Thomist Capital Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Thomist Capital Management, LP reported 33 stock positions worth $237.7 million. Its top holding was Seadrill (SDRL) at 17.1% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 8.0%) and HF Sinclair (DINO, 7.6%). Compared with Q4 2024, it opened 18 new positions, sold out of 30, added to 7 and reduced 8. The biggest buy was Seadrill (SDRL, shares +130%) and the biggest sale Algoma Steel (ASTL, shares −79%).

Most Recent 13F
Q2 2026
Location
Houston, TX
CIK
0001767809
Portfolio Value
$237.7M (Q1 2025)
SEC Filing
0001420506-25-001091 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $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 $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 33 stocks · $237.7M
SDRL Seadrill Limited 17.11% 1,611,825 $40.7M Add +130.1%
SPY SS SPDR S&P 500 ETF Trust-US 8.04% 34,400 $19.1M New
DINO HF Sinclair Corp. 7.63% 548,434 $18.1M Add +100.0%
SOC Sable Offshore Corp. 6.45% 591,500 $15.3M Add +97.2%
HBM Hudbay Minerals Inc. 5.45% 1,684,700 $13.0M New
GLD SPDR Gold Shares 3.94% 32,940 $9.4M Add +24.9%
DAR Darling Ingredients Inc. 3.86% 290,600 $9.2M Reduce -44.1%
GPOR Gulfport Energy Corp. 3.43% 44,566 $8.2M New
CTVA Corteva Inc. 3.33% 129,700 $7.9M New
NUE Nucor Corp. 3.26% 63,518 $7.7M Reduce -55.8%
GSM Ferroglobe PLC 3.06% 1,999,768 $7.3M Reduce -19.5%
ADM Archer-Daniels-Midland Co. 3.05% 151,300 $7.2M Reduce -29.7%
STLD Steel Dynamics Inc. 2.86% 54,818 $6.8M Reduce -82.1%
CRGY Crescent Energy Inc. Class A 2.71% 579,150 $6.5M New
CNR Core Natural Resources Inc. 2.71% 83,500 $6.4M New
MPC Marathon Petroleum Corp. 2.67% 44,000 $6.3M New
X United States Steel Corp. 2.58% 142,600 $6.1M Add +4.5%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 2.45% 14,000 $5.8M New
BG Bunge Global SA 2.17% 67,400 $5.2M New
SGML Sigma Lithium Corp. 2.15% 443,980 $5.1M Add +534.3%
LYB Lyondellbasell Indu Class A 2.05% 69,700 $4.9M New
WLK Westlake Corp. 1.92% 46,100 $4.6M New
ASTL Algoma Steel Group Inc. 1.77% 737,877 $4.2M Reduce -78.9%
SLV iShares Silver Trust 1.39% 106,590 $3.3M Reduce -5.0%
PPC Pilgrim's Pride Corp. 1.32% 58,700 $3.1M New
PARR Par Pacific Holdings Inc. 0.67% 111,789 $1.6M Add +376.4%
VTLE Vital Energy Inc. 0.47% 51,636 $1.1M New
TSN Tyson Foods Inc. Class A 0.40% 15,255 $951K New
IBIT iShares Bitcoin Trust ETF 0.39% 19,400 $923K New
CENX Century Aluminum Company 0.29% 37,646 $699K New
ATLX Atlas Lithium Inc. 0.22% 96,956 $514K Reduce -5.0%
INVX Innovex International Inc. 0.15% 20,509 $367K New
BRY Berry Corp. 0.05% 37,499 $119K New

Options reported separately and not counted above: SOC calls ($9.8M), DAR calls ($3.3M), APA calls ($1.6M), VTLE calls ($699K), X calls ($641K).

