Encompass Capital Advisors LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OXY	OCCIDENTAL PETE CORP	5,565,200	$228,841	9.3%	—	—	CALL	674599105
UAL	UNITED AIRLS HLDGS INC	1,167,000	$130,494	5.3%	—	—	PUT	910047109
FANG	DIAMONDBACK ENERGY INC	746,343	$112,198	4.6%	$147.05	0.0%	COM	25278X109
MTDR	MATADOR RES CO	1,254,678	$53,249	2.2%	$42.00	0.0%	COM	576485205
VNOM	VIPER ENERGY INC	1,348,366	$52,087	2.1%	$37.86	0.0%	CL A	64361Q101
NUE	NUCOR CORP	313,502	$51,135	2.1%	$149.77	0.0%	COM	670346105
WFRD	WEATHERFORD INTL PLC	599,274	$46,899	1.9%	$72.59	0.0%	ORD SHS	G48833118
BTE	BAYTEX ENERGY CORP	13,948,516	$45,054	1.8%	$2.79	0.0%	COM	07317Q105
CMC	COMMERCIAL METALS CO	599,871	$41,523	1.7%	$62.39	0.0%	COM	201723103
JBHT	HUNT J B TRANS SVCS INC	205,000	$39,840	1.6%	$171.51	0.0%	COM	445658107
SLI	STANDARD LITHIUM LTD	8,053,722	$36,000	1.5%	$4.24	0.0%	COM	853606101
HCC	WARRIOR MET COAL INC	375,791	$33,133	1.4%	$75.18	0.0%	COM	93627C101
ECO	OKEANIS ECO TANKERS COR	810,154	$27,416	1.1%	$33.92	0.0%	SHS	Y64177101
TTI	TETRA TECHNOLOGIES INC DEL	2,891,590	$27,094	1.1%	$7.72	0.0%	COM	88162F105
ALM	ALMONTY INDS INC	2,908,033	$25,620	1.0%	$7.35	0.0%	COM NEW	020398707
VTOL	BRISTOW GROUP INC	699,429	$25,613	1.0%	$37.65	0.0%	COM	11040G103
KRSP/U	RICE ACQUISITION CORP 3	1,997,867	$20,978	0.9%	$10.50	—	UNIT 99/99/9999	G7553X122
ARCB	ARCBEST CORP	275,000	$20,402	0.8%	$71.00	0.0%	COM	03937C105
CNR	CORE NATURAL RESOURCES INC	225,000	$19,915	0.8%	$85.17	0.0%	COM SHS	218937100
TMC	TMC THE METALS COMPANY INC	3,000,000	$18,510	0.8%	$7.02	0.0%	COM	87261Y106
SGML	SIGMA LITHIUM CORPORATION	1,248,175	$16,463	0.7%	$8.61	0.0%	COM	826599102
BORR	BORR DRILLING LTD	3,554,800	$14,326	0.6%	$3.31	0.0%	SHS	G1466R173
PPTA	PERPETUA RESOURCES CORP	168,750	$4,085	0.2%	$24.60	0.0%	COM	714266103

Increased Positions (9)

TE T1 ENERGY INC 9.5%

Value ($000) $233,587 (+695.9%) Shares 34,968,169 (+159.7%) Est. Cost $3.32 Unrealized +32.8%

HP HELMERICH & PAYNE INC 2.4%

Value ($000) $59,702 (+244.2%) Shares 2,081,644 (+165.1%) Est. Cost $23.50 Unrealized +13.0%

CSTM CONSTELLIUM SE 3.6%

Value ($000) $87,802 (+38.4%) Shares 4,657,915 (+9.2%) Est. Cost $13.18 Unrealized +25.9%

GXO GXO LOGISTICS INCORPORATED 1.5%

Value ($000) $36,794 (+73.9%) Shares 698,974 (+74.7%) Est. Cost $51.90 Unrealized +1.2%

CMBT CMB.TECH NV 1.0%

Value ($000) $24,118 (+70.9%) Shares 2,499,307 (+66.3%) Est. Cost $9.38 Unrealized +3.6%

FLOC FLOWCO HLDGS INC 1.1%

Value ($000) $28,170 (+53.7%) Shares 1,503,216 (+21.8%) Est. Cost $20.59 Unrealized -19.5%

