Yaupon Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Yaupon Capital Management LP reported 83 stock positions worth $1.5 billion. Its top holding was BP PLC-Spons ADR (BP) at 3.8% of the portfolio, followed by Shell PLC-ADR (SHEL, 3.8%) and Evergy (EVRG, 3.7%). Compared with Q1 2025, it opened 38 new positions, sold out of 22, added to 14 and reduced 27. The biggest buy was a new position in Hess (HES) and the biggest sale American Electric Power (AEP, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001755028
- Portfolio Value
- $1.5B (Q2 2025)
- SEC Filing
- 0001085146-25-005155 ↗ filed Aug 14, 2025
Holdings Value
Holdings 83 stocks · $1.5B
| BP BP PLC-Spons ADR | 3.81% | 1,910,792 | $57.2M | Reduce -3.9% |
| SHEL Shell PLC-ADR | 3.78% | 804,153 | $56.6M | Reduce -5.9% |
| EVRG Evergy Inc. | 3.73% | 810,504 | $55.9M | Add +104.5% |
| AEP American Electric Power | 3.17% | 457,880 | $47.5M | Reduce -49.1% |
| ETR Entergy Corp. | 2.96% | 534,514 | $44.4M | Reduce -8.0% |
| AEE Ameren Corporation | 2.95% | 459,930 | $44.2M | Add +79.5% |
| NFG National Fuel Gas Co. | 2.67% | 472,790 | $40.1M | Add +101.5% |
| FTI Technipfmc PLC | 2.62% | 1,142,296 | $39.3M | Add +2.5% |
| EQT Eqt Corp. | 2.49% | 639,896 | $37.3M | Reduce -21.1% |
| OVV Ovintiv Inc. | 2.47% | 973,584 | $37.0M | Reduce -16.4% |
| NI Nisource Inc. | 2.45% | 909,161 | $36.7M | Add +1.0% |
| PR Permian Resources Corp. Class A | 2.43% | 2,680,514 | $36.5M | Add +35.2% |
| CVE Cenovus Energy Inc. | 2.41% | 2,658,198 | $36.2M | Add +87.4% |
| HES Hess Corp. | 2.35% | 254,343 | $35.2M | New |
| CSX CSX Corp. | 2.25% | 1,036,094 | $33.8M | New |
| PNW Pinnacle West Capital | 2.22% | 372,131 | $33.3M | Add +55.4% |
| NEXT Nextdecade Corp. | 2.18% | 3,672,399 | $32.7M | Reduce -7.4% |
| LNG Cheniere Energy Inc. | 2.00% | 122,933 | $29.9M | New |
| DUK Duke Energy Corp. | 1.96% | 248,767 | $29.4M | Add +8.9% |
| LNT Alliant Energy Corp. | 1.91% | 473,557 | $28.6M | New |
| DTE DTE Energy Company | 1.89% | 213,813 | $28.3M | Add +11.8% |
| PWR Quanta Services Inc. | 1.85% | 73,521 | $27.8M | New |
| MTDR Matador Resources Co. | 1.83% | 574,388 | $27.4M | Reduce -6.5% |
| ADM Archer-Daniels-Midland Co. | 1.74% | 494,284 | $26.1M | New |
| PRIM Primoris Services Corp. | 1.68% | 323,931 | $25.2M | Reduce -15.1% |
| CNQ Canadian Natural Resources | 1.66% | 794,101 | $25.0M | Reduce -43.4% |
| AQN Algonquin Power & Utilities | 1.65% | 4,307,038 | $24.7M | New |
| BG Bunge Global SA | 1.60% | 299,307 | $24.0M | Add +14.8% |
| NSC Norfolk Southern Corp. | 1.38% | 80,851 | $20.7M | New |
| AWK American Water Works Co. Inc. | 1.30% | 140,529 | $19.5M | Add +56.3% |
| IDA Idacorp Inc. | 1.25% | 161,832 | $18.7M | New |
| GFL GFL Environmental Inc.-Sub VT | 1.21% | 360,249 | $18.2M | Reduce -16.8% |
| SHW The Sherwin-Williams Co. | 1.21% | 52,623 | $18.1M | New |
| FCX Freeport-McMoran Inc. | 1.16% | 400,524 | $17.4M | Reduce -43.0% |
| CTRA Coterra Energy Inc. | 1.11% | 656,937 | $16.7M | Reduce -23.5% |
