corp. | 6.14% | 435,891 | $75.9M | Add +21.9% |
| LNG Cheniere Energy Inc. | 6.13% | 311,278 | $75.8M | Reduce -16.4% |
| PBA Pembina Pipeline Corp. | 5.64% | 1,851,164 | $69.7M | Reduce -6.6% |
| SU Suncor Energy Inc. | 5.50% | 1,791,431 | $68.0M | Add +0.2% |
| PSX Phillips 66 | 4.51% | 466,980 | $55.7M | Add +12.4% |
| EPD Enterprise Products Partners | 4.37% | 1,740,189 | $54.0M | Add +1.0% |
| PAGP Plains GP Holdings LP | 4.25% | 2,704,194 | $52.6M | Add +0.1% |
| WES Western Midstream Partners L | 4.25% | 1,358,380 | $52.6M | Add +0.1% |
| PBF PBF Energy Inc. Class A | 4.19% | 2,387,824 | $51.7M | Add +63.1% |
| SUN Sunoco LP | 4.05% | 933,586 | $50.0M | Add +0.1% |
| WMB Williams Cos Inc. | 3.87% | 761,885 | $47.9M | Reduce -10.5% |
| MPC Marathon Petroleum Corp. | 3.77% | 280,551 | $46.6M | Add +52.1% |
| KMI Kinder Morgan Inc. | 3.53% | 1,484,654 | $43.6M | Reduce -21.3% |
| SOBO South Bow Corp. | 3.37% | 1,604,864 | $41.7M | New |
| DTM DT Midstream Inc. | 3.12% | 350,928 | $38.6M | Add +0.2% |
| VLO Valero Energy Corp. | 1.95% | 179,654 | $24.1M | Add +0.2% |
| ENB Enbridge Inc. | 1.70% | 464,099 | $21.0M | Add +0.1% |
| ARLP Alliance Resource Partners | 1.39% | 656,855 | $17.2M | Reduce -50.2% |
| VNOM Viper Energy Inc. | 1.07% | 345,748 | $13.2M | Add +0.2% |
| TRP TC Energy Corp. | 0.89% | 224,854 | $11.0M | Add +0.4% |
| XOM Exxon Mobil Corp. | 0.50% | 57,766 | $6.2M | Add +10.8% |
| NEM Newmont Corp. | 0.45% | 95,509 | $5.6M | Add +24.7% |
| B Barrick Mining Corp. | 0.43% | 215,805 | $5.3M | Add +0.3% |
| NTR Nutrien Ltd. | 0.32% | 50,060 | $4.0M | No change |
| FCX Freeport-McMoran Inc. | 0.31% | 89,261 | $3.9M | Add +21.7% |
| CVX Chevron Corp. | 0.25% | 21,224 | $3.0M | Add +0.3% |
| COP Conocophillips | 0.24% | 33,272 | $3.0M | Add +0.2% |
| HES Hess Corp. | 0.24% | 21,308 | $3.0M | Add +25.0% |
| SEE Sealed Air Corp. | 0.23% | 90,027 | $2.8M | Add +0.2% |
| NUE Nucor Corp. | 0.22% | 21,122 | $2.7M | No change |
| TECK Teck Resources Ltd.-CLS B | 0.18% | 47,177 | $2.3M | Add +0.2% |
| MTDR Matador Resources Co. | 0.16% | 42,546 | $2.0M | Add +42.7% |
| CNQ Canadian Natural Resources | 0.15% | 59,242 | $1.9M | Add +0.4% |
| FANG Diamondback Energy Inc. | 0.13% | 11,756 | $1.6M | Add +21.6% |
| AA Alcoa Corp. | 0.13% | 53,411 | $1.6M | Add +0.2% |
| HAL Halliburton Co. | 0.12% | 72,448 | $1.5M | Add +0.3% |
| MT Arcelormittal-NY Registered | 0.12% | 53,477 | $1.4M | Add +0.8% |
| WLK Westlake Corp. | 0.11% | 18,104 | $1.4M | Add +0.0% |
| SHEL Shell PLC-ADR | 0.11% | 52,591 | $1.3M | Add +1.0% |
| BHP BHP Group Ltd.-Spon ADR | 0.11% | 27,385 | $1.3M | No change |
