Viking Fund Management LLC

Name: VIKING FUND MANAGEMENT LLC 13F holdings, Q1 2025
Creator: VIKING FUND MANAGEMENT LLC
Published: 2025-04-10

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 10, 2025), Viking Fund Management LLC reported 140 stock positions worth $693.6 million. Its top holding was Nextera Energy (NEE) at 5.1% of the portfolio, followed by Broadcom (AVGO, 3.0%) and Chevron (CVX, 2.8%). Compared with Q4 2024, it opened 16 new positions, sold out of 8, added to 35 and reduced 17. The biggest buy was Nextera Energy (NEE, shares +68%) and the biggest sale BlackRock (BLK, shares −25%).

Most Recent 13F: Q2 2026
Location: MINOT, ND
CIK: 0001169069
Portfolio Value: $693.6M (Q1 2025)
SEC Filing: 0001169069-25-000004 ↗ filed Apr 10, 2025

Holdings Value

Holdings 140 stocks · $693.6M


NEE Nextera Energy Inc.	5.06%	495,000	$35.1M	Add +67.8%
AVGO Broadcom Inc.	2.97%	123,000	$20.6M	No change
CVX Chevron Corp.	2.82%	117,000	$19.6M	Add +9.3%
BMY Bristol-Myers Squibb Co.	2.80%	318,700	$19.4M	Add +45.7%
ABBV Abbvie Inc.	2.72%	90,000	$18.9M	Reduce -18.2%
TRP TC Energy Corp.	2.60%	382,000	$18.0M	No change
PEP Pepsico Inc.	2.40%	111,000	$16.6M	Add +68.2%
AEP American Electric Power	1.73%	110,000	$12.0M	Reduce -8.7%
GLW Corning Inc.	1.65%	250,000	$11.4M	No change
PR Permian Resources Corp. Class A	1.64%	821,000	$11.4M	Add +5.1%
XEL Xcel Energy Inc.	1.63%	160,000	$11.3M	No change
MS Morgan Stanley	1.60%	95,000	$11.1M	No change
QCOM Qualcomm Inc.	1.59%	72,000	$11.1M	No change
T AT&T Inc.	1.58%	387,000	$10.9M	Add +15.9%
PSX Phillips 66	1.55%	87,000	$10.7M	Add +29.9%
MO Altria Group Inc.	1.52%	175,250	$10.5M	Add +12.9%
JPM JPMorgan Chase & Co.	1.49%	42,000	$10.3M	No change
KMB Kimberly-Clark Corp.	1.46%	71,000	$10.1M	No change
VZ Verizon Communications Inc.	1.41%	216,000	$9.8M	Add +0.5%
PFE Pfizer Inc.	1.40%	384,000	$9.7M	No change
KVUE Kenvue Inc.	1.38%	400,000	$9.6M	Add +33.3%
C Citigroup Inc.	1.38%	135,000	$9.6M	Add +3.9%
ETR Entergy Corp.	1.38%	112,000	$9.6M	Reduce -34.9%
HD Home Depot Inc.	1.37%	26,000	$9.5M	Add +13.0%
PRU Prudential Financial Inc.	1.34%	83,000	$9.3M	Add +1.8%
LNG Cheniere Energy Inc.	1.30%	39,000	$9.0M	No change
MRK Merck & Co. Inc.	1.29%	100,000	$9.0M	No change
CTRA Coterra Energy Inc.	1.29%	310,000	$9.0M	Add +6.9%
BLK BlackRock Inc.	1.23%	9,000	$8.5M	Reduce -25.0%
ORI Old Republic Intl Corp.	1.13%	200,000	$7.8M	Reduce -2.9%
AES AES Corp.	1.13%	630,000	$7.8M	Add +186.4%
LRCX Lam Research Corp.	1.12%	107,000	$7.8M	No change
APD Air Products & Chemicals Inc.	1.11%	26,000	$7.7M	No change
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.08%	180,000	$7.5M	No change
PM Philip Morris International	1.08%	47,000	$7.5M	Reduce -35.6%
TXN Texas Instruments Inc.	1.06%	41,000	$7.4M	No change
NVDA Nvidia Corp.	1.02%	65,000	$7.0M	No change
LMT Lockheed Martin Corp.	0.97%	15,000	$6.7M	Add +25.0%
PAYX Paychex Inc.	0.96%	43,000	$6.6M	No change
CME Cme Group Inc.	0.96%	25,000	$6.6M	Reduce -5.3%
GPC Genuine Parts Co.	0.94%	55,000	$6.6M	No change
BTI British American Tob-SP ADR	0.94%	157,500	$6.5M	No change
UPS United Parcel Service Class B	0.90%	57,000	$6.3M	Add +42.5%
