Yaupon Capital Management LP

NEW YORK, NY · CIK 1755028 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$4.7bn
Staff20 · 14 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $4.7bn gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityYAUPON CAPITAL MANAGEMENT LP (US)

Kindhedge funds, futures
Others nearbyNew York, NY, Dallas, TX

As an employer

Offices in1 country
Private fundshedge 2

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
New York, NY (main office)United States	United States	about 13
Dallas, TXUnited States	United States	1

US visa salary filings

Filings FY20261
Median salary offered$150,000
Middle half$150,000 – $150,000
Job titles1

Job title	Filings	Median	Range
Associate Investment AnalystNew York, NY	1	$150,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Yaupon Capital Management LP.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$3.0bn reported value +48.2% vs Q1 2026

110positions

27.3%in top 10

47 new 36 added 13 reduced 24 sold out vs Q1 2026

Options: 4 call positions ($268.0m notional), 10 put positions ($1.8bn notional) – listed below, not included above.

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	NATIONAL FUEL GAS CO COM NFG	NFG	1,559,618	$120.4m4.01%	4.01%	Added +516.3k	+516,346 49.5%
2	DEVON ENERGY CORP NEW COM DVN	DVN	2,102,988	$86.9m2.89%	2.89%	New
3	NISOURCE INC COM NI	NI	1,749,831	$83.2m2.77%	2.77%	Added +506.9k	+506,936 40.8%
4	OVINTIV INC COM OVV	OVV	1,540,608	$81.1m2.70%	2.70%	Added +444.0k	+444,037 40.5%
5	WILLIAMS COS INC COM WMB	WMB	1,088,549	$80.9m2.69%	2.69%	Added +607.4k	+607,368 126.2%
6	BKV CORP COM BKV	BKV	2,768,719	$75.8m2.52%	2.52%	Added +728.4k	+728,364 35.7%
7	VISTRA CORP COM VST	VST	470,483	$74.6m2.48%	2.48%	Added +18.9k	+18,892 4.2%
8	TALEN ENERGY CORP COM TLN	TLN	193,647	$74.4m2.48%	2.48%	Added +114.5k	+114,491 144.6%
9	CENOVUS ENERGY INC COM CVE	CVE	2,891,599	$71.7m2.39%	2.39%	Added +31.5k	+31,490 1.1%
10	ENTERGY CORP NEW COM ETR	ETR	615,956	$70.7m2.36%	2.36%	Added +426.4k	+426,396 224.9%
11	FIRST SOLAR INC COM FSLR	FSLR	272,379	$64.3m2.14%	2.14%	New
12	PERMIAN RESOURCES CORP CLASS A COM PR	PR	3,367,361	$62.0m2.06%	2.06%	Added +344.9k	+344,879 11.4%
13	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	706,023	$57.3m1.91%	1.91%	Added +40.3k	+40,255 6.0%
14	DUKE ENERGY CORP NEW COM NEW DUK	DUK	449,340	$56.9m1.89%	1.89%	Added +111.6k	+111,612 33.0%
15	AMERICAN ELEC PWR CO INC COM AEP	AEP	412,431	$56.4m1.88%	1.88%	New
16	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	1,000,000	$55.9m1.86%	1.86%	Added +600.0k	+600,000 150.0%
17	LEGENCE CORP CL A LGN	LGN	627,256	$53.5m1.78%	1.78%	New
18	SJW GROUP COM HTO	HTO	851,846	$51.8m1.72%	1.72%	Reduced -43.6k	-43,589 -4.9%
19	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	1,002,184	$48.4m1.61%	1.61%	New
20	DTE ENERGY CO COM DTE	DTE	297,977	$45.4m1.51%	1.51%	Added +42.4k	+42,422 16.6%