| DTM DT Midstream Inc. | 1.09% | 148,825 | $16.4M | Reduce -31.3% |
| ETN Eaton Corp. PLC | 1.06% | 44,621 | $15.9M | New |
| FE Firstenergy Corp. | 1.06% | 395,124 | $15.9M | Reduce -15.7% |
| CRS Carpenter Technology | 1.05% | 57,239 | $15.8M | New |
| HBM Hudbay Minerals Inc. | 0.97% | 1,370,782 | $14.5M | Reduce -22.9% |
| FSLR First Solar Inc. | 0.93% | 84,402 | $14.0M | Reduce -15.8% |
| DAR Darling Ingredients Inc. | 0.93% | 365,841 | $13.9M | New |
| MPC Marathon Petroleum Corp. | 0.92% | 83,352 | $13.8M | Reduce -39.3% |
| XEL Xcel Energy Inc. | 0.92% | 201,545 | $13.7M | Reduce -24.2% |
| VST Vistra Corp. | 0.88% | 67,867 | $13.2M | New |
| TAC Transalta Corp. | 0.83% | 1,160,494 | $12.5M | Reduce -30.9% |
| ATI Ati Inc. | 0.78% | 135,246 | $11.7M | New |
| ES Eversource Energy | 0.78% | 183,437 | $11.7M | New |
| TECK Teck Resources Ltd.-CLS B | 0.71% | 262,733 | $10.6M | Reduce -20.3% |
| AES AES Corp. | 0.70% | 994,713 | $10.5M | New |
| EE Excelerate Energy Inc. Class A | 0.64% | 325,000 | $9.5M | New |
| TXNM TXNM Energy Inc. | 0.56% | 150,165 | $8.5M | Reduce -47.7% |
| FLS Flowserve Corp. | 0.56% | 160,008 | $8.4M | New |
| TLN Talen Energy Corp. | 0.54% | 27,839 | $8.1M | New |
| FMC FMC Corp. | 0.53% | 189,694 | $7.9M | New |
| ECL Ecolab Inc. | 0.52% | 29,062 | $7.8M | New |
| CE Celanese Corp. | 0.52% | 141,086 | $7.8M | New |
| CTVA Corteva Inc. | 0.52% | 104,640 | $7.8M | Reduce -75.7% |
| ARRY Array Technologies Inc. | 0.51% | 1,302,064 | $7.7M | Add +84.2% |
| GPOR Gulfport Energy Corp. | 0.51% | 37,872 | $7.6M | New |
| ECVT Ecovyst Inc. | 0.49% | 900,000 | $7.4M | New |
| DBRG Digitalbridge Group Inc. | 0.47% | 684,215 | $7.1M | New |
| TBN Tamboran Resources Corp. | 0.45% | 315,544 | $6.7M | No change |
| INR Infinity Natural Resour Class A | 0.44% | 359,006 | $6.6M | Reduce -10.3% |
| KRP Kimbell Royalty Partners LP | 0.42% | 450,000 | $6.3M | No change |
| NWE Northwestern Energy Group Inc. | 0.42% | 122,414 | $6.3M | New |
| XIFR XPLR Infrastructure LP | 0.40% | 738,933 | $6.1M | No change |
| BKV BKV Corporation | 0.35% | 219,227 | $5.3M | Reduce -64.4% |
| OR Or Royalties Inc. | 0.32% | 187,197 | $4.8M | Reduce -70.3% |
| KNTK Kinetik Holdings Inc. | 0.29% | 100,000 | $4.4M | Reduce -50.0% |
| VG Venture Global Inc. Class A | 0.29% | 280,000 | $4.4M | New |
| SHLS Shoals Technologies Group -A | 0.24% | 847,727 | $3.6M | New |
| CDLR Cadeler A/S-ADR | 0.24% | 180,566 | $3.6M | Add +33.8% |
| PPTA Perpetua Resources Corp. | 0.16% | 201,554 | $2.4M | New |
| WTRG Essential Utilities Inc. | 0.12% | 50,000 | $1.9M | New |
| CORZ Core Scientific Inc. | 0.12% | 102,890 | $1.8M | New |
| OPAL Opal Fuels Inc. Class A | 0.11% | 711,508 | $1.7M | No change |
| KBR KBR Inc. | 0.10% | 30,314 | $1.5M | New |
| HESM Hess Midstream LP Class A | 0.07% | 27,006 | $1.0M | New |
| CNM Core & Main Inc. Class A | 0.05% | 12,212 | $737K | New |
