Viking Fund Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 10, 2026), Viking Fund Management LLC reported 142 stock positions worth $975.6 million. Its top holding was Broadcom (AVGO) at 3.5% of the portfolio, followed by Chevron (CVX, 3.4%) and TC Energy (TRP, 3.4%). Compared with Q4 2025, it opened 16 new positions, sold out of 11, added to 32 and reduced 29. The biggest buy was a new position in Shell PLC-ADR (SHEL) and the biggest sale an exit from Cme (CME).

Most Recent 13F
Q2 2026
Location
MINOT, ND
CIK
0001169069
Portfolio Value
$975.6M (Q1 2026)
SEC Filing
0001169069-26-000004 ↗ filed Apr 10, 2026

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 Q2 2025 Q3 2025: $827.4M Q3 2025 Q4 2025: $862.8M Q4 2025 Q1 2026: $975.6M $975.6M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 142 stocks · $975.6M
AVGO Broadcom Inc. 3.46% 109,000 $33.7M Add +22.5%
CVX Chevron Corp. 3.43% 161,500 $33.4M Add +6.6%
TRP TC Energy Corp. 3.40% 530,000 $33.2M Reduce -2.2%
NEE Nextera Energy Inc. 2.71% 285,000 $26.5M Reduce -12.3%
GLW Corning Inc. 2.58% 185,000 $25.2M Reduce -19.6%
ETR Entergy Corp. 2.36% 205,000 $23.0M Reduce -2.4%
BMY Bristol-Myers Squibb Co. 2.32% 373,000 $22.6M Add +16.2%
PEP Pepsico Inc. 2.21% 139,000 $21.6M No change
XEL Xcel Energy Inc. 2.12% 260,000 $20.7M Add +36.8%
ABBV Abbvie Inc. 2.01% 90,000 $19.6M Add +23.3%
VZ Verizon Communications Inc. 1.89% 367,000 $18.4M Add +5.8%
WMB Williams Cos Inc. 1.79% 240,000 $17.5M Add +500.0%
T AT&T Inc. 1.71% 575,000 $16.7M Add +16.2%
MS Morgan Stanley 1.60% 95,000 $15.6M Add +5.6%
PSX Phillips 66 1.59% 85,000 $15.5M Reduce -2.3%
SHEL Shell PLC-ADR 1.53% 160,000 $14.9M New
MO Altria Group Inc. 1.37% 202,000 $13.3M No change
HPE Hewlett Packard Enterprise 1.34% 550,000 $13.1M Add +12.2%
JPM JPMorgan Chase & Co. 1.33% 44,000 $12.9M Add +22.2%
AFG American Financial Group Inc. 1.32% 101,000 $12.9M No change
LNG Cheniere Energy Inc. 1.31% 45,000 $12.8M No change
TRGP Targa Resources Corp. 1.29% 50,000 $12.5M Add +61.3%
BTI British American Tob-SP ADR 1.26% 210,000 $12.3M Add +10.5%
PRU Prudential Financial Inc. 1.25% 125,000 $12.2M Add +0.8%
MRK Merck & Co. Inc. 1.23% 100,000 $12.0M No change
PG The Procter & Gamble Co. 1.18% 80,000 $11.6M Add +185.7%
C Citigroup Inc. 1.14% 98,000 $11.1M No change
FANG Diamondback Energy Inc. 1.12% 55,000 $10.9M Add +223.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.10% 220,000 $10.7M Add +22.2%
GPC Genuine Parts Co. 1.08% 100,000 $10.6M Add +81.8%
