Yaupon Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Yaupon Capital Management LP reported 89 stock positions worth $2.0 billion. Its top holding was National Fuel Gas (NFG) at 4.4% of the portfolio, followed by BP PLC-Spons ADR (BP, 3.8%) and Cenovus Energy (CVE, 3.6%). Compared with Q3 2025, it opened 37 new positions, sold out of 40, added to 26 and reduced 24. The biggest buy was National Fuel Gas (NFG, shares +521%) and the biggest sale an exit from Cheniere Energy (LNG).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001755028
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001755028-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 89 stocks · $2.0B
| NFG National Fuel Gas Co. | 4.36% | 1,105,979 | $88.5M | Add +521.0% |
| BP BP PLC-Spons ADR | 3.82% | 2,231,295 | $77.5M | Reduce -11.9% |
| CVE Cenovus Energy Inc. | 3.62% | 4,346,820 | $73.5M | Add +34.1% |
| OVV Ovintiv Inc. | 3.24% | 1,681,188 | $65.9M | Add +37.4% |
| CRH CRH PLC | 3.11% | 505,713 | $63.1M | New |
| TRP TC Energy Corp. | 3.10% | 1,143,027 | $62.9M | Add +17.0% |
| AES AES Corp. | 3.08% | 4,357,456 | $62.5M | Reduce -0.1% |
| CTRA Coterra Energy Inc. | 3.07% | 2,369,315 | $62.4M | New |
| PR Permian Resources Corp. Class A | 2.82% | 4,082,966 | $57.3M | Add +16.7% |
| CSX CSX Corp. | 2.78% | 1,559,664 | $56.5M | New |
| DUK Duke Energy Corp. | 2.56% | 443,963 | $52.0M | Add +6.3% |
| NI Nisource Inc. | 2.45% | 1,192,609 | $49.8M | New |
| SHEL Shell PLC-ADR | 2.42% | 668,736 | $49.1M | Reduce -31.3% |
| AWK American Water Works Co. Inc. | 2.24% | 349,233 | $45.6M | Reduce -41.3% |
| PNW Pinnacle West Capital | 2.23% | 511,553 | $45.4M | Add +5.8% |
| WMB Williams Cos Inc. | 2.19% | 740,946 | $44.5M | Add +37.1% |
| AEE Ameren Corporation | 2.14% | 434,497 | $43.4M | Add +60.4% |
| FTI Technipfmc PLC | 2.07% | 943,230 | $42.0M | Reduce -11.2% |
| DTE DTE Energy Company | 1.85% | 290,679 | $37.5M | Reduce -2.5% |
| ROK Rockwell Automation Inc. | 1.80% | 93,793 | $36.5M | New |
| NUE Nucor Corp. | 1.74% | 216,764 | $35.4M | New |
| EQT Eqt Corp. | 1.57% | 595,738 | $31.9M | Reduce -38.8% |
| CNP Centerpoint Energy Inc. | 1.53% | 811,982 | $31.1M | Reduce -0.8% |
| MTDR Matador Resources Co. | 1.52% | 726,504 | $30.8M | Reduce -32.1% |
| TRGP Targa Resources Corp. | 1.47% | 162,147 | $29.9M | New |
| MTZ Mastec Inc. | 1.25% | 116,993 | $25.4M | Add +176.7% |
| ETR Entergy Corp. | 1.23% | 269,935 | $25.0M | Reduce -42.5% |
| HUT Hut 8 Corp. | 1.21% | 536,522 | $24.6M | New |
| KGS Kodiak Gas Services Inc. | 1.19% | 646,131 | $24.2M | Reduce -10.9% |
| CHRW C.H. Robinson Worldwide Inc. | 1.17% | 147,360 | $23.7M | Add +139.3% |
| MDU Mdu Resources Group Inc. | 1.15% | 1,200,000 | $23.4M | New |
| WWD Woodward Inc. | 1.13% | 76,017 | $23.0M | Add +120.4% |
| B Barrick Mining Corp. | 1.07% | 497,043 | $21.6M | New |
| HBM Hudbay Minerals Inc. | 1.03% | 1,051,553 | $20.9M | Add +33.0% |
| WFRD Weatherford International PL | 1.03% | 266,463 | $20.9M | New |
| BKV BKV Corporation | 1.00% | 750,000 | $20.4M | Add +144.3% |
