Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	200,000	$56.75M	2.3%	—	—	CALL	16411R208
OXY	OCCIDENTAL PETE CORP	611,101	$39.72M	1.6%	—	—	COM	674599105
FANG	DIAMONDBACK ENERGY INC	180,344	$35.67M	1.4%	—	—	COM	25278X109
TDW	TIDEWATER INC NEW	423,513	$35.38M	1.4%	—	—	COM	88642R109
VG	VENTURE GLOBAL INC	1,080,000	$17.02M	0.7%	—	—	COM CL A	92333F101
EQT	EQT CORP	242,527	$15.43M	0.6%	—	—	COM	26884L109
GDX	VANECK ETF TRUST	165,000	$15.14M	0.6%	—	—	GOLD MINERS ETF	92189F106
GPRE	GREEN PLAINS INC	851,878	$14.01M	0.6%	—	—	COM	393222104
MUSA	MURPHY USA INC	24,929	$12.31M	0.5%	—	—	COM	626755102
VST	VISTRA CORP	70,900	$10.66M	0.4%	—	—	COM	92840M102
GNRC	GENERAC HLDGS INC	54,000	$10.55M	0.4%	—	—	COM	368736104
CMP	COMPASS MINERALS INTL INC	235,198	$5.492M	0.2%	—	—	COM	20451N101
ASTL	ALGOMA STL GROUP INC	1,306,403	$5.395M	0.2%	—	—	COM	015658107
CNR	CORE NATURAL RESOURCES INC	38,584	$4.041M	0.2%	—	—	COM SHS	218937100
HNRG	HALLADOR ENERGY COMPANY	146,969	$2.393M	0.1%	—	—	COM	40609P105

Increased Positions (11)

CRC CALIFORNIA RES CORP 12.7%

Value $315M (+64.6%) Shares 4,545,993 (+6.3%) Est. Cost — Unrealized —

PTEN PATTERSON-UTI ENERGY INC 7.1%

Value $177M (+85.4%) Shares 16,309,517 (+4.6%) Est. Cost — Unrealized —

CHRD CHORD ENERGY CORPORATION 7.4%

Value $184M (+77.5%) Shares 1,291,570 (+15.7%) Est. Cost — Unrealized —

LNG CHENIERE ENERGY INC 2.6%

Value $63.88M (+557.2%) Shares 225,114 (+350.2%) Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 4.2%

