Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	1,556,100	$442M	13.2%	—	—	PUT	16411R208
XOP	SPDR SERIES TRUST	1,390,000	$253M	7.6%	—	—	PUT	78468R556
AESI	ATLAS ENERGY SOLUTIONS INC	9,135,182	$120M	3.6%	$11.20	0.0%	COM NEW	642045108
LYB	LYONDELLBASELL INDUSTRIES NV	1,274,000	$103M	3.1%	—	—	PUT	N53745100
ODFL	OLD DOMINION FREIGHT LINE IN	310,061	$60.59M	1.8%	$183.08	0.0%	COM	679580100
FPS	FORGENT POWER SOLUTIONS INC	1,925,699	$56.37M	1.7%	$29.27	—	COM SHS CL A	34631F102
CEG	CONSTELLATION ENERGY CORP	200,000	$55.85M	1.7%	$301.15	0.0%	COM	21037T109
PSX	PHILLIPS 66	304,700	$55.51M	1.7%	$147.11	0.0%	COM	718546104
SCCO	SOUTHERN COPPER CORP	308,100	$53.01M	1.6%	—	—	PUT	84265V105
MUSA	MURPHY USA INC	90,000	$44.46M	1.3%	$412.78	0.0%	COM	626755102
UEC	URANIUM ENERGY CORP	3,000,000	$40.5M	1.2%	$16.48	0.0%	COM	916896103
WHD	CACTUS INC	765,514	$36.26M	1.1%	$55.06	0.0%	CL A	127203107
CF	CF INDUSTRIES HOLD	265,400	$34.46M	1.0%	—	—	PUT	125269100
PR	PERMIAN RESOURCES CORP	1,597,811	$34.07M	1.0%	$15.78	0.0%	CLASS A COM	71424F105
PWR	QUANTA SVCS INC	60,000	$32.94M	1.0%	$486.21	0.0%	COM	74762E102
MATX	MATSON INC	199,834	$32.76M	1.0%	$153.41	0.0%	COM	57686G105
CSX	CSX CORP	785,800	$32.26M	1.0%	$38.52	0.0%	COM	126408103
ASPI	ASP ISOTOPES INC	6,912,054	$30.55M	0.9%	$6.44	0.0%	COM	00218A105
MWH	SOLV ENERGY INC	1,000,400	$30.04M	0.9%	$30.03	—	COM SHS CL A	78475V103
OXY	OCCIDENTAL PETE CORP	451,396	$29.34M	0.9%	$45.43	0.0%	COM	674599105
PARR	PAR PAC HOLDINGS INC	460,393	$28.84M	0.9%	$38.86	0.0%	COM NEW	69888T207
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	500,000	$28.79M	0.9%	$57.86	0.0%	CL A	499049104
ENPH	ENPHASE ENERGY INC	720,288	$27.23M	0.8%	$41.25	0.0%	COM	29355A107
DVN	DEVON ENERGY CORP NEW	517,600	$26.05M	0.8%	$40.25	0.0%	COM	25179M103
LIN	LINDE PLC	50,000	$24.79M	0.7%	$460.00	0.0%	SHS	G54950103
DAR	DARLING INGREDIENTS INC	400,000	$24.74M	0.7%	$45.22	0.0%	COM	237266101
SM	SM ENERGY COMPANY	697,800	$21.76M	0.7%	$19.89	0.0%	COM	78454L100
POWL	POWELL INDS INC	40,000	$21.64M	0.6%	$471.13	0.0%	COM	739128106
STLD	STEEL DYNAMICS INC	100,043	$18.01M	0.5%	$184.13	0.0%	COM	858119100
AGI	ALAMOS GOLD INC	300,065	$13.33M	0.4%	$42.54	0.0%	COM CL A	011532108
USAR	USA RARE EARTH INC	465,000	$6.224M	0.2%	$20.16	0.0%	COM	91733P107
BESS	BIMERGEN ENERGY CORP	700,000	$1.491M	0.0%	$8.70	0.0%	COM NEW	84856X205
BESS/WS	BIMERGEN ENERGY CORP	1,000,000	$713K	0.0%	$0.71	—	*W EXP 12/12/203	84856X122

