Institution

Merewether Investment Management, LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1736852

Reported value: $5.3bn
Positions we cover: 74
Copy, a year: +26.5%
Copy Sharpe ratio: 0.99

How copying its 13F would have done

CopyS&P 500 $10,000 copying Merewether Investment Management, LP's filed holdings in companies we cover from February 17, 2023, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −20.3% (S&P 500 −16.9%); beta 0.71; alpha +10.9% a year (t = 1.12); last 12 months +24.9% against +12.1%.

Reported value by quarter

Merewether Investment Management, LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2022-12-31	$1T
2023-03-31	$1.1B
2023-06-30	$1.4B
2023-09-30	$1.7B
2023-12-31	$1.7B
2024-03-31	$1.9B
2024-06-30	$1.9B
2024-09-30	$2.2B
2024-12-31	$2.5B
2025-03-31	$2.8B
2025-06-30	$3.5B
2025-09-30	$4.2B
2025-12-31	$4.3B
2026-03-31	$5.2B
2026-06-30	$5.3B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
DVNDevon Energy	5.11%	$271.1m	6.56M	New
OVVOvintiv Inc.	4.33%	$229.6m	4.36M	+1.8% Added
ETREntergy	3.87%	$205.3m	1.79M	+63.3% Added
VSTVistra Corp.	3.78%	$200.7m	1.27M	+13.4% Added
DARDarling Ingredients Inc.	3.09%	$164.0m	3.00M	−9.7% Reduced
PSXPhillips 66	3.08%	$163.5m	967.4K	+1075.4% Added
WMBWilliams Companies	3.06%	$162.3m	2.18M	+30.8% Added
SUSuncor Energy Inc	2.85%	$151.3m	2.81M	−9.3% Reduced
DTMDT Midstream, Inc.	2.62%	$138.8m	946.0K	+13.3% Added
TRGPTarga Resources	2.54%	$134.9m	502.9K	−22.4% Reduced
CNPCenterPoint Energy	2.48%	$131.4m	2.98M	+1.1% Added
CVECenovus Energy Inc.	2.28%	$120.9m	4.87M	+2.1% Added
NVTnVent Electric plc	2.17%	$115.0m	677.9K	−28.7% Reduced
PRPermian Resources Corp	2.12%	$112.5m	6.11M	−0.6% Reduced
RALRalliant Corp	2.12%	$112.4m	1.53M	+37.2% Added
LNTAlliant Energy	2.03%	$107.8m	1.41M	New
BGBunge Global	1.94%	$103.1m	965.8K	−13.7% Reduced
HALHalliburton	1.71%	$90.6m	2.67M	New
LNGCheniere Energy, Inc.	1.70%	$90.2m	377.4K	−17.9% Reduced
FTITechnipFMC plc	1.62%	$85.9m	1.30M	+55.0% Added
EQTEQT Corporation	1.58%	$83.9m	1.58M	+47.4% Added
SOLSSolstice Advanced Materials Inc.	1.52%	$80.7m	910.4K	+41.7% Added
WCCWesco International Inc	1.52%	$80.6m	233.4K	New
MTZMastec Inc	1.49%	$79.1m	190.2K	−14.7% Reduced
MAIRMadison Air Solutions Corp	1.43%	$75.8m	1.94M	New
MPCMarathon Petroleum	1.39%	$73.8m	288.6K	−7.1% Reduced
LGNLegence Corp.	1.37%	$72.7m	852.7K	+17.4% Added
FIXComfort Systems USA	1.37%	$72.7m	36.7K	+64.0% Added
INIOInnio N.V.	1.33%	$70.8m	1.79M	New
CRHCRH plc	1.26%	$67.1m	626.9K	+85.4% Added
STSensata Technologies Holding plc	1.19%	$62.9m	1.32M	−26.7% Reduced
TLNTalen Energy Corp	1.12%	$59.5m	154.8K	New
WTTRSelect Water Solutions, Inc.	1.11%	$59.1m	2.96M	+2.3% Added
WFRDWeatherford International plc	1.07%	$57.0m	699.4K	New
CNRCore Natural Resources, Inc.	1.04%	$55.0m	687.5K	−5.4% Reduced
JHXJames Hardie Industries plc	1.02%	$54.0m	2.06M	+5.4% Added
BWABorgwarner Inc	1.00%	$53.2m	801.6K	New
XELXcel Energy	0.99%	$52.6m	655.0K	−57.2% Reduced
MEOHMethanex Corp	0.98%	$52.2m	1.13M	New
LECOLincoln Electric Holdings Inc	0.95%	$50.3m	189.3K	+102.5% Added
COPConocoPhillips	0.90%	$47.8m	459.8K	−11.9% Reduced
IAGIamgold Corp	0.90%	$47.8m	3.02M	+2.2% Added
QQnity Electronics, Inc.	0.87%	$46.4m	283.8K	−34.5% Reduced
BKVBKV Corp	0.86%	$45.8m	1.67M	+1.6% Added
FLEXFlex Ltd.	0.84%	$44.7m	275.6K	New
DINOHF Sinclair Corp	0.66%	$35.2m	504.8K	−52.1% Reduced
FNVFranco Nevada Corp	0.66%	$35.0m	167.7K	+16.5% Added
BKHBlack Hills Corp	0.64%	$33.9m	455.3K	New
CIFRCipher Digital Inc.	0.63%	$33.6m	1.37M	New
SDRLSeadrill Ltd	0.63%	$33.5m	886.7K	+2.2% Added
ECLEcolab	0.62%	$33.0m	118.3K	New
CENXCentury Aluminum Co	0.60%	$31.9m	693.5K	+34.7% Added
HUTHut 8 Corp.	0.59%	$31.1m	269.2K	+134.3% Added
CGAUCenterra Gold Inc.	0.56%	$29.7m	1.87M	−17.3% Reduced
NUENucor	0.55%	$28.9m	129.8K	−55.7% Reduced
MTArcelormittal	0.44%	$23.6m	391.4K	+1289.3% Added
FCXFreeport-McMoRan	0.44%	$23.5m	374.3K	−62.5% Reduced
NXTNextpower Inc.	0.44%	$23.2m	194.7K	+46.2% Added
BBarrick Mining Corp	0.42%	$22.2m	604.6K	New
PRIMPrimoris Services Corp	0.40%	$21.0m	211.9K	−68.6% Reduced
EROKEaglerock Land, LLC	0.35%	$18.6m	873.2K	New
ARISAris Mining Corp	0.34%	$17.9m	1.20M	−13.9% Reduced
LARLithium Argentina AG	0.24%	$12.7m	1.54M	New
ATOAtmos Energy	0.24%	$12.6m	73.1K	+2.3% Added
BKRBaker Hughes	0.22%	$11.7m	210.5K	+21.4% Added
SLIStandard Lithium LTD.	0.21%	$11.2m	4.06M	+2.1% Added
TBNTamboran Resources Corp	0.18%	$9.6m	294.5K	+327.5% Added
GMGeneral Motors	0.15%	$8.1m	104.7K	+293.3% Added
DNNDenison Mines Corp.	0.11%	$6.0m	1.95M	−53.7% Reduced
LBRTLiberty Energy Inc.	0.09%	$5.0m	189.4K	−81.6% Reduced
XEX-energy, Inc.	0.08%	$4.1m	224.3K	New
WLKWestlake Corp	0.07%	$3.9m	53.4K	−75.7% Reduced
DDDuPont	0.07%	$3.8m	28.4K	New
DPCDPC Holdings PLC	0.02%	$1.2m	25.0K	New

