SoftVest Advisors’s State Street SPDR S&P Oil & Gas Exploration & Production ETF XOP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q3	–	Sell	-450,000	Closed	-$56.6M	–	6
2025 Q2	$56.6M	Hold	450,000	–	–	7.12%	5
2025 Q1	$59.3M	Hold	450,000	–	–	5.29%	4
2024 Q4	$59.6M	Hold	450,000	–	–	6%	4
2024 Q3	$59.2M	Buy	+450,000	New	+$62.2M	9.82%	3
2023 Q4	–	Sell	-100,000	Closed	-$14.8M	–	6
2023 Q3	$14.8M	Hold	100,000	–	–	4.09%	3
2023 Q2	$12.9M	Buy	+100,000	New	+$12.5M	4.45%	3
2022 Q2	–	Sell	-90,000	Closed	-$12.1M	–	8
2022 Q1	$12.1M	Sell	90,000 -108,200	-55%	-$12.5M	4.43%	4
2021 Q4	$19M	Hold	198,200	–	–	5.76%	4
2021 Q3	$19.2M	Buy	198,200 +148,200	+296%	+$12.6M	8.55%	2
2021 Q2	$4.83M	Sell	50,000 -200,000	-80%	-$17.5M	1.89%	5
2021 Q1	$20.3M	Buy	+250,000	New	+$19.1M	6%	4
2020 Q2	–	Sell	-219,300	Closed	-$7.21M	–	10
2020 Q1	$7.21M	Buy	+219,300	New	+$14.5M	4.56%	4