Thomist Capital Management, LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Thomist Capital Management, LP reported 28 stock positions worth $396.1 million . Its top holding was Peabody Energy (BTU) at 42.0% of the portfolio, followed by Phillips 66 (PSX, 11.4% ) and Algoma Steel (ASTL, 9.5% ). Compared with Q2 2024, it opened 10 new positions, sold out of 17, added to 8 and reduced 8. The biggest buy was Peabody Energy (BTU, shares +201% ) and the biggest sale an exit from Marathon Petroleum (MPC).
Location Houston, TX
CIK 0001767809
Portfolio Value $396.1M (Q3 2024) Holdings 28 stocks · $396.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 BTU Peabody Energy Corp. 6,394,172 $166.2M Add +200.7% PSX Phillips 66 344,500 $45.1M Add +220.8% ASTL Algoma Steel Group Inc. 3,635,111 $37.5M Reduce -27.0% CIVI Civitas Resources Inc. 368,300 $18.9M Add +420.6% SDRL Seadrill Limited 435,620 $17.6M New GSM Ferroglobe PLC 3,319,870 $15.2M Add +6.0% GLD SPDR Gold Shares 55,474 $13.6M Add +68.8% DINO HF Sinclair Corp. 267,500 $12.1M New VOO Vanguard S&P 500 ETF 20,912 $11.0M Reduce -30.7% SOC Sable Offshore Corp. 300,000 $7.1M New HUN Huntsman Corp. 244,900 $6.0M New PARR Par Pacific Holdings Inc. 316,248 $5.6M Reduce -43.5% URA Global X Uranium ETF 164,356 $4.8M New XLE SS Energy Select Sector 46,700 $4.1M Reduce -59.9% SGML Sigma Lithium Corp. 285,381 $3.6M Add +2.0% APLD Applied Digital Corp. 396,656 $3.2M Reduce -6.7% GPRE Green Plains Inc. 227,400 $3.1M Add +268.6% ADM Archer-Daniels-Midland Co. 49,800 $3.0M New AA Alcoa Corp. 73,900 $2.9M Add +9.0% TSN Tyson Foods Inc. Class A 46,000 $2.7M Reduce -57.0% CLF Cleveland-Cliffs Inc. 202,378 $2.6M New WLK Westlake Corp. 13,800 $2.1M New CDE Coeur Mining Inc. 280,000 $2.0M No change TDW Tidewater Inc. 22,500 $1.6M New VTLE Vital Energy Inc. 47,500 $1.3M Reduce -79.5% DAR Darling Ingredients Inc. 29,300 $1.1M Reduce -78.8% ATLX Atlas Lithium Inc. 147,796 $1.1M No change STNG Scorpio Tankers Inc. 14,100 $1.0M New
Options reported separately and not counted above: PEABODY ENERGY CORP calls ($114.1M).
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ MPC Marathon Petroleum Corp. Sold out 0.00% −12.91 ASTL Algoma Steel Group Inc. Reduce -27.0% 9.46% −6.22 VTLE Vital Energy Inc. Reduce -79.5% 0.32% −3.45 SBOW Silverbow Resources Inc. Sold out 0.00% −3.33 PARR Par Pacific Holdings Inc. Reduce -43.5% 1.43% −3.30 XLE SS Energy Select Sector Reduce -59.9% 1.03% −2.84 VOO Vanguard S&P 500 ETF Reduce -30.7% 2.77% −2.78 TSN Tyson Foods Inc. Class A Reduce -57.0% 0.69% −1.60 DAR Darling Ingredients Inc. Reduce -78.8% 0.28% −1.57 DO Diamond Offshore Drilling Inc. Sold out 0.00% −1.27 NE Noble Corp. PLC Sold out 0.00% −0.91 GDX Vaneck Gold Miners ETF Sold out 0.00% −0.91 MUR Murphy Oil Corp. Sold out 0.00% −0.89 SERV Serve Robotics Inc. Sold out 0.00% −0.73 ALB Albemarle Corp. Sold out 0.00% −0.59 EXE Expand Energy Corp. Sold out 0.00% −0.49 BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.47 NPWR Net Power Inc. Sold out 0.00% −0.39 GEVO Gevo Inc. Sold out 0.00% −0.30 SCCO Southern Copper Corp. Sold out 0.00% −0.24 RIOT Riot Platforms Inc. Sold out 0.00% −0.21 SDIG Stronghold Digital Mining-A Sold out 0.00% −0.18 ENLC Enlink Midstream LLC Sold out 0.00% −0.09 PLL Piedmont Lithium Inc. Sold out 0.00% −0.06 APLD Applied Digital Corp. Reduce -6.7% 0.82% +0.02
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ BTU Peabody Energy Corp. Add +200.7% 41.97% +24.61 PSX Phillips 66 Add +220.8% 11.40% +5.99 SDRL Seadrill Limited New 4.44% +4.44 DINO HF Sinclair Corp. New 3.06% +3.06 CIVI Civitas Resources Inc. Add +420.6% 4.76% +2.94 SOC Sable Offshore Corp. New 1.79% +1.79 HUN Huntsman Corp. New 1.52% +1.52 URA Global X Uranium ETF New 1.21% +1.21 GLD SPDR Gold Shares Add +68.8% 3.43% +0.80 ADM Archer-Daniels-Midland Co. New 0.75% +0.75 CLF Cleveland-Cliffs Inc. New 0.65% +0.65 WLK Westlake Corp. New 0.52% +0.52 GPRE Green Plains Inc. Add +268.6% 0.78% +0.41 TDW Tidewater Inc. New 0.41% +0.41 STNG Scorpio Tankers Inc. New 0.26% +0.26 AA Alcoa Corp. Add +9.0% 0.73% −0.11 SGML Sigma Lithium Corp. Add +2.0% 0.91% −0.33 GSM Ferroglobe PLC Add +6.0% 3.84% −2.67
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ PEABODY ENERGY CORP call New 4,300,000 $114.1M BTU Peabody Energy Corp. call Sold out 100,000 $2.2Mbefore exit CLF Cleveland-Cliffs Inc. call Sold out 80,000 $1.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 38 $271.0M DAR, ARIS, DHT, CNR, GPRE Q1 2026 43 $292.5M DINO, CNR, ARIS, STLD, DK Q4 2025 58 $366.6M SDRL, SOC, CNR, MPC, B Q3 2025 59 $320.9M SDRL, BG, DAR, VLO, GLD Q2 2025 35 $165.8M SDRL, CMC, HBM, DK, METC Q1 2025 33 $237.7M SDRL, SPY, DINO, SOC, HBM Q4 2024 45 $310.6M STLD, ASTL, SDRL, CHRD, DAR Q3 2024 28 $396.1M BTU, PSX, ASTL, CIVI, SDRL Q2 2024 35 $276.9M BTU, ASTL, MPC, GSM, VOO Q1 2024 26 $238.9M BTU, ASTL, MPC, SBOW, VOO