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
2026 Q1	$32.7M	Buy	180,000 +97,000	+117%	+$14.6M	3.75%	4
2025 Q4	$10.5M	Hold	83,000	–	–	2.3%	3
2025 Q3	$11M	Sell	83,000 -785,000	-90%	-$101M	2.23%	3
2025 Q2	$109M	Sell	868,000 -892,000	-51%	-$107M	13.73%	3
2025 Q1	$232M	Sell	1,760,000 -10,000	-0.6%	-$1.34M	20.67%	3
2024 Q4	$234M	Buy	1,770,000 +830,000	+88%	+$114M	23.59%	2
2024 Q3	$124M	Buy	+940,000	New	+$130M	20.51%	2
2023 Q1	–	Sell	-15,000	Closed	-$2.04M	–	5
2022 Q4	$2.04M	Hold	15,000	–	–	0.47%	5
2022 Q3	$1.87M	Sell	15,000 -15,000	-50%	-$1.98M	0.58%	6
2022 Q2	$3.58M	Buy	+30,000	New	+$4.21M	1.25%	4
2022 Q1	–	Sell	-104,600	Closed	-$10M	–	11
2021 Q4	$10M	Hold	104,600	–	–	3.04%	6
2021 Q3	$10.1M	Hold	104,600	–	–	4.51%	5
2021 Q2	$10.1M	Sell	104,600 -645,400	-86%	-$56.3M	3.96%	4
2021 Q1	$61M	Buy	+750,000	New	+$57.2M	18%	2
2020 Q2	–	Sell	-219,300	Closed	-$7.21M	–	11
2020 Q1	$7.21M	Buy	219,300 +25,550	+13%	+$1.69M	4.56%	5
2019 Q4	$73.5M	Buy	+193,750	New	+$16.8M	41.8%	2