Increased Positions (7)

CENX CENTURY ALUM CO 2.7%

Value $91.05M (+364.9%) Shares 1,551,362 (+210.4%) Est. Cost $39.97 Unrealized +21.1%

BTE BAYTEX ENERGY CORP 2.7%

Value $89.69M (+99.1%) Shares 20,071,614 (+43.9%) Est. Cost $2.99 Unrealized +15.4%

ALM ALMONTY INDS INC 1.9%

Value $62.28M (+143.1%) Shares 4,300,839 (+47.9%) Est. Cost $8.82 Unrealized +34.8%

CNR CORE NATURAL RESOURCES INC 1.6%

Value $52.37M (+162.9%) Shares 500,000 (+122.2%) Est. Cost $89.37 Unrealized +3.8%

CMBT CMB.TECH NV 1.3%

Value $44.27M (+83.6%) Shares 3,500,000 (+40.0%) Est. Cost $10.20 Unrealized +20.1%

NVGS NAVIGATOR HLDGS LTD 0.6%

Value $19.99M (+81.6%) Shares 1,034,216 (+62.7%) Est. Cost $16.75 Unrealized +11.0%

TTI TETRA TECHNOLOGIES INC DEL 0.8%

Value $27.28M (+0.7%) Shares 3,201,953 (+10.7%) Est. Cost $8.04 Unrealized +37.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CENX	CENTURY ALUM CO	1,551,362 (+210.4%)	$91.05M (+364.9%)	2.7%	$39.97	+21.1%	COM	156431108
BTE	BAYTEX ENERGY CORP	20,071,614 (+43.9%)	$89.69M (+99.1%)	2.7%	$2.99	+15.4%	COM	07317Q105
ALM	ALMONTY INDS INC	4,300,839 (+47.9%)	$62.28M (+143.1%)	1.9%	$8.82	+34.8%	COM NEW	020398707
CNR	CORE NATURAL RESOURCES INC	500,000 (+122.2%)	$52.37M (+162.9%)	1.6%	$89.37	+3.8%	COM SHS	218937100
CMBT	CMB.TECH NV	3,500,000 (+40.0%)	$44.27M (+83.6%)	1.3%	$10.20	+20.1%	SHS	B38564108
NVGS	NAVIGATOR HLDGS LTD	1,034,216 (+62.7%)	$19.99M (+81.6%)	0.6%	$16.75	+11.0%	SHS	Y62132108
TTI	TETRA TECHNOLOGIES INC DEL	3,201,953 (+10.7%)	$27.28M (+0.7%)	0.8%	$8.04	+37.2%	COM	88162F105

Exited Positions (22)