| ON On Semiconductor | 0.94% | 353,580 | $19.1M | New |
| PEG Public Service Enterprise GP | 0.93% | 235,282 | $18.9M | New |
| HAL Halliburton Co. | 0.93% | 668,506 | $18.9M | Reduce -36.8% |
| CWST Casella Waste Systems Inc. Class A | 0.93% | 192,855 | $18.9M | New |
| L Loews Corp. | 0.92% | 176,832 | $18.6M | New |
| TECK Teck Resources Ltd.-CLS B | 0.85% | 360,905 | $17.3M | New |
| LGN Legence Corp. Class A | 0.85% | 399,817 | $17.2M | Reduce -36.0% |
| COHR Coherent Corp. | 0.81% | 89,187 | $16.5M | New |
| TAC Transalta Corp. | 0.80% | 1,290,906 | $16.3M | Reduce -7.4% |
| TXNM TXNM Energy Inc. | 0.75% | 260,165 | $15.3M | Add +5.6% |
| EVRG Evergy Inc. | 0.75% | 210,050 | $15.2M | Add +4.1% |
| KBONU Karbon Capital Partners Corp. | 0.73% | 1,470,000 | $14.8M | New |
| CAT Caterpillar Inc. | 0.72% | 25,641 | $14.7M | Reduce -68.8% |
| KRSP Rice Acquisition Corp. 3-A | 0.72% | 1,425,829 | $14.6M | New |
| SOLS Solstice Adv Materials Inc. | 0.70% | 291,261 | $14.1M | New |
| TBN Tamboran Resources Corp. | 0.69% | 515,544 | $14.0M | Add +10.7% |
| SHLS Shoals Technologies Group -A | 0.65% | 1,558,888 | $13.3M | Reduce -51.6% |
| OGE Oge Energy Corp. | 0.63% | 300,000 | $12.8M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.60% | 152,955 | $12.2M | Add +5.7% |
| XIFR XPLR Infrastructure LP | 0.55% | 1,115,540 | $11.2M | Add +43.4% |
| ALUB.U Alussa Energy Acquisition Co. | 0.55% | 1,100,000 | $11.1M | New |
| DINO HF Sinclair Corp. | 0.54% | 237,671 | $11.0M | Reduce -41.5% |
| TLNCU Talon Capital Corp. | 0.51% | 1,000,000 | $10.3M | No change |
| WBI Waterbridge Infrastruc Class A | 0.49% | 497,046 | $9.9M | Reduce -50.3% |
| PTEN Patterson-Uti Energy Inc. | 0.49% | 1,617,799 | $9.9M | New |
| BKH Black Hills Corp. | 0.47% | 138,958 | $9.6M | New |
| IDA Idacorp Inc. | 0.44% | 70,513 | $8.9M | Reduce -47.3% |
| TSLA Tesla Inc. | 0.43% | 19,593 | $8.8M | New |
| NSC Norfolk Southern Corp. | 0.43% | 30,407 | $8.8M | Reduce -49.4% |
| WOLF Wolfspeed Inc. | 0.39% | 449,973 | $7.8M | New |
| OR Or Royalties Inc. | 0.36% | 205,228 | $7.3M | Add +5.6% |
| CWEN.A Clearway Energy Inc. Class A | 0.35% | 229,398 | $7.2M | New |
| INR Infinity Natural Resour Class A | 0.34% | 467,360 | $6.9M | Add +25.2% |
| NEXT Nextdecade Corp. | 0.32% | 1,233,976 | $6.5M | Reduce -63.2% |
| NWE Northwestern Energy Group Inc. | 0.32% | 100,624 | $6.5M | Reduce -13.0% |
| KRP Kimbell Royalty Partners LP | 0.29% | 496,638 | $5.8M | Add +4.8% |
| WMS Advanced Drainage Systems Inc. | 0.29% | 40,120 | $5.8M | New |
| KNTK Kinetik Holdings Inc. | 0.28% | 158,069 | $5.7M | New |
| AQN Algonquin Power & Utilities | 0.26% | 866,736 | $5.3M | Reduce -85.3% |
| HE Hawaiian Electric Inds | 0.25% | 413,497 | $5.1M | New |
| HTO H2O America | 0.24% | 99,884 | $4.9M | New |
| PPTA Perpetua Resources Corp. | 0.23% | 190,481 | $4.6M | New |
| SOC Sable Offshore Corp. | 0.20% | 449,215 | $4.1M | Add +124.6% |
| CEPF Cantor Equity Partners Class A | 0.16% | 309,694 | $3.2M | Add +3.2% |
