Yaupon Capital Management LP

· CIK 0001755028

13F Portfolio $2.8B AUM 108 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds

Q4 2025 Q3 2025

#	Ticker	Company	Sector	Shares	Value	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
1	HYG PUT	ISHARES TR	—	2,050,300.0	$165.3M	5.98%	NEW	—	$80.63	-1.5%
2	SPY PUT	SPDR S&P 500 ETF TR	Financial Services	190,000.0	$129.6M	4.68%	-60K	-24.0%	$681.92	+8.4%
3	NFG	NATIONAL FUEL GAS CO	Energy	1,105,979.0	$88.5M	3.20%	+928K	+521.0%	$80.06	+1.8%
4	EQT CALL	EQT CORP	Energy	1,466,600.0	$78.6M	2.84%	+967K	+193.3%	$53.60	+5.5%
5	BP	BP PLC	Energy	2,231,295.0	$77.5M	2.80%	-301K	-11.9%	$34.73	+27.7%
6	CVE	CENOVUS ENERGY INC	Energy	4,346,820.0	$73.5M	2.66%	+1.1M	+34.1%	$16.92	+78.2%
7	PSX PUT	PHILLIPS 66	Energy	512,500.0	$66.1M	2.39%	NEW	—	$129.04	+32.9%
8	OVV	OVINTIV INC	Energy	1,681,188.0	$65.9M	2.38%	+457K	+37.4%	$39.19	+48.8%
9	CRH	CRH PLC	Basic Materials	505,713.0	$63.1M	2.28%	NEW	—	$124.80	-13.8%
10	TRP	TC ENERGY CORP	Energy	1,143,027.0	$62.9M	2.27%	+166K	+17.0%	$55.06	+23.8%
11	AES	AES CORP	Utilities	4,357,456.0	$62.5M	2.26%	—	—	$14.34	+0.9%
12	CTRA	COTERRA ENERGY INC	Energy	2,369,315.0	$62.4M	2.25%	NEW	—	$26.32	+23.7%
13	PR	PERMIAN RESOURCES CORP	Energy	4,082,966.0	$57.3M	2.07%	+585K	+16.7%	$14.03	+44.0%
14	CSX	CSX CORP	Industrials	1,559,664.0	$56.5M	2.04%	NEW	—	$36.25	+26.7%
15	—	DUKE ENERGY CORP NEW	—	443,963.0	$52.0M	1.88%	+26K	+6.3%	$117.21	—
16	NI	NISOURCE INC	Utilities	1,192,609.0	$49.8M	1.80%	NEW	—	$41.76	+13.6%
17	SHEL	SHELL PLC	Energy	668,736.0	$49.1M	1.78%	-304K	-31.2%	$73.48	+15.0%
18	ETN PUT	EATON CORP PLC	Industrials	152,500.0	$48.6M	1.76%	NEW	—	$318.51	+28.1%
19	AWK	AMERICAN WTR WKS CO INC NEW	Utilities	349,233.0	$45.6M	1.65%	-246K	-41.3%	$130.50	-4.8%
20	PNW	PINNACLE WEST CAP CORP	Utilities	511,553.0	$45.4M	1.64%	+28K	+5.8%	$88.70	+12.5%
21	WMB	WILLIAMS COS INC	Energy	740,946.0	$44.5M	1.61%	+201K	+37.1%	$60.11	+29.2%
22	AEE	AMEREN CORP	Utilities	434,497.0	$43.4M	1.57%	+164K	+60.4%	$99.86	+6.5%
23	— PUT	QUANTA SVCS INC	—	100,000.0	$42.2M	1.53%	NEW	—	$422.06	—
24	FTI	TECHNIPFMC PLC	Energy	943,230.0	$42.0M	1.52%	-119K	-11.2%	$44.56	+63.8%
25	DTE	DTE ENERGY CO	Utilities	290,679.0	$37.5M	1.35%	-7K	-2.5%	$128.98	+11.5%
26	FSLR PUT	FIRST SOLAR INC	Energy	140,000.0	$36.6M	1.32%	NEW	—	$261.23	-11.3%
27	ROK	ROCKWELL AUTOMATION INC	Industrials	93,793.0	$36.5M	1.32%	NEW	—	$389.07	+17.3%
28	NUE	NUCOR CORP	Basic Materials	216,764.0	$35.4M	1.28%	NEW	—	$163.11	+42.8%
