Yaupon Capital Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Yaupon Capital Management LP reported 82 stock positions worth $2.0 billion. Its top holding was National Fuel Gas (NFG) at 4.8% of the portfolio, followed by Coterra Energy (CTRA, 4.7%) and Cenovus Energy (CVE, 3.7%). Compared with Q4 2025, it opened 28 new positions, sold out of 35, added to 20 and reduced 28. The biggest buy was a new position in Vistra (VST) and the biggest sale an exit from CRH (CRH).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001755028
- Portfolio Value
- $2.0B (Q1 2026)
- SEC Filing
- 0001755028-26-000004 ↗ filed May 15, 2026
Holdings Value
Holdings 82 stocks · $2.0B
| NFG National Fuel Gas Co. | 4.84% | 1,043,272 | $98.0M | Reduce -5.7% |
| CTRA Coterra Energy Inc. | 4.70% | 2,710,826 | $95.3M | Add +14.4% |
| CVE Cenovus Energy Inc. | 3.75% | 2,860,109 | $75.9M | Reduce -34.2% |
| VST Vistra Corp. | 3.35% | 451,591 | $67.9M | New |
| OVV Ovintiv Inc. | 3.21% | 1,096,571 | $65.1M | Reduce -34.8% |
| PR Permian Resources Corp. Class A | 3.18% | 3,022,482 | $64.4M | Reduce -26.0% |
| BKV BKV Corporation | 2.87% | 2,040,355 | $58.2M | Add +172.1% |
| NI Nisource Inc. | 2.86% | 1,242,895 | $58.0M | Add +4.2% |
| CSX CSX Corp. | 2.74% | 1,352,431 | $55.5M | Reduce -13.3% |
| PEG Public Service Enterprise GP | 2.66% | 665,768 | $53.9M | Add +183.0% |
| HTO H2O America | 2.59% | 895,435 | $52.5M | Add +796.5% |
| BP BP PLC-Spons ADR | 2.20% | 948,265 | $44.6M | Reduce -57.5% |
| AEE Ameren Corporation | 2.19% | 402,897 | $44.3M | Reduce -7.3% |
| DUK Duke Energy Corp. | 2.18% | 337,728 | $44.2M | Reduce -23.9% |
| AWK American Water Works Co. Inc. | 2.14% | 317,899 | $43.3M | Reduce -9.0% |
| TRP TC Energy Corp. | 2.13% | 690,366 | $43.2M | Reduce -39.6% |
| HUT Hut 8 Corp. | 2.10% | 906,316 | $42.5M | Add +68.9% |
| SHEL Shell PLC-ADR | 1.89% | 411,760 | $38.3M | Reduce -38.4% |
| DTE DTE Energy Company | 1.84% | 255,555 | $37.4M | Reduce -12.1% |
| CMS CMS Energy Corp. | 1.73% | 452,563 | $35.1M | New |
| WMB Williams Cos Inc. | 1.73% | 481,181 | $35.0M | Reduce -35.1% |
| AES AES Corp. | 1.67% | 2,395,940 | $33.8M | Reduce -45.0% |
| TRGP Targa Resources Corp. | 1.62% | 130,822 | $32.8M | Reduce -19.3% |
| PNW Pinnacle West Capital | 1.52% | 304,982 | $30.7M | Reduce -40.4% |
| EQT Eqt Corp. | 1.45% | 461,022 | $29.3M | Reduce -22.6% |
| CNP Centerpoint Energy Inc. | 1.40% | 657,493 | $28.4M | Reduce -19.0% |
| COHR Coherent Corp. | 1.37% | 116,824 | $27.8M | Add +31.0% |
| COP Conocophillips | 1.37% | 209,965 | $27.7M | New |
| TBN Tamboran Resources Corp. | 1.32% | 535,174 | $26.8M | Add +3.8% |
| TLN Talen Energy Corp. | 1.25% | 79,156 | $25.3M | New |
| DTM DT Midstream Inc. | 1.24% | 187,062 | $25.2M | New |
| MTDR Matador Resources Co. | 1.22% | 389,909 | $24.6M | Reduce -46.3% |
| FTI Technipfmc PLC | 1.18% | 344,594 | $23.8M | Reduce -63.5% |
| TAC Transalta Corp. | 1.16% | 1,788,700 | $23.5M | Add +38.6% |
| LYB Lyondellbasell Indu Class A | 1.12% | 282,151 | $22.7M | New |
| XIFR XPLR Infrastructure LP | 1.12% | 2,133,787 | $22.7M | Add +91.3% |
| VNOM Viper Energy Inc. Class A | 1.11% | 477,036 | $22.4M | New |
| KEX Kirby Corp. | 1.09% | 165,540 | $22.0M | New |
| MWH Solv Energy Inc. Class A | 1.07% | 725,000 | $21.8M | New |
| ETR Entergy Corp. | 1.05% | 189,560 | $21.3M | Reduce -29.8% |
| B Barrick Mining Corp. | 0.95% | 470,475 | $19.2M | Reduce -5.3% |
| PAGP Plains GP Holdings LP | 0.93% | 777,953 | $18.9M | New |
| BKH Black Hills Corp. | 0.85% | 246,649 | $17.1M | Add +77.5% |
| IDA Idacorp Inc. | 0.80% | 112,690 | $16.1M | Add +59.8% |
| LITE Lumentum Holdings Inc. | 0.77% | 22,192 | $15.6M | New |
| OGE Oge Energy Corp. | 0.76% | 319,071 | $15.3M | Add +6.4% |
| KBON Karbon Capital Partners Class A | 0.73% | 1,470,000 | $14.8M | No change |
| KRSP Rice Acquisition Corp. 3-A | 0.73% | 1,425,829 | $14.7M | No change |
| HBM Hudbay Minerals Inc. | 0.67% | 652,285 | $13.6M | Reduce -38.0% |
| WLK Westlake Corp. | 0.62% | 107,044 | $12.5M | New |
| CENX Century Aluminum Company | 0.61% | 211,201 | $12.4M | New |
| SARO Standardaero Inc. | 0.59% | 459,407 | $11.9M | New |
| CNR Core Natural Resources Inc. | 0.59% | 113,192 | $11.9M | New |
| FPS Forgent Power Solutions Class A | 0.58% | 400,000 | $11.7M | New |
| MDU Mdu Resources Group Inc. | 0.56% | 548,025 | $11.4M | Reduce -54.3% |
| NXT Nextpower Inc. | 0.55% | 93,110 | $11.2M | New |
| ALUB Alussa Energy Acquisit II-A | 0.54% | 1,100,080 | $11.0M | No change |
| CWEN.A Clearway Energy Inc. Class A | 0.54% | 277,870 | $10.9M | Add +21.1% |
| USAR USA Rare Earth Inc. | 0.52% | 700,000 | $10.6M | New |
| TLNCU Talon Capital Corp. | 0.51% | 1,000,000 | $10.4M | No change |
| TXNM TXNM Energy Inc. | 0.50% | 174,858 | $10.2M | Reduce -32.8% |
| INR Infinity Natural Resour Class A | 0.47% | 544,208 | $9.6M | Add +16.4% |
| FLOC Flowco Holdings Inc. Class A | 0.46% | 454,545 | $9.4M | New |
| POR Portland General Electric Co. | 0.46% | 175,000 | $9.2M | New |
| CORZ Core Scientific Inc. | 0.38% | 517,302 | $7.7M | New |
| KRP Kimbell Royalty Partners LP | 0.37% | 515,100 | $7.5M | Add +3.7% |
| NWE Northwestern Energy Group Inc. | 0.34% | 104,922 | $6.9M | Add +4.3% |
| SR Spire Inc. | 0.34% | 75,176 | $6.8M | New |
| EE Excelerate Energy Inc. Class A | 0.33% | 196,990 | $6.6M | New |
| TECK Teck Resources Ltd.-CLS B | 0.31% | 122,357 | $6.3M | Reduce -66.1% |
| CC The Chemours Co. | 0.29% | 271,134 | $6.0M | New |
| DAR Darling Ingredients Inc. | 0.29% | 95,728 | $5.9M | New |
| HCIC Hennessy Capital Invest-A | 0.24% | 500,000 | $4.9M | New |
| CEPF Cantor Equity Partners Class A | 0.16% | 312,094 | $3.2M | Add +0.8% |
| CDLR Cadeler A/S-ADR | 0.11% | 96,132 | $2.3M | Add +2.9% |
| OPAL Opal Fuels Inc. Class A | 0.10% | 780,692 | $2.0M | Add +1.8% |
| SEDG Solaredge Technologies Inc. | 0.08% | 30,341 | $1.5M | New |
| ASPI Asp Isotopes Inc. | 0.07% | 300,000 | $1.3M | New |
| WOLF Wolfspeed Inc. | 0.06% | 76,671 | $1.3M | Reduce -83.0% |
| DINO HF Sinclair Corp. | 0.02% | 6,681 | $417K | Reduce -97.2% |
| PAII Pyrophyte Acquisition Corp. Class A | 0.01% | 20,708 | $210K | No change |
| CEPV Cantor Equity Partners Class A | 0.01% | 10,251 | $104K | No change |
Options reported separately and not counted above: SPY puts ($526.8M), XOM puts ($141.4M), SPY calls ($130.1M), APH puts ($101.1M), AWK calls ($68.0M), TEL puts ($66.7M), PBF puts ($42.9M), CSX calls ($41.0M), ETR calls ($22.5M), EQNR puts ($21.1M), NEXT calls ($15.8M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $568K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 237,637 | $190K | No change |
| KBONW Karbon Capital Partners Corp. | *W EXP 12/11/203 | 367,499 | $147K | No change |
| ALUB.WS Alussa Energy Acquisition-30 | *W EXP 99/99/999 | 366,666 | $132K | No change |
| HCICR Hennessy Capital Investm-RTS | RIGHT 02/02/2031 | 500,000 | $95K | New |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | 10,354 | $3K | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q4 2025 → Q1 2026
| CRH CRH PLC | Sold out | 0.00% | −3.11 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −1.80 |
| NUE Nucor Corp. | Sold out | 0.00% | −1.74 |
| BP BP PLC-Spons ADR | Reduce -57.5% | 2.20% | −1.62 |
| AES AES Corp. | Reduce -45.0% | 1.67% | −1.41 |
| MTZ Mastec Inc. | Sold out | 0.00% | −1.25 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −1.19 |
| CHRW C.H. Robinson Worldwide Inc. | Sold out | 0.00% | −1.17 |
| WWD Woodward Inc. | Sold out | 0.00% | −1.13 |
| WFRD Weatherford International PL | Sold out | 0.00% | −1.03 |
| TRP TC Energy Corp. | Reduce -39.6% | 2.13% | −0.96 |
| ON On Semiconductor | Sold out | 0.00% | −0.94 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.93 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.93 |
| L Loews Corp. | Sold out | 0.00% | −0.92 |
| FTI Technipfmc PLC | Reduce -63.5% | 1.18% | −0.89 |
| LGN Legence Corp. Class A | Sold out | 0.00% | −0.85 |
| EVRG Evergy Inc. | Sold out | 0.00% | −0.75 |
| CAT Caterpillar Inc. | Sold out | 0.00% | −0.72 |
| PNW Pinnacle West Capital | Reduce -40.4% | 1.52% | −0.72 |
| SOLS Solstice Adv Materials Inc. | Sold out | 0.00% | −0.70 |
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −0.65 |
| RIO Rio Tinto PLC-Spon ADR | Sold out | 0.00% | −0.60 |
| MDU Mdu Resources Group Inc. | Reduce -54.3% | 0.56% | −0.59 |
| TECK Teck Resources Ltd.-CLS B | Reduce -66.1% | 0.31% | −0.54 |
| SHEL Shell PLC-ADR | Reduce -38.4% | 1.89% | −0.53 |
| DINO HF Sinclair Corp. | Reduce -97.2% | 0.02% | −0.52 |
| WBI Waterbridge Infrastruc Class A | Sold out | 0.00% | −0.49 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.49 |
| WMB Williams Cos Inc. | Reduce -35.1% | 1.73% | −0.46 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.43 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.43 |
| DUK Duke Energy Corp. | Reduce -23.9% | 2.18% | −0.38 |
| OR Or Royalties Inc. | Sold out | 0.00% | −0.36 |
| HBM Hudbay Minerals Inc. | Reduce -38.0% | 0.67% | −0.35 |
| WOLF Wolfspeed Inc. | Reduce -83.0% | 0.06% | −0.32 |
| NEXT Nextdecade Corp. | Sold out | 0.00% | −0.32 |
| MTDR Matador Resources Co. | Reduce -46.3% | 1.22% | −0.30 |
| WMS Advanced Drainage Systems Inc. | Sold out | 0.00% | −0.29 |
| KNTK Kinetik Holdings Inc. | Sold out | 0.00% | −0.28 |
| AQN Algonquin Power & Utilities | Sold out | 0.00% | −0.26 |
| HE Hawaiian Electric Inds | Sold out | 0.00% | −0.25 |
| TXNM TXNM Energy Inc. | Reduce -32.8% | 0.50% | −0.25 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −0.23 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.20 |
| ETR Entergy Corp. | Reduce -29.8% | 1.05% | −0.18 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.14 |
| CNP Centerpoint Energy Inc. | Reduce -19.0% | 1.40% | −0.13 |
| EQT Eqt Corp. | Reduce -22.6% | 1.45% | −0.12 |
| LB Landbridge Co. LLC-A | Sold out | 0.00% | −0.12 |
Portfolio Buys Q4 2025 → Q1 2026
| VST Vistra Corp. | New | 3.35% | +3.35 |
| HTO H2O America | Add +796.5% | 2.59% | +2.35 |
| BKV BKV Corporation | Add +172.1% | 2.87% | +1.87 |
| CMS CMS Energy Corp. | New | 1.73% | +1.73 |
| PEG Public Service Enterprise GP | Add +183.0% | 2.66% | +1.73 |
| CTRA Coterra Energy Inc. | Add +14.4% | 4.70% | +1.63 |
| COP Conocophillips | New | 1.37% | +1.37 |
| TLN Talen Energy Corp. | New | 1.25% | +1.25 |
| DTM DT Midstream Inc. | New | 1.24% | +1.24 |
| LYB Lyondellbasell Indu Class A | New | 1.12% | +1.12 |
| VNOM Viper Energy Inc. Class A | New | 1.11% | +1.11 |
| KEX Kirby Corp. | New | 1.09% | +1.09 |
| MWH Solv Energy Inc. Class A | New | 1.07% | +1.07 |
| PAGP Plains GP Holdings LP | New | 0.93% | +0.93 |
| HUT Hut 8 Corp. | Add +68.9% | 2.10% | +0.89 |
| LITE Lumentum Holdings Inc. | New | 0.77% | +0.77 |
| TBN Tamboran Resources Corp. | Add +3.8% | 1.32% | +0.63 |
| WLK Westlake Corp. | New | 0.62% | +0.62 |
| CENX Century Aluminum Company | New | 0.61% | +0.61 |
| SARO Standardaero Inc. | New | 0.59% | +0.59 |
| CNR Core Natural Resources Inc. | New | 0.59% | +0.59 |
| FPS Forgent Power Solutions Class A | New | 0.58% | +0.58 |
| XIFR XPLR Infrastructure LP | Add +91.3% | 1.12% | +0.57 |
| COHR Coherent Corp. | Add +31.0% | 1.37% | +0.56 |
| NXT Nextpower Inc. | New | 0.55% | +0.55 |
| USAR USA Rare Earth Inc. | New | 0.52% | +0.52 |
| FLOC Flowco Holdings Inc. Class A | New | 0.46% | +0.46 |
| POR Portland General Electric Co. | New | 0.46% | +0.46 |
| NI Nisource Inc. | Add +4.2% | 2.86% | +0.41 |
| CORZ Core Scientific Inc. | New | 0.38% | +0.38 |
| BKH Black Hills Corp. | Add +77.5% | 0.85% | +0.37 |
| TAC Transalta Corp. | Add +38.6% | 1.16% | +0.36 |
| IDA Idacorp Inc. | Add +59.8% | 0.80% | +0.36 |
| SR Spire Inc. | New | 0.34% | +0.34 |
| EE Excelerate Energy Inc. Class A | New | 0.33% | +0.33 |
| CC The Chemours Co. | New | 0.29% | +0.29 |
| DAR Darling Ingredients Inc. | New | 0.29% | +0.29 |
| HCIC Hennessy Capital Invest-A | New | 0.24% | +0.24 |
| CWEN.A Clearway Energy Inc. Class A | Add +21.1% | 0.54% | +0.18 |
| INR Infinity Natural Resour Class A | Add +16.4% | 0.47% | +0.13 |
| OGE Oge Energy Corp. | Add +6.4% | 0.76% | +0.12 |
| KRP Kimbell Royalty Partners LP | Add +3.7% | 0.37% | +0.08 |
| SEDG Solaredge Technologies Inc. | New | 0.08% | +0.08 |
| ASPI Asp Isotopes Inc. | New | 0.07% | +0.07 |
| CDLR Cadeler A/S-ADR | Add +2.9% | 0.11% | +0.03 |
| NWE Northwestern Energy Group Inc. | Add +4.3% | 0.34% | +0.02 |
| OPAL Opal Fuels Inc. Class A | Add +1.8% | 0.10% | +0.01 |
| CEPF Cantor Equity Partners Class A | Add +0.8% | 0.16% | +0.00 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +326.3% | 810,000 | $526.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 2,050,300 | $165.3Mbefore exit |
| XOM Exxon Mobil Corp. | put | New | 833,200 | $141.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 200,000 | $130.1M |
| APH Amphenol Corp. Class A | put | New | 800,000 | $101.1M |
| EQT Eqt Corp. | call | Sold out | 1,466,600 | $78.6Mbefore exit |
| AWK American Water Works Co. Inc. | call | New | 500,000 | $68.0M |
| TEL Te Connectivity PLC | put | New | 319,300 | $66.7M |
| PSX Phillips 66 | put | Sold out | 512,500 | $66.1Mbefore exit |
| ETN Eaton Corp. PLC | put | Sold out | 152,500 | $48.6Mbefore exit |
| PBF PBF Energy Inc. Class A | put | Add +22.8% | 900,000 | $42.9M |
| PWR Quanta Services Inc. | put | Sold out | 100,000 | $42.2Mbefore exit |
| CSX CSX Corp. | call | New | 1,000,000 | $41.0M |
| FSLR First Solar Inc. | put | Sold out | 140,000 | $36.6Mbefore exit |
| XEL Xcel Energy Inc. | put | Sold out | 370,200 | $27.3Mbefore exit |
| CF CF Industries Holdings Inc. | put | Sold out | 293,500 | $22.7Mbefore exit |
| ETR Entergy Corp. | call | New | 200,000 | $22.5M |
| EQNR Equinor ASA-Spon ADR | put | New | 500,000 | $21.1M |
| XME SS SPDR S&P Metals Mining | put | Sold out | 200,000 | $20.7Mbefore exit |
| CCJ Cameco Corp. | put | Sold out | 205,000 | $18.8Mbefore exit |
| DOW Dow Inc. | put | Sold out | 700,000 | $16.4Mbefore exit |
| NEXT Nextdecade Corp. | call | Reduce -48.4% | 2,062,800 | $15.8M |
| VG Venture Global Inc. Class A | put | Sold out | 2,028,700 | $13.8Mbefore exit |
| TALO Talos Energy Inc. | put | Sold out | 200,000 | $2.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| HCICR Hennessy Capital Investm-RTS | RIGHT 02/02/2031 | New | 500,000 | $95K |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | Sold out | 6,000 | $5Kbefore exit |
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 |