| DAR Darling Ingredients Inc. | 0.10% | 32,152 | $1.2M | Add +0.9% |
| PKX Posco Holdings Inc. -Spon ADR | 0.10% | 24,951 | $1.2M | No change |
| EXE Expand Energy Corp. | 0.09% | 9,689 | $1.1M | Add +0.4% |
| VST Vistra Corp. | 0.08% | 5,076 | $984K | Add +14.7% |
| VALE Vale SA-SP ADR | 0.08% | 100,377 | $975K | Add +154.9% |
| CCK Crown Holdings Inc. | 0.08% | 9,406 | $969K | Add +45.9% |
| ALB Albemarle Corp. | 0.08% | 15,278 | $957K | Add +0.4% |
| TTE Totalenergies SE -Spon ADR | 0.07% | 15,038 | $923K | No change |
| MOS The Mosaic Co. | 0.07% | 24,957 | $910K | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.07% | 15,517 | $905K | No change |
| MUSA Murphy USA Inc. | 0.07% | 1,990 | $810K | Add +8.7% |
| DOW Dow Inc. | 0.06% | 28,262 | $748K | No change |
| CEG Constellation Energy | 0.06% | 2,305 | $744K | Add +7.1% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.06% | 7,758 | $714K | Reduce -0.1% |
| WY Weyerhaeuser Co. | 0.05% | 24,040 | $618K | No change |
| CRH CRH PLC | 0.05% | 6,192 | $568K | New |
| FMC FMC Corp. | 0.05% | 13,515 | $564K | Add +0.0% |
| EOG EOG Resources Inc. | 0.04% | 4,637 | $555K | Add +0.1% |
| MLM Martin Marietta Materials | 0.04% | 1,008 | $553K | Add +0.1% |
| CCJ Cameco Corp. | 0.04% | 6,757 | $502K | Add +0.2% |
| ADM Archer-Daniels-Midland Co. | 0.03% | 7,089 | $374K | Reduce -0.0% |
Portfolio Sells Q1 2025 → Q2 2025
| ARLP Alliance Resource Partners | Reduce -50.2% | 1.39% | −1.66 |
| LNG Cheniere Energy Inc. | Reduce -16.4% | 6.13% | −1.17 |
| PBA Pembina Pipeline Corp. | Reduce -6.6% | 5.64% | −1.11 |
| KMI Kinder Morgan Inc. | Reduce -21.3% | 3.53% | −1.03 |
| WMB Williams Cos Inc. | Reduce -10.5% | 3.87% | −0.44 |
| X United States Steel Corp. | Sold out | 0.00% | −0.12 |
| SW Smurfit Westrock PLC | Sold out | 0.00% | −0.04 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.04 |
| ADM Archer-Daniels-Midland Co. | Reduce -0.0% | 0.03% | +0.00 |
| CF CF Industries Holdings Inc. | Reduce -0.1% | 0.06% | +0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| SOBO South Bow Corp. | New | 3.37% | +3.37 |
| PBF PBF Energy Inc. Class A | Add +63.1% | 4.19% | +1.82 |
| MPC Marathon Petroleum Corp. | Add +52.1% | 3.77% | +1.49 |
| CVE Cenovus Energy Inc. | Add +28.7% | 7.13% | +1.13 |
| OKE Oneok Inc. | Add +40.1% | 6.27% | +0.57 |
| DTM DT Midstream Inc. | Add +0.2% | 3.12% | +0.26 |
| PSX Phillips 66 | Add +12.4% | 4.51% | +0.16 |
| NEM Newmont Corp. | Add +24.7% | 0.45% | +0.14 |
| FCX Freeport-McMoran Inc. | Add +21.7% | 0.31% | +0.08 |
| TRGP Targa Resources Corp. | Add +21.9% | 6.14% | +0.06 |