29	EQT	EQT CORP	Energy	595,738.0	$31.9M	1.15%	-378K	-38.8%	$53.60	+5.5%
30	CNP	CENTERPOINT ENERGY INC	Utilities	811,982.0	$31.1M	1.13%	-6K	-0.8%	$38.34	+11.0%
31	MTDR	MATADOR RES CO	Energy	726,504.0	$30.8M	1.11%	-344K	-32.1%	$42.44	+36.5%
32	—	TARGA RES CORP	—	162,147.0	$29.9M	1.08%	NEW	—	$184.50	—
33	XEL PUT	XCEL ENERGY INC	Utilities	370,200.0	$27.3M	0.99%	NEW	—	$73.86	+8.4%
34	MTZ	MASTEC INC	Industrials	116,993.0	$25.4M	0.92%	+75K	+176.7%	$217.37	+100.0%
35	ETR	ENTERGY CORP NEW	Utilities	269,935.0	$25.0M	0.90%	-199K	-42.5%	$92.43	+22.1%
36	HUT	HUT 8 CORP	Financial Services	536,522.0	$24.6M	0.89%	NEW	—	$45.94	+138.1%
37	KGS	KODIAK GAS SVCS INC	Energy	646,131.0	$24.2M	0.87%	-79K	-10.9%	$37.40	+98.5%
38	—	C H ROBINSON WORLDWIDE INC	—	147,360.0	$23.7M	0.86%	+86K	+139.2%	$160.76	—
39	MDU	MDU RES GROUP INC	Industrials	1,200,000.0	$23.4M	0.85%	NEW	—	$19.52	+15.6%
40	WWD	WOODWARD INC	Industrials	76,017.0	$23.0M	0.83%	+42K	+120.4%	$302.32	+20.9%
41	CF PUT	CF INDS HLDGS INC	Basic Materials	293,500.0	$22.7M	0.82%	NEW	—	$77.34	+61.9%
42	B	BARRICK MNG CORP	Basic Materials	497,043.0	$21.6M	0.78%	NEW	—	$43.55	-6.8%
43	NEXT CALL	NEXTDECADE CORP	Energy	4,000,000.0	$21.1M	0.76%	NEW	—	$5.27	+69.3%
44	HBM	HUDBAY MINERALS INC	Basic Materials	1,051,553.0	$20.9M	0.76%	+261K	+33.0%	$19.85	+37.5%
45	WFRD	WEATHERFORD INTL PLC	Energy	266,463.0	$20.9M	0.75%	NEW	—	$78.26	+39.5%
46	XME PUT	SPDR SERIES TRUST	—	200,000.0	$20.7M	0.75%	NEW	—	$103.61	+11.6%
47	BKV	BKV CORP	Energy	750,000.0	$20.4M	0.74%	+443K	+144.3%	$27.15	+5.0%
48	PBF PUT	PBF ENERGY INC	Energy	732,700.0	$19.9M	0.72%	+233K	+46.5%	$27.12	+49.9%
49	ON	ON SEMICONDUCTOR CORP	Technology	353,580.0	$19.1M	0.69%	NEW	—	$54.15	+118.6%
50	PEG	PUBLIC SVC ENTERPRISE GRP IN	Utilities	235,282.0	$18.9M	0.68%	NEW	—	$80.30	-3.2%
51	HAL	HALLIBURTON CO	Energy	668,506.0	$18.9M	0.68%	-389K	-36.8%	$28.26	+46.1%
52	CWST	CASELLA WASTE SYS INC	Industrials	192,855.0	$18.9M	0.68%	NEW	—	$97.94	-11.9%
53	CCJ PUT	CAMECO CORP	Energy	205,000.0	$18.8M	0.68%	NEW	—	$91.49	+17.5%
54	L	LOEWS CORP	Financial Services	176,832.0	$18.6M	0.67%	NEW	—	$105.31	-0.1%
55	TECK	TECK RESOURCES LTD	Basic Materials	360,905.0	$17.3M	0.62%	NEW	—	$47.89	+36.6%
56	LGN	LEGENCE CORP	Industrials	399,817.0	$17.2M	0.62%	-225K	-36.0%	$43.04	+106.8%
57	COHR	COHERENT CORP	Technology	89,187.0	$16.5M	0.59%	NEW	—	$184.57	+119.4%
58	DOW PUT	DOW INC	Basic Materials	700,000.0	$16.4M	0.59%	NEW	—	$23.38	+65.9%
59	TAC	TRANSALTA CORP	Utilities	1,290,906.0	$16.3M	0.59%	-103K	-7.4%	$12.65	+2.4%