| PONY Pony AI Inc. | 0.03% | 39,320 | $519K | New |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.03% | 35,139 | $390K | New |
| GSRT GSR III Acquisition Corp. | 0.02% | 29,388 | $317K | New |
Options reported separately and not counted above: D puts ($70.7M), XLU puts ($61.2M), HYG puts ($60.5M), EXE puts ($46.8M), DOW puts ($39.7M), DINO calls ($33.2M), TSLA puts ($31.8M), WMB calls ($31.4M), ALB puts ($31.3M), ED puts ($30.1M), VG puts ($29.6M), VRT puts ($25.7M), and 20 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $7K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) | NOTE 4.750% 5/0 · principal | 5,000 | $7K | New |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q1 2025 → Q2 2025
| AEP American Electric Power | Reduce -49.1% | 3.17% | −4.05 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −2.82 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −1.87 |
| TRP TC Energy Corp. | Sold out | 0.00% | −1.87 |
| ATO Atmos Energy Corp. | Sold out | 0.00% | −1.85 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −1.74 |
| PPL PPL Corp. | Sold out | 0.00% | −1.71 |
| CNQ Canadian Natural Resources | Reduce -43.4% | 1.66% | −1.50 |
| CTVA Corteva Inc. | Reduce -75.7% | 0.52% | −1.47 |
| OVV Ovintiv Inc. | Reduce -16.4% | 2.47% | −1.19 |
| BP BP PLC-Spons ADR | Reduce -3.9% | 3.81% | −1.12 |
| SARO Standardaero Inc. | Sold out | 0.00% | −1.03 |
| BKR Baker Hughes Co. | Sold out | 0.00% | −0.87 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.87 |
| SHEL Shell PLC-ADR | Reduce -5.9% | 3.78% | −0.82 |
| FCX Freeport-McMoran Inc. | Reduce -43.0% | 1.16% | −0.80 |
| CTRA Coterra Energy Inc. | Reduce -23.5% | 1.11% | −0.71 |
| EQT Eqt Corp. | Reduce -21.1% | 2.49% | −0.69 |
| ETR Entergy Corp. | Reduce -8.0% | 2.96% | −0.68 |
| OR Or Royalties Inc. | Reduce -70.3% | 0.32% | −0.65 |
| BKV BKV Corporation | Reduce -64.4% | 0.35% | −0.60 |
| TXNM TXNM Energy Inc. | Reduce -47.7% | 0.56% | −0.56 |
| MPC Marathon Petroleum Corp. | Reduce -39.3% | 0.92% | −0.54 |
| MTDR Matador Resources Co. | Reduce -6.5% | 1.83% | −0.47 |
| KNTK Kinetik Holdings Inc. | Reduce -50.0% | 0.29% | −0.47 |
| XEL Xcel Energy Inc. | Reduce -24.2% | 0.92% | −0.47 |
| PBA Pembina Pipeline Corp. | Sold out | 0.00% | −0.45 |
| DTM DT Midstream Inc. | Reduce -31.3% | 1.09% | −0.44 |
| AESI Atlas Energy Solutions Inc. | Sold out | 0.00% | −0.43 |
| PARR Par Pacific Holdings Inc. | Sold out | 0.00% | −0.42 |
| FLOC Flowco Holdings Inc. Class A | Sold out | 0.00% | −0.40 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.36 |
| FE Firstenergy Corp. | Reduce -15.7% | 1.06% | −0.33 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -16.8% | 1.21% | −0.32 |
| TAC Transalta Corp. | Reduce -30.9% | 0.83% | −0.32 |
| SLDP Solid Power Inc. | Sold out | 0.00% | −0.27 |
| HNRG Hallador Energy Co. | Sold out | 0.00% | −0.25 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.23 |
| DK Delek US Holdings Inc. | Sold out | 0.00% | −0.23 |
