Thomist Capital Management, LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Thomist Capital Management, LP reported 45 stock positions worth $310.6 million . Its top holding was Steel Dynamics (STLD) at 11.2% of the portfolio, followed by Algoma Steel (ASTL, 10.9% ) and Seadrill (SDRL, 8.6% ). Compared with Q3 2024, it opened 25 new positions, sold out of 8, added to 6 and reduced 12. The biggest buy was a new position in Steel Dynamics (STLD) and the biggest sale Peabody Energy (BTU, shares −92% ).
Location Houston, TX
CIK 0001767809
Portfolio Value $310.6M (Q4 2024) Holdings 45 stocks · $310.6M 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 Q3 2024 STLD Steel Dynamics Inc. 305,700 $34.8M New ASTL Algoma Steel Group Inc. 3,497,531 $33.8M Reduce -3.8% SDRL Seadrill Limited 700,448 $26.9M Add +60.8% CHRD Chord Energy Corp. 161,300 $18.4M New DAR Darling Ingredients Inc. 520,354 $17.2M Add +1676.0% NUE Nucor Corp. 143,700 $16.7M New PSX Phillips 66 148,500 $16.6M Reduce -56.9% HCC Warrior Met Coal Inc. 220,682 $12.0M New BTU Peabody Energy Corp. 533,817 $11.1M Reduce -91.7% CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 131,700 $11.1M New ADM Archer-Daniels-Midland Co. 215,190 $10.8M Add +332.1% DINO HF Sinclair Corp. 274,158 $9.4M Add +2.5% GSM Ferroglobe PLC 2,482,895 $9.4M Reduce -25.2% SOC Sable Offshore Corp. 300,000 $7.1M No change GLD SPDR Gold Shares 26,374 $6.3M Reduce -52.5% CLF Cleveland-Cliffs Inc. 590,300 $5.5M Add +191.7% CONSOL ENERGY INC 47,341 $5.0M New XOP SS SPDR S&P Og Exp & Prod 37,464 $4.9M New AA Alcoa Corp. 130,100 $4.8M Add +76.0% X United States Steel Corp. 136,400 $4.2M New CIVI Civitas Resources Inc. 90,600 $4.0M Reduce -75.4% VLO Valero Energy Corp. 31,500 $3.8M New PTEN Patterson-Uti Energy Inc. 431,625 $3.5M New IPX Iperionx Ltd. - ADR 939,088 $3.5M New HUN Huntsman Corp. 172,900 $3.0M Reduce -29.4% HON Honeywell International Inc. 13,100 $3.0M New SLV iShares Silver Trust 112,200 $3.0M New EOG EOG Resources Inc. 16,600 $2.0M New COP Conocophillips 20,300 $2.0M New PR Permian Resources Corp. Class A 138,500 $2.0M New FANG Diamondback Energy Inc. 12,200 $2.0M New WFRD Weatherford International PL 27,800 $1.9M New CDE Coeur Mining Inc. 280,000 $1.6M No change IREN Iren Ltd. filed as IREN LIMITED 139,000 $1.4M New GPRE Green Plains Inc. 126,033 $1.1M Reduce -44.6% NBR Nabors Industries Ltd. 20,000 $1.1M New NPKI NPK International Inc. 110,700 $825K New CVI CVR Energy Inc. 42,100 $781K New SGML Sigma Lithium Corp. 70,000 $773K Reduce -75.5% ATLX Atlas Lithium Inc. 102,058 $662K Reduce -30.9% APLD Applied Digital Corp. 74,756 $596K Reduce -81.2% DEC Diversified Energy Co. PLC 32,700 $547K New HUT Hut 8 Corp. 24,200 $502K New CORZ Core Scientific Inc. 35,360 $491K New PARR Par Pacific Holdings Inc. 23,468 $378K Reduce -92.6%