TGT Target Corp.	0.90%	60,000	$6.3M	Add +20.0%
MCD McDonald's Corp.	0.90%	20,000	$6.2M	No change
XOM Exxon Mobil Corp.	0.86%	50,000	$5.9M	Reduce -16.7%
BKR Baker Hughes Co.	0.84%	132,000	$5.8M	No change
KO The Coca-Cola Co.	0.83%	80,000	$5.7M	Add +60.0%
UNM Unum Group	0.82%	70,000	$5.7M	No change
AR Antero Resources Corp.	0.82%	140,000	$5.7M	No change
EVRG Evergy Inc.	0.80%	80,000	$5.5M	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.79%	22,000	$5.5M	Reduce -0.9%
AFG American Financial Group Inc.	0.78%	41,000	$5.4M	New
V Visa Inc. Class A	0.76%	15,000	$5.3M	No change
TRGP Targa Resources Corp.	0.75%	26,000	$5.2M	No change
LYB Lyondellbasell Indu Class A	0.71%	70,000	$4.9M	Add +62.8%
AAPL Apple Inc.	0.67%	21,000	$4.7M	No change
ENB Enbridge Inc.	0.67%	104,500	$4.6M	No change
GPOR Gulfport Energy Corp.	0.64%	24,000	$4.4M	Add +20.0%
EQT Eqt Corp.	0.62%	80,000	$4.3M	Reduce -27.3%
VLO Valero Energy Corp.	0.61%	32,000	$4.2M	No change
ITW Illinois Tool Works	0.61%	17,000	$4.2M	No change
DELL Dell Technologies -C	0.59%	45,000	$4.1M	No change
KLAC KLA Corp.	0.59%	6,000	$4.1M	No change
SBUX Starbucks Corp.	0.57%	40,000	$3.9M	Reduce -52.9%
MA Mastercard Inc. Class A	0.55%	7,000	$3.8M	No change
TT Trane Technologies PLC	0.53%	11,000	$3.7M	No change
PBA Pembina Pipeline Corp.	0.52%	90,000	$3.6M	Reduce -1.5%
SWKS Skyworks Solutions Inc.	0.51%	55,000	$3.6M	No change
VST Vistra Corp.	0.49%	29,000	$3.4M	Add +52.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.48%	80,000	$3.3M	No change
FANG Diamondback Energy Inc.	0.46%	20,000	$3.2M	No change
INTU Intuit Inc.	0.44%	5,000	$3.1M	No change
PG The Procter & Gamble Co.	0.44%	18,000	$3.1M	No change
NRG NRG Energy Inc.	0.44%	32,000	$3.1M	Add +6.7%
WM Waste Management Inc.	0.43%	13,000	$3.0M	No change
EXC Exelon Corp.	0.41%	62,000	$2.9M	No change
CSCO Cisco Systems Inc.	0.40%	45,000	$2.8M	No change
KGS Kodiak Gas Services Inc.	0.40%	74,000	$2.8M	Add +5.7%
VRT Vertiv Holdings Co. Class A	0.40%	38,000	$2.7M	Add +123.5%
FSLR First Solar Inc.	0.38%	21,000	$2.7M	Add +23.5%
EE Excelerate Energy Inc. Class A	0.37%	90,000	$2.6M	Reduce -10.0%
SPGI S&P Global Inc.	0.37%	5,000	$2.5M	No change
COP Conocophillips	0.36%	24,000	$2.5M	Add +20.0%
TMO Thermo Fisher Scientific Inc.	0.36%	5,000	$2.5M	No change
NET Cloudflare Inc. Class A	0.34%	21,000	$2.4M	No change
DE Deere & Co.	0.34%	5,000	$2.3M	No change
LOW Lowe's Cos Inc.	0.34%	10,000	$2.3M	No change
MSFT Microsoft Corp.	0.32%	6,000	$2.3M	No change
DOCN Digitalocean Holdings Inc.	0.31%	65,000	$2.2M	New
KMI Kinder Morgan Inc.	0.31%	75,000	$2.1M	No change
UNH Unitedhealth Group Inc.	0.30%	4,000	$2.1M	No change
PNC PNC Financial Services Group	0.25%	10,000	$1.8M	No change
AMD Advanced Micro Devices	0.25%	17,000	$1.7M	No change
FDX FedEx Corp.	0.25%	7,000	$1.7M	No change
GTLS Chart Industries Inc.	0.23%	11,000	$1.6M	Add +10.0%
GEV GE Vernova Inc.	0.22%	5,000	$1.5M	New
EW Edwards Lifesciences Corp.	0.21%	20,000	$1.4M	No change
NXT Nextpower Inc. filed as NEXTRACKER INC	0.19%	32,000	$1.3M	No change
CAT Caterpillar Inc.	0.19%	4,000	$1.3M	No change