WTTR SELECT WATER SOLUTIONS INC 1.3%

Value ($000) $32,810 (+29.4%) Shares 3,118,824 (+31.5%) Est. Cost $10.65 Unrealized —

TBN TAMBORAN RES CORP 0.8%

Value ($000) $19,434 (+25.9%) Shares 713,698 (+26.6%) Est. Cost $21.67 Unrealized +17.3%

SOC SABLE OFFSHORE CORP 5.0%

Value ($000) $121,673 (-2.8%) Shares 13,489,241 (+88.1%) Est. Cost $17.09 Unrealized -44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TE	T1 ENERGY INC	34,968,169 (+159.7%)	$233,587 (+695.9%)	9.5%	$3.32	+32.8%	COM NEW	35834F104
HP	HELMERICH & PAYNE INC	2,081,644 (+165.1%)	$59,702 (+244.2%)	2.4%	$23.50	+13.0%	COM	423452101
CSTM	CONSTELLIUM SE	4,657,915 (+9.2%)	$87,802 (+38.4%)	3.6%	$13.18	+25.9%	CL A SHS	F21107101
GXO	GXO LOGISTICS INCORPORATED	698,974 (+74.7%)	$36,794 (+73.9%)	1.5%	$51.90	+1.2%	COMMON STOCK	36262G101
CMBT	CMB.TECH NV	2,499,307 (+66.3%)	$24,118 (+70.9%)	1.0%	$9.38	+3.6%	SHS	B38564108
FLOC	FLOWCO HLDGS INC	1,503,216 (+21.8%)	$28,170 (+53.7%)	1.1%	$20.59	-19.5%	COM CL A	342909108
WTTR	SELECT WATER SOLUTIONS INC	3,118,824 (+31.5%)	$32,810 (+29.4%)	1.3%	$10.65	—	CL A COM	81617J301
TBN	TAMBORAN RES CORP	713,698 (+26.6%)	$19,434 (+25.9%)	0.8%	$21.67	+17.3%	COM	87507T101
SOC	SABLE OFFSHORE CORP	13,489,241 (+88.1%)	$121,673 (-2.8%)	5.0%	$17.09	-44.7%	COM SHS	78574H104

Exited Positions (29)