| TECK Teck Resources Ltd.-CLS B | Reduce -20.3% | 0.71% | −0.17 |
| LB Landbridge Co. LLC-A | Sold out | 0.00% | −0.15 |
| INR Infinity Natural Resour Class A | Reduce -10.3% | 0.44% | −0.11 |
| NEXT Nextdecade Corp. | Reduce -7.4% | 2.18% | −0.08 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −0.05 |
| CLNE Clean Energy Fuels Corp. | Sold out | 0.00% | −0.04 |
| NOVAQ Sunnova Energy International | Sold out | 0.00% | −0.02 |
| HBM Hudbay Minerals Inc. | Reduce -22.9% | 0.97% | −0.02 |
| FSLR First Solar Inc. | Reduce -15.8% | 0.93% | +0.00 |
| PRIM Primoris Services Corp. | Reduce -15.1% | 1.68% | +0.08 |
Portfolio Buys Q1 2025 → Q2 2025
| HES Hess Corp. | New | 2.35% | +2.35 |
| CSX CSX Corp. | New | 2.25% | +2.25 |
| LNG Cheniere Energy Inc. | New | 2.00% | +2.00 |
| LNT Alliant Energy Corp. | New | 1.91% | +1.91 |
| PWR Quanta Services Inc. | New | 1.85% | +1.85 |
| ADM Archer-Daniels-Midland Co. | New | 1.74% | +1.74 |
| EVRG Evergy Inc. | Add +104.5% | 3.73% | +1.72 |
| AQN Algonquin Power & Utilities | New | 1.65% | +1.65 |
| NSC Norfolk Southern Corp. | New | 1.38% | +1.38 |
| NFG National Fuel Gas Co. | Add +101.5% | 2.67% | +1.31 |
| IDA Idacorp Inc. | New | 1.25% | +1.25 |
| SHW The Sherwin-Williams Co. | New | 1.21% | +1.21 |
| ETN Eaton Corp. PLC | New | 1.06% | +1.06 |
| AEE Ameren Corporation | Add +79.5% | 2.95% | +1.06 |
| CRS Carpenter Technology | New | 1.05% | +1.05 |
| CVE Cenovus Energy Inc. | Add +87.4% | 2.41% | +0.96 |
| DAR Darling Ingredients Inc. | New | 0.93% | +0.93 |
| VST Vistra Corp. | New | 0.88% | +0.88 |
| ATI Ati Inc. | New | 0.78% | +0.78 |
| ES Eversource Energy | New | 0.78% | +0.78 |
| AES AES Corp. | New | 0.70% | +0.70 |
| EE Excelerate Energy Inc. Class A | New | 0.64% | +0.64 |
| FLS Flowserve Corp. | New | 0.56% | +0.56 |
| PNW Pinnacle West Capital | Add +55.4% | 2.22% | +0.55 |
| TLN Talen Energy Corp. | New | 0.54% | +0.54 |
| FMC FMC Corp. | New | 0.53% | +0.53 |
| ECL Ecolab Inc. | New | 0.52% | +0.52 |
| CE Celanese Corp. | New | 0.52% | +0.52 |
| GPOR Gulfport Energy Corp. | New | 0.51% | +0.51 |
| ECVT Ecovyst Inc. | New | 0.49% | +0.49 |
| DBRG Digitalbridge Group Inc. | New | 0.47% | +0.47 |
| PR Permian Resources Corp. Class A | Add +35.2% | 2.43% | +0.42 |
| NWE Northwestern Energy Group Inc. | New | 0.42% | +0.42 |
| AWK American Water Works Co. Inc. | Add +56.3% | 1.30% | +0.33 |
| VG Venture Global Inc. Class A | New | 0.29% | +0.29 |
| ARRY Array Technologies Inc. | Add +84.2% | 0.51% | +0.26 |
| SHLS Shoals Technologies Group -A | New | 0.24% | +0.24 |
| PPTA Perpetua Resources Corp. | New | 0.16% | +0.16 |
| BG Bunge Global SA | Add +14.8% | 1.60% | +0.14 |
| WTRG Essential Utilities Inc. | New | 0.12% | +0.12 |
| CORZ Core Scientific Inc. | New | 0.12% | +0.12 |
| KBR KBR Inc. | New | 0.10% | +0.10 |
| HESM Hess Midstream LP Class A | New | 0.07% | +0.07 |
| CNM Core & Main Inc. Class A | New | 0.05% | +0.05 |
| CDLR Cadeler A/S-ADR | Add +33.8% | 0.24% | +0.04 |