Show all 140 holdings

Portfolio Sells Q4 2024 → Q1 2025


BLK BlackRock Inc.	Reduce -25.0%	1.23%	−0.69
ETR Entergy Corp.	Reduce -34.9%	1.38%	−0.65
SBUX Starbucks Corp.	Reduce -52.9%	0.57%	−0.64
BCE Bce Inc.	Reduce -96.2%	0.02%	−0.54
ABBV Abbvie Inc.	Reduce -18.2%	2.72%	−0.32
PM Philip Morris International	Reduce -35.6%	1.08%	−0.29
WFRD Weatherford International PL	Sold out	0.00%	−0.29
NEM Newmont Corp.	Sold out	0.00%	−0.29
ENPH Enphase Energy Inc.	Sold out	0.00%	−0.21
TS Tenaris SA-ADR	Reduce -58.3%	0.14%	−0.21
EQT Eqt Corp.	Reduce -27.3%	0.62%	−0.17
XOM Exxon Mobil Corp.	Reduce -16.7%	0.86%	−0.15
PTEN Patterson-Uti Energy Inc.	Reduce -44.4%	0.12%	−0.11
EE Excelerate Energy Inc. Class A	Reduce -10.0%	0.37%	−0.10
ORI Old Republic Intl Corp.	Reduce -2.9%	1.13%	−0.03
CFG Citizens Financial Group	Sold out	0.00%	−0.02
QSR Restaurant Brands Intern	Sold out	0.00%	−0.02
TPL Texas Pacific Land Corp.	Reduce -20.0%	0.15%	−0.02
NTR Nutrien Ltd.	Sold out	0.00%	−0.01
CHRD Chord Energy Corp.	Sold out	0.00%	−0.01
PBA Pembina Pipeline Corp.	Reduce -1.5%	0.52%	−0.01
WBA Walgreens Boots Alliance Inc.	Sold out	0.00%	−0.01
CME Cme Group Inc.	Reduce -5.3%	0.96%	+0.00
AEP American Electric Power	Reduce -8.7%	1.73%	+0.00
IBM Intl Business Machines Corp.	Reduce -0.9%	0.79%	+0.03

