Yorktown Energy Partners XI, L.P. — 13F Portfolio

Yorktown Energy Partners XI, L.P. is a private equity limited partnership in the long-running Yorktown Energy Partners fund family, sponsored and managed by Yorktown Partners LLC, an energy-focused private equity firm based in New York, NY. The partnership targets investments across the energy value chain, including upstream oil and gas exploration and production, midstream infrastructure, energy services, and related businesses. For U.S. regulatory purposes, Yorktown Energy Partners XI, L.P. files with the Securities and Exchange Commission as an institutional investment manager under CIK 0001667954 when it holds reportable public securities. Its Form 13F filings disclose the partnership’s long positions in U.S.-listed equities and certain other 13F-eligible instruments across all accounts and vehicles that are consolidated for reporting, typically including stakes in public portfolio companies or other listed energy issuers. The 13F reports capture only a subset of the fund’s activity: primarily the liquid, U.S.-listed component of what is otherwise a predominantly private, negotiated-investment mandate. Private equity interests, non-U.S. securities that fall outside the form’s scope, and non-reportable instruments are not visible. As such, the 13F record for Yorktown Energy Partners XI, L.P. should be interpreted as the public-equity sleeve of a broader energy private equity portfolio. For allocators and analysts, the fund’s 13F History under CIK 0001667954 provides a structured way to observe which energy and energy-infrastructure names Yorktown holds in public markets, how concentrated those positions are, and how the public portfolio evolves as private holdings list, mature, or are exited. These disclosures can be ingested into a Portfolio Simulator or similar Backtesting Service to study the behavior of the listed portion of the strategy over time.

Yorktown Energy Partners XI, L.P. pursues a sector-specialist private equity strategy focused on the energy complex. While the bulk of its capital is deployed into privately negotiated transactions, its public-equity exposures, as seen in 13F filings, reflect the same underlying philosophy and value-creation toolkit. At the mandate level, the partnership typically invests in: - Upstream oil and gas exploration and production companies with resource depth, competitive cost positions, and clear development plans. - Midstream assets, including gathering systems, pipelines, processing facilities, and related infrastructure that support the movement and processing of hydrocarbons. - Energy services and equipment providers that are leveraged to drilling, completion, production, and infrastructure activity. - Select energy-transition and adjacent opportunities—such as low-carbon fuels, power and infrastructure, or technology-enabled energy efficiency—when they fit Yorktown’s risk-reward criteria. The investment style is fundamentally driven and value-oriented. Yorktown Energy Partners XI, L.P. seeks to acquire significant, often influential stakes in portfolio companies at valuations that offer attractive risk-adjusted upside relative to the firm’s view of asset value and cash-flow potential. The fund typically targets businesses where it can work closely with management teams and boards on strategy, capital allocation, and balance-sheet structure, helping to drive operational improvements, disciplined reinvestment, and strategic transactions. Public-equity positions disclosed in the 13F reports generally arise from three channels: - Portfolio companies that have gone public via IPO, direct listing, or business combination (including SPAC transactions), where Yorktown retains a significant post-listing stake. - Block or PIPE investments in already-listed energy companies where Yorktown sees a value or restructuring opportunity. - Follow-on purchases or liquidity management transactions around existing public positions. These holdings tend to be concentrated in a limited number of small- and mid-cap energy names, often in the upstream and midstream segments, and are held over multi-year horizons consistent with private equity timeframes. As such, they embody a Value / Special Situations orientation, emphasizing discounted asset value, balance-sheet repair, consolidation potential, and alignment with commodity-price and basin-level themes. From a 13F-analytics perspective, this pattern of holdings lends itself to reconstruction of the fund’s listed-book behavior. Using the disclosed positions as inputs, one can build a 13F-based Historical Track Record of the public-equity sleeve within a Portfolio Simulator, enabling analysis of how these concentrated energy exposures contributed to capital trajectory across different commodity and market regimes.