21	HF SINCLAIR CORP COM DINO	DINO	639,708	$44.6m1.48%	1.48%	Added +633.0k	+633,027 9475.0%
22	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	333,442	$43.9m1.46%	1.46%	Added +15.5k	+15,543 4.9%
23	FREEPORT-MCMORAN INC CL B FCX	FCX	691,546	$43.5m1.45%	1.45%	New
24	CSX CORP COM CSX	CSX	908,799	$43.2m1.44%	1.44%	Reduced -443.6k	-443,632 -32.8%
25	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	277,234	$41.9m1.39%	1.39%	New
26	ANTERO RESOURCES CORP COM AR	AR	1,184,416	$41.6m1.39%	1.39%	New
27	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	146,543	$40.5m1.35%	1.35%	New
28	REGAL REXNORD CORPORATION COM RRX	RRX	163,233	$38.9m1.29%	1.29%	New
29	CHENIERE ENERGY INC COM NEW LNG	LNG	160,123	$38.3m1.27%	1.27%	New
30	DT MIDSTREAM INC COMMON STOCK DTM	DTM	258,344	$37.9m1.26%	1.26%	Added +71.3k	+71,282 38.1%
31	HUT 8 CORP COM HUT	HUT	328,319	$37.9m1.26%	1.26%	Reduced -578.0k	-577,997 -63.8%
32	EQT CORP COM EQT	EQT	709,535	$37.7m1.26%	1.26%	Added +248.5k	+248,513 53.9%
33	NORFOLK SOUTHN CORP COM NSC	NSC	119,479	$37.6m1.25%	1.25%	New
34	STMICROELECTRONICS N V NY REGISTRY STM	STM	495,223	$37.1m1.23%	1.23%	New
35	TARGA RES CORP COM TRGP	TRGP	137,392	$36.8m1.23%	1.23%	Added +6.6k	+6,570 5.0%
36	PRIMORIS SVCS CORP COM PRIM	PRIM	366,972	$36.4m1.21%	1.21%	New
37	ATI INC COM ATI	ATI	180,204	$35.5m1.18%	1.18%	New
38	CUMMINS INC COM CMI	CMI	48,996	$34.9m1.16%	1.16%	New
39	BP PLC SPONSORED ADR BP	BP	942,850	$34.8m1.16%	1.16%	Reduced -5.4k	-5,415 -0.6%
40	BLACK HILLS CORP COM BKH	BKH	458,430	$34.1m1.14%	1.14%	Added +211.8k	+211,781 85.9%
41	PLAINS GP HLDGS L P LTD PARTNR INT A PAGP	PAGP	1,354,670	$32.9m1.09%	1.09%	Added +576.7k	+576,717 74.1%
42	AMEREN CORP COM AEE	AEE	284,065	$32.1m1.07%	1.07%	Reduced -118.8k	-118,832 -29.5%
43	DPC HOLDINGS PLC ORDINARY SHARES DPC	DPC	619,542	$30.0m1.00%	1.00%	New
44	UNION PAC CORP COM UNP	UNP	108,219	$29.4m0.98%	0.98%	New
45	TRANSALTA CORP COM TAC	TAC	2,065,064	$28.6m0.95%	0.95%	Added +276.4k	+276,364 15.4%
46	DEERE & CO COM DE	DE	44,193	$28.0m0.93%	0.93%	New
47	CIPHER MINING INC COM CIFR	CIFR	1,091,463	$26.7m0.89%	0.89%	New
48	VALERO ENERGY CORP COM VLO	VLO	101,156	$26.3m0.88%	0.88%	New
49	SOLV ENERGY INC COM SHS CL A MWH	MWH	750,000	$25.5m0.85%	0.85%	Added +25.0k	+25,000 3.5%
50	VIPER ENERGY INC CL A VNOM	VNOM	555,319	$23.5m0.78%	0.78%	Added +78.3k	+78,283 16.4%
51	NEXTERA ENERGY PARTNERS LP COM UNIT PART IN XIFR	XIFR	1,944,751	$23.0m0.76%	0.76%	Reduced -189.0k	-189,036 -8.9%
52	CONOCOPHILLIPS COM COP	COP	220,427	$22.9m0.76%	0.76%	Added +10.5k	+10,462 5.0%
53	SHELL PLC SPON ADS SHEL	SHEL	290,199	$22.5m0.75%	0.75%	Reduced -121.6k	-121,561 -29.5%
54	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	2,345,191	$22.0m0.73%	0.73%	New
55	BARRICK MNG CORP COM SHS B	B	593,232	$21.8m0.73%	0.73%	Added +122.8k	+122,757 26.1%
56	SPIRE INC COM SR	SR	265,458	$20.7m0.69%	0.69%	Added +190.3k	+190,282 253.1%
