Thomist Capital Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Thomist Capital Management, LP reported 58 stock positions worth $366.6 million . Its top holding was Seadrill (SDRL) at 17.3% of the portfolio, followed by Sable Offshore (SOC, 5.8% ) and Core Natural Resources (CNR, 5.7% ). Compared with Q3 2025, it opened 27 new positions, sold out of 28, added to 21 and reduced 10. The biggest buy was a new position in Sable Offshore (SOC) and the biggest sale an exit from Valero Energy (VLO).
Location Houston, TX
CIK 0001767809
Portfolio Value $366.6M (Q4 2025) Holdings 58 stocks · $366.6M 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 2025 SDRL Seadrill Limited 1,835,718 $63.4M Add +44.6% SOC Sable Offshore Corp. 1,818,181 $21.3M New CNR Core Natural Resources Inc. 234,000 $20.7M New MPC Marathon Petroleum Corp. 96,100 $15.7M New B Barrick Mining Corp. 330,600 $14.6M Add +62.9% AMPY Amplify Energy Corp. 3,147,130 $14.6M New NUE Nucor Corp. 86,500 $14.3M Add +383.2% DINO HF Sinclair Corp. 308,082 $14.3M Reduce -1.4% DAR Darling Ingredients Inc. 360,803 $13.2M Reduce -45.9% HBM Hudbay Minerals Inc. 599,600 $11.9M New OLN Olin Corp. 505,833 $10.6M Reduce -18.9% LIN Linde PLC 24,350 $10.4M New SM SM Energy Co. 552,905 $10.4M New BTE Baytex Energy Corp. 2,980,698 $9.7M New VLRS Controladora Vuela Cia-ADR 1,009,652 $8.9M Add +3.9% WLK Westlake Corp. 111,900 $8.4M Add +142.2% IAG Iamgold Corp. 493,625 $8.3M Reduce -53.0% SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 555,935 $8.0M Add +1864.4% GPRE Green Plains Inc. 747,192 $7.3M Add +619.8% GSM Ferroglobe PLC 1,450,407 $6.7M Reduce -3.0% KRSP.U Rice Acquisition Corp. 3 500,000 $5.2M New PSX Phillips 66 38,900 $5.0M New CVI CVR Energy Inc. 199,200 $5.0M New GLD SPDR Gold Shares 12,150 $4.8M Reduce -74.8% LUV Southwest Airlines Co. 102,860 $4.2M Add +85.6% KRE SS SPDR S&P Regional Bank 62,500 $4.1M Reduce -70.8% CENX Century Aluminum Company 100,000 $4.0M Add +19.1% AESI Atlas Energy Solutions Inc. 407,316 $3.9M New VTWO Vanguard Russell 2000 ETF 35,710 $3.6M Add +760.3% INR Infinity Natural Resour Class A 202,795 $3.1M New BG Bunge Global SA 33,600 $3.0M Reduce -87.4% CC The Chemours Co. 245,400 $2.9M New LBRT Liberty Energy Inc. 117,713 $2.2M New OIS Oil States International Inc. filed as OIL STS INTL INC 288,084 $2.0M New WGO Winnebago Industries 46,700 $1.9M Add +36.1% THO Thor Industries Inc. 18,360 $1.9M Add +108.2% SLV iShares Silver Trust 26,100 $1.8M New PII Polaris Inc. 25,048 $1.6M Add +7.1% CWH Camping World Holdings Inc. Class A 163,980 $1.6M Add +113.3% CPA Copa Holdings SA Class A 11,660 $1.4M Add +139.2% SPHR Sphere Entertainment Co. 14,270 $1.4M Add +186.0% ALB Albemarle Corp. 8,500 $1.2M New UAL United Airlines Holdings Inc. 9,710 $1.1M New IGV iShares Expanded Tech-Softwa 9,300 $995K New RGR Sturm Ruger & Co. Inc. 22,940 $746K Add +154.9% HUT Hut 8 Corp. 13,600 $629K New CRWV Coreweave Inc. Class A 7,400 $547K New APLD Applied Digital Corp. 21,700 $523K Add +55.0% ORCL Oracle Corp. 2,600 $513K New AAL American Airlines Group Inc. 31,580 $483K New SKYW Skywest Inc. 4,710 $476K Reduce -15.1% VIK Viking Holdings Ltd. 5,710 $412K New NCLH Norwegian Cruise Line Holdin 14,809 $332K Add +16.5% EVEX Eve Holding Inc. filed as EVE HLDG INC 80,880 $322K Add +66.4% PARR Par Pacific Holdings Inc. 8,423 $299K Reduce -84.5% LIND Lindblad Expeditions Holding 19,800 $287K New EVLV Evolv Technologies Holdings 34,090 $241K Add +95.9% MTN Vail Resorts Inc. 1,700 $226K New
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T calls ($34.1M), ORACLE CORP calls ($28.6M), SPDR SERIES TRUST calls ($22.6M), ISHARES BITCOIN TRUST ETF calls ($8.9M), ADVANCED MICRO DEVICES INC calls ($6.4M), ATLAS ENERGY SOLUTIONS INC calls ($3.3M), SABLE OFFSHORE CORP calls ($451K).
