Viking Fund Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 17, 2025), Viking Fund Management LLC reported 132 stock positions worth $642.3 million. Its top holding was Broadcom (AVGO) at 4.4% of the portfolio, followed by Nextera Energy (NEE, 3.3%) and Abbvie (ABBV, 3.0%). Compared with Q3 2024, it opened 9 new positions, sold out of 9, added to 34 and reduced 20. The biggest buy was TC Energy (TRP, shares +143%) and the biggest sale an exit from Devon Energy (DVN).

Most Recent 13F
Q2 2026
Location
MINOT, ND
CIK
0001169069
Portfolio Value
$642.3M (Q4 2024)
SEC Filing
0001169069-25-000002 ↗ filed Jan 17, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $552.6M Q1 2024 Q2 2024: $558.5M Q2 2024 Q3 2024: $615.5M Q3 2024 Q4 2024: $642.3M $642.3M Q4 2024 Q1 2025: $693.6M Q1 2025 Q2 2025: $728.0M Q2 2025 Q3 2025: $827.4M Q3 2025 Q4 2025: $862.8M Q4 2025 Q1 2026: $975.6M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 132 stocks · $642.3M
AVGO Broadcom Inc. 4.44% 123,000 $28.5M Reduce -24.1%
NEE Nextera Energy Inc. 3.29% 295,000 $21.1M Add +10.1%
ABBV Abbvie Inc. 3.04% 110,000 $19.5M Reduce -12.7%
TRP TC Energy Corp. 2.77% 382,000 $17.8M Add +143.3%
CVX Chevron Corp. 2.41% 107,000 $15.5M Add +52.9%
ETR Entergy Corp. 2.03% 172,000 $13.0M Reduce -30.4%
BMY Bristol-Myers Squibb Co. 1.93% 218,700 $12.4M Add +133.7%
BLK BlackRock Inc. 1.92% 12,000 $12.3M Reduce -20.0%
MS Morgan Stanley 1.86% 95,000 $11.9M Reduce -5.0%
GLW Corning Inc. 1.85% 250,000 $11.9M Add +8.7%
PR Permian Resources Corp. Class A 1.75% 781,000 $11.2M Reduce -11.3%
AEP American Electric Power 1.73% 120,500 $11.1M No change
QCOM Qualcomm Inc. 1.72% 72,000 $11.1M No change
XEL Xcel Energy Inc. 1.68% 160,000 $10.8M Reduce -1.5%
PFE Pfizer Inc. 1.59% 384,000 $10.2M Add +11.6%
JPM JPMorgan Chase & Co. 1.57% 42,000 $10.1M No change
PEP Pepsico Inc. 1.56% 66,000 $10.0M No change
MRK Merck & Co. Inc. 1.55% 100,000 $9.9M Add +63.9%
PRU Prudential Financial Inc. 1.50% 81,500 $9.7M No change
KMB Kimberly-Clark Corp. 1.45% 71,000 $9.3M No change
C Citigroup Inc. 1.42% 130,000 $9.2M New
HD Home Depot Inc. 1.39% 23,000 $8.9M No change
PM Philip Morris International 1.37% 73,000 $8.8M No change
NVDA Nvidia Corp. 1.36% 65,000 $8.7M No change
VZ Verizon Communications Inc. 1.34% 215,000 $8.6M Add +31.9%
LNG Cheniere Energy Inc. 1.30% 39,000 $8.4M Reduce -18.8%
MO Altria Group Inc. 1.26% 155,250 $8.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.23% 180,000 $7.9M No change
SBUX Starbucks Corp. 1.21% 85,000 $7.8M Reduce -19.1%
LRCX Lam Research Corp. 1.20% 107,000 $7.7M Add +7.0%
TXN Texas Instruments Inc. 1.20% 41,000 $7.7M No change
PSX Phillips 66 1.19% 67,000 $7.6M Add +91.4%
T AT&T Inc. 1.18% 334,000 $7.6M Add +297.6%
APD Air Products & Chemicals Inc. 1.17% 26,000 $7.5M Reduce -10.3%
ORI Old Republic Intl Corp. 1.16% 206,000 $7.5M Add +71.7%
CTRA Coterra Energy Inc. 1.15% 290,000 $7.4M Add +222.2%
TGT Target Corp. 1.05% 50,000 $6.8M Add +11.1%
