Thomist Capital Management, LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Thomist Capital Management, LP reported 43 stock positions worth $292.5 million. Its top holding was HF Sinclair (DINO) at 12.1% of the portfolio, followed by Core Natural Resources (CNR, 8.0%) and Aris Mining (ARIS, 7.3%). Compared with Q4 2025, it opened 28 new positions, sold out of 43, added to 8 and reduced 7. The biggest buy was HF Sinclair (DINO, shares +84%) and the biggest sale an exit from Seadrill (SDRL).

Most Recent 13F
Q2 2026
Location
Houston, TX
CIK
0001767809
Portfolio Value
$292.5M (Q1 2026)
SEC Filing
0001420506-26-001081 ↗ filed May 15, 2026

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 Q1 2025 Q2 2025: $165.8M Q2 2025 Q3 2025: $320.9M Q3 2025 Q4 2025: $366.6M Q4 2025 Q1 2026: $292.5M $292.5M Q1 2026 Q2 2026: $271.0M Q2 2026

Holdings 43 stocks · $292.5M
DINO HF Sinclair Corp. 12.08% 566,090 $35.3M Add +83.8%
CNR Core Natural Resources Inc. 8.05% 224,799 $23.5M Reduce -3.9%
ARIS Aris Mining Corp. 7.29% 1,147,572 $21.3M New
STLD Steel Dynamics Inc. 6.48% 105,300 $19.0M New
DK Delek US Holdings Inc. 5.75% 372,937 $16.8M New
SSRM SSR Mining Inc. 5.52% 548,900 $16.1M New
EQX Equinox Gold Corp. 4.40% 890,919 $12.9M New
VLRS Controladora Vuela Cia-ADR 3.81% 1,539,094 $11.1M Add +52.4%
PR Permian Resources Corp. Class A 3.73% 511,346 $10.9M New
LUV Southwest Airlines Co. 3.70% 288,001 $10.8M Add +180.0%
VOO Vanguard S&P 500 ETF 3.47% 17,000 $10.2M New
RGLD Royal Gold Inc. 3.24% 37,262 $9.5M New
WLK Westlake Corp. 2.92% 73,000 $8.5M Reduce -34.8%
BTE Baytex Energy Corp. 2.88% 1,885,306 $8.4M Reduce -36.8%
BTU Peabody Energy Corp. 2.61% 231,553 $7.6M New
EMN Eastman Chemical Co. 2.21% 84,700 $6.5M New
KRSP.U Rice Acquisition Corp. 3 1.84% 506,329 $5.4M Add +1.3%
STNG Scorpio Tankers Inc. 1.58% 61,855 $4.6M New
GSM Ferroglobe PLC 1.53% 1,083,764 $4.5M Reduce -25.3%
DHT DHT Holdings Inc. 1.51% 241,696 $4.4M New
OLN Olin Corp. 1.36% 134,000 $4.0M Reduce -73.5%
PII Polaris Inc. 1.28% 68,785 $3.7M Add +174.6%
RYAAY Ryanair Holdings PLC-SP ADR 1.09% 54,980 $3.2M New
CWH Camping World Holdings Inc. Class A 1.07% 457,270 $3.1M Add +178.9%
DOO BRP Inc./Ca- Sub Voting 0.98% 40,085 $2.9M New
HOG Harley-Davidson Inc. 0.97% 140,600 $2.8M New
PARR Par Pacific Holdings Inc. 0.96% 44,750 $2.8M Add +431.3%
ECO Okeanis Eco Tankers Corp. 0.95% 55,100 $2.8M New
KOS Kosmos Energy Ltd. 0.88% 927,209 $2.6M New
OSISKO DEVELOPMENT CORP 0.88% 790,000 $2.6M New
LNG Cheniere Energy Inc. 0.79% 8,100 $2.3M New
NAT Nordic American Tankers Ltd. 0.68% 338,900 $2.0M New
NVDA Nvidia Corp. 0.49% 8,140 $1.4M New
HUT Hut 8 Corp. 0.47% 29,575 $1.4M Add +117.5%
SLSR Solaris Resources Inc. 0.45% 154,632 $1.3M New
RNGR Ranger Energy Services Class A 0.43% 73,881 $1.3M New
ALK Alaska Air Group Inc. 0.36% 28,430 $1.0M New
XPRO Expro Group Holdings NV 0.33% 54,600 $951K New
RIOT Riot Platforms Inc. 0.29% 67,500 $834K New
AMPY Amplify Energy Corp. 0.28% 130,842 $816K Reduce -95.8%
IREN Iren Ltd. filed as IREN LIMITED 0.24% 20,500 $703K New
FF Futurefuel Corp. 0.12% 94,883 $365K New
INR Infinity Natural Resour Class A 0.07% 11,770 $207K Reduce -94.2%

