Viking Fund Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Viking Fund Management LLC reported 143 stock positions worth $728.0 million. Its top holding was Broadcom (AVGO) at 4.1% of the portfolio, followed by Nextera Energy (NEE, 4.1%) and TC Energy (TRP, 3.4%). Compared with Q1 2025, it opened 7 new positions, sold out of 4, added to 36 and reduced 32. The biggest buy was Exxon Mobil (XOM, shares +150%) and the biggest sale Nextera Energy (NEE, shares −14%).

Most Recent 13F
Q2 2026
Location
MINOT, ND
CIK
0001169069
Portfolio Value
$728.0M (Q2 2025)
SEC Filing
0001169069-25-000007 ↗ filed Jul 11, 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 Q1 2025 Q2 2025: $728.0M $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 143 stocks · $728.0M
AVGO Broadcom Inc. 4.09% 108,000 $29.8M Reduce -12.2%
NEE Nextera Energy Inc. 4.05% 425,000 $29.5M Reduce -14.1%
TRP TC Energy Corp. 3.36% 502,000 $24.5M Add +31.4%
CVX Chevron Corp. 2.97% 151,000 $21.6M Add +29.1%
PEP Pepsico Inc. 2.27% 125,000 $16.5M Add +12.6%
BMY Bristol-Myers Squibb Co. 2.03% 318,700 $14.8M No change
MS Morgan Stanley 1.97% 102,000 $14.4M Add +7.4%
XEL Xcel Energy Inc. 1.96% 210,000 $14.3M Add +31.3%
ABBV Abbvie Inc. 1.96% 77,000 $14.3M Reduce -14.4%
GLW Corning Inc. 1.88% 260,000 $13.7M Add +4.0%
XOM Exxon Mobil Corp. 1.85% 125,000 $13.5M Add +150.0%
C Citigroup Inc. 1.70% 145,000 $12.3M Add +7.4%
JPM JPMorgan Chase & Co. 1.67% 42,000 $12.2M No change
QCOM Qualcomm Inc. 1.64% 75,000 $11.9M Add +4.2%
PR Permian Resources Corp. Class A 1.57% 841,000 $11.5M Add +2.4%
AEP American Electric Power 1.57% 110,000 $11.4M No change
T AT&T Inc. 1.54% 387,000 $11.2M No change
PSX Phillips 66 1.51% 92,000 $11.0M Add +5.8%
ETR Entergy Corp. 1.48% 130,000 $10.8M Add +16.1%
LRCX Lam Research Corp. 1.43% 107,000 $10.4M No change
MO Altria Group Inc. 1.41% 175,250 $10.3M No change
NVDA Nvidia Corp. 1.41% 65,000 $10.3M No change
VZ Verizon Communications Inc. 1.40% 236,000 $10.2M Add +9.3%
HD Home Depot Inc. 1.31% 26,000 $9.5M No change
PRU Prudential Financial Inc. 1.28% 87,000 $9.3M Add +4.8%
KVUE Kenvue Inc. 1.28% 445,000 $9.3M Add +11.3%
KMB Kimberly-Clark Corp. 1.26% 71,000 $9.2M No change
TGT Target Corp. 1.19% 88,000 $8.7M Add +46.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.17% 180,000 $8.5M No change
ENB Enbridge Inc. 1.02% 164,500 $7.5M Add +57.4%
BTI British American Tob-SP ADR 1.02% 157,500 $7.5M No change
PFE Pfizer Inc. 1.01% 304,000 $7.4M Reduce -20.8%
BLK BlackRock Inc. 1.01% 7,000 $7.3M Reduce -22.2%
APD Air Products & Chemicals Inc. 1.01% 26,000 $7.3M No change
KO The Coca-Cola Co. 0.97% 100,000 $7.1M Add +25.0%
LNG Cheniere Energy Inc. 0.97% 29,000 $7.1M Reduce -25.6%
DELL Dell Technologies -C 0.96% 57,000 $7.0M Add +26.7%
LMT Lockheed Martin Corp. 0.95% 15,000 $6.9M No change
EVRG Evergy Inc. 0.95% 100,000 $6.9M Add +25.0%
CME Cme Group Inc. 0.95% 25,000 $6.9M No change
GPC Genuine Parts Co. 0.92% 55,000 $6.7M No change
TXN Texas Instruments Inc. 0.91% 32,000 $6.6M Reduce -21.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.89% 22,000 $6.5M No change