60	TXNM	TXNM ENERGY INC	Utilities	260,165.0	$15.3M	0.55%	+14K	+5.6%	$58.88	+0.8%
61	EVRG	EVERGY INC	Utilities	210,050.0	$15.2M	0.55%	+8K	+4.1%	$72.49	+14.1%
62	KRSP	RICE ACQUISITION CORP 3	Financial Services	1,663,466.0	$14.8M	0.54%	NEW	—	$8.90	+16.4%
63	—	KARBON CAP PARTNERS CORP	—	1,470,000.0	$14.8M	0.54%	NEW	—	$10.07	—
64	CAT	CATERPILLAR INC	Industrials	25,641.0	$14.7M	0.53%	-57K	-68.8%	$572.87	+55.1%
65	—	SOLSTICE ADVANCED MATLS INC	—	291,261.0	$14.1M	0.51%	NEW	—	$48.58	—
66	TBN	TAMBORAN RES CORP	Basic Materials	515,544.0	$14.0M	0.51%	+50K	+10.7%	$27.23	+33.9%
67	VG PUT	VENTURE GLOBAL INC	Energy	2,028,700.0	$13.8M	0.50%	-3.0M	-60.0%	$6.82	+90.8%
68	—	SHOALS TECHNOLOGIES GROUP IN	—	1,558,888.0	$13.3M	0.48%	-1.7M	-51.6%	$8.50	—
69	OGE	OGE ENERGY CORP	Utilities	300,000.0	$12.8M	0.46%	NEW	—	$42.70	+11.3%
70	RIO	RIO TINTO PLC	Basic Materials	152,955.0	$12.2M	0.44%	+8K	+5.7%	$80.03	+36.9%
71	XIFR	XPLR INFRASTRUCTURE LP	Utilities	1,115,540.0	$11.2M	0.40%	+337K	+43.4%	$10.00	+14.7%
72	—	ALUSSA ENERGY ACQUISITION CO	—	1,100,000.0	$11.1M	0.40%	NEW	—	$10.10	—
73	DINO	HF SINCLAIR CORP	Energy	237,671.0	$11.0M	0.40%	-169K	-41.5%	$46.08	+49.1%
74	—	TALON CAP CORP	—	1,000,000.0	$10.3M	0.37%	—	—	$10.26	—
75	WBI	WATERBRIDGE INFRASTRUCTURE L	Energy	497,046.0	$9.9M	0.36%	-503K	-50.3%	$20.01	+48.9%
76	PTEN	PATTERSON-UTI ENERGY INC	Energy	1,617,799.0	$9.9M	0.36%	NEW	—	$6.11	+98.4%
77	BKH	BLACK HILLS CORP	Utilities	138,958.0	$9.6M	0.35%	NEW	—	$69.42	+4.9%
78	IDA	IDACORP INC	Utilities	70,513.0	$8.9M	0.32%	-63K	-47.3%	$126.56	+12.4%
79	TSLA	TESLA INC	Consumer Cyclical	19,593.0	$8.8M	0.32%	NEW	—	$449.72	-1.4%
80	NSC	NORFOLK SOUTHN CORP	Industrials	30,407.0	$8.8M	0.32%	-30K	-49.4%	$288.72	+10.0%
81	WOLF	WOLFSPEED INC	Technology	449,973.0	$7.8M	0.28%	NEW	—	$17.41	+301.8%
82	OR	OR ROYALTIES INC.	Basic Materials	205,228.0	$7.3M	0.26%	+11K	+5.6%	$35.42	+8.3%
83	CWEN	CLEARWAY ENERGY INC	Utilities	229,398.0	$7.2M	0.26%	NEW	—	$31.42	+21.1%
84	INR	INFINITY NAT RES INC	Energy	467,360.0	$6.9M	0.25%	+94K	+25.2%	$14.73	+3.4%
85	NEXT	NEXTDECADE CORP	Energy	1,233,976.0	$6.5M	0.23%	-2.1M	-63.2%	$5.27	+69.3%
86	NWE	NORTHWESTERN ENERGY GROUP IN	Utilities	100,624.0	$6.5M	0.23%	-15K	-13.0%	$64.54	+11.1%
87	KRP	KIMBELL RTY PARTNERS LP	Energy	496,638.0	$5.8M	0.21%	+23K	+4.8%	$11.76	+30.1%
88	—	ADVANCED DRAIN SYS INC DEL	—	40,120.0	$5.8M	0.21%	NEW	—	$144.83	—
89	KNTK	KINETIK HOLDINGS INC	Energy	158,069.0	$5.7M	0.21%	NEW	—	$36.05	+41.3%