XOM Exxon Mobil Corp. 1.00% 60,000 $6.5M Add +33.3%
GPC Genuine Parts Co. 1.00% 55,000 $6.4M Add +10.0%
KVUE Kenvue Inc. 1.00% 300,000 $6.4M No change
CME Cme Group Inc. 0.95% 26,400 $6.1M New
PAYX Paychex Inc. 0.94% 43,000 $6.0M No change
LMT Lockheed Martin Corp. 0.91% 12,000 $5.8M No change
MCD McDonald's Corp. 0.90% 20,000 $5.8M No change
BTI British American Tob-SP ADR 0.89% 157,500 $5.7M No change
BKR Baker Hughes Co. 0.84% 132,000 $5.4M No change
AAPL Apple Inc. 0.82% 21,000 $5.3M No change
DELL Dell Technologies -C 0.81% 45,000 $5.2M New
UNM Unum Group 0.80% 70,000 $5.1M New
EQT Eqt Corp. 0.79% 110,000 $5.1M Add +120.0%
UPS United Parcel Service Class B 0.79% 40,000 $5.0M No change
AR Antero Resources Corp. 0.76% 140,000 $4.9M Add +40.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.76% 22,200 $4.9M No change
SWKS Skyworks Solutions Inc. 0.76% 55,000 $4.9M No change
V Visa Inc. Class A 0.74% 15,000 $4.7M No change
TRGP Targa Resources Corp. 0.72% 26,000 $4.6M Reduce -56.7%
ENB Enbridge Inc. 0.69% 104,500 $4.4M Reduce -64.5%
ITW Illinois Tool Works 0.67% 17,000 $4.3M No change
TT Trane Technologies PLC 0.63% 11,000 $4.1M No change
VLO Valero Energy Corp. 0.61% 32,000 $3.9M Add +68.4%
KLAC KLA Corp. 0.59% 6,000 $3.8M No change
MA Mastercard Inc. Class A 0.57% 7,000 $3.7M No change
GPOR Gulfport Energy Corp. 0.57% 20,000 $3.7M New
BCE Bce Inc. 0.56% 156,000 $3.6M No change
PBA Pembina Pipeline Corp. 0.53% 91,400 $3.4M No change
FANG Diamondback Energy Inc. 0.51% 20,000 $3.3M Reduce -13.0%
LYB Lyondellbasell Indu Class A 0.50% 43,000 $3.2M Add +2766.7%
INTU Intuit Inc. 0.49% 5,000 $3.1M No change
KO The Coca-Cola Co. 0.48% 50,000 $3.1M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.48% 80,000 $3.1M No change
EE Excelerate Energy Inc. Class A 0.47% 100,000 $3.0M Reduce -28.6%
PG The Procter & Gamble Co. 0.47% 18,000 $3.0M No change
FSLR First Solar Inc. 0.47% 17,000 $3.0M Add +88.9%
KGS Kodiak Gas Services Inc. 0.45% 70,000 $2.9M Add +16.7%
AES AES Corp. 0.44% 220,000 $2.8M Add +5.8%
NRG NRG Energy Inc. 0.42% 30,000 $2.7M Add +50.0%
CSCO Cisco Systems Inc. 0.41% 45,000 $2.7M No change
WM Waste Management Inc. 0.41% 13,000 $2.6M No change
VST Vistra Corp. 0.41% 19,000 $2.6M Add +90.0%
TMO Thermo Fisher Scientific Inc. 0.41% 5,000 $2.6M No change
MSFT Microsoft Corp. 0.39% 6,000 $2.5M No change
SPGI S&P Global Inc. 0.39% 5,000 $2.5M No change
LOW Lowe's Cos Inc. 0.38% 10,000 $2.5M No change
EXC Exelon Corp. 0.36% 62,000 $2.3M No change
TS Tenaris SA-ADR 0.35% 60,000 $2.3M Reduce -36.8%
NET Cloudflare Inc. Class A 0.35% 21,000 $2.3M No change
DE Deere & Co. 0.33% 5,000 $2.1M No change
KMI Kinder Morgan Inc. 0.32% 75,000 $2.1M No change
AMD Advanced Micro Devices 0.32% 17,000 $2.1M No change
UNH Unitedhealth Group Inc. 0.32% 4,000 $2.0M Reduce -60.0%
COP Conocophillips 0.31% 20,000 $2.0M New
FDX FedEx Corp. 0.31% 7,000 $2.0M No change
VRT Vertiv Holdings Co. Class A 0.30% 17,000 $1.9M Add +13.3%
PNC PNC Financial Services Group 0.30% 10,000 $1.9M Reduce -5.7%