ARKK ARK ETF TR 24.4%

Value ($000) $597,412 Shares 6,922,500 Est. Cost — Unrealized —

FSLR FIRST SOLAR INC 3.8%

Value ($000) $92,849 Shares 421,026 Est. Cost $181.84 Unrealized +38.7%

UEC URANIUM ENERGY CORP 3.7%

Value ($000) $90,308 Shares 6,769,688 Est. Cost $7.94 Unrealized +65.2%

WMB WILLIAMS COS INC 3.4%

Value ($000) $82,246 Shares 1,298,275 Est. Cost $57.82 Unrealized +3.9%

KGS KODIAK GAS SVCS INC 2.6%

Value ($000) $64,180 Shares 1,736,009 Est. Cost $35.26 Unrealized +0.3%

MGY MAGNOLIA OIL & GAS CORP 2.1%

Value ($000) $52,086 Shares 2,182,088 Est. Cost $24.09 Unrealized -5.6%

TS TENARIS S A 2.1%

Value ($000) $51,248 Shares 1,432,704 Est. Cost $38.42 Unrealized —

BP BP PLC 2.0%

Value ($000) $49,936 Shares 1,449,093 Est. Cost $34.46 Unrealized —

GLNG GOLAR LNG LTD 1.9%

Value ($000) $46,107 Shares 1,140,969 Est. Cost $38.00 Unrealized +0.3%

INSW INTERNATIONAL SEAWAYS INC 1.6%

Value ($000) $40,283 Shares 874,204 Est. Cost $38.44 Unrealized +27.0%

DINO HF SINCLAIR CORP 1.5%

Value ($000) $36,514 Shares 697,632 Est. Cost $33.55 Unrealized +52.9%

TGS TRANSPORTADORA DE GAS SUR 1.2%

Value ($000) $29,536 Shares 1,404,472 Est. Cost $24.50 Unrealized —

NXE NEXGEN ENERGY LTD 1.2%

Value ($000) $28,215 Shares 3,151,178 Est. Cost $6.38 Unrealized +38.5%

GATX GATX CORP 1.1%

Value ($000) $26,211 Shares 149,946 Est. Cost $148.30 Unrealized +10.8%

CEG CONSTELLATION ENERGY CORP 0.9%

Value ($000) $23,014 Shares 69,938 Est. Cost $263.84 Unrealized +37.7%

DTM DT MIDSTREAM INC 0.9%

Value ($000) $22,125 Shares 195,690 Est. Cost $103.16 Unrealized +10.8%

CDLR CADELER A S 0.9%

Value ($000) $21,753 Shares 1,053,393 Est. Cost $18.57 Unrealized —

BTU PEABODY ENERGY CORP 0.9%

Value ($000) $21,467 Shares 809,460 Est. Cost $17.75 Unrealized +65.4%

SOC SABLE OFFSHORE CORP 0.9%

Value ($000) $21,395 Shares 1,225,400 Est. Cost $17.09 Unrealized -44.7%

GFR GREENFIRE RES LTD NEW 0.9%

Value ($000) $21,342 Shares 4,619,563 Est. Cost $5.79 Unrealized -18.0%

TRN TRINITY INDS INC 0.9%

Value ($000) $21,016 Shares 749,510 Est. Cost $26.94 Unrealized -0.4%

GPRE GREEN PLAINS INC 0.8%

Value ($000) $19,686 Shares 2,239,642 Est. Cost $8.76 Unrealized +14.9%

AAL AMERICAN AIRLS GROUP INC 0.7%

Value ($000) $16,852 Shares 1,499,265 Est. Cost $12.32 Unrealized +9.5%

INR INFINITY NAT RES INC 0.5%

Value ($000) $11,132 Shares 849,113 Est. Cost $18.37 Unrealized -28.6%

CSX CSX CORP 0.4%

Value ($000) $10,573 Shares 297,749 Est. Cost $29.78 Unrealized +19.9%

AUGO AURA MINERALS INC 0.3%

Value ($000) $7,431 Shares 199,700 Est. Cost $28.59 Unrealized +37.4%

PARR PAR PAC HOLDINGS INC 0.2%

Value ($000) $5,367 Shares 151,517 Est. Cost $19.05 Unrealized +108.6%

ASPI ASP ISOTOPES INC 0.2%

Value ($000) $4,810 Shares 500,000 Est. Cost $9.22 Unrealized -13.7%

URG UR-ENERGY INC 0.2%

Value ($000) $4,527 Shares 2,528,941 Est. Cost $1.36 Unrealized +9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARKK	ARK ETF TR	6,922,500	$597,412	24.4%	—	—	PUT	00214Q104
FSLR	FIRST SOLAR INC	421,026	$92,849	3.8%	$181.84	+38.7%	—	336433107
UEC	URANIUM ENERGY CORP	6,769,688	$90,308	3.7%	$7.94	+65.2%	—	916896103