90	AQN	ALGONQUIN PWR UTILS CORP	Utilities	866,736.0	$5.3M	0.19%	-5.0M	-85.3%	$6.15	-6.5%
91	—	RAMACO RES INC	—	6,000.0	$5.1M	0.18%	NEW	—	$849.80	—
92	HE	HAWAIIAN ELEC INDUSTRIES	Utilities	413,497.0	$5.1M	0.18%	NEW	—	$12.30	+10.1%
93	HTO	H2O AMERICA	Utilities	99,884.0	$4.9M	0.18%	NEW	—	$48.99	+14.0%
94	PPTA	PERPETUA RESOURCES CORP	Basic Materials	190,481.0	$4.6M	0.17%	NEW	—	$24.21	+28.5%
95	SOC	SABLE OFFSHORE CORP	Energy	449,215.0	$4.1M	0.15%	+249K	+124.6%	$9.02	+52.4%
96	—	CANTOR EQUITY PARTNERS IV IN	—	309,694.0	$3.2M	0.12%	+10K	+3.2%	$10.28	—
97	FTAIN	FTAI AVIATION LTD	Industrials	14,348.0	$2.8M	0.10%	NEW	—	$196.85	-87.1%
98	LB	LANDBRIDGE COMPANY LLC	Energy	51,258.0	$2.5M	0.09%	+7K	+15.4%	$48.99	+37.8%
99	AEVA	AEVA TECHNOLOGIES INC	Consumer Cyclical	170,832.0	$2.3M	0.08%	NEW	—	$13.28	+54.2%
100	TALO PUT	TALOS ENERGY INC	Energy	200,000.0	$2.2M	0.08%	-611K	-75.3%	$11.02	+40.0%
101	AUR	AURORA INNOVATION INC	Technology	489,855.0	$1.9M	0.07%	NEW	—	$3.84	+100.8%
102	OPAL	OPAL FUELS INC	Utilities	767,234.0	$1.8M	0.07%	+25K	+3.4%	$2.35	-17.6%
103	CDLR	CADELER A S	Industrials	93,451.0	$1.7M	0.06%	-96K	-50.6%	$18.59	+55.1%
104	—	PYROPHYTE ACQUISITION CORP.	—	20,708.0	$208K	0.01%	—	—	$10.06	—
105	METC	RAMACO RES INC	Energy	11,173.0	$201K	0.01%	NEW	—	$18.00	-15.6%
106	—	CANTOR EQUITY PARTNERS V INC	—	10,251.0	$105K	0.00%	NEW	—	$10.25	—
107	—	PYROPHYTE ACQUISITION CORP.	—	10,354.0	$4K	—	—	—	$0.40	—
—	— PUT	EOG RES INC	—	1,000,000	$112.1M	4.29%	SOLD	—
—	LNG	CHENIERE ENERGY INC	Energy	230,002	$54.0M	2.07%	SOLD	—
—	HAL CALL	HALLIBURTON CO	Energy	1,946,600	$47.9M	1.83%	SOLD	—
—	CF CALL	CF INDS HLDGS INC	Basic Materials	500,000	$44.9M	1.72%	SOLD	—
—	VST	VISTRA CORP	Utilities	225,000	$44.1M	1.69%	SOLD	—
—	FSLR	FIRST SOLAR INC	Energy	173,588	$38.3M	1.47%	SOLD	—
—	AES CALL	AES CORP	Utilities	2,593,200	$34.1M	1.31%	SOLD	—
—	HWM	HOWMET AEROSPACE INC	Industrials	160,416	$31.5M	1.20%	SOLD	—
—	CVX	CHEVRON CORP NEW	Energy	190,203	$29.5M	1.13%	SOLD	—
—	TSLA PUT	TESLA INC	Consumer Cyclical	62,200	$27.7M	1.06%	SOLD	—
—	CNQ	CANADIAN NAT RES LTD	Energy	822,752	$26.3M	1.01%	SOLD	—
—	LNT	ALLIANT ENERGY CORP	Utilities	384,559	$25.9M	0.99%	SOLD	—
—	RIG	TRANSOCEAN LTD	Energy	8,250,000	$25.7M	0.98%	SOLD	—
—	XOP CALL	SPDR SERIES TRUST	—	190,000	$25.1M	0.96%	SOLD	—
—	SHW	SHERWIN WILLIAMS CO	Basic Materials	67,571	$23.4M	0.90%	SOLD	—
—	— CALL	EOG RES INC	—	200,000	$22.4M	0.86%	SOLD	—
—	IR PUT	INGERSOLL RAND INC	Industrials	250,000	$20.7M	0.79%	SOLD	—
—	VLTO	VERALTO CORP	Industrials	171,302	$18.3M	0.70%	SOLD	—