KO The Coca-Cola Co. 1.05% 135,000 $10.3M Add +12.5%
LLY Eli Lilly & Co. 1.04% 11,000 $10.1M Add +32.5%
MKC McCormick & Co.-Non VTG SHRS 1.03% 200,000 $10.1M Add +33.3%
KMB Kimberly-Clark Corp. 1.02% 103,000 $9.9M Add +27.2%
NVO Novo-Nordisk A/S-Spons ADR 1.02% 270,000 $9.9M Add +8.0%
EXE Expand Energy Corp. 0.99% 88,000 $9.7M Add +193.3%
QCOM Qualcomm Inc. 0.99% 75,000 $9.7M No change
PFE Pfizer Inc. 0.97% 338,000 $9.5M Add +0.8%
FITB Fifth Third Bancorp 0.95% 200,000 $9.3M New
HD Home Depot Inc. 0.94% 28,000 $9.2M No change
KGS Kodiak Gas Services Inc. 0.94% 157,000 $9.2M No change
TTE Totalenergies SE 0.93% 100,000 $9.1M New
PR Permian Resources Corp. Class A 0.90% 411,000 $8.8M Reduce -40.5%
XOM Exxon Mobil Corp. 0.87% 50,000 $8.5M Reduce -37.5%
EVRG Evergy Inc. 0.84% 100,000 $8.2M No change
ORI Old Republic Intl Corp. 0.82% 200,000 $8.0M No change
BKR Baker Hughes Co. 0.81% 130,000 $7.9M Reduce -9.7%
LMT Lockheed Martin Corp. 0.81% 13,000 $7.9M Reduce -13.3%
AROC Archrock Inc. 0.78% 220,000 $7.7M No change
ALL Allstate Corp. 0.74% 35,000 $7.3M Add +25.0%
VLO Valero Energy Corp. 0.73% 29,000 $7.2M No change
DELL Dell Technologies -C 0.72% 43,000 $7.1M No change
BBY Best Buy Co. Inc. 0.70% 106,000 $6.8M Reduce -31.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.67% 27,000 $6.5M Add +12.5%
DOCN Digitalocean Holdings Inc. 0.66% 75,000 $6.4M No change
MCD McDonald's Corp. 0.64% 20,000 $6.2M No change
TXN Texas Instruments Inc. 0.64% 32,000 $6.2M No change
NVDA Nvidia Corp. 0.63% 35,000 $6.1M Reduce -36.4%
UPS United Parcel Service Class B 0.59% 59,000 $5.8M No change
PAYX Paychex Inc. 0.57% 60,000 $5.5M Add +25.0%
SR Spire Inc. 0.56% 60,000 $5.4M No change
AAPL Apple Inc. 0.55% 21,000 $5.3M No change
GOOGL Alphabet Inc. Class A 0.53% 18,000 $5.2M New
KVUE Kenvue Inc. 0.53% 300,000 $5.2M Reduce -40.0%
UNM Unum Group 0.52% 70,000 $5.1M No change
AR Antero Resources Corp. 0.52% 120,000 $5.1M No change
PM Philip Morris International 0.51% 30,000 $5.0M Reduce -14.3%
BLK BlackRock Inc. 0.49% 5,000 $4.8M No change
EQT Eqt Corp. 0.49% 75,000 $4.8M Add +7.1%
SBUX Starbucks Corp. 0.48% 52,000 $4.7M No change
TT Trane Technologies PLC 0.47% 11,000 $4.6M No change
V Visa Inc. Class A 0.46% 15,000 $4.5M No change
ITW Illinois Tool Works 0.45% 17,000 $4.4M No change
KLAC KLA Corp. 0.45% 3,000 $4.4M Reduce -50.0%
NET Cloudflare Inc. Class A 0.44% 21,000 $4.3M No change
LRCX Lam Research Corp. 0.44% 20,000 $4.3M Reduce -50.0%
TPL Texas Pacific Land Corp. 0.44% 9,000 $4.3M Reduce -52.4%