Options reported separately and not counted above: DARLING INGREDIENTS INC calls ($27.8M), CF INDS HLDGS INC puts ($19.5M), FREEPORT MCMORAN INC calls ($8.8M), BUNGE GLOBAL SA calls ($6.5M), HF SINCLAIR CORP calls ($4.4M), VANECK ETF TRUST calls ($2.8M), FUTUREFUEL CORP calls ($2.7M), DELEK US HLDGS INC NEW calls ($2.3M), B2GOLD CORP calls ($1.1M), MP MATERIALS CORP calls ($965K), JETBLUE AIRWAYS CORP calls ($853K), ADVANCED MICRO DEVICES INC calls ($712K), and 2 more.

Portfolio Sells Q4 2025 → Q1 2026
SDRL Seadrill Limited Sold out 0.00% −17.29
SOC Sable Offshore Corp. Sold out 0.00% −5.82
MPC Marathon Petroleum Corp. Sold out 0.00% −4.29
B Barrick Mining Corp. Sold out 0.00% −3.99
NUE Nucor Corp. Sold out 0.00% −3.89
AMPY Amplify Energy Corp. Reduce -95.8% 0.28% −3.70
DAR Darling Ingredients Inc. Sold out 0.00% −3.59
HBM Hudbay Minerals Inc. Sold out 0.00% −3.25
LIN Linde PLC Sold out 0.00% −2.85
SM SM Energy Co. Sold out 0.00% −2.83
IAG Iamgold Corp. Sold out 0.00% −2.26
SNCY Sun Country Airlines Holding Sold out 0.00% −2.18
GPRE Green Plains Inc. Sold out 0.00% −1.98
OLN Olin Corp. Reduce -73.5% 1.36% −1.53
PSX Phillips 66 Sold out 0.00% −1.37
CVI CVR Energy Inc. Sold out 0.00% −1.37
GLD SPDR Gold Shares Sold out 0.00% −1.32
KRE SS SPDR S&P Regional Bank Sold out 0.00% −1.12
CENX Century Aluminum Company Sold out 0.00% −1.08
AESI Atlas Energy Solutions Inc. Sold out 0.00% −1.06
VTWO Vanguard Russell 2000 ETF Sold out 0.00% −0.98
BG Bunge Global SA Sold out 0.00% −0.82
CC The Chemours Co. Sold out 0.00% −0.79
INR Infinity Natural Resour Class A Reduce -94.2% 0.07% −0.77
LBRT Liberty Energy Inc. Sold out 0.00% −0.60
OIS Oil States International Inc. Sold out 0.00% −0.54
WGO Winnebago Industries Sold out 0.00% −0.52
THO Thor Industries Inc. Sold out 0.00% −0.52
SLV iShares Silver Trust Sold out 0.00% −0.49
CPA Copa Holdings SA Class A Sold out 0.00% −0.38
SPHR Sphere Entertainment Co. Sold out 0.00% −0.38
ALB Albemarle Corp. Sold out 0.00% −0.33
GSM Ferroglobe PLC Reduce -25.3% 1.53% −0.30
UAL United Airlines Holdings Inc. Sold out 0.00% −0.29
IGV iShares Expanded Tech-Softwa Sold out 0.00% −0.27
RGR Sturm Ruger & Co. Inc. Sold out 0.00% −0.20
CRWV Coreweave Inc. Class A Sold out 0.00% −0.15
APLD Applied Digital Corp. Sold out 0.00% −0.14
ORCL Oracle Corp. Sold out 0.00% −0.14
AAL American Airlines Group Inc. Sold out 0.00% −0.13
SKYW Skywest Inc. Sold out 0.00% −0.13
VIK Viking Holdings Ltd. Sold out 0.00% −0.11
NCLH Norwegian Cruise Line Holdin Sold out 0.00% −0.09
EVEX Eve Holding Inc. Sold out 0.00% −0.09
LIND Lindblad Expeditions Holding Sold out 0.00% −0.08
EVLV Evolv Technologies Holdings Sold out 0.00% −0.07
MTN Vail Resorts Inc. Sold out 0.00% −0.06
BTE Baytex Energy Corp. Reduce -36.8% 2.88% +0.25
WLK Westlake Corp. Reduce -34.8% 2.92% +0.63
CNR Core Natural Resources Inc. Reduce -3.9% 8.05% +2.39

