Recurrent Investment Advisors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Recurrent Investment Advisors LLC reported 64 stock positions worth $1.3 billion. Its top holding was Cenovus Energy (CVE) at 8.6% of the portfolio, followed by Energy Transfer (ET, 6.6%) and Targa Resources (TRGP, 6.5%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 20 and reduced 17. The biggest buy was Murphy USA (MUSA, shares +4972%) and the biggest sale Valero Energy (VLO, shares −94%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001803146
Portfolio Value
$1.3B (Q3 2025)
SEC Filing
0001420506-25-003193 ↗ filed Nov 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $862.5M Q1 2024 Q2 2024: $949.9M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.3B $1.3B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.7B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 64 stocks · $1.3B
CVE Cenovus Energy Inc. 8.62% 6,422,579 $112.4M Add +1.9%
ET Energy Transfer LP 6.56% 4,986,943 $85.6M Add +4.0%
TRGP Targa Resources Corp. 6.51% 507,014 $84.9M Add +16.3%
OKE Oneok Inc. 6.24% 1,115,396 $81.4M Add +17.6%
SU Suncor Energy Inc. 5.81% 1,787,675 $75.8M Reduce -0.2%
PBA Pembina Pipeline Corp. 5.29% 1,699,083 $69.0M Reduce -8.2%
PSX Phillips 66 4.84% 464,470 $63.2M Reduce -0.5%
LNG Cheniere Energy Inc. 4.84% 268,456 $63.1M Reduce -13.8%
EPD Enterprise Products Partners 4.17% 1,737,572 $54.3M Reduce -0.1%
MPC Marathon Petroleum Corp. 4.15% 280,862 $54.1M Add +0.1%
PBF PBF Energy Inc. Class A 4.10% 1,772,106 $53.5M Reduce -25.8%
WES Western Midstream Partners L 4.09% 1,357,697 $53.3M Reduce -0.1%
WMB Williams Cos Inc. 3.69% 759,920 $48.1M Reduce -0.3%
SUN Sunoco LP 3.58% 934,137 $46.7M Add +0.1%
SOBO South Bow Corp. 3.49% 1,605,964 $45.6M Add +0.1%
PAGP Plains GP Holdings LP 3.40% 2,433,011 $44.4M Reduce -10.0%
KMI Kinder Morgan Inc. 3.20% 1,474,041 $41.7M Reduce -0.7%
DTM DT Midstream Inc. 3.05% 352,018 $39.8M Add +0.3%
MUSA Murphy USA Inc. 3.00% 100,942 $39.2M Add +4972.5%
ENB Enbridge Inc. 1.80% 464,535 $23.4M Add +0.1%
ARLP Alliance Resource Partners 1.25% 647,283 $16.4M Reduce -1.5%
VNOM Viper Energy Inc. Class A 1.01% 346,017 $13.2M New
TRP TC Energy Corp. 0.95% 227,111 $12.4M Add +1.0%
B Barrick Mining Corp. 0.68% 229,763 $8.9M Add +6.5%
NEM Newmont Corp. 0.62% 95,509 $8.1M No change
CVX Chevron Corp. 0.51% 43,063 $6.7M Add +102.9%
XOM Exxon Mobil Corp. 0.50% 57,777 $6.5M Add +0.0%
NTR Nutrien Ltd. 0.31% 50,060 $4.1M No change
FCX Freeport-McMoran Inc. 0.27% 89,261 $3.5M No change
SEE Sealed Air Corp. 0.24% 90,027 $3.2M No change
COP Conocophillips 0.24% 33,272 $3.1M No change
TECK Teck Resources Ltd.-CLS B 0.19% 47,177 $2.5M No change
NUE Nucor Corp. 0.17% 16,703 $2.3M Reduce -20.9%
VLO Valero Energy Corp. 0.15% 11,259 $1.9M Reduce -93.7%
MTDR Matador Resources Co. 0.15% 42,557 $1.9M Add +0.0%
CNQ Canadian Natural Resources 0.15% 59,242 $1.9M No change
HAL Halliburton Co. 0.14% 72,448 $1.8M No change
AA Alcoa Corp. 0.13% 53,411 $1.8M No change
FANG Diamondback Energy Inc. 0.13% 11,756 $1.7M No change
MT Arcelormittal-NY Registered 0.13% 53,477 $1.6M No change
BHP BHP Group Ltd.-Spon ADR 0.12% 27,385 $1.5M No change
VALE Vale SA-SP ADR 0.11% 130,400 $1.4M Add +29.9%
SHEL Shell PLC-ADR 0.11% 53,120 $1.4M Add +1.0%
WLK Westlake Corp. 0.11% 18,106 $1.4M Add +0.0%
ALB Albemarle Corp. 0.09% 15,264 $1.2M Reduce -0.1%
PKX Posco Holdings Inc. -Spon ADR 0.09% 24,951 $1.2M No change
EXE Expand Energy Corp. 0.08% 9,689 $1.0M No change
RIO Rio Tinto PLC-Spon ADR 0.08% 15,517 $1.0M No change
DAR Darling Ingredients Inc. 0.07% 30,154 $931K Reduce -6.2%
CCK Crown Holdings Inc. 0.07% 9,406 $909K No change
TTE Totalenergies SE -Spon ADR 0.07% 15,038 $898K No change
MOS The Mosaic Co. 0.07% 24,957 $866K No change
VST Vistra Corp. 0.07% 4,326 $848K Reduce -14.8%
CRH CRH PLC 0.06% 6,192 $742K No change
CEG Constellation Energy 0.05% 2,155 $709K Reduce -6.5%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.05% 7,761 $696K Add +0.0%
DOW Dow Inc. 0.05% 28,262 $648K No change
MLM Martin Marietta Materials 0.05% 1,008 $635K No change
WY Weyerhaeuser Co. 0.05% 24,040 $596K No change
CCJ Cameco Corp. 0.04% 6,757 $567K No change
EOG EOG Resources Inc. 0.04% 4,637 $520K No change
BP BP PLC-Spons ADR 0.04% 116,703 $499K New
FMC FMC Corp. 0.03% 13,515 $455K No change
ADM Archer-Daniels-Midland Co. 0.03% 7,090 $424K Add +0.0%