| FTAI Ftai Aviation Ltd. | 0.14% | 14,348 | $2.8M | New |
| LB Landbridge Co. LLC-A | 0.12% | 51,258 | $2.5M | Add +15.4% |
| AEVA Aeva Technologies Inc. | 0.11% | 170,832 | $2.3M | New |
| AUR Aurora Innovation Inc. | 0.09% | 489,855 | $1.9M | New |
| OPAL Opal Fuels Inc. Class A | 0.09% | 767,234 | $1.8M | Add +3.4% |
| CDLR Cadeler A/S-ADR | 0.09% | 93,451 | $1.7M | Reduce -50.6% |
| PAII Pyrophyte Acquisition Corp. Class A | 0.01% | 20,708 | $208K | No change |
| METC Ramaco Resources Inc. Class A | 0.01% | 11,173 | $201K | New |
| CEPV Cantor Equity Partners Class A | 0.01% | 10,251 | $105K | New |
Options reported separately and not counted above: HYG puts ($165.3M), SPY puts ($129.6M), EQT calls ($78.6M), PSX puts ($66.1M), ETN puts ($48.6M), PWR puts ($42.2M), FSLR puts ($36.6M), XEL puts ($27.3M), CF puts ($22.7M), NEXT calls ($21.1M), XME puts ($20.7M), PBF puts ($19.9M), and 4 more.
Other holdings (3): bonds, preferreds, convertibles and warrants · $199K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 237,637 | $190K | New |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | 6,000 | $5K | New |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | 10,354 | $4K | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q3 2025 → Q4 2025
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −2.78 |
| VST Vistra Corp. | Sold out | 0.00% | −2.27 |
| AWK American Water Works Co. Inc. | Reduce -41.3% | 2.24% | −2.02 |
| FSLR First Solar Inc. | Sold out | 0.00% | −1.97 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −1.62 |
| CVX Chevron Corp. | Sold out | 0.00% | −1.52 |
| AQN Algonquin Power & Utilities | Reduce -85.3% | 0.26% | −1.37 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −1.36 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −1.34 |
| RIG Transocean Ltd. | Sold out | 0.00% | −1.33 |
| CAT Caterpillar Inc. | Reduce -68.8% | 0.72% | −1.30 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −1.21 |
| SHEL Shell PLC-ADR | Reduce -31.3% | 2.42% | −1.16 |
| EQT Eqt Corp. | Reduce -38.8% | 1.57% | −1.16 |
| ETR Entergy Corp. | Reduce -42.5% | 1.23% | −1.02 |
| MTDR Matador Resources Co. | Reduce -32.1% | 1.52% | −0.96 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.94 |
| ES Eversource Energy | Sold out | 0.00% | −0.91 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.90 |
| CEG Constellation Energy | Sold out | 0.00% | −0.88 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.87 |
| NEXT Nextdecade Corp. | Reduce -63.2% | 0.32% | −0.85 |
| WBI Waterbridge Infrastruc Class A | Reduce -50.3% | 0.49% | −0.81 |
| SDRL Seadrill Limited | Sold out | 0.00% | −0.81 |
| BP BP PLC-Spons ADR | Reduce -11.9% | 3.82% | −0.68 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.68 |
| CTRI Centuri Holdings Inc. | Sold out | 0.00% | −0.65 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −0.63 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.58 |
| SHLS Shoals Technologies Group -A | Reduce -51.6% | 0.65% | −0.58 |
| DINO HF Sinclair Corp. | Reduce -41.5% | 0.54% | −0.56 |