VRT Vertiv Holdings Co. Class A 0.41% 16,000 $4.0M Reduce -38.5%
ACN Accenture PLC Class A 0.41% 20,000 $4.0M No change
LB Landbridge Co. LLC-A 0.40% 56,000 $3.9M Reduce -30.0%
NRG NRG Energy Inc. 0.39% 26,000 $3.8M Reduce -18.8%
VG Venture Global Inc. Class A 0.37% 230,000 $3.6M Add +53.3%
OVV Ovintiv Inc. 0.37% 60,000 $3.6M New
MA Mastercard Inc. Class A 0.36% 7,000 $3.5M No change
AMD Advanced Micro Devices 0.35% 17,000 $3.5M No change
NEXT Nextdecade Corp. 0.35% 450,000 $3.4M New
APD Air Products & Chemicals Inc. 0.33% 11,000 $3.2M No change
FSLR First Solar Inc. 0.32% 16,000 $3.2M No change
SLB SLB Ltd. filed as SLB LIMITED 0.32% 60,000 $3.1M Reduce -25.0%
BMI Badger Meter Inc. 0.31% 20,000 $3.0M New
VST Vistra Corp. 0.31% 20,000 $3.0M Reduce -20.0%
WM Waste Management Inc. 0.31% 13,000 $3.0M No change
MRSH Marsh & McLennan Cos 0.30% 17,000 $2.9M No change
EXC Exelon Corp. 0.30% 60,000 $2.9M No change
CAT Caterpillar Inc. 0.29% 4,000 $2.8M No change
DE Deere & Co. 0.29% 5,000 $2.8M No change
FTI Technipfmc PLC 0.28% 40,000 $2.8M No change
COP Conocophillips 0.27% 20,000 $2.6M Reduce -25.9%
KMI Kinder Morgan Inc. 0.26% 75,000 $2.5M No change
DOW Dow Inc. filed as DOW HLDGS INC 0.26% 60,000 $2.5M New
FDX FedEx Corp. 0.26% 7,000 $2.5M No change
TMO Thermo Fisher Scientific Inc. 0.25% 5,000 $2.5M No change
LOW Lowe's Cos Inc. 0.24% 10,000 $2.4M No change
NXT Nextpower Inc. 0.23% 19,000 $2.3M No change
NTR Nutrien Ltd. 0.23% 30,000 $2.3M New
MSFT Microsoft Corp. 0.23% 6,000 $2.2M No change
TGT Target Corp. 0.22% 18,000 $2.2M Reduce -79.5%
INTU Intuit Inc. 0.22% 5,000 $2.2M No change
SPGI S&P Global Inc. 0.22% 5,000 $2.1M No change
PANW Palo Alto Networks Inc. 0.22% 13,203 $2.1M New
PNC PNC Financial Services Group 0.21% 10,000 $2.1M No change
MUSA Murphy USA Inc. 0.20% 4,000 $2.0M Reduce -33.3%
DAR Darling Ingredients Inc. 0.19% 30,000 $1.9M New
GEV GE Vernova Inc. 0.18% 2,000 $1.7M Reduce -33.3%
TSLA Tesla Inc. 0.17% 4,500 $1.7M No change
UNH Unitedhealth Group Inc. 0.17% 6,000 $1.6M No change
EW Edwards Lifesciences Corp. 0.16% 20,000 $1.6M No change
CVE Cenovus Energy Inc. 0.16% 60,000 $1.6M New
TS Tenaris SA-ADR 0.15% 25,000 $1.5M Reduce -10.7%
CSCO Cisco Systems Inc. 0.12% 15,000 $1.2M No change
CCJ Cameco Corp. 0.09% 8,000 $869K Reduce -52.9%
SHLS Shoals Technologies Group -A 0.09% 130,000 $855K No change
GNRC Generac Holdings Inc. 0.08% 4,000 $781K No change
NE Noble Corp. PLC 0.08% 15,000 $736K No change
LPG Dorian LPG Ltd. 0.07% 21,000 $718K Add +16.7%
UBS UBS Group AG-Reg 0.07% 17,000 $664K New
