EnCap Energy Capital Fund XI, L.P.

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (19 quarters reported)

$1.14B —

Q2 21 Q2 22 Q2 23 Q2 24 Q2 25 Q4 25

$139M in Q2 2021 → $1.14B now. Hover for any quarter.

Holdings

As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
Diamondback Energy, Inc.	38.2%	Added 3.8%	2,896,632	$435M
DE Devon Energy Corp New	38.0%	Unchanged	11,806,148	$432M
Permian Resources	23.8%	Unchanged	19,291,053	$271M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended December 31, 2025 · filed February 17, 2026

Company	Action	Shares changed	Value of change	% of portfolio
Diamondback Energy, Inc.	Added	+107,369	+$16.1M	38.2%

quarter ended September 30, 2025 · filed November 14, 2025

No position changes this quarter.

quarter ended June 30, 2025 · filed August 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
Diamondback Energy, Inc.	New	+2,789,263	+$383M	37.5%

quarter ended March 31, 2025 · filed May 28, 2025

No position changes this quarter.

quarter ended December 31, 2024 · filed February 14, 2025

No position changes this quarter.

quarter ended September 30, 2024 · filed November 14, 2024

Company	Action	Shares changed	Value of change	% of portfolio
DE Devon Energy Corp New	New	+11,806,148	+$462M	63.8%

quarter ended June 30, 2024 · filed August 07, 2024

Company	Action	Shares changed	Value of change	% of portfolio
Permian Resources	Trimmed	−3,534,246	−$57.1M	100.0%

quarter ended March 31, 2024 · filed May 08, 2024

Company	Action	Shares changed	Value of change	% of portfolio
Ovintiv Inc	Exited	−3,414,164	−$150M	—
Permian Resources	Trimmed	−3,180,822	−$56.2M	100.0%

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