Portfolio Buys Q4 2024 → Q1 2025


NEE Nextera Energy Inc.	Add +67.8%	5.06%	+1.77
BMY Bristol-Myers Squibb Co.	Add +45.7%	2.80%	+0.88
PEP Pepsico Inc.	Add +68.2%	2.40%	+0.84
EVRG Evergy Inc.	New	0.80%	+0.80
AFG American Financial Group Inc.	New	0.78%	+0.78
AES AES Corp.	Add +186.4%	1.13%	+0.69
CVX Chevron Corp.	Add +9.3%	2.82%	+0.41
T AT&T Inc.	Add +15.9%	1.58%	+0.39
KVUE Kenvue Inc.	Add +33.3%	1.38%	+0.39
PSX Phillips 66	Add +29.9%	1.55%	+0.36
KO The Coca-Cola Co.	Add +60.0%	0.83%	+0.34
DOCN Digitalocean Holdings Inc.	New	0.31%	+0.31
MO Altria Group Inc.	Add +12.9%	1.52%	+0.25
GEV GE Vernova Inc.	New	0.22%	+0.22
LYB Lyondellbasell Indu Class A	Add +62.8%	0.71%	+0.21
AROC Archrock Inc.	New	0.19%	+0.19
FTI Technipfmc PLC	New	0.18%	+0.18
MNDY Monday.com Ltd.	New	0.18%	+0.18
CYBR Cyberark Software Ltd./Israel	New	0.15%	+0.15
MOD Modine Manufacturing Co.	New	0.14%	+0.14
CTRA Coterra Energy Inc.	Add +6.9%	1.29%	+0.14
UPS United Parcel Service Class B	Add +42.5%	0.90%	+0.12
PWR Quanta Services Inc.	New	0.11%	+0.11
PRIM Primoris Services Corp.	New	0.10%	+0.10
VRT Vertiv Holdings Co. Class A	Add +123.5%	0.40%	+0.09
VST Vistra Corp.	Add +52.6%	0.49%	+0.08
VZ Verizon Communications Inc.	Add +0.5%	1.41%	+0.07
GPOR Gulfport Energy Corp.	Add +20.0%	0.64%	+0.06
LMT Lockheed Martin Corp.	Add +25.0%	0.97%	+0.06
COP Conocophillips	Add +20.0%	0.36%	+0.05
PPC Pilgrim's Pride Corp.	New	0.03%	+0.03
SNY Sanofi-ADR	New	0.02%	+0.02
NRG NRG Energy Inc.	Add +6.7%	0.44%	+0.02
TFC Truist Financial Corp.	New	0.02%	+0.02
BKE The Buckle Inc.	New	0.02%	+0.02
NVS Novartis AG-Sponsored ADR	New	0.02%	+0.02
BHP BHP Group Ltd.-Spon ADR	Add +200.0%	0.02%	+0.01
RIO Rio Tinto PLC-Spon ADR	Add +32.4%	0.04%	+0.01
PBR Petroleo Brasileiro-Spon ADR	Add +15.0%	0.05%	+0.01
WEN The Wendy's Co.	Add +60.0%	0.02%	+0.00
BBY Best Buy Co. Inc.	Add +25.0%	0.03%	−0.00
XPRO Expro Group Holdings NV	Add +25.0%	0.14%	−0.01
HD Home Depot Inc.	Add +13.0%	1.37%	−0.02
TSLA Tesla Inc.	Add +33.3%	0.15%	−0.04
C Citigroup Inc.	Add +3.9%	1.38%	−0.04
KGS Kodiak Gas Services Inc.	Add +5.7%	0.40%	−0.05
GTLS Chart Industries Inc.	Add +10.0%	0.23%	−0.07
FSLR First Solar Inc.	Add +23.5%	0.38%	−0.08
PR Permian Resources Corp. Class A	Add +5.1%	1.64%	−0.11
TGT Target Corp.	Add +20.0%	0.90%	−0.15

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	146	$1.1B	AVGO, GLW, CVX, TRP, ABBV
Q1 2026	142	$975.6M	AVGO, CVX, TRP, NEE, GLW
Q4 2025	137	$862.8M	AVGO, TRP, NEE, CVX, GLW
Q3 2025	141	$827.4M	AVGO, NEE, TRP, CVX, ETR
Q2 2025	143	$728.0M	AVGO, NEE, TRP, CVX, PEP
Q1 2025	140	$693.6M	NEE, AVGO, CVX, BMY, ABBV
Q4 2024	132	$642.3M	AVGO, NEE, ABBV, TRP, CVX
Q3 2024	131	$615.5M	AVGO, ABBV, NEE, ETR, BLK
Q2 2024	126	$558.5M	AVGO, ABBV, NEE, QCOM, ETR
Q1 2024	123	$552.6M	AVGO, ABBV, NEE, QCOM, BLK