GTLS Chart Industries Inc. 0.30% 10,000 $1.9M No change
WFRD Weatherford International PL 0.29% 26,000 $1.9M Add +23.8%
NEM Newmont Corp. 0.29% 50,000 $1.9M Add +42.9%
PTEN Patterson-Uti Energy Inc. 0.23% 180,000 $1.5M Add +63.6%
EW Edwards Lifesciences Corp. 0.23% 20,000 $1.5M No change
CAT Caterpillar Inc. 0.23% 4,000 $1.5M No change
DINO HF Sinclair Corp. 0.22% 40,000 $1.4M Add +33.3%
ENPH Enphase Energy Inc. 0.21% 20,000 $1.4M No change
PARR Par Pacific Holdings Inc. 0.19% 75,000 $1.2M New
TSLA Tesla Inc. 0.19% 3,000 $1.2M No change
SHLS Shoals Technologies Group -A 0.19% 215,000 $1.2M No change
NXT Nextpower Inc. filed as NEXTRACKER INC 0.18% 32,000 $1.2M Add +60.0%
TPL Texas Pacific Land Corp. 0.17% 1,000 $1.1M Reduce -37.5%
XPRO Expro Group Holdings NV 0.16% 80,000 $998K No change
HAL Halliburton Co. 0.13% 30,000 $816K No change
GNRC Generac Holdings Inc. 0.12% 5,000 $775K No change
SOBO South Bow Corp. 0.12% 31,400 $740K No change
ARRY Array Technologies Inc. 0.08% 90,000 $544K Reduce -25.0%
DOW Dow Inc. 0.06% 9,000 $361K Add +200.0%
PBR Petroleo Brasileiro-Spon ADR 0.04% 20,000 $257K New
USB US Bancorp 0.04% 5,340 $255K No change
ES Eversource Energy 0.04% 4,000 $230K No change
LPG Dorian LPG Ltd. 0.03% 9,000 $219K New
RIO Rio Tinto PLC-Spon ADR 0.03% 3,400 $200K No change
D Dominion Energy Inc. 0.03% 3,500 $189K Add +400.0%
POR Portland General Electric Co. 0.03% 4,000 $174K No change
STX Seagate Technology Holdings 0.03% 2,000 $173K No change
BBY Best Buy Co. Inc. 0.03% 2,000 $172K No change
RF Regions Financial Corp. 0.02% 6,000 $141K Add +100.0%
CFG Citizens Financial Group 0.02% 3,000 $131K No change
QSR Restaurant Brands Intern 0.02% 2,000 $130K No change
WHR Whirlpool Corp. 0.02% 1,000 $114K No change
NTR Nutrien Ltd. 0.01% 2,000 $90K No change
WEN The Wendy's Co. 0.01% 5,000 $82K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.01% 600 $68K No change
BHP BHP Group Ltd.-Spon ADR 0.01% 1,000 $49K No change
CHRD Chord Energy Corp. 0.01% 400 $47K Reduce -33.3%
WBA Walgreens Boots Alliance Inc. 0.01% 4,300 $40K No change

Portfolio Sells Q3 2024 → Q4 2024
DVN Devon Energy Corp. Sold out 0.00% −1.35
CIVI Civitas Resources Inc. Sold out 0.00% −1.26
ENB Enbridge Inc. Reduce -64.5% 0.69% −1.25
ABBV Abbvie Inc. Reduce -12.7% 3.04% −1.00
TRGP Targa Resources Corp. Reduce -56.7% 0.72% −0.72
CMS CMS Energy Corp. Sold out 0.00% −0.69
UNH Unitedhealth Group Inc. Reduce -60.0% 0.32% −0.63
ETR Entergy Corp. Reduce -30.4% 2.03% −0.61
CVS CVS Health Corp. Sold out 0.00% −0.46
SBUX Starbucks Corp. Reduce -19.1% 1.21% −0.46
BLK BlackRock Inc. Reduce -20.0% 1.92% −0.40
OVV Ovintiv Inc. Sold out 0.00% −0.31
DAR Darling Ingredients Inc. Sold out 0.00% −0.24
APD Air Products & Chemicals Inc. Reduce -10.3% 1.17% −0.23
PR Permian Resources Corp. Class A Reduce -11.3% 1.75% −0.20
TS Tenaris SA-ADR Reduce -36.8% 0.35% −0.14
FANG Diamondback Energy Inc. Reduce -13.0% 0.51% −0.13
AVGO Broadcom Inc. Reduce -24.1% 4.44% −0.10
