# EDGAR Filing Document

**Accession Number:** 0001169069
**File Stem:** 0001169069-23-000002
**Filing Date:** 2023-2
**Character Count:** 14671
**Document Hash:** 8e2c28358f169262ed57819a06c8f3d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001169069-23-000002.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001169069-23-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIKING FUND MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001169069
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15008
- **FILM NUMBER:** 23579569

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MAIN STREET NORTH
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58701
- **BUSINESS PHONE:** 701-852-5292

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** VIKING FUND MANAGEMENT LLC<br>**Address:** PO BOX 500<br>MINOT, ND 58702-0500

**Form 13F File Number:** 028-15008

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kevin M Flagstad<br>**Title:** Chief Compliance Officer<br>**Phone:** 701-852-5292

**Signature, Place, and Date of Signing:**

Kevin M Flagstad  Minot, ND  02-02-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 111

**Form 13F Information Table Value Total:** $503958588

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | Common Stock | 88579Y101 |  | 2998000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ABBVIE INC | Common Stock | 00287Y109 |  | 20039640 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| ADV MICRO DEVICE | Common Stock | 007903107 |  | 1101090 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| AES CORP | Common Stock | 00130H105 |  | 4601600 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| AIR PRODS  CHEM | Common Stock | 009158106 |  | 5548680 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| ALLSTATE CORP | Common Stock | 020002101 |  | 4746000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ALTRIA GROUP INC | Common Stock | 02209S103 |  | 3656800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| AMERICAN ELECTRI | Common Stock | 025537101 |  | 7785900 | 82000 | SH |  | SOLE |  | 82000 | 0 | 0 |
| ANTERO RESOURCES | Common Stock | 03674X106 |  | 1549500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| APPLE INC | Common Stock | 037833100 |  | 2598600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ARRAY TECHNOLOGI | Common Stock | 04271T100 |  | 2126300 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| AT INC | Common Stock | 00206R102 |  | 5799150 | 315000 | SH |  | SOLE |  | 315000 | 0 | 0 |
| BANK OF AMERICA | Common Stock | 060505104 |  | 4305600 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| BCE INC | Common Stock | 05534B760 |  | 5493750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BLACKROCK INC | Common Stock | 09247X101 |  | 8503560 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| BP PLC-ADR | SPONSORED ADR | 055622104 |  | 3423140 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| BRISTOL-MYER SQB | Common Stock | 110122108 |  | 2878000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| BRIT AMER TO-ADR | SPONSORED ADR | 110448107 |  | 4997500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BROADCOM INC | Common Stock | 11135F101 |  | 19849115 | 35500 | SH |  | SOLE |  | 35500 | 0 | 0 |
| CACTUS INC- A | CL A | 127203107 |  | 4875220 | 97000 | SH |  | SOLE |  | 97000 | 0 | 0 |
| CATERPILLAR INC | Common Stock | 149123101 |  | 5150540 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| CELANESE CORP | Common Stock | 150870103 |  | 1124640 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| CHAMPIONX CORP | Common Stock | 15872M104 |  | 4348500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| CHENIERE ENERGY | Common Stock | 16411R208 |  | 10647160 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| CISCO SYSTEMS | Common Stock | 17275R102 |  | 4811640 | 101000 | SH |  | SOLE |  | 101000 | 0 | 0 |
| COCA-COLA CO/THE | Common Stock | 191216100 |  | 7187930 | 113000 | SH |  | SOLE |  | 113000 | 0 | 0 |
| COTERRA ENERGY CORP | Common Stock | 127097103 |  | 4963140 | 202000 | SH |  | SOLE |  | 202000 | 0 | 0 |
| DARLING INGREDIE | Common Stock | 237266101 |  | 1439570 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| DEERE  CO | Common Stock | 244199105 |  | 1715040 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| DEVON ENERGY CO | Common Stock | 25179M103 |  | 3690600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| DIAMONDBACK ENER | Common Stock | 25278X109 |  | 14635460 | 107000 | SH |  | SOLE |  | 107000 | 0 | 0 |
| DOMINION ENERGY INC | Common Stock | 25746U109 |  | 6438600 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| DUKE ENERGY CORP | Common Stock | 26441C204 |  | 4943520 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| EDWARDS LIFE | Common Stock | 28176E108 |  | 1492200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ENBRIDGE INC | Common Stock | 29250N105 |  | 11378100 | 291000 | SH |  | SOLE |  | 291000 | 0 | 0 |
| ENPHASE ENERGY | Common Stock | 29355A107 |  | 1059840 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ENTERGY CORP | Common Stock | 29364G103 |  | 6187500 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| EOG RESOURCES | Common Stock | 26875P101 |  | 2331360 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| EXCELERATE ENE-A | CL A COM | 30069T101 |  | 2004000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| EXELON CORP | Common Stock | 30161N101 |  | 907830 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| EXXON MOBIL CORP | Common Stock | 30231G102 |  | 13787500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| FEDEX CORP | Common Stock | 31428X106 |  | 1212400 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| GENERAC HOLDINGS | Common Stock | 368736104 |  | 1509900 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| GENUINE PARTS CO | Common Stock | 372460105 |  | 2602650 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| HALLIBURTON CO | Common Stock | 406216101 |  | 7870000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| HF SINCLAIR CORPORATION | Common Stock | 403949100 |  | 1349140 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| HOME DEPOT INC | Common Stock | 437076102 |  | 5053760 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| IBM | Common Stock | 459200101 |  | 2676910 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| ILLINOIS TOOL WO | Common Stock | 452308109 |  | 3084200 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| INTEL CORP | Common Stock | 458140100 |  | 4308090 