OXY OCCIDENTAL PETE CORP 6.9%

Value $229M Shares 5,565,200 Est. Cost $45.43 Unrealized 0.0%

UAL UNITED AIRLS HLDGS INC 3.9%

Value $130M Shares 1,167,000 Est. Cost — Unrealized —

FANG DIAMONDBACK ENERGY INC 3.4%

Value $112M Shares 746,343 Est. Cost $147.05 Unrealized +8.7%

HP HELMERICH & PAYNE INC 1.8%

Value $59.7M Shares 2,081,644 Est. Cost $23.50 Unrealized +41.6%

MTDR MATADOR RES CO 1.6%

Value $53.25M Shares 1,254,678 Est. Cost $42.00 Unrealized +8.1%

WFRD WEATHERFORD INTL PLC 1.4%

Value $46.9M Shares 599,274 Est. Cost $72.59 Unrealized +30.9%

CMC COMMERCIAL METALS CO 1.2%

Value $41.52M Shares 599,871 Est. Cost $62.39 Unrealized +23.3%

SHLS SHOALS TECHNOLOGIES GROUP IN 1.2%

Value $41M Shares 4,823,369 Est. Cost $4.35 Unrealized +116.7%

JBHT HUNT J B TRANS SVCS INC 1.2%

Value $39.84M Shares 205,000 Est. Cost $171.51 Unrealized +24.7%

GXO GXO LOGISTICS INCORPORATED 1.1%

Value $36.79M Shares 698,974 Est. Cost $51.90 Unrealized +13.9%

CHRD CHORD ENERGY CORPORATION 1.1%

Value $36.26M Shares 391,127 Est. Cost $102.93 Unrealized -4.9%

SLI STANDARD LITHIUM LTD 1.1%

Value $36M Shares 8,053,722 Est. Cost $4.24 Unrealized +12.2%

PRIM PRIMORIS SVCS CORP 1.1%

Value $35.99M Shares 289,907 Est. Cost $65.06 Unrealized +130.4%

ORA ORMAT TECHNOLOGIES INC 1.0%

Value $34.54M Shares 312,675 Est. Cost $90.04 Unrealized +33.8%

CCJ CAMECO CORP 1.0%

Value $34.31M Shares 375,000 Est. Cost $53.26 Unrealized +118.3%

HCC WARRIOR MET COAL INC 1.0%

Value $33.13M Shares 375,791 Est. Cost $75.18 Unrealized +22.3%

ARCB ARCBEST CORP 0.6%

Value $20.4M Shares 275,000 Est. Cost $71.00 Unrealized +34.0%

TMC TMC THE METALS COMPANY INC 0.6%

Value $18.51M Shares 3,000,000 Est. Cost $7.02 Unrealized -0.8%

B BARRICK MNG CORP 0.5%

Value $17.42M Shares 400,000 Est. Cost $25.15 Unrealized +92.1%

SGML SIGMA LITHIUM CORPORATION 0.5%

Value $16.46M Shares 1,248,175 Est. Cost $8.61 Unrealized +56.2%

BORR BORR DRILLING LTD 0.4%

Value $14.33M Shares 3,554,800 Est. Cost $3.31 Unrealized +48.3%

PPTA PERPETUA RESOURCES CORP 0.1%

Value $4.085M Shares 168,750 Est. Cost $24.60 Unrealized +23.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OXY	OCCIDENTAL PETE CORP	5,565,200	$229M	6.9%	$45.43	0.0%	CALL	674599105
UAL	UNITED AIRLS HLDGS INC	1,167,000	$130M	3.9%	—	—	PUT	910047109
FANG	DIAMONDBACK ENERGY INC	746,343	$112M	3.4%	$147.05	+8.7%	—	25278X109
HP	HELMERICH & PAYNE INC	2,081,644	$59.7M	1.8%	$23.50	+41.6%	—	423452101
MTDR	MATADOR RES CO	1,254,678	$53.25M	1.6%	$42.00	+8.1%	—	576485205
WFRD	WEATHERFORD INTL PLC	599,274	$46.9M	1.4%	$72.59	+30.9%	—	G48833118
CMC	COMMERCIAL METALS CO	599,871	$41.52M	1.2%	$62.39	+23.3%	—	201723103
SHLS	SHOALS TECHNOLOGIES GROUP IN	4,823,369	$41M	1.2%	$4.35	+116.7%	—	82489W107
JBHT	HUNT J B TRANS SVCS INC	205,000	$39.84M	1.2%	$171.51	+24.7%	—	445658107
GXO	GXO LOGISTICS INCORPORATED	698,974	$36.79M	1.1%	$51.90	+13.9%	—	36262G101
CHRD	CHORD ENERGY CORPORATION	391,127	$36.26M	1.1%	$102.93	-4.9%	—	674215207
SLI	STANDARD LITHIUM LTD	8,053,722	$36M	1.1%	$4.24	+12.2%	—	853606101
PRIM	PRIMORIS SVCS CORP	289,907	$35.99M	1.1%	$65.06	+130.4%	—	74164F103
ORA	ORMAT TECHNOLOGIES INC	312,675	$34.54M	1.0%	$90.04	+33.8%	—	686688102
CCJ	CAMECO CORP	375,000	$34.31M	1.0%	$53.26	+118.3%	—	13321L108
HCC	WARRIOR MET COAL INC	375,791	$33.13M	1.0%	$75.18	+22.3%	—	93627C101
ARCB	ARCBEST CORP	275,000	$20.4M	0.6%	$71.00	+34.0%	—	03937C105
TMC	TMC THE METALS COMPANY INC	3,000,000	$18.51M	0.6%	$7.02	-0.8%	—	87261Y106
B	BARRICK MNG CORP	400,000	$17.42M	0.5%	$25.15	+92.1%	—	06849F108
SGML	SIGMA LITHIUM CORPORATION	1,248,175	$16.46M	0.5%	$8.61	+56.2%	—	826599102
BORR	BORR DRILLING LTD	3,554,800	$14.33M	0.4%	$3.31	+48.3%	—	G1466R173
PPTA	PERPETUA RESOURCES CORP	168,750	$4.085M	0.1%	$24.60	+23.1%	—	714266103