| PONY Pony AI Inc. | New | 0.03% | +0.03 |
| FTI Technipfmc PLC | Add +2.5% | 2.62% | +0.03 |
| IMSR Terrestrial Energy Inc. | New | 0.03% | +0.03 |
| GSRT GSR III Acquisition Corp. | New | 0.02% | +0.02 |
| DTE DTE Energy Company | Add +11.8% | 1.89% | −0.05 |
Options Activity Q1 2025 → Q2 2025
| SLB SLB Ltd. | put | Sold out | 1,700,000 | $71.1Mbefore exit |
| D Dominion Energy Inc. | put | Add +150.0% | 1,250,000 | $70.7M |
| XLU St Sr Utl SL SE SPDR ETF-Usd | put | Reduce -25.0% | 750,000 | $61.2M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 750,000 | $60.5M |
| OKE Oneok Inc. | put | Sold out | 500,000 | $49.6Mbefore exit |
| DOW Dow Inc. | put | Add +200.0% | 1,500,000 | $39.7M |
| EOG EOG Resources Inc. | put | Sold out | 280,000 | $35.9Mbefore exit |
| DINO HF Sinclair Corp. | call | Add +61.7% | 808,300 | $33.2M |
| TSLA Tesla Inc. | put | New | 100,000 | $31.8M |
| WMB Williams Cos Inc. | call | New | 500,000 | $31.4M |
| ALB Albemarle Corp. | put | New | 500,000 | $31.3M |
| CEG Constellation Energy | put | Sold out | 150,000 | $30.2Mbefore exit |
| ED Consolidated Edison Inc. | put | New | 300,000 | $30.1M |
| VG Venture Global Inc. Class A | put | Add +375.0% | 1,900,000 | $29.6M |
| ADM Archer-Daniels-Midland Co. | put | Sold out | 600,000 | $28.8Mbefore exit |
| VRT Vertiv Holdings Co. Class A | put | New | 200,000 | $25.7M |
| ETN Eaton Corp. PLC | put | Reduce -72.0% | 70,000 | $25.0M |
| PSX Phillips 66 | put | New | 200,000 | $23.9M |
| XEL Xcel Energy Inc. | call | New | 300,000 | $20.4M |
| POR Portland General Electric Co. | put | New | 500,000 | $20.3M |
| VST Vistra Corp. | call | New | 100,000 | $19.4M |
| NEE Nextera Energy Inc. | put | Reduce -37.5% | 250,000 | $17.4M |
| FSLR First Solar Inc. | call | New | 100,000 | $16.6M |
| FCX Freeport-McMoran Inc. | call | Sold out | 425,000 | $16.1Mbefore exit |
| AES AES Corp. | call | New | 1,500,000 | $15.8M |
| LYB Lyondellbasell Indu Class A | put | Sold out | 200,000 | $14.1Mbefore exit |
| CVE Cenovus Energy Inc. | call | New | 1,000,000 | $13.6M |
| TXNM TXNM Energy Inc. | call | Sold out | 250,000 | $13.4Mbefore exit |
| DOW Dow Inc. | call | New | 500,000 | $13.2M |
| CCJ Cameco Corp. | put | Sold out | 220,000 | $9.1Mbefore exit |
| EQNR Equinor ASA-Spon ADR | put | New | 300,000 | $7.5M |
| MSTR Strategy Inc. | put | New | 14,700 | $5.9M |
| CC The Chemours Co. | call | New | 500,000 | $5.7M |
| TPL Texas Pacific Land Corp. | put | New | 5,000 | $5.3M |
| TALO Talos Energy Inc. | put | Add +50.0% | 600,000 | $5.1M |
| NEXT Nextdecade Corp. | call | Reduce -87.6% | 495,700 | $4.4M |
| RUN Sunrun Inc. | call | New | 498,700 | $4.1M |
| HUT Hut 8 Corp. | call | New | 200,000 | $3.7M |
| TXNM TXNM Energy Inc. | put | New | 18,200 | $1.0M |
| CLNE Clean Energy Fuels Corp. | call | New | 500,000 | $975K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) | NOTE 4.750% 5/0 · principal | New | 5,000 | $7K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |