Encompass Capital Advisors LLC

New York, NY · CIK 1541901 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$4.8bn
Staff19 · 12 in investment roles
Main clients (by assets)Private funds 82%
Private funds3 (3 hedge) · $4.0bn gross assets
Websiteencompasscap.com
Form ADV · 2026-04-03SEC adviser record

Legal entityENCOMPASS CAPITAL ADVISORS LLC (US)

$2.3bn reported value -5.5% vs Q1 2026

53positions

48.5%in top 10

21 new 7 added 21 reduced 24 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($492.8m notional) – listed below, not included above.

This report includes the holdings of 3 other managers that share the investment decisions:

Encompass Capital E L Master Fund L.P. – reports through this filing
Encompass Capital Energy Transition Master Fund L.P. – reports through this filing
Encompass Capital Master Fund LP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	T1 ENERGY INC COM NEW TE	TE	34,968,169	$331.5m14.30%	14.30%	Unchanged
2	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	2,519,604	$202.7m8.74%	8.74%	Added +769.6k	+769,604 44.0%
3	ATLAS ENERGY SOLUTIONS INC COM NEW AESI	AESI	6,540,322	$108.6m4.69%	4.69%	Reduced -2.6m	-2,594,860 -28.4%
4	NATIONAL ENERGY SERVICES REU SHS NESR	NESR	3,102,538	$92.9m4.01%	4.01%	Reduced -1.2m	-1,158,851 -27.2%
5	CONSTELLIUM SE CL A SHS CSTM	CSTM	2,421,349	$77.2m3.33%	3.33%	Reduced -55.9k	-55,929 -2.3%
6	MURPHY OIL CORP COM MUR	MUR	2,250,000	$73.3m3.16%	3.16%	New
7	PROPETRO HLDG CORP COM PUMP	PUMP	4,574,591	$65.6m2.83%	2.83%	New
8	BAKER HUGHES COMPANY CL A BKR	BKR	1,149,014	$63.8m2.75%	2.75%	New
9	OCCIDENTAL PETE CORP COM OXY	OXY	1,138,000	$55.3m2.38%	2.38%	Added +686.6k	+686,604 152.1%
10	PATTERSON-UTI ENERGY INC COM PTEN	PTEN	5,921,072	$54.4m2.34%	2.34%	New
11	VENTURE GLOBAL INC COM CL A VG	VG	4,500,000	$50.1m2.16%	2.16%	New
12	FUELCELL ENERGY INC COM NEW FCEL	FCEL	1,365,900	$49.2m2.12%	2.12%	New
13	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	5,113,625	$48.0m2.07%	2.07%	New
14	CORE NATURAL RESOURCES INC COM SHS CNR	CNR	589,633	$47.2m2.04%	2.04%	Added +89.6k	+89,633 17.9%
15	NORFOLK SOUTHN CORP COM NSC	NSC	145,000	$45.6m1.97%	1.97%	New
16	POWELL INDS INC COM POWL	POWL	158,899	$45.5m1.96%	1.96%	Added +38.9k	+38,899 32.4%
17	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	705,720	$45.0m1.94%	1.94%	Added +162.2k	+162,169 29.8%
18	SABLE OFFSHORE CORP COM SHS SOC	SOC	14,448,741	$44.5m1.92%	1.92%	Added +1.0m	+1,000,000 7.4%
19	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	200,000	$43.3m1.87%	1.87%	Reduced -110.1k	-110,061 -35.5%