Options reported separately and not counted above: WARRIOR MET COAL INC calls ($32.2M), NUCOR CORP calls ($16.9M), STEEL DYNAMICS INC calls ($15.9M), CNX RES CORP calls ($7.4M), DARLING INGREDIENTS INC calls ($1.6M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BTU Peabody Energy Corp. Reduce -91.7% 3.57% −38.40 PSX Phillips 66 Reduce -56.9% 5.35% −6.04 CIVI Civitas Resources Inc. Reduce -75.4% 1.30% −3.46 VOO Vanguard S&P 500 ETF Sold out 0.00% −2.77 GLD SPDR Gold Shares Reduce -52.5% 2.04% −1.39 PARR Par Pacific Holdings Inc. Reduce -92.6% 0.12% −1.30 URA Global X Uranium ETF Sold out 0.00% −1.21 XLE SS Energy Select Sector Sold out 0.00% −1.03 GSM Ferroglobe PLC Reduce -25.2% 3.02% −0.82 TSN Tyson Foods Inc. Class A Sold out 0.00% −0.69 SGML Sigma Lithium Corp. Reduce -75.5% 0.25% −0.66 APLD Applied Digital Corp. Reduce -81.2% 0.19% −0.63 HUN Huntsman Corp. Reduce -29.4% 0.98% −0.54 WLK Westlake Corp. Sold out 0.00% −0.52 GPRE Green Plains Inc. Reduce -44.6% 0.36% −0.42 TDW Tidewater Inc. Sold out 0.00% −0.41 VTLE Vital Energy Inc. Sold out 0.00% −0.32 STNG Scorpio Tankers Inc. Sold out 0.00% −0.26 ATLX Atlas Lithium Inc. Reduce -30.9% 0.21% −0.05 ASTL Algoma Steel Group Inc. Reduce -3.8% 10.89% +1.43
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ STLD Steel Dynamics Inc. New 11.20% +11.20 CHRD Chord Energy Corp. New 5.94% +5.94 NUE Nucor Corp. New 5.37% +5.37 DAR Darling Ingredients Inc. Add +1676.0% 5.54% +5.26 SDRL Seadrill Limited Add +60.8% 8.65% +4.21 HCC Warrior Met Coal Inc. New 3.88% +3.88 CF CF Industries Holdings Inc. New 3.57% +3.57 ADM Archer-Daniels-Midland Co. Add +332.1% 3.47% +2.72 CONSOL ENERGY INC New 1.61% +1.61 XOP SS SPDR S&P Og Exp & Prod New 1.58% +1.58 X United States Steel Corp. New 1.36% +1.36 VLO Valero Energy Corp. New 1.21% +1.21 PTEN Patterson-Uti Energy Inc. New 1.13% +1.13 CLF Cleveland-Cliffs Inc. Add +191.7% 1.78% +1.13 IPX Iperionx Ltd. - ADR New 1.12% +1.12 HON Honeywell International Inc. New 0.96% +0.96 SLV iShares Silver Trust New 0.95% +0.95 AA Alcoa Corp. Add +76.0% 1.56% +0.82 EOG EOG Resources Inc. New 0.65% +0.65 COP Conocophillips New 0.65% +0.65 PR Permian Resources Corp. Class A New 0.64% +0.64 FANG Diamondback Energy Inc. New 0.64% +0.64 WFRD Weatherford International PL New 0.62% +0.62 IREN Iren Ltd. New 0.44% +0.44 NBR Nabors Industries Ltd. New 0.35% +0.35 NPKI NPK International Inc. New 0.27% +0.27 CVI CVR Energy Inc. New 0.25% +0.25 DEC Diversified Energy Co. PLC New 0.18% +0.18 HUT Hut 8 Corp. New 0.16% +0.16 CORZ Core Scientific Inc. New 0.16% +0.16 DINO HF Sinclair Corp. Add +2.5% 3.04% −0.02
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ PEABODY ENERGY CORP call Sold out 4,300,000 $114.1Mbefore exit WARRIOR MET COAL INC call New 588,900 $32.2M NUCOR CORP call New 146,100 $16.9M STEEL DYNAMICS INC call New 139,600 $15.9M CNX RES CORP call New 200,000 $7.4M DARLING INGREDIENTS INC call New 50,000 $1.6M
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