| CRH CRH PLC | New | 0.05% | +0.05 |
| VALE Vale SA-SP ADR | Add +154.9% | 0.08% | +0.05 |
| VST Vistra Corp. | Add +14.7% | 0.08% | +0.04 |
| MTDR Matador Resources Co. | Add +42.7% | 0.16% | +0.04 |
| CCK Crown Holdings Inc. | Add +45.9% | 0.08% | +0.03 |
| CEG Constellation Energy | Add +7.1% | 0.06% | +0.02 |
| CCJ Cameco Corp. | Add +0.2% | 0.04% | +0.02 |
| DAR Darling Ingredients Inc. | Add +0.9% | 0.10% | +0.01 |
| HES Hess Corp. | Add +25.0% | 0.24% | +0.01 |
| SEE Sealed Air Corp. | Add +0.2% | 0.23% | +0.01 |
| TECK Teck Resources Ltd.-CLS B | Add +0.2% | 0.18% | +0.00 |
| MLM Martin Marietta Materials | Add +0.1% | 0.04% | +0.00 |
| EXE Expand Energy Corp. | Add +0.4% | 0.09% | +0.00 |
| FANG Diamondback Energy Inc. | Add +21.6% | 0.13% | −0.00 |
| B Barrick Mining Corp. | Add +0.3% | 0.43% | −0.00 |
| FMC FMC Corp. | Add +0.0% | 0.05% | −0.00 |
| MT Arcelormittal-NY Registered | Add +0.8% | 0.12% | −0.00 |
| CNQ Canadian Natural Resources | Add +0.4% | 0.15% | −0.00 |
| EOG EOG Resources Inc. | Add +0.1% | 0.04% | −0.01 |
| MUSA Murphy USA Inc. | Add +8.7% | 0.07% | −0.01 |
| TRP TC Energy Corp. | Add +0.4% | 0.89% | −0.01 |
| AA Alcoa Corp. | Add +0.2% | 0.13% | −0.01 |
| SHEL Shell PLC-ADR | Add +1.0% | 0.11% | −0.01 |
| ALB Albemarle Corp. | Add +0.4% | 0.08% | −0.02 |
| XOM Exxon Mobil Corp. | Add +10.8% | 0.50% | −0.02 |
| HAL Halliburton Co. | Add +0.3% | 0.12% | −0.04 |
| ENB Enbridge Inc. | Add +0.1% | 1.70% | −0.04 |
| WLK Westlake Corp. | Add +0.0% | 0.11% | −0.04 |
| VLO Valero Energy Corp. | Add +0.2% | 1.95% | −0.05 |
| CVX Chevron Corp. | Add +0.3% | 0.25% | −0.05 |
| COP Conocophillips | Add +0.2% | 0.24% | −0.05 |
| VNOM Viper Energy Inc. | Add +0.2% | 1.07% | −0.25 |
| ET Energy Transfer LP | Add +1.4% | 7.03% | −0.41 |
| WES Western Midstream Partners L | Add +0.1% | 4.25% | −0.46 |
| SU Suncor Energy Inc. | Add +0.2% | 5.50% | −0.46 |
| SUN Sunoco LP | Add +0.1% | 4.05% | −0.54 |
| EPD Enterprise Products Partners | Add +1.0% | 4.37% | −0.62 |
| PAGP Plains GP Holdings LP | Add +0.1% | 4.25% | −0.64 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $1.6B | TRGP, CVE, ET, OKE, KMI |
| Q1 2026 | 67 | $1.7B | CVE, TRGP, ET, OKE, SU |
| Q4 2025 | 71 | $1.4B | CVE, TRGP, ET, OKE, KEY |
| Q3 2025 | 64 | $1.3B | CVE, ET, TRGP, OKE, SU |
| Q2 2025 | 64 | $1.2B | CVE, ET, OKE, TRGP, LNG |
| Q1 2025 | 65 | $1.2B | ET, LNG, PBA, TRGP, CVE |
| Q4 2024 | 65 | $1.1B | ET, LNG, CVE, OKE, TRGP |
| Q3 2024 | 54 | $1.0B | ET, CVE, PBA, LNG, SU |
| Q2 2024 | 51 | $949.9M | CVE, ET, LNG, PBA, SU |
| Q1 2024 | 50 | $862.5M | CVE, ET, ETRN, SU, PBA |