WMB	WILLIAMS COS INC	1,298,275	$82,246	3.4%	$57.82	+3.9%	—	969457100
KGS	KODIAK GAS SVCS INC	1,736,009	$64,180	2.6%	$35.26	+0.3%	—	50012A108
MGY	MAGNOLIA OIL & GAS CORP	2,182,088	$52,086	2.1%	$24.09	-5.6%	—	559663109
TS	TENARIS S A	1,432,704	$51,248	2.1%	$38.42	—	—	88031M109
BP	BP PLC	1,449,093	$49,936	2.0%	$34.46	—	—	055622104
GLNG	GOLAR LNG LTD	1,140,969	$46,107	1.9%	$38.00	+0.3%	—	G9456A100
INSW	INTERNATIONAL SEAWAYS INC	874,204	$40,283	1.6%	$38.44	+27.0%	—	Y41053102
DINO	HF SINCLAIR CORP	697,632	$36,514	1.5%	$33.55	+52.9%	—	403949100
TGS	TRANSPORTADORA DE GAS SUR	1,404,472	$29,536	1.2%	$24.50	—	—	893870204
NXE	NEXGEN ENERGY LTD	3,151,178	$28,215	1.2%	$6.38	+38.5%	—	65340P106
GATX	GATX CORP	149,946	$26,211	1.1%	$148.30	+10.8%	—	361448103
CEG	CONSTELLATION ENERGY CORP	69,938	$23,014	0.9%	$263.84	+37.7%	—	21037T109
DTM	DT MIDSTREAM INC	195,690	$22,125	0.9%	$103.16	+10.8%	—	23345M107
CDLR	CADELER A S	1,053,393	$21,753	0.9%	$18.57	—	—	12738K109
BTU	PEABODY ENERGY CORP	809,460	$21,467	0.9%	$17.75	+65.4%	—	704551100
SOC	SABLE OFFSHORE CORP	1,225,400	$21,395	0.9%	$17.09	-44.7%	CALL	78574H104
GFR	GREENFIRE RES LTD NEW	4,619,563	$21,342	0.9%	$5.79	-18.0%	—	39525U107
TRN	TRINITY INDS INC	749,510	$21,016	0.9%	$26.94	-0.4%	—	896522109
GPRE	GREEN PLAINS INC	2,239,642	$19,686	0.8%	$8.76	+14.9%	—	393222104
AAL	AMERICAN AIRLS GROUP INC	1,499,265	$16,852	0.7%	$12.32	+9.5%	—	02376R102
INR	INFINITY NAT RES INC	849,113	$11,132	0.5%	$18.37	-28.6%	—	456941103
CSX	CSX CORP	297,749	$10,573	0.4%	$29.78	+19.9%	—	126408103
AUGO	AURA MINERALS INC	199,700	$7,431	0.3%	$28.59	+37.4%	—	G06973112
PARR	PAR PAC HOLDINGS INC	151,517	$5,367	0.2%	$19.05	+108.6%	—	69888T207
ASPI	ASP ISOTOPES INC	500,000	$4,810	0.2%	$9.22	-13.7%	—	00218A105
URG	UR-ENERGY INC	2,528,941	$4,527	0.2%	$1.36	+9.2%	—	91688R108

Decreased Positions (14)

STNG SCORPIO TANKERS INC 0.4%

Value ($000) $10,166 (-85.4%) Shares 200,000 (-83.9%) Est. Cost $45.27 Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP IN 1.7%

Value ($000) $40,999 (-53.4%) Shares 4,823,369 (-59.3%) Est. Cost $4.35 Unrealized +106.7%

NXT NEXTPOWER INC 1.8%

Value ($000) $43,541 (-50.6%) Shares 499,837 (-58.1%) Est. Cost $40.94 Unrealized +121.5%

KEX KIRBY CORP 2.9%

Value ($000) $71,590 (-38.1%) Shares 649,758 (-53.1%) Est. Cost $93.67 Unrealized +8.5%

B BARRICK MNG CORP 0.7%

Value ($000) $17,420 (-64.2%) Shares 400,000 (-73.1%) Est. Cost $25.15 Unrealized +48.8%

ORA ORMAT TECHNOLOGIES INC 1.4%

Value ($000) $34,541 (-43.8%) Shares 312,675 (-51.0%) Est. Cost $90.04 Unrealized +21.4%

CCJ CAMECO CORP 1.4%

Value ($000) $34,309 (-41.6%) Shares 375,000 (-46.4%) Est. Cost $53.26 Unrealized +68.9%

NESR NATIONAL ENERGY SERVICES REU 4.5%

Value ($000) $111,237 (+17.8%) Shares 7,103,284 (-22.8%) Est. Cost $8.76 Unrealized +49.7%

PRIM PRIMORIS SVCS CORP 1.5%

Value ($000) $35,989 (-30.1%) Shares 289,907 (-22.7%) Est. Cost $65.06 Unrealized +100.7%

AA ALCOA CORP 1.7%

Value ($000) $40,567 (+43.9%) Shares 763,400 (-10.9%) Est. Cost $30.96 Unrealized +32.0%

NVGS NAVIGATOR HLDGS LTD 0.4%

Value ($000) $11,009 (-50.6%) Shares 635,601 (-55.8%) Est. Cost $15.60 Unrealized +6.9%