57	TAMBORAN RES CORP COM TBN	TBN	623,534	$20.3m0.67%	0.67%	Added +88.4k	+88,360 16.5%
58	DARLING INGREDIENTS INC COM DAR	DAR	359,999	$19.7m0.65%	0.65%	Added +264.3k	+264,271 276.1%
59	AES CORP COM AES	AES	1,323,277	$19.4m0.65%	0.65%	Reduced -1.1m	-1,072,663 -44.8%
60	SOLSTICE ADVANCED MATLS INC COM SHS SOLS	SOLS	209,487	$18.6m0.62%	0.62%	New
61	MGE ENERGY INC COM MGEE	MGEE	200,000	$16.3m0.54%	0.54%	New
62	USA RARE EARTH INC COM USAR	USAR	700,000	$15.1m0.50%	0.50%	Unchanged
63	RICE ACQUISITION CORP 3 ORD SHS CL A KRSP	KRSP	1,425,829	$15.0m0.50%	0.50%	Unchanged
64	KARBON CAP PARTNERS CORP ORD SHS CL A KBON	KBON	1,470,000	$14.8m0.49%	0.49%	Unchanged
65	EXCELERATE ENERGY INC CL A COM EE	EE	390,353	$14.8m0.49%	0.49%	Added +193.4k	+193,363 98.2%
66	FERVO ENERGY CO CL A COM FRVO	FRVO	500,000	$14.6m0.49%	0.49%	New
67	KODIAK GAS SVCS INC COM KGS	KGS	190,000	$14.3m0.48%	0.48%	New
68	ROCKWELL AUTOMATION INC COM ROK	ROK	28,793	$14.3m0.47%	0.47%	New
69	INNIO NV ORDINARY SHARES INIO	INIO	350,000	$13.8m0.46%	0.46%	New
70	GOLAR LNG LTD SHS GLNG	GLNG	262,547	$13.1m0.44%	0.44%	New
71	FTAI AVIATION LTD SHS FTAI	FTAI	48,251	$13.1m0.43%	0.43%	New
72	PURECYCLE TECHNOLOGIES INC COM PCT	PCT	1,566,684	$12.7m0.42%	0.42%	New
73	EAGLEROCK LD LLC CL A SHS REP LTD EROK	EROK	535,716	$11.4m0.38%	0.38%	New
74	ALUSSA ENERGY ACQUISIT CORP ORD SHS CL A ALUB	ALUB	1,100,080	$11.0m0.37%	0.37%	Unchanged
75	TALON CAP CORP UNIT 08/27/2030 TLNCU	TLNCU	1,000,000	$10.5m0.35%	0.35%	Unchanged
76	CENTURY ALUM CO COM CENX	CENX	223,861	$10.3m0.34%	0.34%	Added +12.7k	+12,660 6.0%
77	SUNSHINE SILVER MNG & REFNG COMMON STOCK SSMR	SSMR	750,000	$9.9m0.33%	0.33%	New
78	YESWAY INC COM CL A YSWY	YSWY	437,375	$8.9m0.30%	0.30%	New
79	TARGET HOSPITALITY CORP COM TH	TH	435,097	$8.9m0.29%	0.29%	New
80	INFINITY NAT RES INC COM CL A INR	INR	654,255	$8.3m0.28%	0.28%	Added +110.0k	+110,047 20.2%
81	NORTHWESTERN ENERGY GROUP IN COM NEW NWE	NWE	110,131	$7.9m0.26%	0.26%	Added +5.2k	+5,209 5.0%
82	TECK RESOURCES LTD CL B TECK	TECK	128,432	$7.6m0.25%	0.25%	Added +6.1k	+6,075 5.0%
83	NEXTDECADE CORP COM NEXT	NEXT	1,003,907	$7.6m0.25%	0.25%	New
84	X-ENERGY INC COM CL A XE	XE	400,000	$7.3m0.24%	0.24%	New
85	COHERENT CORP COM COHR	COHR	18,140	$7.2m0.24%	0.24%	Reduced -98.7k	-98,684 -84.5%
86	SELECT WATER SOLUTIONS INC CL A COM WTTR	WTTR	331,852	$6.6m0.22%	0.22%	New
87	BITDEER TECHNOLOGIES GROUP CL A ORD SHS BTDR	BTDR	401,909	$6.4m0.21%	0.21%	New
88	LUMENTUM HLDGS INC COM LITE	LITE	6,935	$6.0m0.20%	0.20%	Reduced -15.3k	-15,257 -68.8%
89	KIMBELL RTY PARTNERS LP UNIT KRP	KRP	364,866	$5.3m0.18%	0.18%	Reduced -150.2k	-150,234 -29.2%
90	AURORA INNOVATION INC CLASS A COM AUR	AUR	750,000	$5.1m0.17%	0.17%	New
91	PURECYCLE TECHNOLOGIES INC NOTE 4.750% 7/0 · principal PCT 4.75 07.01.32 · principal	PCT 4.75 07.01.32	5,000	$5.1m0.17%	0.17%	New
92	HENNESSY CAP INVTS CORP VIII ORD CL A HCIC	HCIC	500,000	$5.0m0.17%	0.17%	Unchanged