Portfolio Sells Q2 2025 → Q3 2025
VLO Valero Energy Corp. Reduce -93.7% 0.15% −1.81
LNG Cheniere Energy Inc. Reduce -13.8% 4.84% −1.30
VNOM Viper Energy Inc. Sold out 0.00% −1.07
PAGP Plains GP Holdings LP Reduce -10.0% 3.40% −0.85
PBA Pembina Pipeline Corp. Reduce -8.2% 5.29% −0.35
KMI Kinder Morgan Inc. Reduce -0.7% 3.20% −0.33
HES Hess Corp. Sold out 0.00% −0.24
EPD Enterprise Products Partners Reduce -0.1% 4.17% −0.20
WMB Williams Cos Inc. Reduce -0.3% 3.69% −0.18
WES Western Midstream Partners L Reduce -0.1% 4.09% −0.16
ARLP Alliance Resource Partners Reduce -1.5% 1.25% −0.13
PBF PBF Energy Inc. Class A Reduce -25.8% 4.10% −0.09
NUE Nucor Corp. Reduce -20.9% 0.17% −0.05
DAR Darling Ingredients Inc. Reduce -6.2% 0.07% −0.03
VST Vistra Corp. Reduce -14.8% 0.07% −0.01
CEG Constellation Energy Reduce -6.5% 0.05% −0.01
ALB Albemarle Corp. Reduce -0.1% 0.09% +0.02
SU Suncor Energy Inc. Reduce -0.2% 5.81% +0.31
PSX Phillips 66 Reduce -0.5% 4.84% +0.34

Portfolio Buys Q2 2025 → Q3 2025
MUSA Murphy USA Inc. Add +4972.5% 3.00% +2.94
CVE Cenovus Energy Inc. Add +1.9% 8.62% +1.49
VNOM Viper Energy Inc. Class A New 1.01% +1.01
MPC Marathon Petroleum Corp. Add +0.1% 4.15% +0.38
TRGP Targa Resources Corp. Add +16.3% 6.51% +0.37
CVX Chevron Corp. Add +102.9% 0.51% +0.27
B Barrick Mining Corp. Add +6.5% 0.68% +0.25
SOBO South Bow Corp. Add +0.1% 3.49% +0.12
ENB Enbridge Inc. Add +0.1% 1.80% +0.10
TRP TC Energy Corp. Add +1.0% 0.95% +0.06
BP BP PLC-Spons ADR New 0.04% +0.04
VALE Vale SA-SP ADR Add +29.9% 0.11% +0.03
ADM Archer-Daniels-Midland Co. Add +0.0% 0.03% +0.00
SHEL Shell PLC-ADR Add +1.0% 0.11% −0.00
WLK Westlake Corp. Add +0.0% 0.11% −0.00
CF CF Industries Holdings Inc. Add +0.0% 0.05% −0.00
XOM Exxon Mobil Corp. Add +0.0% 0.50% −0.00
MTDR Matador Resources Co. Add +0.0% 0.15% −0.02
OKE Oneok Inc. Add +17.6% 6.24% −0.03
DTM DT Midstream Inc. Add +0.3% 3.05% −0.07
SUN Sunoco LP Add +0.1% 3.58% −0.47
ET Energy Transfer LP Add +4.0% 6.56% −0.47

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 71$1.6BTRGP, CVE, ET, OKE, KMI
Q1 2026 67$1.7BCVE, TRGP, ET, OKE, SU
Q4 2025 71$1.4BCVE, TRGP, ET, OKE, KEY
Q3 2025 64$1.3BCVE, ET, TRGP, OKE, SU
Q2 2025 64$1.2BCVE, ET, OKE, TRGP, LNG
Q1 2025 65$1.2BET, LNG, PBA, TRGP, CVE
Q4 2024 65$1.1BET, LNG, CVE, OKE, TRGP
Q3 2024 54$1.0BET, CVE, PBA, LNG, SU
Q2 2024 51$949.9MCVE, ET, LNG, PBA, SU
Q1 2024 50$862.5MCVE, ET, ETRN, SU, PBA