—	ES	EVERSOURCE ENERGY	Utilities	248,083	$17.6M	0.68%	SOLD	—
—	DTM	DT MIDSTREAM INC	Energy	154,243	$17.4M	0.67%	SOLD	—
—	CEG	CONSTELLATION ENERGY CORP	Utilities	51,957	$17.1M	0.65%	SOLD	—
—	ECL	ECOLAB INC	Basic Materials	61,366	$16.8M	0.64%	SOLD	—
—	—	SEADRILL LTD	—	517,848	$15.6M	0.60%	SOLD	—
—	SEI PUT	SOLARIS ENERGY INFRAS INC	Energy	353,700	$14.1M	0.54%	SOLD	—
—	PR CALL	PERMIAN RESOURCES CORP	Energy	1,029,800	$13.2M	0.50%	SOLD	—
—	VRT	VERTIV HOLDINGS CO	Industrials	87,307	$13.2M	0.50%	SOLD	—
—	CTRI	CENTURI HOLDINGS INC	Utilities	596,950	$12.6M	0.48%	SOLD	—
—	MIR	MIRION TECHNOLOGIES INC	Industrials	525,000	$12.2M	0.47%	SOLD	—
—	NRG	NRG ENERGY INC	Utilities	69,268	$11.2M	0.43%	SOLD	—
—	CCJ	CAMECO CORP	Energy	109,519	$9.2M	0.35%	SOLD	—
—	WULF	TERAWULF INC	Financial Services	772,695	$8.8M	0.34%	SOLD	—
—	NXT	NEXTRACKER INC	Technology	118,822	$8.8M	0.34%	SOLD	—
—	FE	FIRSTENERGY CORP	Utilities	190,185	$8.7M	0.33%	SOLD	—
—	—	VALARIS LTD	—	173,251	$8.4M	0.32%	SOLD	—
—	XPRO	EXPRO GROUP HOLDINGS NV	Energy	687,085	$8.2M	0.31%	SOLD	—
—	LBRT	LIBERTY ENERGY INC	Energy	610,588	$7.5M	0.29%	SOLD	—
—	— CALL	SHOALS TECHNOLOGIES GROUP IN	—	1,000,000	$7.4M	0.28%	SOLD	—
—	GPOR	GULFPORT ENERGY CORP	Energy	39,287	$7.1M	0.27%	SOLD	—
—	TE PUT	T1 ENERGY INC	Industrials	3,034,500	$6.6M	0.25%	SOLD	—
—	BG	BUNGE GLOBAL SA	Consumer Defensive	73,475	$6.0M	0.23%	SOLD	—
—	CRC	CALIFORNIA RES CORP	Energy	100,507	$5.3M	0.20%	SOLD	—
—	CRS	CARPENTER TECHNOLOGY CORP	Industrials	20,463	$5.0M	0.19%	SOLD	—
—	MSTR PUT	STRATEGY INC	Technology	15,200	$4.9M	0.19%	SOLD	—
—	BDC	BELDEN INC	Technology	38,959	$4.7M	0.18%	SOLD	—
—	SR	SPIRE INC	Utilities	55,624	$4.5M	0.17%	SOLD	—
—	AGX	ARGAN INC	Industrials	16,223	$4.4M	0.17%	SOLD	—
—	ENPH	ENPHASE ENERGY INC	Energy	105,418	$3.7M	0.14%	SOLD	—
—	FLS	FLOWSERVE CORP	Industrials	62,163	$3.3M	0.13%	SOLD	—
—	ATKR	ATKORE INC	Industrials	41,236	$2.6M	0.10%	SOLD	—
—	SOC PUT	SABLE OFFSHORE CORP	Energy	103,500	$1.8M	0.07%	SOLD	—
—	ATI	ATI INC	Industrials	15,844	$1.3M	0.05%	SOLD	—
—	EE	EXCELERATE ENERGY INC	Utilities	46,986	$1.2M	0.04%	SOLD	—
—	TXNM PUT	TXNM ENERGY INC	Utilities	18,200	$1.0M	0.04%	SOLD	—
—	SEI	SOLARIS ENERGY INFRAS INC	Energy	25,453	$1.0M	0.04%	SOLD	—
—	—	GSR III ACQUISITION CORP	—	30,511	$316K	0.01%	SOLD	—

① Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation

Energy 45.0%

Utilities 25.9%

Industrials 12.4%

Basic Materials 10.6%

Financial Services 3.1%

Technology 2.4%

Consumer Cyclical 0.6%