MRK Merck & Co. Inc. 0.88% 81,000 $6.4M Reduce -19.0%
PM Philip Morris International 0.88% 35,000 $6.4M Reduce -25.5%
PAYX Paychex Inc. 0.86% 43,000 $6.3M No change
UPS United Parcel Service Class B 0.80% 58,000 $5.9M Add +1.8%
MCD McDonald's Corp. 0.80% 20,000 $5.8M No change
ORI Old Republic Intl Corp. 0.79% 150,000 $5.8M Reduce -25.0%
UNM Unum Group 0.78% 70,000 $5.7M No change
VST Vistra Corp. 0.75% 28,000 $5.4M Reduce -3.5%
KLAC KLA Corp. 0.74% 6,000 $5.4M No change
V Visa Inc. Class A 0.73% 15,000 $5.3M No change
AFG American Financial Group Inc. 0.71% 41,000 $5.2M No change
BKR Baker Hughes Co. 0.70% 132,000 $5.1M No change
LYB Lyondellbasell Indu Class A 0.67% 84,000 $4.9M Add +20.0%
AR Antero Resources Corp. 0.66% 120,000 $4.8M Reduce -14.3%
GPOR Gulfport Energy Corp. 0.66% 24,000 $4.8M No change
TT Trane Technologies PLC 0.66% 11,000 $4.8M No change
NRG NRG Energy Inc. 0.62% 28,000 $4.5M Reduce -12.5%
VRT Vertiv Holdings Co. Class A 0.62% 35,000 $4.5M Reduce -7.9%
TRGP Targa Resources Corp. 0.60% 25,000 $4.4M Reduce -3.9%
AAPL Apple Inc. 0.59% 21,000 $4.3M No change
VLO Valero Energy Corp. 0.59% 32,000 $4.3M No change
ITW Illinois Tool Works 0.58% 17,000 $4.2M No change
NET Cloudflare Inc. Class A 0.56% 21,000 $4.1M No change
INTU Intuit Inc. 0.54% 5,000 $3.9M No change
MA Mastercard Inc. Class A 0.54% 7,000 $3.9M No change
FSLR First Solar Inc. 0.52% 23,000 $3.8M Add +9.5%
SBUX Starbucks Corp. 0.50% 40,000 $3.7M No change
ALL Allstate Corp. 0.50% 18,000 $3.6M New
AROC Archrock Inc. 0.48% 140,000 $3.5M Add +180.0%
KGS Kodiak Gas Services Inc. 0.42% 89,000 $3.1M Add +20.3%
MSFT Microsoft Corp. 0.41% 6,000 $3.0M No change
WM Waste Management Inc. 0.41% 13,000 $3.0M No change
AES AES Corp. 0.40% 280,000 $2.9M Reduce -55.6%
PG The Procter & Gamble Co. 0.39% 18,000 $2.9M No change
CTRA Coterra Energy Inc. 0.38% 110,000 $2.8M Reduce -64.5%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.37% 80,000 $2.7M No change
EXC Exelon Corp. 0.37% 62,000 $2.7M No change
EE Excelerate Energy Inc. Class A 0.36% 90,000 $2.6M No change
SPGI S&P Global Inc. 0.36% 5,000 $2.6M No change
PBA Pembina Pipeline Corp. 0.36% 70,000 $2.6M Reduce -22.2%
DE Deere & Co. 0.35% 5,000 $2.5M No change
CYBR Cyberark Software Ltd./Israel 0.34% 6,000 $2.4M Add +100.0%
COP Conocophillips 0.33% 27,000 $2.4M Add +12.5%
AMD Advanced Micro Devices 0.33% 17,000 $2.4M No change
FANG Diamondback Energy Inc. 0.32% 17,000 $2.3M Reduce -15.0%
EQT Eqt Corp. 0.32% 40,000 $2.3M Reduce -50.0%
PPC Pilgrim's Pride Corp. 0.31% 50,000 $2.2M Add +1370.6%
LOW Lowe's Cos Inc. 0.30% 10,000 $2.2M No change
KMI Kinder Morgan Inc. 0.30% 75,000 $2.2M No change
MNDY Monday.com Ltd. 0.30% 7,000 $2.2M Add +40.0%
DOCN Digitalocean Holdings Inc. 0.29% 75,000 $2.1M Add +15.4%
TMO Thermo Fisher Scientific Inc. 0.28% 5,000 $2.0M No change
GEV GE Vernova Inc. 0.28% 3,800 $2.0M Reduce -24.0%
GTLS Chart Industries Inc. 0.27% 12,000 $2.0M Add +9.1%
UNH Unitedhealth Group Inc. 0.26% 6,000 $1.9M Add +50.0%
PRIM Primoris Services Corp. 0.26% 24,000 $1.9M Add +100.0%
PNC PNC Financial Services Group 0.26% 10,000 $1.9M No change
