Sourcerock Group LLC
Long book
$2.38B
Q1 2026
Positions
39
Top-10 weight
75%
concentration
Last quarter
-16.7%
SPY +14.8%
Turnover
50%
of book per quarter
Strategy in plain words
auto-generated from filingsSourcerock Group LLC is a concentrated fundamental stock-picker, specialised in energy (72% of the long book), running a $2.38B US long book across 39 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ANTERO RESOURCES CORP, CALIFORNIA RESOURCES CORP, CHORD ENERGY CORP, NOBLE CORP PLC, PATTERSON-UTI ENERGY INC.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.5%
Q2 2024
-9.9%
Q3 2024
+6.5%
Q4 2024
+2.5%
Q1 2025
-1.0%
Q2 2025
+0.5%
Q3 2025
+6.8%
Q4 2025
+39.9%
Q1 2026
-16.7%
Sector allocation
Energy 72%
Utilities 14%
Industrials 10%
Materials 2%
Consumer discretionary 1%
Other 1%
Long book by quarter
What does Sourcerock Group own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AR ANTERO RESOURCES CORP | Energy | 8.3M | $352.5M | 14.8% | -9.4% |
| CRC CALIFORNIA RESOURCES CORP | Energy | 4.5M | $314.7M | 13.2% | +6.3% |
| CHRD CHORD ENERGY CORP | Energy | 1.3M | $183.6M | 7.7% | +15.7% |
| NE NOBLE CORP PLC | Energy | 3.7M | $180.6M | 7.6% | -25.0% |
| PTEN PATTERSON-UTI ENERGY INC | Energy | 16.3M | $176.6M | 7.4% | +4.6% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 2.7M | $157.7M | 6.6% | -25.8% |
| TALO TALOS ENERGY INC | Energy | 7.9M | $125.3M | 5.3% | -24.8% |
| PUMP PROPETRO HOLDING CORP | Energy | 7.2M | $104.4M | 4.4% | +5.8% |
| HAL HALLIBURTON CO | Energy | 2.5M | $96.6M | 4.1% | -24.7% |
| OKE ONEOK INC | Utilities | 1.0M | $91.8M | 3.9% | +37.2% |
| LNG CHENIERE ENERGY INC | Utilities | 225.1K | $63.9M | 2.7% | +350.2% |
| OVV OVINTIV INC | Energy | 942.0K | $55.9M | 2.4% | +98.5% |
| BTU PEABODY ENERGY CORP | Materials | 1.4M | $46.8M | 2.0% | -26.7% |
| PCG P G & E CORP | Utilities | 2.4M | $43.0M | 1.8% | 0.0% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 611.1K | $39.7M | 1.7% | New |
| FANG DIAMONDBACK ENERGY INC | Energy | 180.3K | $35.7M | 1.5% | New |
| TDW TIDEWATER INC | Industrials | 423.5K | $35.4M | 1.5% | New |
| XEL XCEL ENERGY INC | Utilities | 307.6K | $24.4M | 1.0% | +0.2% |
| LNT ALLIANT ENERGY CORP | Utilities | 299.1K | $21.5M | 0.9% | -0.1% |
| NJR NEW JERSEY RESOURCES CORP | Utilities | 349.9K | $19.2M | 0.8% | +84.1% |
| ANDE ANDERSONS INC/THE | Consumer discretionary | 258.7K | $18.6M | 0.8% | +1.1% |
| VG VENTURE GLOBAL INC-CL A | Utilities | 1.1M | $17.0M | 0.7% | New |
| EQT EQT CORP | Energy | 242.5K | $15.4M | 0.6% | New |
| GPRE GREEN PLAINS INC | Other | 851.9K | $14.0M | 0.6% | New |
| MUSA MURPHY USA INC | Consumer discretionary | 24.9K | $12.3M | 0.5% | New |
| GLNG GOLAR LNG LTD | Industrials | 216.8K | $11.7M | 0.5% | +29.4% |
| SWX SOUTHWEST GAS HOLDINGS INC | Utilities | 128.7K | $11.2M | 0.5% | -35.5% |
| VST VISTRA CORP | Utilities | 70.9K | $10.7M | 0.4% | New |
| GNRC GENERAC HOLDINGS INC | Industrials | 54.0K | $10.5M | 0.4% | New |
| TRP TC ENERGY CORP | Utilities | 165.6K | $10.4M | 0.4% | -52.1% |
| UGI UGI CORP | Utilities | 268.8K | $9.8M | 0.4% | -46.7% |
| CMP COMPASS MINERALS INTERNATION | Materials | 235.2K | $5.5M | 0.2% | New |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 1.3M | $5.4M | 0.2% | New |
| NEXT NEXTDECADE CORP | Utilities | 591.2K | $4.5M | 0.2% | +47.8% |
| CNR CORE NATURAL RESOURCES INC | Materials | 38.6K | $4.0M | 0.2% | New |
| HNRG HALLADOR ENERGY CO | Utilities | 147.0K | $2.4M | 0.1% | New |
| NPWR NET POWER INC | Industrials | 1.5M | $2.3M | 0.1% | +0.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 41 | $2.48B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 37 | $1.79B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 35 | $1.47B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 39 | $1.92B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 38 | $1.77B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 35 | $1.41B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 34 | $1.24B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 34 | $1.41B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 31 | $1.24B | canonical | SEC ↗ |
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