Yorktown Energy Partners XI, L.P. represents a concentrated, sector-specialist private equity approach to the global energy complex, with a strong emphasis on upstream and midstream hydrocarbons and selected adjacent opportunities. Its 13F filings under CIK 0001667954 reveal how this mandate translates into public-equity exposures—typically sizable positions in a small number of energy issuers where Yorktown has deep familiarity and, often, direct governance influence. From an allocator’s standpoint, the fund’s key observable characteristics, as inferred from 13F data, include: - A pronounced sector bias toward energy, with minimal diversification into non-energy industries in the public sleeve. - Concentrated holdings in small- and mid-cap E&P, midstream, and related names, consistent with a value and special-situations orientation. - Low turnover and multi-year holding periods that mirror private equity time horizons and reflect an emphasis on operational and strategic value creation rather than short-term trading. Using 13F History as a starting point, analysts can reconstruct the listed portion of the fund’s book and subject it to systematic examination: estimating its Historical Track Record, profiling volatility and downside via Max Drawdown Depth, and comparing efficiency with sector benchmarks through a 13F-implied Sharpe Ratio. Reviewing the fund’s Sector Allocation History within energy—across upstream, midstream, services, and selective transition exposures—can further clarify how Yorktown has shifted its emphasis in response to commodity cycles, basin economics, and changing investor appetites for different parts of the energy value chain. The central forward-looking question is how Yorktown Energy Partners XI, L.P.’s energy-focused approach will behave as the macro and policy environment evolves: to what extent will the fund’s portfolio construction and public-equity sleeve adapt to ongoing decarbonization, capital-discipline pressures in the industry, and potential shifts in commodity volatility, and how might those adaptations alter the risk and compounding patterns observed in its 13F-based history across future market regimes?

The risk profile of Yorktown Energy Partners XI, L.P. is dominated by its specialization in the energy sector, and the public-equity sleeve reported on Form 13F reflects that concentration. Key dimensions of risk include: - Sector and commodity concentration: Exposure is heavily tilted toward oil and gas value chains. Earnings and valuation are strongly linked to commodity prices, basis differentials, and regional activity levels. Periods of falling oil and gas prices or investor aversion to hydrocarbons can translate into sharp equity repricing. - Cyclicality and macro sensitivity: Upstream and service businesses are highly cyclical, with profits and capital programs responding to supply-demand balances, OPEC decisions, technological shifts (e.g., shale productivity), and broader economic conditions. - Regulatory and energy-transition risk: Policy changes related to emissions, permitting, taxation, or decarbonization can affect the economics of fossil-fuel projects and investors’ required returns. Longer-term uncertainties around demand for hydrocarbons add another layer of strategic risk. - Single-name and liquidity risk: Public positions are often large stakes in small- and mid-cap issuers, which can exhibit significant volatility and limited trading liquidity. Exits may require careful staging to avoid market impact. In quantitative terms, a reconstructed public-equity portfolio based on the fund’s 13F filings is likely to show high volatility and high correlation with energy-sector benchmarks, particularly during commodity-price shocks. Metrics such as Max Drawdown Depth can highlight the severity of peak-to-trough declines experienced during events like oil-price collapses or broad risk-off periods. Complementary measures such as a 13F-based Sharpe Ratio can help assess whether the realized risk in the public sleeve has historically been compensated by commensurate gains in capital through energy upcycles. It is important to emphasize that 13F-based analytics capture only the listed component of a much larger private equity portfolio. Significant exposures reside in private companies, structured equity, or other instruments that do not appear in the filings, and fund-level leverage, financing terms, and portfolio-company capital structures are also outside the 13F view. Nonetheless, studying the public positions provides insight into how Yorktown Energy Partners XI, L.P. expresses its highest-conviction themes in liquid markets and how those exposures have behaved through commodity and equity-market cycles when evaluated via 13F History and Performance Backtests Online.