20	CENTURY ALUM CO COM CENX	CENX	900,000	$41.4m1.79%	1.79%	Reduced -651.4k	-651,362 -42.0%
21	ASP ISOTOPES INC COM ASPI	ASPI	6,561,754	$40.8m1.76%	1.76%	Reduced -350.3k	-350,300 -5.1%
22	EAGLEROCK LD LLC CL A SHS REP LTD EROK	EROK	1,858,313	$39.5m1.70%	1.70%	New
23	CANADIAN NATL RY CO COM CNI	CNI	325,000	$38.7m1.67%	1.67%	New
24	SM ENERGY CO COM SM	SM	1,448,061	$37.8m1.63%	1.63%	Added +750.3k	+750,261 107.5%
25	CACTUS INC CL A WHD	WHD	726,675	$37.2m1.61%	1.61%	Reduced -38.8k	-38,839 -5.1%
26	METHANEX CORP COM MEOH	MEOH	791,123	$36.5m1.57%	1.57%	New
27	KIRBY CORP COM KEX	KEX	265,609	$36.1m1.56%	1.56%	Reduced -204.0k	-204,002 -43.4%
28	NEXTRACKER INC CLASS A COM NXT	NXT	280,000	$33.4m1.44%	1.44%	Reduced -204.3k	-204,262 -42.2%
29	MATSON INC COM MATX	MATX	170,724	$32.8m1.42%	1.42%	Reduced -29.1k	-29,110 -14.6%
30	EROCK INC CL A COM EROC	EROC	1,900,000	$27.6m1.19%	1.19%	New
31	NABORS INDUSTRIES LTD SHS NBR	NBR	315,000	$26.5m1.14%	1.14%	New
32	PRECISION DRILLING CORP COM NEW PDS	PDS	333,371	$25.6m1.10%	1.10%	Reduced -17.8k	-17,818 -5.1%
33	STAR BULK CARRIERS CORP. SHS PAR SBLK	SBLK	962,500	$24.0m1.04%	1.04%	New
34	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	424,476	$23.7m1.02%	1.02%	Reduced -1.5m	-1,501,223 -78.0%
35	NORTHERN OIL & GAS INC COM NOG	NOG	1,250,000	$22.7m0.98%	0.98%	New
36	TALOS ENERGY INC COM TALO	TALO	1,747,661	$22.6m0.97%	0.97%	New
37	FLOWCO HLDGS INC COM CL A FLOC	FLOC	1,020,634	$21.8m0.94%	0.94%	Reduced -254.4k	-254,410 -19.9%
38	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	1,900,000	$21.5m0.93%	0.93%	Reduced -1.3m	-1,301,953 -40.7%
39	PHILLIPS 66 COM PSX	PSX	124,833	$21.1m0.91%	0.91%	Reduced -179.9k	-179,867 -59.0%
40	LANDSTAR SYS INC COM LSTR	LSTR	100,000	$20.7m0.89%	0.89%	New
41	WABTEC COM WAB	WAB	75,000	$20.2m0.87%	0.87%	New
42	RANGER ENERGY SVCS INC COM CL A RNGR	RNGR	1,227,978	$19.7m0.85%	0.85%	Reduced -279.5k	-279,525 -18.5%
43	FERVO ENERGY CO CL A COM FRVO	FRVO	625,070	$18.3m0.79%	0.79%	New
44	INNIO NV ORDINARY SHARES INIO	INIO	460,000	$18.2m0.78%	0.78%	New
45	RXO INC COMMON STOCK RXO	RXO	610,755	$16.9m0.73%	0.73%	New
46	QUANTA SVCS INC COM PWR	PWR	20,000	$14.4m0.62%	0.62%	Reduced -40.0k	-40,000 -66.7%
47	OKEANIS ECO TANKERS COR SHS ECO	ECO	222,197	$11.1m0.48%	0.48%	Reduced -155.2k	-155,235 -41.1%
48	DEVON ENERGY CORP NEW COM DVN	DVN	264,101	$10.9m0.47%	0.47%	Reduced -253.5k	-253,499 -49.0%
49	EURONAV NV SHS CMBT	CMBT	334,456	$4.7m0.20%	0.20%	Reduced -3.2m	-3,165,544 -90.4%
50	NAVIGATOR HLDGS LTD SHS NVGS	NVGS	200,000	$3.7m0.16%	0.16%	Reduced -834.2k	-834,216 -80.7%
