Thomist Capital Management, LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 30, 2024), Thomist Capital Management, LP reported 26 stock positions worth $238.9 million. Its top holding was Peabody Energy (BTU) at 20.6% of the portfolio, followed by Algoma Steel (ASTL, 17.8%) and Marathon Petroleum (MPC, 8.9%). Compared with Q4 2023, it opened 9 new positions, sold out of 11, added to 7 and reduced 10. The biggest buy was Peabody Energy (BTU, shares +483%) and the biggest sale an exit from Murphy Oil (MUR).

Most Recent 13F
Q2 2026
Location
Houston, TX
CIK
0001767809
Portfolio Value
$238.9M (Q1 2024)
SEC Filing
0001420506-24-000662 ↗ filed Apr 30, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $238.9M $238.9M Q1 2024 Q2 2024: $276.9M Q2 2024 Q3 2024: $396.1M Q3 2024 Q4 2024: $310.6M Q4 2024 Q1 2025: $237.7M Q1 2025 Q2 2025: $165.8M Q2 2025 Q3 2025: $320.9M Q3 2025 Q4 2025: $366.6M Q4 2025 Q1 2026: $292.5M Q1 2026 Q2 2026: $271.0M Q2 2026

Holdings 26 stocks · $238.9M
BTU Peabody Energy Corp. 20.56% 2,024,769 $49.1M Add +483.0%
ASTL Algoma Steel Group Inc. 17.79% 5,007,597 $42.5M Add +100.3%
MPC Marathon Petroleum Corp. 8.92% 105,796 $21.3M Add +245.5%
SBOW Silverbow Resources Inc. 7.59% 531,020 $18.1M New
VOO Vanguard S&P 500 ETF 5.83% 28,996 $13.9M Add +152.1%
PARR Par Pacific Holdings Inc. 5.78% 372,866 $13.8M Add +176.2%
XLE SS Energy Select Sector 4.01% 101,600 $9.6M Reduce -40.4%
SGML Sigma Lithium Corp. 3.55% 654,959 $8.5M Reduce -7.2%
FCX Freeport-McMoran Inc. 2.64% 134,000 $6.3M Reduce -60.9%
TECK Teck Resources Ltd.-CLS B 2.63% 137,258 $6.3M Reduce -66.4%
GSM Ferroglobe PLC 2.52% 1,208,143 $6.0M Add +178.2%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 2.06% 59,200 $4.9M Add +14.5%
DOW Dow Inc. 1.69% 69,900 $4.0M New
BTE Baytex Energy Corp. 1.59% 1,043,500 $3.8M Reduce -35.2%
MOS The Mosaic Co. 1.43% 104,900 $3.4M New
ADM Archer-Daniels-Midland Co. 1.40% 53,362 $3.4M Reduce -37.8%
LAR Lithium Americas Argentina C 1.36% 602,785 $3.2M New
PBF PBF Energy Inc. Class A 1.35% 56,227 $3.2M Reduce -11.0%
CTVA Corteva Inc. 1.30% 54,000 $3.1M New
CRGY Crescent Energy Inc. Class A 1.27% 254,154 $3.0M New
ATLX Atlas Lithium Inc. 1.14% 160,592 $2.7M Reduce -15.6%
VLO Valero Energy Corp. 1.09% 15,300 $2.6M Reduce -55.8%
NTR Nutrien Ltd. 0.83% 36,500 $2.0M New
GEVO Gevo Inc. 0.77% 2,384,280 $1.8M New
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 0.62% 16,800 $1.5M New
TSEOQ Trinseo PLC 0.26% 165,715 $626K Reduce -23.2%

Options reported separately and not counted above: SIGMA LITHIUM CORPORATION calls ($4.5M).

Portfolio Sells Q4 2023 → Q1 2024
MUR Murphy Oil Corp. Sold out 0.00% −7.39
RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −6.67
SGML Sigma Lithium Corp. Reduce -7.2% 3.55% −6.36
TECK Teck Resources Ltd.-CLS B Reduce -66.4% 2.63% −5.05
COP Conocophillips Sold out 0.00% −4.74
FCX Freeport-McMoran Inc. Reduce -60.9% 2.64% −3.87
DINO HF Sinclair Corp. Sold out 0.00% −2.93
TAN Invesco Solar ETF Sold out 0.00% −2.49
XLE SS Energy Select Sector Reduce -40.4% 4.01% −2.31
GLD SPDR Gold Shares Sold out 0.00% −2.19
GDX Vaneck Gold Miners ETF Sold out 0.00% −2.14
ARCH Arch Resources Inc. Sold out 0.00% −1.88
ATLX Atlas Lithium Inc. Reduce -15.6% 1.14% −1.66
ADM Archer-Daniels-Midland Co. Reduce -37.8% 1.40% −1.34
TALO Talos Energy Inc. Sold out 0.00% −1.30
AMR Alpha Metallurgical Resource Sold out 0.00% −1.10
VLO Valero Energy Corp. Reduce -55.8% 1.09% −0.90
NXE Nexgen Energy Ltd. Sold out 0.00% −0.75
TSEOQ Trinseo PLC Reduce -23.2% 0.26% −0.57
BTE Baytex Energy Corp. Reduce -35.2% 1.59% −0.32
PBF PBF Energy Inc. Class A Reduce -11.0% 1.35% +0.12

Portfolio Buys Q4 2023 → Q1 2024
BTU Peabody Energy Corp. Add +483.0% 20.56% +16.78
SBOW Silverbow Resources Inc. New 7.59% +7.59
MPC Marathon Petroleum Corp. Add +245.5% 8.92% +6.93
ASTL Algoma Steel Group Inc. Add +100.3% 17.79% +6.60
VOO Vanguard S&P 500 ETF Add +152.1% 5.83% +3.61
PARR Par Pacific Holdings Inc. Add +176.2% 5.78% +3.60
DOW Dow Inc. New 1.69% +1.69
MOS The Mosaic Co. New 1.43% +1.43
LAR Lithium Americas Argentina C New 1.36% +1.36
CTVA Corteva Inc. New 1.30% +1.30
CRGY Crescent Energy Inc. Class A New 1.27% +1.27
GSM Ferroglobe PLC Add +178.2% 2.52% +1.23
NTR Nutrien Ltd. New 0.83% +0.83
GEVO Gevo Inc. New 0.77% +0.77
EXE Expand Energy Corp. New 0.62% +0.62
CF CF Industries Holdings Inc. Add +14.5% 2.06% +0.24

Options Activity Q4 2023 → Q1 2024
SIGMA LITHIUM CORPORATION call New 348,100 $4.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 38$271.0MDAR, ARIS, DHT, CNR, GPRE
Q1 2026 43$292.5MDINO, CNR, ARIS, STLD, DK
Q4 2025 58$366.6MSDRL, SOC, CNR, MPC, B
Q3 2025 59$320.9MSDRL, BG, DAR, VLO, GLD
Q2 2025 35$165.8MSDRL, CMC, HBM, DK, METC
Q1 2025 33$237.7MSDRL, SPY, DINO, SOC, HBM
Q4 2024 45$310.6MSTLD, ASTL, SDRL, CHRD, DAR
Q3 2024 28$396.1MBTU, PSX, ASTL, CIVI, SDRL
Q2 2024 35$276.9MBTU, ASTL, MPC, GSM, VOO
Q1 2024 26$238.9MBTU, ASTL, MPC, SBOW, VOO