Yaupon Capital Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Yaupon Capital Management LP reported 67 stock positions worth $1.4 billion . Its top holding was American Electric Power (AEP) at 7.2% of the portfolio, followed by BP PLC-Spons ADR (BP, 4.9% ) and Shell PLC-ADR (SHEL, 4.6% ). Compared with Q4 2024, it opened 23 new positions, sold out of 44, added to 22 and reduced 21. The biggest buy was a new position in American Electric Power (AEP) and the biggest sale an exit from Consolidated Edison (ED).
Location NEW YORK, NY
CIK 0001755028
Portfolio Value $1.4B (Q1 2025) Holdings 67 stocks · $1.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 AEP American Electric Power 900,000 $98.3M New BP BP PLC-Spons ADR 1,988,362 $67.2M Add +24.2% SHEL Shell PLC-ADR 854,449 $62.6M Add +24.5% OVV Ovintiv Inc. 1,164,408 $49.8M Add +24.6% ETR Entergy Corp. 581,185 $49.7M New EQT Eqt Corp. 810,538 $43.3M Add +102.7% CNQ Canadian Natural Resources 1,403,457 $43.2M New GEV GE Vernova Inc. 125,764 $38.4M Add +159.9% NI Nisource Inc. 900,290 $36.1M Add +19.2% FTI Technipfmc PLC 1,115,011 $35.3M Reduce -11.8% MTDR Matador Resources Co. 614,301 $31.4M Reduce -4.8% NEXT Nextdecade Corp. 3,967,381 $30.9M Add +69.5% DUK Duke Energy Corp. 228,495 $27.9M Add +0.3% PR Permian Resources Corp. Class A 1,982,187 $27.5M Reduce -36.9% EVRG Evergy Inc. 396,263 $27.3M Reduce -27.8% CTVA Corteva Inc. 429,934 $27.1M New FCX Freeport-McMoran Inc. 703,298 $26.6M New DTE DTE Energy Company 191,200 $26.4M Add +78.9% AEE Ameren Corporation 256,302 $25.7M Add +9.7% CNP Centerpoint Energy Inc. 704,980 $25.5M New TRP TC Energy Corp. 539,615 $25.5M Reduce -48.8% ATO Atmos Energy Corp. 163,218 $25.2M Add +25.0% CTRA Coterra Energy Inc. 858,520 $24.8M Reduce -34.1% VNOM Viper Energy Inc. 523,909 $23.7M New PPL PPL Corp. 643,928 $23.3M Reduce -17.8% PNW Pinnacle West Capital 239,533 $22.8M Reduce -17.5% PRIM Primoris Services Corp. 381,316 $21.9M Add +1103.7% GFL GFL Environmental Inc.-Sub VT 433,046 $20.9M Add +146.9% DTM DT Midstream Inc. 216,497 $20.9M Add +7.0% MPC Marathon Petroleum Corp. 137,350 $20.0M Reduce -39.0% BG Bunge Global SA 260,670 $19.9M New CVE Cenovus Energy Inc. 1,418,730 $19.7M New FE Firstenergy Corp. 468,512 $18.9M Add +38.2% XEL Xcel Energy Inc. 265,793 $18.8M Reduce -73.4% NFG National Fuel Gas Co. 234,640 $18.6M Reduce -58.7% TAC Transalta Corp. 1,680,101 $15.7M Add +138.0% TXNM TXNM Energy Inc. 286,974 $15.3M Reduce -55.1% SARO Standardaero Inc. 525,000 $14.0M Add +308.6% HBM Hudbay Minerals Inc. 1,777,347 $13.5M Add +21.9% OR Osisko Gold Royalties Ltd. 629,871 $13.3M Reduce -21.8% AWK American Water Works Co. Inc. 89,931 $13.3M New BKV BKV Corporation 615,089 $12.9M Add +47.1% FSLR First Solar Inc. 100,201 $12.7M Reduce -47.4% TECK Teck Resources Ltd.