FDX FedEx Corp. 0.22% 7,000 $1.6M No change
EW Edwards Lifesciences Corp. 0.21% 20,000 $1.6M No change
CAT Caterpillar Inc. 0.21% 4,000 $1.6M No change
FTI Technipfmc PLC 0.19% 40,000 $1.4M No change
MOD Modine Manufacturing Co. 0.18% 13,000 $1.3M No change
TSLA Tesla Inc. 0.17% 4,000 $1.3M No change
CCJ Cameco Corp. 0.17% 17,000 $1.3M New
EXE Expand Energy Corp. 0.16% 10,000 $1.2M New
TPL Texas Pacific Land Corp. 0.16% 1,100 $1.2M Add +37.5%
TS Tenaris SA-ADR 0.14% 28,000 $1.0M Add +12.0%
CSCO Cisco Systems Inc. 0.14% 15,000 $1.0M Reduce -66.7%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.14% 19,000 $1.0M Reduce -40.6%
DINO HF Sinclair Corp. 0.14% 25,000 $1.0M Reduce -37.5%
CEG Constellation Energy 0.13% 3,000 $968K New
PWR Quanta Services Inc. 0.13% 2,500 $945K Reduce -16.7%
NE Noble Corp. PLC 0.13% 35,000 $929K New
SHLS Shoals Technologies Group -A 0.11% 195,000 $829K Reduce -9.3%
GNRC Generac Holdings Inc. 0.10% 5,000 $716K No change
HAL Halliburton Co. 0.08% 30,000 $611K No change
PTEN Patterson-Uti Energy Inc. 0.08% 100,000 $593K No change
ARRY Array Technologies Inc. 0.06% 70,000 $413K Reduce -22.2%
PBR Petroleo Brasileiro-Spon ADR 0.04% 23,000 $288K No change
BBY Best Buy Co. Inc. 0.04% 4,000 $269K Add +60.0%
XPRO Expro Group Holdings NV 0.04% 30,000 $258K Reduce -70.0%
ES Eversource Energy 0.04% 4,000 $254K No change
USB US Bancorp 0.03% 5,340 $242K No change
DOW Dow Inc. 0.03% 9,000 $238K No change
LPG Dorian LPG Ltd. 0.03% 9,000 $219K No change
D Dominion Energy Inc. 0.03% 3,500 $198K No change
RIO Rio Tinto PLC-Spon ADR 0.02% 3,000 $175K Reduce -33.3%
POR Portland General Electric Co. 0.02% 4,000 $163K No change
STX Seagate Technology Holdings 0.02% 1,000 $144K Reduce -50.0%
RF Regions Financial Corp. 0.02% 6,000 $141K No change
BKE The Buckle Inc. 0.02% 3,000 $136K No change
BCE Bce Inc. 0.02% 6,000 $133K No change
TFC Truist Financial Corp. 0.02% 3,000 $129K No change
ING ING Groep N.V.-Sponsored ADR 0.01% 5,000 $109K New
WHR Whirlpool Corp. 0.01% 1,000 $101K No change
BHP BHP Group Ltd.-Spon ADR 0.01% 2,000 $96K Reduce -33.3%
UMC United Microelectron-SP ADR 0.01% 12,000 $92K New
WEN The Wendy's Co. 0.01% 8,000 $91K No change
SOBO South Bow Corp. 0.01% 2,400 $62K Reduce -92.4%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.01% 600 $58K No change

Portfolio Sells Q1 2025 → Q2 2025
NEE Nextera Energy Inc. Reduce -14.1% 4.05% −1.01
CTRA Coterra Energy Inc. Reduce -64.5% 0.38% −0.91
ABBV Abbvie Inc. Reduce -14.4% 1.96% −0.76
AES AES Corp. Reduce -55.6% 0.40% −0.72
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.51
MRK Merck & Co. Inc. Reduce -19.0% 0.88% −0.41
PFE Pfizer Inc. Reduce -20.8% 1.01% −0.39
ORI Old Republic Intl Corp. Reduce -25.0% 0.79% −0.34
LNG Cheniere Energy Inc. Reduce -25.6% 0.97% −0.33
EQT Eqt Corp. Reduce -50.0% 0.32% −0.30
CSCO Cisco Systems Inc. Reduce -66.7% 0.14% −0.26
BLK BlackRock Inc. Reduce -22.2% 1.01% −0.22
PM Philip Morris International Reduce -25.5% 0.88% −0.20
PBA Pembina Pipeline Corp. Reduce -22.2% 0.36% −0.16
PARR Par Pacific Holdings Inc. Sold out 0.00% −0.15