Portfolio Sells Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▲ VLO Valero Energy Corp. Sold out 0.00% −6.16 BG Bunge Global SA Reduce -87.4% 0.82% −6.03 GLD SPDR Gold Shares Reduce -74.8% 1.32% −3.98 RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −3.58 KRE SS SPDR S&P Regional Bank Reduce -70.8% 1.12% −3.13 ARIS Aris Mining Corp. Sold out 0.00% −3.12 DAR Darling Ingredients Inc. Reduce -45.9% 3.59% −2.78 ADM Archer-Daniels-Midland Co. Sold out 0.00% −2.39 TSN Tyson Foods Inc. Class A Sold out 0.00% −2.22 BTU Peabody Energy Corp. Sold out 0.00% −2.07 SHW The Sherwin-Williams Co. Sold out 0.00% −2.00 IAG Iamgold Corp. Reduce -53.0% 2.26% −1.94 STLD Steel Dynamics Inc. Sold out 0.00% −1.94 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −1.88 OLN Olin Corp. Reduce -18.9% 2.89% −1.85 SCCO Southern Copper Corp. Sold out 0.00% −1.84 AMZN Amazon.com Inc. Sold out 0.00% −1.59 EXE Expand Energy Corp. Sold out 0.00% −1.39 RRC Range Resources Corp. Sold out 0.00% −1.35 DINO HF Sinclair Corp. Reduce -1.4% 3.89% −1.22 SGML Sigma Lithium Corp. Sold out 0.00% −1.21 AR Antero Resources Corp. Sold out 0.00% −0.68 EQT Eqt Corp. Sold out 0.00% −0.66 CIVI Civitas Resources Inc. Sold out 0.00% −0.64 GPOR Gulfport Energy Corp. Sold out 0.00% −0.63 PARR Par Pacific Holdings Inc. Reduce -84.5% 0.08% −0.52 HOG Harley-Davidson Inc. Sold out 0.00% −0.52 CMC Commercial Metals Co. Sold out 0.00% −0.40 INVX Innovex International Inc. Sold out 0.00% −0.35 XHB SS SPDR S&P Homebldrs ETF Sold out 0.00% −0.31 DOO BRP Inc./Ca- Sub Voting Sold out 0.00% −0.26 RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −0.26 SLSR Solaris Resources Inc. Sold out 0.00% −0.25 LTM Latam Airlines Group SA-ADR Sold out 0.00% −0.25 SD Sandridge Energy Inc. Sold out 0.00% −0.21 GSM Ferroglobe PLC Reduce -3.0% 1.83% −0.20 WBI Waterbridge Infrastruc Class A Sold out 0.00% −0.08 SKYW Skywest Inc. Reduce -15.1% 0.13% −0.04
Portfolio Buys Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▼ SOC Sable Offshore Corp. New 5.82% +5.82 CNR Core Natural Resources Inc. New 5.66% +5.66 SDRL Seadrill Limited Add +44.6% 17.29% +5.22 MPC Marathon Petroleum Corp. New 4.29% +4.29 AMPY Amplify Energy Corp. New 3.97% +3.97 HBM Hudbay Minerals Inc. New 3.25% +3.25 NUE Nucor Corp. Add +383.2% 3.89% +3.13 LIN Linde PLC New 2.85% +2.85 SM SM Energy Co. New 2.83% +2.83 BTE Baytex Energy Corp. New 2.63% +2.63 SNCY Sun Country Airlines Holding Add +1864.4% 2.18% +2.08 B Barrick Mining Corp. Add +62.9% 3.99% +1.89 GPRE Green Plains Inc. Add +619.8% 1.98% +1.69 KRSP.U Rice Acquisition Corp. 3 New 1.42% +1.42 PSX Phillips 66 New 1.37% +1.37 CVI CVR Energy Inc. New 1.37% +1.37 WLK Westlake Corp. Add +142.2% 2.28% +1.17 AESI Atlas Energy