LNG Cheniere Energy Inc. Reduce -18.8% 1.30% −0.10
TPL Texas Pacific Land Corp. Reduce -37.5% 0.17% −0.06
ARRY Array Technologies Inc. Reduce -25.0% 0.08% −0.04
XEL Xcel Energy Inc. Reduce -1.5% 1.68% −0.04
EE Excelerate Energy Inc. Class A Reduce -28.6% 0.47% −0.03
PNC PNC Financial Services Group Reduce -5.7% 0.30% −0.02
UMC United Microelectron-SP ADR Sold out 0.00% −0.01
DUK Duke Energy Corp. Sold out 0.00% −0.01
CHRD Chord Energy Corp. Reduce -33.3% 0.01% −0.01
BRY Berry Corp. Sold out 0.00% −0.00
MS Morgan Stanley Reduce -5.0% 1.86% +0.17

Portfolio Buys Q3 2024 → Q4 2024
TRP TC Energy Corp. Add +143.3% 2.77% +1.55
C Citigroup Inc. New 1.42% +1.42
BMY Bristol-Myers Squibb Co. Add +133.7% 1.93% +1.14
CME Cme Group Inc. New 0.95% +0.95
T AT&T Inc. Add +297.6% 1.18% +0.88
DELL Dell Technologies -C New 0.81% +0.81
CTRA Coterra Energy Inc. Add +222.2% 1.15% +0.80
UNM Unum Group New 0.80% +0.80
CVX Chevron Corp. Add +52.9% 2.41% +0.74
GPOR Gulfport Energy Corp. New 0.57% +0.57
EQT Eqt Corp. Add +120.0% 0.79% +0.49
LYB Lyondellbasell Indu Class A Add +2766.7% 0.50% +0.47
ORI Old Republic Intl Corp. Add +71.7% 1.16% +0.47
PSX Phillips 66 Add +91.4% 1.19% +0.44
MRK Merck & Co. Inc. Add +63.9% 1.55% +0.42
COP Conocophillips New 0.31% +0.31
AR Antero Resources Corp. Add +40.0% 0.76% +0.30
VST Vistra Corp. Add +90.0% 0.41% +0.22
VLO Valero Energy Corp. Add +68.4% 0.61% +0.19
PARR Par Pacific Holdings Inc. New 0.19% +0.19
GLW Corning Inc. Add +8.7% 1.85% +0.16
KGS Kodiak Gas Services Inc. Add +16.7% 0.45% +0.16
VZ Verizon Communications Inc. Add +31.9% 1.34% +0.15
XOM Exxon Mobil Corp. Add +33.3% 1.00% +0.15
NRG NRG Energy Inc. Add +50.0% 0.42% +0.13
FSLR First Solar Inc. Add +88.9% 0.47% +0.10
PTEN Patterson-Uti Energy Inc. Add +63.6% 0.23% +0.09
NXT Nextpower Inc. Add +60.0% 0.18% +0.06
VRT Vertiv Holdings Co. Class A Add +13.3% 0.30% +0.06
PBR Petroleo Brasileiro-Spon ADR New 0.04% +0.04
LPG Dorian LPG Ltd. New 0.03% +0.03
DOW Dow Inc. Add +200.0% 0.06% +0.03
D Dominion Energy Inc. Add +400.0% 0.03% +0.02
RF Regions Financial Corp. Add +100.0% 0.02% +0.01
DINO HF Sinclair Corp. Add +33.3% 0.22% +0.00
WFRD Weatherford International PL Add +23.8% 0.29% +0.00
NEM Newmont Corp. Add +42.9% 0.29% −0.01
PFE Pfizer Inc. Add +11.6% 1.59% −0.03
TGT Target Corp. Add +11.1% 1.05% −0.09
LRCX Lam Research Corp. Add +7.0% 1.20% −0.12
GPC Genuine Parts Co. Add +10.0% 1.00% −0.13
AES AES Corp. Add +5.8% 0.44% −0.24
NEE Nextera Energy Inc. Add +10.1% 3.29% −0.39

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 146$1.1BAVGO, GLW, CVX, TRP, ABBV
Q1 2026 142$975.6MAVGO, CVX, TRP, NEE, GLW
Q4 2025 137$862.8MAVGO, TRP, NEE, CVX, GLW
Q3 2025 141$827.4MAVGO, NEE, TRP, CVX, ETR
Q2 2025 143$728.0MAVGO, NEE, TRP, CVX, PEP
Q1 2025 140$693.6MNEE, AVGO, CVX, BMY, ABBV
Q4 2024 132$642.3MAVGO, NEE, ABBV, TRP, CVX
Q3 2024 131$615.5MAVGO, ABBV, NEE, ETR, BLK
Q2 2024 126$558.5MAVGO, ABBV, NEE, QCOM, ETR
Q1 2024 123$552.6MAVGO, ABBV, NEE, QCOM, BLK