TRGP Targa Resources Corp. Reduce -3.9% 0.60% −0.15
AR Antero Resources Corp. Reduce -14.3% 0.66% −0.15
TXN Texas Instruments Inc. Reduce -21.9% 0.91% −0.15
FANG Diamondback Energy Inc. Reduce -15.0% 0.32% −0.14
XPRO Expro Group Holdings NV Reduce -70.0% 0.04% −0.11
SOBO South Bow Corp. Reduce -92.4% 0.01% −0.11
NXT Nextpower Inc. Reduce -40.6% 0.14% −0.05
DINO HF Sinclair Corp. Reduce -37.5% 0.14% −0.05
SNY Sanofi-ADR Sold out 0.00% −0.02
NVS Novartis AG-Sponsored ADR Sold out 0.00% −0.02
RIO Rio Tinto PLC-Spon ADR Reduce -33.3% 0.02% −0.01
BHP BHP Group Ltd.-Spon ADR Reduce -33.3% 0.01% −0.01
ARRY Array Technologies Inc. Reduce -22.2% 0.06% −0.01
STX Seagate Technology Holdings Reduce -50.0% 0.02% −0.00
SHLS Shoals Technologies Group -A Reduce -9.3% 0.11% +0.01
PWR Quanta Services Inc. Reduce -16.7% 0.13% +0.02
GEV GE Vernova Inc. Reduce -24.0% 0.28% +0.06
NRG NRG Energy Inc. Reduce -12.5% 0.62% +0.18
VRT Vertiv Holdings Co. Class A Reduce -7.9% 0.62% +0.22
VST Vistra Corp. Reduce -3.5% 0.75% +0.25
AVGO Broadcom Inc. Reduce -12.2% 4.09% +1.12

Portfolio Buys Q1 2025 → Q2 2025
XOM Exxon Mobil Corp. Add +150.0% 1.85% +0.99
TRP TC Energy Corp. Add +31.4% 3.36% +0.76
ALL Allstate Corp. New 0.50% +0.50
MS Morgan Stanley Add +7.4% 1.97% +0.38
DELL Dell Technologies -C Add +26.7% 0.96% +0.37
ENB Enbridge Inc. Add +57.4% 1.02% +0.36
XEL Xcel Energy Inc. Add +31.3% 1.96% +0.33
C Citigroup Inc. Add +7.4% 1.70% +0.31
TGT Target Corp. Add +46.7% 1.19% +0.29
AROC Archrock Inc. Add +180.0% 0.48% +0.29
PPC Pilgrim's Pride Corp. Add +1370.6% 0.31% +0.28
GLW Corning Inc. Add +4.0% 1.88% +0.23
CYBR Cyberark Software Ltd./Israel Add +100.0% 0.34% +0.19
CCJ Cameco Corp. New 0.17% +0.17
EXE Expand Energy Corp. New 0.16% +0.16
PRIM Primoris Services Corp. Add +100.0% 0.26% +0.16
EVRG Evergy Inc. Add +25.0% 0.95% +0.15
CVX Chevron Corp. Add +29.1% 2.97% +0.15
KO The Coca-Cola Co. Add +25.0% 0.97% +0.15
FSLR First Solar Inc. Add +9.5% 0.52% +0.14
CEG Constellation Energy New 0.13% +0.13
NE Noble Corp. PLC New 0.13% +0.13
MNDY Monday.com Ltd. Add +40.0% 0.30% +0.13
ETR Entergy Corp. Add +16.1% 1.48% +0.10
QCOM Qualcomm Inc. Add +4.2% 1.64% +0.05
GTLS Chart Industries Inc. Add +9.1% 0.27% +0.04
KGS Kodiak Gas Services Inc. Add +20.3% 0.42% +0.02
ING ING Groep N.V.-Sponsored ADR New 0.01% +0.01
UMC United Microelectron-SP ADR New 0.01% +0.01
BBY Best Buy Co. Inc. Add +60.0% 0.04% +0.01
TPL Texas Pacific Land Corp. Add +37.5% 0.16% +0.01
TS Tenaris SA-ADR Add +12.0% 0.14% +0.00
VZ Verizon Communications Inc. Add +9.3% 1.40% −0.01
DOCN Digitalocean Holdings Inc. Add +15.4% 0.29% −0.02
COP Conocophillips Add +12.5% 0.33% −0.03
PSX Phillips 66 Add +5.8% 1.51% −0.04
LYB Lyondellbasell Indu Class A Add +20.0% 0.67% −0.04
UNH Unitedhealth Group Inc. Add +50.0% 0.26% −0.04
PRU Prudential Financial Inc. Add +4.8% 1.28% −0.05
PR Permian Resources Corp. Class A Add +2.4% 1.57% −0.07
UPS United Parcel Service Class B Add +1.8% 0.80% −0.10
KVUE Kenvue Inc. Add +11.3% 1.28% −0.10
PEP Pepsico Inc. Add +12.6% 2.27% −0.13

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