-CLS B 329,595 $12.0M Reduce -40.2% BKR Baker Hughes Co. 269,628 $11.9M Reduce -42.0% CP Canadian Pacific Kansas City 168,771 $11.8M New KNTK Kinetik Holdings Inc. 200,000 $10.4M New TBN Tamboran Resources Corp. 315,544 $7.6M No change INR Infinity Natural Resour Class A 400,000 $7.5M New XIFR XPLR Infrastructure LP 738,933 $7.0M New KRP Kimbell Royalty Partners LP 450,000 $6.3M New PBA Pembina Pipeline Corp. 154,586 $6.2M Reduce -36.7% AESI Atlas Energy Solutions Inc. 325,000 $5.8M New PARR Par Pacific Holdings Inc. 400,000 $5.7M Reduce -5.8% FLOC Flowco Holdings Inc. Class A 215,018 $5.5M New MP MP Materials Corp. 202,896 $5.0M New SLDP Solid Power Inc. 3,560,365 $3.7M Add +709.1% ARRY Array Technologies Inc. 707,012 $3.4M New HNRG Hallador Energy Co. 275,665 $3.4M Reduce -21.8% HUT Hut 8 Corp. 275,000 $3.2M New DK Delek US Holdings Inc. 205,349 $3.1M New CDLR Cadeler A/S-ADR 134,950 $2.7M Add +17.7% LB Landbridge Co. LLC-A 27,700 $2.0M Reduce -88.9% OPAL Opal Fuels Inc. Class A 711,508 $1.3M Add +1.6% DINO HF Sinclair Corp. 21,341 $702K New CLNE Clean Energy Fuels Corp. 324,000 $502K Reduce -86.8% NOVAQ Sunnova Energy International 896,888 $334K New
Options reported separately and not counted above: XLU puts ($78.8M), SLB puts ($71.1M), ETN puts ($68.0M), OKE puts ($49.6M), EXE puts ($44.5M), EOG puts ($35.9M), NEXT calls ($31.1M), CEG puts ($30.2M), ADM puts ($28.8M), NEE puts ($28.4M), D puts ($28.0M), DOW puts ($17.5M), and 7 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ ED Consolidated Edison Inc. Sold out 0.00% −3.53 XEL Xcel Energy Inc. Reduce -73.4% 1.38% −2.89 SU Suncor Energy Inc. Sold out 0.00% −2.85 CRH CRH PLC Sold out 0.00% −2.72 HES Hess Corp. Sold out 0.00% −2.27 PCG P G & E Corp. Sold out 0.00% −2.09 SRE Sempra Sold out 0.00% −1.77 NSC Norfolk Southern Corp. Sold out 0.00% −1.77 FLR Fluor Corp. Sold out 0.00% −1.67 PEG Public Service Enterprise GP Sold out 0.00% −1.52 OKE Oneok Inc. Sold out 0.00% −1.43 SDRL Seadrill Limited Sold out 0.00% −1.33 TRP TC Energy Corp. Reduce -48.8% 1.87% −1.23 FSLR First Solar Inc. Reduce -47.4% 0.93% −1.19 CNM Core & Main Inc. Class A Sold out 0.00% −1.18 D Dominion Energy Inc. Sold out 0.00% −1.05 BWXT BWX Technologies Inc. Sold out 0.00% −0.91 LB Landbridge Co. LLC-A Reduce -88.9% 0.15% −0.87 TXNM TXNM Energy Inc. Reduce -55.1% 1.13% −0.86 PR Permian Resources Corp. Class A Reduce -36.9% 2.01% −0.84 CRGY Crescent Energy Inc. Class A Sold out 0.00% −0.83 NFG National Fuel Gas Co. Reduce -58.7% 1.36% −0.82 TS Tenaris SA-ADR Sold out 0.00% −0.80 WAB Wabtec Corp. Sold out 0.00% −0.77 FANG Diamondback Energy Inc. Sold out 0.00% −0.74 VST Vistra Corp. Sold out 0.00% −0.72 CIVI Civitas Resources Inc. Sold out 0.00% −0.70 GPOR Gulfport Energy Corp. Sold out 0.00% −0.67 ASTL Algoma Steel Group Inc. Sold out 0.00% −0.67 HESM Hess Midstream LP Class A Sold out 0.00% −0.66 CENX Century Aluminum Company Sold out 0.00% −0.65 MTZ Mastec Inc. Sold out 0.00% −0.64 SHW The Sherwin-Williams Co. Sold out 0.00% −0.56 NFE New Fortress Energy Inc. Sold out 0.00% −0.55 TECK Teck Resources Ltd.