SNY Sanofi-ADR 0.06% 12,000 $578K New
LYB Lyondellbasell Indu Class A 0.05% 6,000 $483K No change
NGG National Grid PLC-SP ADR 0.04% 5,000 $423K New
BKE The Buckle Inc. 0.04% 8,000 $403K New
SOBO South Bow Corp. 0.04% 12,000 $400K No change
RIO Rio Tinto PLC-Spon ADR 0.04% 4,000 $373K No change
TFC Truist Financial Corp. 0.04% 8,000 $368K Add +166.7%
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.04% 5,000 $364K No change
XPRO Expro Group Holdings NV 0.04% 20,000 $348K Reduce -33.3%
ENB Enbridge Inc. 0.03% 6,000 $325K Reduce -97.5%
RF Regions Financial Corp. 0.03% 12,000 $313K No change
POR Portland General Electric Co. 0.03% 5,500 $290K No change
ES Eversource Energy 0.03% 4,000 $277K No change
DEC Diversified Energy Co. 0.03% 15,000 $262K No change
CALM Cal-Maine Foods Inc. 0.02% 3,000 $237K No change
D Dominion Energy Inc. 0.02% 3,500 $216K No change

Portfolio Sells Q4 2025 → Q1 2026
CME Cme Group Inc. Sold out 0.00% −1.63
ENB Enbridge Inc. Reduce -97.5% 0.03% −1.27
TGT Target Corp. Reduce -79.5% 0.22% −0.77
PEG Public Service Enterprise GP Sold out 0.00% −0.60
GPOR Gulfport Energy Corp. Sold out 0.00% −0.58
NVDA Nvidia Corp. Reduce -36.4% 0.63% −0.56
BBY Best Buy Co. Inc. Reduce -31.6% 0.70% −0.50
KVUE Kenvue Inc. Reduce -40.0% 0.53% −0.47
KLAC KLA Corp. Reduce -50.0% 0.45% −0.39
LRCX Lam Research Corp. Reduce -50.0% 0.44% −0.36
NEE Nextera Energy Inc. Reduce -12.3% 2.71% −0.31
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.31
EE Excelerate Energy Inc. Class A Sold out 0.00% −0.29
XOM Exxon Mobil Corp. Reduce -37.5% 0.87% −0.25
PRIM Primoris Services Corp. Sold out 0.00% −0.24
PR Permian Resources Corp. Class A Reduce -40.5% 0.90% −0.23
NRG NRG Energy Inc. Reduce -18.8% 0.39% −0.20
TPL Texas Pacific Land Corp. Reduce -52.4% 0.44% −0.19
MNDY Monday.com Ltd. Sold out 0.00% −0.17
CEG Constellation Energy Sold out 0.00% −0.16
VST Vistra Corp. Reduce -20.0% 0.31% −0.16
PM Philip Morris International Reduce -14.3% 0.51% −0.14
BE Bloom Energy Corp. Class A Sold out 0.00% −0.12
TYL Tyler Technologies Inc. Sold out 0.00% −0.11
CCJ Cameco Corp. Reduce -52.9% 0.09% −0.09
MUSA Murphy USA Inc. Reduce -33.3% 0.20% −0.08
VRT Vertiv Holdings Co. Class A Reduce -38.5% 0.41% −0.08
LB Landbridge Co. LLC-A Reduce -30.0% 0.40% −0.06
TRP TC Energy Corp. Reduce -2.2% 3.40% −0.05
GEV GE Vernova Inc. Reduce -33.3% 0.18% −0.05
SLB SLB Ltd. Reduce -25.0% 0.32% −0.04
LMT Lockheed Martin Corp. Reduce -13.3% 0.81% −0.04
COP Conocophillips Reduce -25.9% 0.27% −0.02