Decreased Positions (15)

VNOM VIPER ENERGY INC 0.7%

Value $21.83M (-58.1%) Shares 464,604 (-65.5%) Est. Cost $37.86 Unrealized +8.2%

CSTM CONSTELLIUM SE 1.8%

Value $60.89M (-30.6%) Shares 2,477,278 (-46.8%) Est. Cost $13.18 Unrealized +75.9%

NUE NUCOR CORP 0.9%

Value $29.59M (-42.1%) Shares 175,000 (-44.2%) Est. Cost $149.77 Unrealized +19.1%

NESR NATIONAL ENERGY SERVICES REU 2.7%

Value $91.49M (-17.8%) Shares 4,261,389 (-40.0%) Est. Cost $8.76 Unrealized +133.2%

SEI SOLARIS ENERGY INFRAS INC 3.0%

Value $98.89M (-16.0%) Shares 1,750,000 (-31.6%) Est. Cost $16.54 Unrealized +220.7%

NXT NEXTPOWER INC 1.7%

Value $58.38M (+34.1%) Shares 484,262 (-3.1%) Est. Cost $40.94 Unrealized +165.8%

WTTR SELECT WATER SOLUTIONS INC 1.4%

Value $47.2M (+43.9%) Shares 3,085,249 (-1.1%) Est. Cost $10.65 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 1.2%

Value $41.02M (+41.7%) Shares 543,551 (-8.6%) Est. Cost $41.51 Unrealized —

KEX KIRBY CORP 1.9%

Value $62.4M (-12.8%) Shares 469,611 (-27.7%) Est. Cost $93.67 Unrealized +33.0%

ECO OKEANIS ECO TANKERS COR 0.6%

Value $19.09M (-30.4%) Shares 377,432 (-53.4%) Est. Cost $33.92 Unrealized +21.1%

PDS PRECISION DRILLING CORP 1.0%

Value $34.5M (-13.6%) Shares 351,189 (-36.9%) Est. Cost $36.40 Unrealized +120.6%

VTOL BRISTOW GROUP INC 0.8%

Value $27.54M (+7.5%) Shares 587,364 (-16.0%) Est. Cost $37.65 Unrealized +14.8%

FLOC FLOWCO HLDGS INC 0.8%

Value $26.27M (-6.8%) Shares 1,275,044 (-15.2%) Est. Cost $20.59 Unrealized +2.2%