-CLS B Reduce -40.2% 0.88% −0.53 MPC Marathon Petroleum Corp. Reduce -39.0% 1.47% −0.52 SOBO South Bow Corp. Sold out 0.00% −0.49 AUR Aurora Innovation Inc. Sold out 0.00% −0.41 ALTM Arcadium Lithium PLC Sold out 0.00% −0.41 WCC Wesco International Inc. Sold out 0.00% −0.39 GTES Gates Industrial Corp. UK Ltd. Sold out 0.00% −0.39 FLS Flowserve Corp. Sold out 0.00% −0.39 CLNE Clean Energy Fuels Corp. Reduce -86.8% 0.04% −0.35 BKR Baker Hughes Co. Reduce -42.0% 0.87% −0.34 CTRA Coterra Energy Inc. Reduce -34.1% 1.82% −0.28 APLD Applied Digital Corp. Sold out 0.00% −0.27 EU Encore Energy Corp. Sold out 0.00% −0.22 ETN Eaton Corp. PLC Sold out 0.00% −0.21 RIOT Riot Platforms Inc. Sold out 0.00% −0.21 AIOT Powerfleet Inc. Sold out 0.00% −0.20
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ AEP American Electric Power New 7.22% +7.22 ETR Entergy Corp. New 3.65% +3.65 CNQ Canadian Natural Resources New 3.17% +3.17 EQT Eqt Corp. Add +102.7% 3.18% +2.01 CTVA Corteva Inc. New 1.99% +1.99 FCX Freeport-McMoran Inc. New 1.95% +1.95 BP BP PLC-Spons ADR Add +24.2% 4.93% +1.94 SHEL Shell PLC-ADR Add +24.5% 4.59% +1.87 CNP Centerpoint Energy Inc. New 1.87% +1.87 GEV GE Vernova Inc. Add +159.9% 2.82% +1.81 VNOM Viper Energy Inc. New 1.74% +1.74 BG Bunge Global SA New 1.46% +1.46 PRIM Primoris Services Corp. Add +1103.7% 1.61% +1.45 CVE Cenovus Energy Inc. New 1.45% +1.45 OVV Ovintiv Inc. Add +24.6% 3.66% +1.26 DTE DTE Energy Company Add +78.9% 1.94% +1.12 NEXT Nextdecade Corp. Add +69.5% 2.26% +1.12 GFL GFL Environmental Inc.-Sub VT Add +146.9% 1.54% +1.04 AWK American Water Works Co. Inc. New 0.97% +0.97 NI Nisource Inc. Add +19.2% 2.65% +0.89 CP Canadian Pacific Kansas City New 0.87% +0.87 SARO Standardaero Inc. Add +308.6% 1.03% +0.82 KNTK Kinetik Holdings Inc. New 0.76% +0.76 ATO Atmos Energy Corp. Add +25.0% 1.85% +0.70 AEE Ameren Corporation Add +9.7% 1.89% +0.57 INR Infinity Natural Resour Class A New 0.55% +0.55 FE Firstenergy Corp. Add +38.2% 1.39% +0.54 TAC Transalta Corp. Add +138.0% 1.15% +0.52 XIFR XPLR Infrastructure LP New 0.52% +0.52 DUK Duke Energy Corp. Add +0.3% 2.04% +0.49 KRP Kimbell Royalty Partners LP New 0.46% +0.46 AESI Atlas Energy Solutions Inc. New 0.43% +0.43 FLOC Flowco Holdings Inc. Class A New 0.40% +0.40 MP MP Materials Corp. New 0.36% +0.36 BKV BKV Corporation Add +47.1% 0.95% +0.32 DTM DT Midstream Inc. Add +7.0% 1.53% +0.26 ARRY Array Technologies Inc. New 0.25% +0.25 HBM Hudbay Minerals Inc. Add +21.9% 0.99% +0.24 HUT Hut 8 Corp. New 0.23% +0.23 DK Delek US Holdings Inc. New 0.23% +0.23 SLDP Solid Power Inc. Add +709.1% 0.27% +0.22 DINO HF Sinclair Corp. New 0.05% +0.05 CDLR Cadeler A/S-ADR Add +17.7% 0.19% +0.03 NOVAQ Sunnova Energy International New 0.02% +0.02 OPAL Opal Fuels Inc. Class A Add +1.6% 0.10% −0.05