Portfolio Buys Q4 2025 → Q1 2026
DINO HF Sinclair Corp. Add +83.8% 12.08% +8.19
ARIS Aris Mining Corp. New 7.29% +7.29
STLD Steel Dynamics Inc. New 6.48% +6.48
DK Delek US Holdings Inc. New 5.75% +5.75
SSRM SSR Mining Inc. New 5.52% +5.52
EQX Equinox Gold Corp. New 4.40% +4.40
PR Permian Resources Corp. Class A New 3.73% +3.73
VOO Vanguard S&P 500 ETF New 3.47% +3.47
RGLD Royal Gold Inc. New 3.24% +3.24
BTU Peabody Energy Corp. New 2.61% +2.61
LUV Southwest Airlines Co. Add +180.0% 3.70% +2.54
EMN Eastman Chemical Co. New 2.21% +2.21
STNG Scorpio Tankers Inc. New 1.58% +1.58
DHT DHT Holdings Inc. New 1.51% +1.51
VLRS Controladora Vuela Cia-ADR Add +52.4% 3.81% +1.38
RYAAY Ryanair Holdings PLC-SP ADR New 1.09% +1.09
DOO BRP Inc./Ca- Sub Voting New 0.98% +0.98
HOG Harley-Davidson Inc. New 0.97% +0.97
ECO Okeanis Eco Tankers Corp. New 0.95% +0.95
KOS Kosmos Energy Ltd. New 0.88% +0.88
OSISKO DEVELOPMENT CORP New 0.88% +0.88
PARR Par Pacific Holdings Inc. Add +431.3% 0.96% +0.88
PII Polaris Inc. Add +174.6% 1.28% +0.84
LNG Cheniere Energy Inc. New 0.79% +0.79
NAT Nordic American Tankers Ltd. New 0.68% +0.68
CWH Camping World Holdings Inc. Class A Add +178.9% 1.07% +0.63
NVDA Nvidia Corp. New 0.49% +0.49
SLSR Solaris Resources Inc. New 0.45% +0.45
RNGR Ranger Energy Services Class A New 0.43% +0.43
KRSP.U Rice Acquisition Corp. 3 Add +1.3% 1.84% +0.42
ALK Alaska Air Group Inc. New 0.36% +0.36
XPRO Expro Group Holdings NV New 0.33% +0.33
HUT Hut 8 Corp. Add +117.5% 0.47% +0.30
RIOT Riot Platforms Inc. New 0.29% +0.29
IREN Iren Ltd. New 0.24% +0.24
FF Futurefuel Corp. New 0.12% +0.12

Options Activity Q4 2025 → Q1 2026
STATE STR SPDR S&P 500 ETF T call Sold out 50,000 $34.1Mbefore exit
ORACLE CORP call Sold out 146,500 $28.6Mbefore exit
DARLING INGREDIENTS INC call New 450,000 $27.8M
SPDR SERIES TRUST call Sold out 348,900 $22.6Mbefore exit
CF INDS HLDGS INC put New 150,000 $19.5M
ISHARES BITCOIN TRUST ETF call Sold out 180,000 $8.9Mbefore exit
FREEPORT MCMORAN INC call New 150,000 $8.8M
BUNGE GLOBAL SA call New 51,100 $6.5M
HF SINCLAIR CORP call New 70,000 $4.4M
ATLAS ENERGY SOLUTIONS INC call Sold out 350,000 $3.3Mbefore exit
VANECK ETF TRUST call New 30,000 $2.8M
FUTUREFUEL CORP call New 700,000 $2.7M
DELEK US HLDGS INC NEW call New 50,000 $2.3M
B2GOLD CORP call New 250,100 $1.1M
MP MATERIALS CORP call New 20,000 $965K
JETBLUE AIRWAYS CORP call New 193,000 $853K
ADVANCED MICRO DEVICES INC call Reduce -88.3% 3,500 $712K
SABLE OFFSHORE CORP call Sold out 50,000 $451Kbefore exit
FRONTIER GROUP HLDGS INC call New 100,000 $353K
FERMI INC put New 50,000 $292K

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