KRSP/U RICE ACQUISITION CORP 3 0.6%

Value $20.52M (-2.2%) Shares 1,935,615 (-3.1%) Est. Cost $10.50 Unrealized —

AA ALCOA CORP 1.2%

Value $40.14M (-1.1%) Shares 605,149 (-20.7%) Est. Cost $30.96 Unrealized +97.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VNOM	VIPER ENERGY INC	464,604 (-65.5%)	$21.83M (-58.1%)	0.7%	$37.86	+8.2%	CL A	64361Q101
CSTM	CONSTELLIUM SE	2,477,278 (-46.8%)	$60.89M (-30.6%)	1.8%	$13.18	+75.9%	CL A SHS	F21107101
NUE	NUCOR CORP	175,000 (-44.2%)	$29.59M (-42.1%)	0.9%	$149.77	+19.1%	COM	670346105
NESR	NATIONAL ENERGY SERVICES REU	4,261,389 (-40.0%)	$91.49M (-17.8%)	2.7%	$8.76	+133.2%	SHS	G6375R107
SEI	SOLARIS ENERGY INFRAS INC	1,750,000 (-31.6%)	$98.89M (-16.0%)	3.0%	$16.54	+220.7%	COM CL A	83418M103
NXT	NEXTPOWER INC	484,262 (-3.1%)	$58.38M (+34.1%)	1.7%	$40.94	+165.8%	CLASS A COM	65290E101
WTTR	SELECT WATER SOLUTIONS INC	3,085,249 (-1.1%)	$47.2M (+43.9%)	1.4%	$10.65	—	CL A COM	81617J301
VIST	VISTA ENERGY S.A.B. DE C.V.	543,551 (-8.6%)	$41.02M (+41.7%)	1.2%	$41.51	—	SPONSORED ADS	92837L109
KEX	KIRBY CORP	469,611 (-27.7%)	$62.4M (-12.8%)	1.9%	$93.67	+33.0%	COM	497266106
ECO	OKEANIS ECO TANKERS COR	377,432 (-53.4%)	$19.09M (-30.4%)	0.6%	$33.92	+21.1%	SHS	Y64177101
PDS	PRECISION DRILLING CORP	351,189 (-36.9%)	$34.5M (-13.6%)	1.0%	$36.40	+120.6%	COM NEW	74022D407
VTOL	BRISTOW GROUP INC	587,364 (-16.0%)	$27.54M (+7.5%)	0.8%	$37.65	+14.8%	COM	11040G103
FLOC	FLOWCO HLDGS INC	1,275,044 (-15.2%)	$26.27M (-6.8%)	0.8%	$20.59	+2.2%	COM CL A	342909108
KRSP/U	RICE ACQUISITION CORP 3	1,935,615 (-3.1%)	$20.52M (-2.2%)	0.6%	$10.50	—	UNIT 99/99/9999	G7553X122
AA	ALCOA CORP	605,149 (-20.7%)	$40.14M (-1.1%)	1.2%	$30.96	+97.3%	COM	013872106

Unchanged Positions (6)

SOC SABLE OFFSHORE CORP 6.7%

Value $222M Shares 13,448,741 Est. Cost $17.09 Unrealized -43.8%

TE T1 ENERGY INC 4.6%

Value $154M Shares 34,968,169 Est. Cost $3.32 Unrealized +128.4%

TBN TAMBORAN RES CORP 1.1%

Value $35.68M Shares 713,698 Est. Cost $21.67 Unrealized +30.2%

STNG SCORPIO TANKERS INC 0.4%

Value $14.93M Shares 200,000 Est. Cost $45.27 Unrealized —

RNGR RANGER ENERGY SVCS INC 0.8%

Value $25.84M Shares 1,507,503 Est. Cost $10.09 Unrealized +55.0%

TE/WS T1 ENERGY INC 0.0%

Value $78,558 Shares 355,465 Est. Cost $0.18 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SOC	SABLE OFFSHORE CORP	13,448,741	$222M	6.7%	$17.09	-43.8%	COM SHS	78574H104
TE	T1 ENERGY INC	34,968,169	$154M	4.6%	$3.32	+128.4%	COM NEW	35834F104
TBN	TAMBORAN RES CORP	713,698	$35.68M	1.1%	$21.67	+30.2%	COM	87507T101
STNG	SCORPIO TANKERS INC	200,000	$14.93M	0.4%	$45.27	—	SHS	Y7542C130
RNGR	RANGER ENERGY SVCS INC	1,507,503	$25.84M	0.8%	$10.09	+55.0%	COM CL A	75282U104
TE/WS	T1 ENERGY INC	355,465	$78,558	0.0%	$0.18	—	*W EXP 07/09/202	35834F112