Company	Bought (value)	Shares
DVNDevon Energy	$271.1m	6.56M
PSXPhillips 66	$149.6m	885.1K
LNTAlliant Energy	$107.8m	1.41M
HALHalliburton	$90.6m	2.67M
WCCWesco International Inc	$80.6m	233.4K
ETREntergy	$79.6m	693.1K
MAIRMadison Air Solutions Corp	$75.8m	1.94M
INIOInnio N.V.	$70.8m	1.79M
TLNTalen Energy Corp	$59.5m	154.8K
WFRDWeatherford International plc	$57.0m	699.4K
BWABorgwarner Inc	$53.2m	801.6K
MEOHMethanex Corp	$52.2m	1.13M
FLEXFlex Ltd.	$44.7m	275.6K
WMBWilliams Companies	$38.3m	514.6K
BKHBlack Hills Corp	$33.9m	455.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
SRESempra	−$137.3m	−1.41M
NRGNRG Energy	−$130.2m	−890.9K
HUBBHubbell Incorporated	−$106.2m	−216.3K
XELXcel Energy	−$70.4m	−876.5K
VGVenture Global, Inc.	−$65.5m	−4.15M
LYBLyondellBasell	−$52.7m	−654.7K
FANGDiamondback Energy	−$52.6m	−266.1K
EXEExpand Energy	−$47.4m	−431.7K
NVTnVent Electric plc	−$46.2m	−272.5K
PRIMPrimoris Services Corp	−$45.9m	−462.9K
ARAntero Resources Corp	−$40.4m	−951.2K
CMICummins	−$39.6m	−73.5K
FCXFreeport-McMoRan	−$39.3m	−624.5K
TRGPTarga Resources	−$39.0m	−145.5K
DINOHF Sinclair Corp	−$38.3m	−549.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
SRESempra	$137.3m	1.41M
NRGNRG Energy	$130.2m	890.9K
HUBBHubbell Incorporated	$106.2m	216.3K
VGVenture Global, Inc.	$65.5m	4.15M
LYBLyondellBasell	$52.7m	654.7K
FANGDiamondback Energy	$52.6m	266.1K
EXEExpand Energy	$47.4m	431.7K
ARAntero Resources Corp	$40.4m	951.2K
CMICummins	$39.6m	73.5K
NENoble Corp plc	$38.2m	779.2K
PTENPatterson UTI Energy Inc	$32.5m	3.00M
CCJCameco Corp	$25.4m	233.8K
PARRPAR Pacific Holdings, Inc.	$23.1m	369.5K
OLNOlin Corp	$18.5m	623.4K
FLSFlowserve Corp	$5.5m	75.1K
CECelanese Corp	$4.9m	74.6K
ALBAlbemarle Corporation	$1.7m	9.6K
GTXGarrett Motion Inc.	$1.4m	78.4K
WULFTerawulf Inc.	$518,210	35.9K

Energy45.8%
Utilities16.1%
Industrials14.2%
Materials11.5%
Technology5.8%
Consumer Staples5.3%
Consumer Discretionary1.2%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestFebruary 17, 2023 to November 2, 2026	+26.5%	+19.7%	0.99	1.02	−20.3%	0.71
Last three yearsNovember 3, 2023 to November 2, 2026	+27.9%	+21.8%	1.08	1.16	−20.3%	0.66
Last yearNovember 7, 2025 to November 2, 2026	+22.8%	+14.2%	1.10	0.84	−7.5%	0.02

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.