Value $104M (+60.3%) Shares 7,241,813 (+5.8%) Est. Cost — Unrealized —

OKE ONEOK INC NEW 3.7%

Value $91.85M (+68.7%) Shares 1,016,145 (+37.2%) Est. Cost — Unrealized —

OVV OVINTIV INC 2.3%

Value $55.91M (+200.7%) Shares 941,950 (+98.5%) Est. Cost — Unrealized —

NJR NEW JERSEY RES CORP 0.8%

Value $19.21M (+119.2%) Shares 349,872 (+84.1%) Est. Cost — Unrealized —

GLNG GOLAR LNG LTD 0.5%

Value $11.73M (+88.2%) Shares 216,820 (+29.4%) Est. Cost — Unrealized —

ANDE ANDERSONS INC 0.7%

Value $18.57M (+36.5%) Shares 258,746 (+1.1%) Est. Cost — Unrealized —

NEXT NEXTDECADE CORP 0.2%

Value $4.528M (+114.8%) Shares 591,171 (+47.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRC	CALIFORNIA RES CORP	4,545,993 (+6.3%)	$315M (+64.6%)	12.7%	—	—	COM STOCK	13057Q305
PTEN	PATTERSON-UTI ENERGY INC	16,309,517 (+4.6%)	$177M (+85.4%)	7.1%	—	—	COM	703481101
CHRD	CHORD ENERGY CORPORATION	1,291,570 (+15.7%)	$184M (+77.5%)	7.4%	—	—	COM NEW	674215207
LNG	CHENIERE ENERGY INC	225,114 (+350.2%)	$63.88M (+557.2%)	2.6%	—	—	COM NEW	16411R208
PUMP	PROPETRO HLDG CORP	7,241,813 (+5.8%)	$104M (+60.3%)	4.2%	—	—	COM	74347M108
OKE	ONEOK INC NEW	1,016,145 (+37.2%)	$91.85M (+68.7%)	3.7%	—	—	COM	682680103
OVV	OVINTIV INC	941,950 (+98.5%)	$55.91M (+200.7%)	2.3%	—	—	COM	69047Q102
NJR	NEW JERSEY RES CORP	349,872 (+84.1%)	$19.21M (+119.2%)	0.8%	—	—	COM	646025106
GLNG	GOLAR LNG LTD	216,820 (+29.4%)	$11.73M (+88.2%)	0.5%	—	—	SHS	G9456A100
ANDE	ANDERSONS INC	258,746 (+1.1%)	$18.57M (+36.5%)	0.7%	—	—	COM	034164103
NEXT	NEXTDECADE CORP	591,171 (+47.8%)	$4.528M (+114.8%)	0.2%	—	—	COM	65342K105

Exited Positions (11)

EXE EXPAND ENERGY CORPORATION 1.4%

Value $35.91M Shares 325,425 Est. Cost — Unrealized —

RRC RANGE RES CORP 1.0%

Value $24.33M Shares 689,987 Est. Cost — Unrealized —

LBRT LIBERTY ENERGY INC 0.7%

Value $18.5M Shares 1,002,402 Est. Cost — Unrealized —

CHDN CHURCHILL DOWNS INC 0.6%

Value $14.43M Shares 126,789 Est. Cost — Unrealized —

CMS CMS ENERGY CORP 0.4%

Value $10.94M Shares 156,508 Est. Cost — Unrealized —

EE EXCELERATE ENERGY INC 0.4%

Value $10.89M Shares 388,200 Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 0.4%

Value $10.5M Shares 28,000 Est. Cost — Unrealized —

PR PERMIAN RESOURCES CORP 0.4%

Value $10.3M Shares 734,314 Est. Cost — Unrealized —

D DOMINION ENERGY INC 0.2%

Value $5.859M Shares 100,000 Est. Cost — Unrealized —

KMI KINDER MORGAN INC DEL 0.2%

Value $5.498M Shares 199,989 Est. Cost — Unrealized —

AA ALCOA CORP 0.1%

Value $2.841M Shares 53,465 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXE	EXPAND ENERGY CORPORATION	325,425	$35.91M	1.4%	—	—	—	165167735
RRC	RANGE RES CORP	689,987	$24.33M	1.0%	—	—	—	75281A109
LBRT	LIBERTY ENERGY INC	1,002,402	$18.5M	0.7%	—	—	—	53115L104
CHDN	CHURCHILL DOWNS INC	126,789	$14.43M	0.6%	—	—	—	171484108
CMS	CMS ENERGY CORP	156,508	$10.94M	0.4%	—	—	—	125896100
EE	EXCELERATE ENERGY INC	388,200	$10.89M	0.4%	—	—	—	30069T101
TLN	TALEN ENERGY CORP	28,000	$10.5M	0.4%	—	—	—	87422Q109
PR	PERMIAN RESOURCES CORP	734,314	$10.3M	0.4%	—	—	—	71424F105
D	DOMINION ENERGY INC	100,000	$5.859M	0.2%	—	—	—	25746U109
KMI	KINDER MORGAN INC DEL	199,989	$5.498M	0.2%	—	—	—	49456B101
AA	ALCOA CORP	53,465	$2.841M	0.1%	—	—	—	013872106

Decreased Positions (10)

NE NOBLE CORP PLC 7.3%

Value $181M (+30.3%) Shares 3,681,172 (-25.0%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 14.2%