KHC The Kraft Heinz Co. Sold out 0.00% −0.02
XPRO Expro Group Holdings NV Reduce -33.3% 0.04% −0.01
TS Tenaris SA-ADR Reduce -10.7% 0.15% +0.02
BKR Baker Hughes Co. Reduce -9.7% 0.81% +0.05
ETR Entergy Corp. Reduce -2.4% 2.36% +0.11
GLW Corning Inc. Reduce -19.6% 2.58% +0.24
PSX Phillips 66 Reduce -2.3% 1.59% +0.29

Portfolio Buys Q4 2025 → Q1 2026
SHEL Shell PLC-ADR New 1.53% +1.53
WMB Williams Cos Inc. Add +500.0% 1.79% +1.51
FITB Fifth Third Bancorp New 0.95% +0.95
TTE Totalenergies SE New 0.93% +0.93
FANG Diamondback Energy Inc. Add +223.5% 1.12% +0.82
CVX Chevron Corp. Add +6.6% 3.43% +0.75
PG The Procter & Gamble Co. Add +185.7% 1.18% +0.72
TRGP Targa Resources Corp. Add +61.3% 1.29% +0.62
EXE Expand Energy Corp. Add +193.3% 0.99% +0.61
GOOGL Alphabet Inc. Class A New 0.53% +0.53
XEL Xcel Energy Inc. Add +36.8% 2.12% +0.49
OVV Ovintiv Inc. New 0.37% +0.37
NEXT Nextdecade Corp. New 0.35% +0.35
BMI Badger Meter Inc. New 0.31% +0.31
BMY Bristol-Myers Squibb Co. Add +16.2% 2.32% +0.31
GPC Genuine Parts Co. Add +81.8% 1.08% +0.30
T AT&T Inc. Add +16.2% 1.71% +0.28
DOW Dow Inc. New 0.26% +0.26
VG Venture Global Inc. Class A Add +53.3% 0.37% +0.25
VZ Verizon Communications Inc. Add +5.8% 1.89% +0.25
NTR Nutrien Ltd. New 0.23% +0.23
PANW Palo Alto Networks Inc. New 0.22% +0.22
DAR Darling Ingredients Inc. New 0.19% +0.19
CVE Cenovus Energy Inc. New 0.16% +0.16
KO The Coca-Cola Co. Add +12.5% 1.05% +0.08
ABBV Abbvie Inc. Add +23.3% 2.01% +0.07
KMB Kimberly-Clark Corp. Add +27.2% 1.02% +0.07
ALL Allstate Corp. Add +25.0% 0.74% +0.07
UBS UBS Group AG-Reg New 0.07% +0.07
SNY Sanofi-ADR New 0.06% +0.06
EQT Eqt Corp. Add +7.1% 0.49% +0.05
NGG National Grid PLC-SP ADR New 0.04% +0.04
BKE The Buckle Inc. New 0.04% +0.04
LPG Dorian LPG Ltd. Add +16.7% 0.07% +0.02
TFC Truist Financial Corp. Add +166.7% 0.04% +0.02
BTI British American Tob-SP ADR Add +10.5% 1.26% +0.01
PFE Pfizer Inc. Add +0.8% 0.97% +0.00
LLY Eli Lilly & Co. Add +32.5% 1.04% +0.00
JPM JPMorgan Chase & Co. Add +22.2% 1.33% −0.02
HPE Hewlett Packard Enterprise Add +12.2% 1.34% −0.02
BAC Bank of America Corp. Add +22.2% 1.10% −0.05
PAYX Paychex Inc. Add +25.0% 0.57% −0.06
AVGO Broadcom Inc. Add +22.5% 3.46% −0.11
MKC McCormick & Co.-Non VTG SHRS Add +33.3% 1.03% −0.15
IBM Intl Business Machines Corp. Add +12.5% 0.67% −0.15
MS Morgan Stanley Add +5.6% 1.60% −0.25
PRU Prudential Financial Inc. Add +0.8% 1.25% −0.37
NVO Novo-Nordisk A/S-Spons ADR Add +8.0% 1.02% −0.46

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