Solutions Inc. New 1.06% +1.06 VTWO Vanguard Russell 2000 ETF Add +760.3% 0.98% +0.85 INR Infinity Natural Resour Class A New 0.84% +0.84 CC The Chemours Co. New 0.79% +0.79 LBRT Liberty Energy Inc. New 0.60% +0.60 LUV Southwest Airlines Co. Add +85.6% 1.16% +0.59 OIS Oil States International Inc. New 0.54% +0.54 SLV iShares Silver Trust New 0.49% +0.49 VLRS Controladora Vuela Cia-ADR Add +3.9% 2.43% +0.37 ALB Albemarle Corp. New 0.33% +0.33 CENX Century Aluminum Company Add +19.1% 1.08% +0.31 UAL United Airlines Holdings Inc. New 0.29% +0.29 SPHR Sphere Entertainment Co. Add +186.0% 0.38% +0.28 IGV iShares Expanded Tech-Softwa New 0.27% +0.27 THO Thor Industries Inc. Add +108.2% 0.52% +0.23 CPA Copa Holdings SA Class A Add +139.2% 0.38% +0.20 HUT Hut 8 Corp. New 0.17% +0.17 WGO Winnebago Industries Add +36.1% 0.52% +0.16 CRWV Coreweave Inc. Class A New 0.15% +0.15 ORCL Oracle Corp. New 0.14% +0.14 AAL American Airlines Group Inc. New 0.13% +0.13 VIK Viking Holdings Ltd. New 0.11% +0.11 RGR Sturm Ruger & Co. Inc. Add +154.9% 0.20% +0.08 LIND Lindblad Expeditions Holding New 0.08% +0.08 MTN Vail Resorts Inc. New 0.06% +0.06 CWH Camping World Holdings Inc. Class A Add +113.3% 0.44% +0.05 APLD Applied Digital Corp. Add +55.0% 0.14% +0.05 EVEX Eve Holding Inc. Add +66.4% 0.09% +0.03 EVLV Evolv Technologies Holdings Add +95.9% 0.07% +0.02 PII Polaris Inc. Add +7.1% 0.44% +0.01 NCLH Norwegian Cruise Line Holdin Add +16.5% 0.09% −0.01
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NUTRIEN LTD put Sold out 813,000 $47.7Mbefore exit STATE STR SPDR S&P 500 ETF T call New 50,000 $34.1M STATE STR SPDR S&P 500 ETF T put Sold out 50,000 $33.3Mbefore exit ORACLE CORP call New 146,500 $28.6M SPDR SERIES TRUST call Reduce -59.9% 348,900 $22.6M ISHARES BITCOIN TRUST ETF call New 180,000 $8.9M BUNGE GLOBAL SA call Sold out 100,000 $8.1Mbefore exit AMPLIFY ENERGY CORP NEW call Sold out 1,500,000 $7.9Mbefore exit ADVANCED MICRO DEVICES INC call New 30,000 $6.4M CLEVELAND-CLIFFS INC NEW call Sold out 500,300 $6.1Mbefore exit IREN LIMITED put Sold out 130,000 $6.1Mbefore exit ATLAS ENERGY SOLUTIONS INC call New 350,000 $3.3M HUNTSMAN CORP call Sold out 300,000 $2.7Mbefore exit OLIN CORP call Sold out 100,000 $2.5Mbefore exit TRONOX HOLDINGS PLC call Sold out 500,000 $2.0Mbefore exit PLUG PWR INC put Sold out 800,000 $1.9Mbefore exit HYLIION HOLDINGS CORP call Sold out 927,600 $1.8Mbefore exit TERAWULF INC put Sold out 150,000 $1.7Mbefore exit OKLO INC put Sold out 15,100 $1.7Mbefore exit COREWEAVE INC put Sold out 10,000 $1.4Mbefore exit CIPHER MINING INC put Sold out 100,000 $1.3Mbefore exit SABLE OFFSHORE CORP call Reduce -79.2% 50,000 $451K
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