Value $353M (+11.6%) Shares 8,305,886 (-9.4%) Est. Cost — Unrealized —

CENX CENTURY ALUM CO 6.4%

Value $158M (+11.1%) Shares 2,687,249 (-25.8%) Est. Cost — Unrealized —

BTU PEABODY ENGR CORP 1.9%

Value $46.82M (-18.6%) Shares 1,420,791 (-26.7%) Est. Cost — Unrealized —

UGI UGI CORP NEW 0.4%

Value $9.79M (-48.2%) Shares 268,804 (-46.7%) Est. Cost — Unrealized —

TALO TALOS ENERGY INC 5.1%

Value $125M (+7.5%) Shares 7,949,403 (-24.8%) Est. Cost — Unrealized —

TRP TC ENERGY CORP 0.4%

Value $10.37M (-45.5%) Shares 165,584 (-52.1%) Est. Cost — Unrealized —

SWX SOUTHWEST GAS HLDGS INC 0.5%

Value $11.18M (-29.9%) Shares 128,669 (-35.5%) Est. Cost — Unrealized —

HAL HALLIBURTON CO 3.9%

Value $96.58M (+3.8%) Shares 2,477,128 (-24.7%) Est. Cost — Unrealized —

OKE ONEOK INC NEW 1.8%

Value $45.2M (+2.5%) Shares 500,000 (-16.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NE	NOBLE CORP PLC	3,681,172 (-25.0%)	$181M (+30.3%)	7.3%	—	—	ORD SHS A	G65431127
AR	ANTERO RESOURCES CORP	8,305,886 (-9.4%)	$353M (+11.6%)	14.2%	—	—	COM	03674X106
CENX	CENTURY ALUM CO	2,687,249 (-25.8%)	$158M (+11.1%)	6.4%	—	—	COM	156431108
BTU	PEABODY ENGR CORP	1,420,791 (-26.7%)	$46.82M (-18.6%)	1.9%	—	—	COM	704551100
UGI	UGI CORP NEW	268,804 (-46.7%)	$9.79M (-48.2%)	0.4%	—	—	COM	902681105
TALO	TALOS ENERGY INC	7,949,403 (-24.8%)	$125M (+7.5%)	5.1%	—	—	COM	87484T108
TRP	TC ENERGY CORP	165,584 (-52.1%)	$10.37M (-45.5%)	0.4%	—	—	COM	87807B107
SWX	SOUTHWEST GAS HLDGS INC	128,669 (-35.5%)	$11.18M (-29.9%)	0.5%	—	—	COM	844895102
HAL	HALLIBURTON CO	2,477,128 (-24.7%)	$96.58M (+3.8%)	3.9%	—	—	COM	406216101
OKE	ONEOK INC NEW	500,000 (-16.7%)	$45.2M (+2.5%)	1.8%	—	—	CALL	682680103

Unchanged Positions (5)

PCG PG&E CORP 1.7%

Value $42.98M Shares 2,446,097 Est. Cost — Unrealized —

LNT ALLIANT ENERGY CORP 0.9%

Value $21.47M Shares 299,150 Est. Cost — Unrealized —

XEL XCEL ENERGY INC 1.0%

Value $24.43M Shares 307,575 Est. Cost — Unrealized —

NPWR NET POWER INC 0.1%

Value $2.346M Shares 1,504,126 Est. Cost — Unrealized —

KRSP/U RICE ACQUISITION CORP 3 1.1%

Value $27.21M Shares 2,566,967 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCG	PG&E CORP	2,446,097	$42.98M	1.7%	—	—	COM	69331C108
LNT	ALLIANT ENERGY CORP	299,150	$21.47M	0.9%	—	—	COM	018802108
XEL	XCEL ENERGY INC	307,575	$24.43M	1.0%	—	—	COM	98389B100
NPWR	NET POWER INC	1,504,126	$2.346M	0.1%	—	—	COM CL A	64107A105
KRSP/U	RICE ACQUISITION CORP 3	2,566,967	$27.21M	1.1%	—	—	UNIT 99/99/9999	G7553X122