| NSC Norfolk Southern Corp. | Reduce -49.4% | 0.43% | −0.50 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.47 |
| IDA Idacorp Inc. | Reduce -47.3% | 0.44% | −0.47 |
| WULF Terawulf Inc. | Sold out | 0.00% | −0.45 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.45 |
| FE Firstenergy Corp. | Sold out | 0.00% | −0.45 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.44 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −0.42 |
| HAL Halliburton Co. | Reduce -36.8% | 0.93% | −0.41 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −0.39 |
| GPOR Gulfport Energy Corp. | Sold out | 0.00% | −0.37 |
| DTE DTE Energy Company | Reduce -2.5% | 1.85% | −0.33 |
| BG Bunge Global SA | Sold out | 0.00% | −0.31 |
| CRC California Resources Corp. | Sold out | 0.00% | −0.28 |
| CRS Carpenter Technology | Sold out | 0.00% | −0.26 |
| BDC Belden Inc. | Sold out | 0.00% | −0.24 |
| SR Spire Inc. | Sold out | 0.00% | −0.23 |
| AGX Argan Inc. | Sold out | 0.00% | −0.23 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| NFG National Fuel Gas Co. | Add +521.0% | 4.36% | +3.51 |
| CRH CRH PLC | New | 3.11% | +3.11 |
| CTRA Coterra Energy Inc. | New | 3.07% | +3.07 |
| CSX CSX Corp. | New | 2.78% | +2.78 |
| NI Nisource Inc. | New | 2.45% | +2.45 |
| ROK Rockwell Automation Inc. | New | 1.80% | +1.80 |
| NUE Nucor Corp. | New | 1.74% | +1.74 |
| TRGP Targa Resources Corp. | New | 1.47% | +1.47 |
| HUT Hut 8 Corp. | New | 1.21% | +1.21 |
| MDU Mdu Resources Group Inc. | New | 1.15% | +1.15 |
| B Barrick Mining Corp. | New | 1.07% | +1.07 |
| WFRD Weatherford International PL | New | 1.03% | +1.03 |
| ON On Semiconductor | New | 0.94% | +0.94 |
| PEG Public Service Enterprise GP | New | 0.93% | +0.93 |
| CWST Casella Waste Systems Inc. Class A | New | 0.93% | +0.93 |
| L Loews Corp. | New | 0.92% | +0.92 |
| TECK Teck Resources Ltd.-CLS B | New | 0.85% | +0.85 |
| COHR Coherent Corp. | New | 0.81% | +0.81 |
| MTZ Mastec Inc. | Add +176.7% | 1.25% | +0.79 |
| CVE Cenovus Energy Inc. | Add +34.1% | 3.62% | +0.78 |
| CHRW C.H. Robinson Worldwide Inc. | Add +139.3% | 1.17% | +0.75 |
| KBONU Karbon Capital Partners Corp. | New | 0.73% | +0.73 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.72% | +0.72 |
| OVV Ovintiv Inc. | Add +37.4% | 3.24% | +0.70 |
| SOLS Solstice Adv Materials Inc. | New | 0.70% | +0.70 |
| WWD Woodward Inc. | Add +120.4% | 1.13% | +0.68 |
| AEE Ameren Corporation | Add +60.4% | 2.14% | +0.68 |
| BKV BKV Corporation | Add +144.3% | 1.00% | +0.64 |
| OGE Oge Energy Corp. | New | 0.63% | +0.63 |
| ALUB.U Alussa Energy Acquisition Co. | New | 0.55% | +0.55 |
| PR Permian Resources Corp. Class A | Add +16.7% | 2.82% | +0.51 |
| PTEN Patterson-Uti Energy Inc. | New | 0.49% | +0.49 |
| BKH Black Hills Corp. | New | 0.47% | +0.47 |
| TSLA Tesla Inc. | New | 0.43% | +0.43 |
| WMB Williams Cos Inc. | Add +37.1% | 2.19% | +0.43 |
| HBM Hudbay Minerals Inc. | Add +33.0% | 1.03% | +0.41 |
| WOLF Wolfspeed Inc. | New | 0.39% | +0.39 |
| TRP TC Energy Corp. | Add +17.0% | 3.10% | +0.36 |