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

Value ($000) $28,945 (-12.9%) Shares 594,846 (-38.4%) Est. Cost $41.51 Unrealized —

CENX CENTURY ALUM CO 0.8%

Value ($000) $19,584 (-17.8%) Shares 499,837 (-38.4%) Est. Cost $22.22 Unrealized +40.6%

SEI SOLARIS ENERGY INFRAS INC 4.8%

Value ($000) $117,662 (+0.8%) Shares 2,559,543 (-12.3%) Est. Cost $16.54 Unrealized +192.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STNG	SCORPIO TANKERS INC	200,000 (-83.9%)	$10,166 (-85.4%)	0.4%	$45.27	—	SHS	Y7542C130
SHLS	SHOALS TECHNOLOGIES GROUP IN	4,823,369 (-59.3%)	$40,999 (-53.4%)	1.7%	$4.35	+106.7%	CL A	82489W107
NXT	NEXTPOWER INC	499,837 (-58.1%)	$43,541 (-50.6%)	1.8%	$40.94	+121.5%	CLASS A COM	65290E101
KEX	KIRBY CORP	649,758 (-53.1%)	$71,590 (-38.1%)	2.9%	$93.67	+8.5%	COM	497266106
B	BARRICK MNG CORP	400,000 (-73.1%)	$17,420 (-64.2%)	0.7%	$25.15	+48.8%	COM SHS	06849F108
ORA	ORMAT TECHNOLOGIES INC	312,675 (-51.0%)	$34,541 (-43.8%)	1.4%	$90.04	+21.4%	COM	686688102
CCJ	CAMECO CORP	375,000 (-46.4%)	$34,309 (-41.6%)	1.4%	$53.26	+68.9%	COM	13321L108
NESR	NATIONAL ENERGY SERVICES REU	7,103,284 (-22.8%)	$111,237 (+17.8%)	4.5%	$8.76	+49.7%	SHS	G6375R107
PRIM	PRIMORIS SVCS CORP	289,907 (-22.7%)	$35,989 (-30.1%)	1.5%	$65.06	+100.7%	COM	74164F103
AA	ALCOA CORP	763,400 (-10.9%)	$40,567 (+43.9%)	1.7%	$30.96	+32.0%	COM	013872106
NVGS	NAVIGATOR HLDGS LTD	635,601 (-55.8%)	$11,009 (-50.6%)	0.4%	$15.60	+6.9%	SHS	Y62132108
VIST	VISTA ENERGY S.A.B. DE C.V.	594,846 (-38.4%)	$28,945 (-12.9%)	1.2%	$41.51	—	SPONSORED ADS	92837L109
CENX	CENTURY ALUM CO	499,837 (-38.4%)	$19,584 (-17.8%)	0.8%	$22.22	+40.6%	COM	156431108
SEI	SOLARIS ENERGY INFRAS INC	2,559,543 (-12.3%)	$117,662 (+0.8%)	4.8%	$16.54	+192.0%	COM CL A	83418M103

Unchanged Positions (4)

PDS PRECISION DRILLING CORP 1.6%

Value ($000) $39,954 Shares 556,638 Est. Cost $36.40 Unrealized +68.7%

CHRD CHORD ENERGY CORPORATION 1.5%

Value ($000) $36,257 Shares 391,127 Est. Cost $102.93 Unrealized -10.6%

TE/WS T1 ENERGY INC 0.0%

Value ($000) $416 Shares 355,465 Est. Cost $0.18 Unrealized —

RNGR RANGER ENERGY SVCS INC 0.9%

Value ($000) $21,121 Shares 1,510,795 Est. Cost $10.09 Unrealized +34.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDS	PRECISION DRILLING CORP	556,638	$39,954	1.6%	$36.40	+68.7%	COM NEW	74022D407
CHRD	CHORD ENERGY CORPORATION	391,127	$36,257	1.5%	$102.93	-10.6%	COM NEW	674215207
TE/WS	T1 ENERGY INC	355,465	$416	0.0%	$0.18	—	*W EXP 07/09/202	35834F112
RNGR	RANGER ENERGY SVCS INC	1,510,795	$21,121	0.9%	$10.09	+34.5%	COM CL A	75282U104