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 1,300,000 $102.2Mbefore exit XLU St Sr Utl SL SE SPDR ETF-Usd put New 1,000,000 $78.8M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 127,500 $74.7Mbefore exit SLB SLB Ltd. put New 1,700,000 $71.1M ETN Eaton Corp. PLC put Add +66.6% 250,000 $68.0M PCG P G & E Corp. put Sold out 3,000,000 $60.5Mbefore exit OKE Oneok Inc. put New 500,000 $49.6M XEL Xcel Energy Inc. call Sold out 700,000 $47.3Mbefore exit EXE Expand Energy Corp. put New 400,000 $44.5M EMR Emerson Electric Co. put Sold out 300,000 $37.2Mbefore exit CAT Caterpillar Inc. put Sold out 100,000 $36.3Mbefore exit EOG EOG Resources Inc. put New 280,000 $35.9M NEXT Nextdecade Corp. call Add +166.7% 4,000,000 $31.1M CEG Constellation Energy put Reduce -82.3% 150,000 $30.2M ADM Archer-Daniels-Midland Co. put New 600,000 $28.8M NEE Nextera Energy Inc. put Reduce -20.0% 400,000 $28.4M D Dominion Energy Inc. put New 500,000 $28.0M HAL Halliburton Co. put Sold out 1,000,000 $27.2Mbefore exit PSX Phillips 66 put Sold out 234,800 $26.8Mbefore exit XOM Exxon Mobil Corp. put Sold out 200,000 $21.5Mbefore exit FCX Freeport-McMoran Inc. put Sold out 500,000 $19.0Mbefore exit NFG National Fuel Gas Co. call Sold out 300,000 $18.2Mbefore exit DOW Dow Inc. put New 500,000 $17.5M DINO HF Sinclair Corp. call New 500,000 $16.4M FCX Freeport-McMoran Inc. call New 425,000 $16.1M BP BP PLC-Spons ADR call Sold out 500,000 $14.8Mbefore exit CNX CNX Resources Corp. put Sold out 400,000 $14.7Mbefore exit LYB Lyondellbasell Indu Class A put New 200,000 $14.1M TXNM TXNM Energy Inc. call New 250,000 $13.4M XIFR XPLR Infrastructure LP call Sold out 750,000 $13.3Mbefore exit DAR Darling Ingredients Inc. call Sold out 355,700 $12.0Mbefore exit VRT Vertiv Holdings Co. Class A put Sold out 100,000 $11.4Mbefore exit TECK Teck Resources Ltd.-CLS B call Sold out 260,600 $10.6Mbefore exit CCJ Cameco Corp. put New 220,000 $9.1M NEXT Nextdecade Corp. put Sold out 800,000 $6.2Mbefore exit VG Venture Global Inc. Class A put New 400,000 $4.1M TALO Talos Energy Inc. put New 400,000 $3.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 104 $3.0B NFG, DVN, NI, OVV, WMB Q1 2026 82 $2.0B NFG, CTRA, CVE, VST, OVV Q4 2025 89 $2.0B NFG, BP, CVE, OVV, CRH Q3 2025 92 $1.9B BP, AWK, SHEL, AES, CVE Q2 2025 83 $1.5B BP, SHEL, EVRG, AEP, ETR Q1 2025 67 $1.4B AEP, BP, SHEL, OVV, ETR Q4 2024 88 $1.6B XEL, ED, TRP, BP, PR Q3 2024 78 $1.5B TECK, PR, EQT, FANG, BKR Q2 2024 76 $1.1B HES, TRP, CVE, SHEL, SU Q1 2024 78 $1.2B CVE, TECK, SU, PXD, MPC