93	TXNM ENERGY INC COM TXNM	TXNM	83,808	$4.8m0.16%	0.16%	Reduced -91.0k	-91,050 -52.1%
94	CRESCENT ENERGY COMPANY CL A COM CRGY	CRGY	400,211	$3.9m0.13%	0.13%	New
95	EROCK INC CL A COM EROC	EROC	250,000	$3.6m0.12%	0.12%	New
96	QUANTINUUM INC CL A COM QNT	QNT	40,000	$3.3m0.11%	0.11%	New
97	CANTOR EQUITY PARTNERS IV IN SHS CL A CEPF	CEPF	312,094	$3.2m0.11%	0.11%	Unchanged
98	TERAWULF INC COM WULF	WULF	125,000	$3.1m0.10%	0.10%	New
99	WOLFSPEED INC COMMON STOCK WOLF	WOLF	61,427	$3.0m0.10%	0.10%	Reduced -15.2k	-15,244 -19.9%
100	CADELER A S SPON ADR CDLR	CDLR	101,284	$2.2m0.07%	0.07%	Added +5.2k	+5,152 5.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
COTERRA ENERGY INC CTRA	CTRA	2,710,826	$95.3m2.7m shares
TC ENERGY CORP TRP	TRP	690,366	$43.2m690.4k shares
CMS ENERGY CORP CMS	CMS	452,563	$35.1m452.6k shares
PINNACLE WEST CAP CORP PNW	PNW	304,982	$30.7m305.0k shares
CENTERPOINT ENERGY INC CNP	CNP	657,493	$28.4m657.5k shares
MATADOR RES CO MTDR	MTDR	389,909	$24.6m389.9k shares
TECHNIPFMC PLC FTI	FTI	344,594	$23.8m344.6k shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	282,151	$22.7m282.2k shares
KIRBY CORP KEX	KEX	165,540	$22.0m165.5k shares
IDACORP INC IDA	IDA	112,690	$16.1m112.7k shares
OGE ENERGY CORP OGE	OGE	319,071	$15.3m319.1k shares
HUDBAY MINERALS INC HBM	HBM	652,285	$13.6m652.3k shares
WESTLAKE CORPORATION WLK	WLK	107,044	$12.5m107.0k shares
STANDARDAERO INC SARO	SARO	459,407	$11.9m459.4k shares
CORE NATURAL RESOURCES INC CNR	CNR	113,192	$11.9m113.2k shares
MDU RES GROUP INC MDU	MDU	548,025	$11.4m548.0k shares
NEXTRACKER INC NXT	NXT	93,110	$11.2m93.1k shares
CLEARWAY ENERGY INC		277,870	$10.9m277.9k shares
FLOWCO HLDGS INC FLOC	FLOC	454,545	$9.4m454.5k shares
PORTLAND GEN ELEC CO POR	POR	175,000	$9.2m175.0k shares
CORE SCIENTIFIC INC NEW CORZ	CORZ	517,302	$7.7m517.3k shares
CHEMOURS CO CC	CC	271,134	$6.0m271.1k shares
SOLAREDGE TECHNOLOGIES INC SEDG	SEDG	30,341	$1.5m30.3k shares
ASP ISOTOPES INC ASPI	ASPI	300,000	$1.3m300.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,930,000	$1.4bn1.9m shares	Added
ISHARES TR TLT · Call	TLT	Call	1,760,000	$152.1m1.8m shares	New
FIRST SOLAR INC FSLR · Call	FSLR	Call	365,000	$86.1m365.0k shares	New
AIR PRODS & CHEMS INC APD · Put	APD	Put	250,000	$73.3m250.0k shares	New
SELECT SECTOR SPDR TR XLU · Put	XLU	Put	1,500,000	$68.0m1.5m shares	New
ONEOK INC NEW OKE · Put	OKE	Put	750,000	$65.2m750.0k shares	New
MASTEC INC MTZ · Put	MTZ	Put	150,000	$62.4m150.0k shares	New
NEXTERA ENERGY INC NEE · Put	NEE	Put	500,000	$43.9m500.0k shares	New
NATIONAL FUEL GAS CO NFG · Call	NFG	Call	300,000	$23.2m300.0k shares	New
VISTRA CORP VST · Put	VST	Put	100,000	$15.9m100.0k shares	New
EQUINOR ASA EQNR · Put	EQNR	Put	500,000	$15.7m500.0k shares	Unchanged
VENTURE GLOBAL INC VG · Put	VG	Put	1,031,000	$11.5m1.0m shares	New
CAMECO CORP CCJ · Put	CCJ	Put	100,000	$10.2m100.0k shares	New
CLEVELAND-CLIFFS INC NEW CLF · Call	CLF	Call	700,000	$6.6m700.0k shares	New