| CWEN.A Clearway Energy Inc. Class A | New | 0.35% | +0.35 |
| WMS Advanced Drainage Systems Inc. | New | 0.29% | +0.29 |
| KNTK Kinetik Holdings Inc. | New | 0.28% | +0.28 |
| HE Hawaiian Electric Inds | New | 0.25% | +0.25 |
| HTO H2O America | New | 0.24% | +0.24 |
| PPTA Perpetua Resources Corp. | New | 0.23% | +0.23 |
| XIFR XPLR Infrastructure LP | Add +43.4% | 0.55% | +0.14 |
| FTAI Ftai Aviation Ltd. | New | 0.14% | +0.14 |
| AEVA Aeva Technologies Inc. | New | 0.11% | +0.11 |
| RIO Rio Tinto PLC-Spon ADR | Add +5.7% | 0.60% | +0.11 |
| AUR Aurora Innovation Inc. | New | 0.09% | +0.09 |
| INR Infinity Natural Resour Class A | Add +25.2% | 0.34% | +0.09 |
Options Activity Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 2,050,300 | $165.3M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -24.0% | 190,000 | $129.6M |
| EOG EOG Resources Inc. | put | Sold out | 1,000,000 | $112.1Mbefore exit |
| EQT Eqt Corp. | call | Add +193.3% | 1,466,600 | $78.6M |
| PSX Phillips 66 | put | New | 512,500 | $66.1M |
| ETN Eaton Corp. PLC | put | New | 152,500 | $48.6M |
| HAL Halliburton Co. | call | Sold out | 1,946,600 | $47.9Mbefore exit |
| CF CF Industries Holdings Inc. | call | Sold out | 500,000 | $44.9Mbefore exit |
| PWR Quanta Services Inc. | put | New | 100,000 | $42.2M |
| FSLR First Solar Inc. | put | New | 140,000 | $36.6M |
| AES AES Corp. | call | Sold out | 2,593,200 | $34.1Mbefore exit |
| TSLA Tesla Inc. | put | Sold out | 62,200 | $27.7Mbefore exit |
| XEL Xcel Energy Inc. | put | New | 370,200 | $27.3M |
| XOP SS SPDR S&P Og Exp & Prod | call | Sold out | 190,000 | $25.1Mbefore exit |
| CF CF Industries Holdings Inc. | put | New | 293,500 | $22.7M |
| EOG EOG Resources Inc. | call | Sold out | 200,000 | $22.4Mbefore exit |
| NEXT Nextdecade Corp. | call | New | 4,000,000 | $21.1M |
| XME SS SPDR S&P Metals Mining | put | New | 200,000 | $20.7M |
| IR Ingersoll-Rand Inc. | put | Sold out | 250,000 | $20.7Mbefore exit |
| PBF PBF Energy Inc. Class A | put | Add +46.5% | 732,700 | $19.9M |
| CCJ Cameco Corp. | put | New | 205,000 | $18.8M |
| DOW Dow Inc. | put | New | 700,000 | $16.4M |
| SEI Solaris Energy Infrastructur | put | Sold out | 353,700 | $14.1Mbefore exit |
| VG Venture Global Inc. Class A | put | Reduce -60.0% | 2,028,700 | $13.8M |
| PR Permian Resources Corp. Class A | call | Sold out | 1,029,800 | $13.2Mbefore exit |
| SHLS Shoals Technologies Group -A | call | Sold out | 1,000,000 | $7.4Mbefore exit |
| TE T1 Energy Inc. | put | Sold out | 3,034,500 | $6.6Mbefore exit |
| MSTR Strategy Inc. | put | Sold out | 15,200 | $4.9Mbefore exit |
| TALO Talos Energy Inc. | put | Reduce -75.3% | 200,000 | $2.2M |
| SOC Sable Offshore Corp. | put | Sold out | 103,500 | $1.8Mbefore exit |
| TXNM TXNM Energy Inc. | put | Sold out | 18,200 | $1.0Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | New | 237,637 | $190K |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | New | 6,000 | $5K |
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 |