51	BIMERGEN ENERGY CORP COM NEW BESS	BESS	700,000	$2.8m0.12%	0.12%	Unchanged
52	BIMERGEN ENERGY CORP *W EXP 12/12/203 BESS.WS	BESS.WS	1,000,000	$1.9m0.08%	0.08%	Unchanged
53	T1 ENERGY INC W EXP 07/09/202 W EXP 07/09/202		355,465	$67.5k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BAYTEX ENERGY CORP BTE	BTE	20,071,614	$89.7m20.1m shares
ALMONTY INDS INC ALM	ALM	4,300,839	$62.3m4.3m shares
CONSTELLATION ENERGY CORP CEG	CEG	200,000	$55.9m200.0k shares
SELECT WATER SOLUTIONS INC WTTR	WTTR	3,085,249	$47.2m3.1m shares
MURPHY USA INC MUSA	MUSA	90,000	$44.5m90.0k shares
URANIUM ENERGY CORP UEC	UEC	3,000,000	$40.5m3.0m shares
ALCOA CORP AA	AA	605,149	$40.1m605.1k shares
TAMBORAN RES CORP TBN	TBN	713,698	$35.7m713.7k shares
PERMIAN RESOURCES CORP PR	PR	1,597,811	$34.1m1.6m shares
CSX CORP CSX	CSX	785,800	$32.3m785.8k shares
SOLV ENERGY INC MWH	MWH	1,000,400	$30.0m1.0m shares
NUCOR CORP NUE	NUE	175,000	$29.6m175.0k shares
PAR PAC HOLDINGS INC PARR	PARR	460,393	$28.8m460.4k shares
KNIGHT-SWIFT TRANSN HLDGS IN KNX	KNX	500,000	$28.8m500.0k shares
BRISTOW GROUP INC VTOL	VTOL	587,364	$27.5m587.4k shares
ENPHASE ENERGY INC ENPH	ENPH	720,288	$27.2m720.3k shares
LINDE PLC LIN	LIN	50,000	$24.8m50.0k shares
DARLING INGREDIENTS INC DAR	DAR	400,000	$24.7m400.0k shares
VIPER ENERGY INC VNOM	VNOM	464,604	$21.8m464.6k shares
RICE ACQUISITION CORP 3 KRSP.U	KRSP.U	1,935,615	$20.5m1.9m shares
STEEL DYNAMICS INC STLD	STLD	100,043	$18.0m100.0k shares
SCORPIO TANKERS INC STNG	STNG	200,000	$14.9m200.0k shares
ALAMOS GOLD INC NEW AGI	AGI	300,065	$13.3m300.1k shares
USA RARE EARTH INC USAR	USAR	465,000	$6.2m465.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR MTUM · Put	MTUM	Put	1,437,500	$492.8m1.4m shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
INTERNATIONAL BATTERY METALS L IBATF · 13G · filed 2026-02-02	IBATF	20.0%	new	13G	2026-02-02
T1 ENERGY INC TE · 13D · filed 2025-12-15	TE	20.0%≈ $614.0m	no change	13D	2025-12-15
BIMERGEN ENERGY CORP BESS · 13G · filed 2026-02-27	BESS	10.0%≈ $3.2m	new	13G	2026-02-27
EAGLEROCK LD LLC EROK · 13G · filed 2026-08-14	EROK	7.6%≈ $39.5m	+2.5 pts	13G	2026-08-14
SABLE OFFSHORE CORP SOC · 13G · filed 2026-10-08	SOC	6.3%≈ $37.2m	-2.1 pts	13G	2026-10-08
RICE ACQUISITION CORP 3 KRSP.U · 13G · filed 2025-10-08	KRSP.U	5.8%≈ $21.4m	new	13G	2025-10-08
ATLAS ENERGY SOLUTIONS INC AESI · 13G · filed 2026-08-14	AESI	5.2%≈ $108.6m	-2.1 pts	13G	2026-08-14
RANGER ENERGY SVCS INC RNGR · 13G · filed 2026-08-14	RNGR	5.2%≈ $19.7m		13G	2026-08-14
ASP ISOTOPES INC ASPI · 13G · filed 2026-01-23	ASPI	5.1%≈ $39.9m	new	13G	2026-01-23