Viking Fund Management LLC

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

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 Q4 2024 Q1 2025: $693.6M $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 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
DINO HF Sinclair Corp. 0.19% 40,000 $1.3M No change
AROC Archrock Inc. 0.19% 50,000 $1.3M New
FTI Technipfmc PLC 0.18% 40,000 $1.3M New
MNDY Monday.com Ltd. 0.18% 5,000 $1.2M New
PARR Par Pacific Holdings Inc. 0.15% 75,000 $1.1M No change
TPL Texas Pacific Land Corp. 0.15% 800 $1.1M Reduce -20.0%
TSLA Tesla Inc. 0.15% 4,000 $1.0M Add +33.3%
CYBR Cyberark Software Ltd./Israel 0.15% 3,000 $1.0M New
MOD Modine Manufacturing Co. 0.14% 13,000 $998K New
XPRO Expro Group Holdings NV 0.14% 100,000 $994K Add +25.0%
TS Tenaris SA-ADR 0.14% 25,000 $978K Reduce -58.3%
PTEN Patterson-Uti Energy Inc. 0.12% 100,000 $822K Reduce -44.4%
SOBO South Bow Corp. 0.12% 31,400 $801K No change
PWR Quanta Services Inc. 0.11% 3,000 $763K New
HAL Halliburton Co. 0.11% 30,000 $761K No change
SHLS Shoals Technologies Group -A 0.10% 215,000 $714K No change
PRIM Primoris Services Corp. 0.10% 12,000 $689K New
GNRC Generac Holdings Inc. 0.09% 5,000 $633K No change
ARRY Array Technologies Inc. 0.06% 90,000 $438K No change
PBR Petroleo Brasileiro-Spon ADR 0.05% 23,000 $330K Add +15.0%
DOW Dow Inc. 0.05% 9,000 $314K No change
RIO Rio Tinto PLC-Spon ADR 0.04% 4,500 $270K Add +32.4%
ES Eversource Energy 0.04% 4,000 $248K No change
USB US Bancorp 0.03% 5,340 $225K No change
LPG Dorian LPG Ltd. 0.03% 9,000 $201K No change
D Dominion Energy Inc. 0.03% 3,500 $196K No change
PPC Pilgrim's Pride Corp. 0.03% 3,400 $185K New
BBY Best Buy Co. Inc. 0.03% 2,500 $184K Add +25.0%
POR Portland General Electric Co. 0.03% 4,000 $178K No change
STX Seagate Technology Holdings 0.02% 2,000 $170K No change
SNY Sanofi-ADR 0.02% 3,000 $166K New
BHP BHP Group Ltd.-Spon ADR 0.02% 3,000 $146K Add +200.0%
BCE Bce Inc. 0.02% 6,000 $138K Reduce -96.2%
RF Regions Financial Corp. 0.02% 6,000 $130K No change
TFC Truist Financial Corp. 0.02% 3,000 $123K New
WEN The Wendy's Co. 0.02% 8,000 $117K Add +60.0%
BKE The Buckle Inc. 0.02% 3,000 $115K New
NVS Novartis AG-Sponsored ADR 0.02% 1,000 $111K New
WHR Whirlpool Corp. 0.01% 1,000 $90K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.01% 600 $55K No change

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

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