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| INTUIT INC | Common Stock | 461202103 |  | 1946100 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| JOHNSON | Common Stock | 478160104 |  | 5299500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| JPMORGAN CHASE | Common Stock | 46625H100 |  | 12069000 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| KIMBERLY-CLARK | Common Stock | 494368103 |  | 9909750 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| KLA-TENCOR CORP | Common Stock | 482480100 |  | 2262180 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| LAM RESEARCH | Common Stock | 512807108 |  | 1681200 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| LOCKHEED MARTIN | Common Stock | 539830109 |  | 2772993 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| LOWE'S COS INC | Common Stock | 548661107 |  | 1992400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| LYONDELLBASELL-A | SHS -A- | N53745100 |  | 3238170 | 39000 | SH |  | SOLE |  | 39000 | 0 | 0 |
| MARATHON OIL | Common Stock | 565849106 |  | 5414000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| MASTERCARD INC-A | CL A | 57636Q104 |  | 2434110 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| MCDONALDS CORP | Common Stock | 580135101 |  | 2371770 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| MERCK  CO | Common Stock | 58933Y105 |  | 7988400 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 |  | 1438920 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MORGAN STANLEY | Common Stock | 617446448 |  | 5526300 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| NEW FORTRESS ENE | COM CL A | 644393100 |  | 4157160 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| NEXTERA ENERGY | Common Stock | 65339F101 |  | 8778000 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| NEXTIER OILFIELD | Common Stock | 65290C105 |  | 6190800 | 670000 | SH |  | SOLE |  | 670000 | 0 | 0 |
| NVIDIA CORP | Common Stock | 67066G104 |  | 2338240 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| OLD REPUB INTL | Common Stock | 680223104 |  | 2656500 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| OLIN CORP | Common Stock | 680665205 |  | 4446960 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| OVINTIV INC | Common Stock | 69047Q102 |  | 6085200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| PATTERSON-UTI | Common Stock | 703481101 |  | 3031200 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| PEMBINA PIPELINE | Common Stock | 706327103 |  | 2037000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PEPSICO INC | Common Stock | 713448108 |  | 9213660 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| PERMIAN RESOURCE | CLASS A COM | 71424F105 |  | 2444000 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| PFIZER INC | Common Stock | 717081103 |  | 7890960 | 154000 | SH |  | SOLE |  | 154000 | 0 | 0 |
| PHILIP MORRIS IN | Common Stock | 718172109 |  | 6275020 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| PHILLIPS 66 | Common Stock | 718546104 |  | 3538720 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| PIONEER NATURAL | Common Stock | 723787107 |  | 8450430 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| PLUG POWER INC | Common Stock | 72919P202 |  | 346360 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| PNC FINANCIAL SE | Common Stock | 693475105 |  | 947640 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| PROCTER  GAMBLE | Common Stock | 742718109 |  | 3637440 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| PROFRAC HOLDIN-A | CLASS A COM | 74319N100 |  | 1890000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| PRUDENTL FINL | Common Stock | 744320102 |  | 3182720 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| QUALCOMM INC | Common Stock | 747525103 |  | 8245500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| S GLOBAL INC | Common Stock | 78409V104 |  | 1674700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SHELL PLC-ADR | SPON ADR | 780259305 |  | 4556000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| SHOALS TECHNOL-A | CL A | 82489W107 |  | 888120 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| SKYWORKS SOLUTIO | Common Stock | 83088M102 |  | 2733900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| SOLAREDGE TECHNO | Common Stock | 83417M104 |  | 1982890 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SOLARIS OIL IN-A | COM CL A | 83418M103 |  | 1390200 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| STARBUCKS CORP | Common Stock | 855244109 |  | 2579200 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| SUNNOVA ENERGY I | Common Stock | 86745K104 |  | 1656920 | 92000 | SH |  | SOLE |  | 92000 | 0 | 0 |
| SUNRUN INC | Common Stock | 86771W105 |  | 960800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| TARGA RESOURCES | Common Stock | 87612G101 |  | 4777500 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| TARGET CORP | Common Stock | 87612E106 |  | 6110640 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| TC Energy Corp | Common Stock | 87807B107 |  | 6776200 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| TENARIS-ADR | SPONSORED ADR | 88031M109 |  | 3516000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| TEXAS INSTRUMENT | Common Stock | 882508104 |  | 5287040 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| THERMO FISHER | Common Stock | 883556102 |  | 2753450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| TRANE TECHNOLOGI | SHS | G8994E103 |  | 1848990 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| TRUIST FINANCIAL | Common Stock | 89832Q109 |  | 3141190 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| UNITEDHEALTH GRP | Common Stock | 91324P102 |  | 2120720 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| US BANCORP | Common Stock | 902973304 |  | 5494860 | 126000 | SH |  | SOLE |  | 126000 | 0 | 0 |
| VALERO ENERGY | Common Stock | 91913Y100 |  | 4313240 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| VERIZON COMMUNIC | Common Stock | 92343V104 |  | 10441000 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| VISA INC-CLASS A | COM CL A | 92826C839 |  | 3116400 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| WALT DISNEY CO | Common Stock | 254687106 |  | 1911360 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| WASTE MANAGEMENT | Common Stock | 94106L109 |  | 2039440 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| WHIRLPOOL CORP | Common Stock | 963320106 |  | 2970660 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |

---