Portfolio Sells Q4 2024 → Q1 2025
ASTL Algoma Steel Group Inc. Reduce -78.9% 1.77% −9.12
STLD Steel Dynamics Inc. Reduce -82.1% 2.86% −8.35
CHRD Chord Energy Corp. Sold out 0.00% −5.94
PSX Phillips 66 Sold out 0.00% −5.35
HCC Warrior Met Coal Inc. Sold out 0.00% −3.88
BTU Peabody Energy Corp. Sold out 0.00% −3.57
CF CF Industries Holdings Inc. Sold out 0.00% −3.57
NUE Nucor Corp. Reduce -55.8% 3.26% −2.11
CLF Cleveland-Cliffs Inc. Sold out 0.00% −1.78
DAR Darling Ingredients Inc. Reduce -44.1% 3.86% −1.68
CONSOL ENERGY INC Sold out 0.00% −1.61
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −1.58
AA Alcoa Corp. Sold out 0.00% −1.56
CIVI Civitas Resources Inc. Sold out 0.00% −1.30
VLO Valero Energy Corp. Sold out 0.00% −1.21
PTEN Patterson-Uti Energy Inc. Sold out 0.00% −1.13
IPX Iperionx Ltd. - ADR Sold out 0.00% −1.12
HUN Huntsman Corp. Sold out 0.00% −0.98
HON Honeywell International Inc. Sold out 0.00% −0.96
EOG EOG Resources Inc. Sold out 0.00% −0.65
COP Conocophillips Sold out 0.00% −0.65
PR Permian Resources Corp. Class A Sold out 0.00% −0.64
FANG Diamondback Energy Inc. Sold out 0.00% −0.64
WFRD Weatherford International PL Sold out 0.00% −0.62
CDE Coeur Mining Inc. Sold out 0.00% −0.51
IREN Iren Ltd. Sold out 0.00% −0.44
ADM Archer-Daniels-Midland Co. Reduce -29.7% 3.05% −0.42
GPRE Green Plains Inc. Sold out 0.00% −0.36
NBR Nabors Industries Ltd. Sold out 0.00% −0.35
NPKI NPK International Inc. Sold out 0.00% −0.27
CVI CVR Energy Inc. Sold out 0.00% −0.25
APLD Applied Digital Corp. Sold out 0.00% −0.19
DEC Diversified Energy Co. PLC Sold out 0.00% −0.18
HUT Hut 8 Corp. Sold out 0.00% −0.16
CORZ Core Scientific Inc. Sold out 0.00% −0.16
ATLX Atlas Lithium Inc. Reduce -5.0% 0.22% +0.00
GSM Ferroglobe PLC Reduce -19.5% 3.06% +0.04
SLV iShares Silver Trust Reduce -5.0% 1.39% +0.44

Portfolio Buys Q4 2024 → Q1 2025
SDRL Seadrill Limited Add +130.1% 17.11% +8.46
SPY SS SPDR S&P 500 ETF Trust-US New 8.04% +8.04
HBM Hudbay Minerals Inc. New 5.45% +5.45
DINO HF Sinclair Corp. Add +100.0% 7.63% +4.59
SOC Sable Offshore Corp. Add +97.2% 6.45% +4.17
GPOR Gulfport Energy Corp. New 3.43% +3.43
CTVA Corteva Inc. New 3.33% +3.33
CRGY Crescent Energy Inc. Class A New 2.71% +2.71
CNR Core Natural Resources Inc. New 2.71% +2.71
MPC Marathon Petroleum Corp. New 2.67% +2.67
DIA SS SPDR Dow Jones Indus Avg New 2.45% +2.45
BG Bunge Global SA New 2.17% +2.17
LYB Lyondellbasell Indu Class A New 2.05% +2.05
WLK Westlake Corp. New 1.92% +1.92
SGML Sigma Lithium Corp. Add +534.3% 2.15% +1.90
GLD SPDR Gold Shares Add +24.9% 3.94% +1.89
PPC Pilgrim's Pride Corp. New 1.32% +1.32
X United States Steel Corp. Add +4.5% 2.58% +1.22
PARR Par Pacific Holdings Inc. Add +376.4% 0.67% +0.55
VTLE Vital Energy Inc. New 0.47% +0.47
TSN Tyson Foods Inc. Class A New 0.40% +0.40
IBIT iShares Bitcoin Trust ETF New 0.39% +0.39
CENX Century Aluminum Company New 0.29% +0.29
INVX Innovex International Inc. New 0.15% +0.15
BRY Berry Corp. New 0.05% +0.05

Options Activity Q4 2024 → Q1 2025
WARRIOR MET COAL INC call Sold out 588,900 $32.2Mbefore exit
NUCOR CORP call Sold out 146,100 $16.9Mbefore exit
STEEL DYNAMICS INC call Sold out 139,600 $15.9Mbefore exit
SOC Sable Offshore Corp. call New 500,000 $9.8M
CNX RES CORP call Sold out 200,000 $7.4Mbefore exit
DAR Darling Ingredients Inc. call New 100,000 $3.3M
DARLING INGREDIENTS INC call Sold out 50,000 $1.6Mbefore exit
APA Apa Corp. call New 100,000 $1.6M
VTLE Vital Energy Inc. call New 50,000 $699K
X United States Steel Corp. call New 15,100 $641K

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