Encompass Capital Advisors LLC and related entities filed Amendment No. 4 to a Schedule 13G/A reporting passive ownership of National Energy Services Reunited Corp. ordinary shares as of December 31, 2025. Encompass Capital Advisors LLC reports beneficial ownership of 7,103,284 shares, representing 7.08% of the class.
Encompass Capital Partners LLC and Todd J. Kantor each report beneficial ownership of 5,687,836 shares, or 5.67% of the class, while Encompass Capital Master Fund L.P. reports 4,129,164 shares, or 4.11%. The filing states only shared voting and dispositive power over these shares and certifies that the securities are not held for the purpose of changing or influencing control of the issuer.
What does the NESR Schedule 13G/A filing report for Encompass (NESR)?
The filing reports that Encompass-related entities hold significant passive stakes in NESR ordinary shares. Encompass Capital Advisors LLC reports 7,103,284 shares (7.08%), with related entities holding smaller stakes, all disclosed as beneficial ownership with shared voting and dispositive power.
How many NESR shares does Encompass Capital Advisors LLC report owning?
Encompass Capital Advisors LLC reports beneficial ownership of 7,103,284 NESR ordinary shares. This represents 7.08% of the outstanding class. The firm has shared, but not sole, power to vote and dispose of these shares, according to the Schedule 13G/A disclosure.
What NESR ownership is reported for Encompass Capital Partners LLC and Todd J. Kantor?
Encompass Capital Partners LLC and Todd J. Kantor each report beneficial ownership of 5,687,836 NESR ordinary shares. This corresponds to 5.67% of the class. Both report zero sole voting or dispositive power and only shared authority over these shares in the filing.
How large is Encompass Capital Master Fund L.P.’s stake in NESR?
Encompass Capital Master Fund L.P. reports beneficial ownership of 4,129,164 NESR ordinary shares. The filing states this equals 4.11% of the class. The fund has no sole voting or dispositive power, only shared power over voting and disposition of these shares.
Is the Encompass NESR stake reported as passive or for control purposes?
The stake is reported as passive. The certification explicitly states the securities were not acquired and are not held to change or influence control of NESR, and are not part of any transaction with that purpose, other than activities tied to a nomination under Rule 14a-11.
As of what date are the NESR ownership percentages in this 13G/A calculated?
The ownership amounts and percentages are stated as of December 31, 2025. That date is identified as the event requiring the filing, meaning all reported share counts and percentage interests in NESR are measured as of that point in time.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
NATIONAL ENERGY SERVICES REUNITED CORP.
(Name of Issuer)
Ordinary shares, no par value per share
(Title of Class of Securities)
G6375R107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G6375R107
1
Names of Reporting Persons
Encompass Capital Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,103,284.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,103,284.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,103,284.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.08 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
G6375R107
1
Names of Reporting Persons
Encompass Capital Partners LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,687,836.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,687,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,687,836.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.67 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
G6375R107
1
Names of Reporting Persons
Todd J. Kantor
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,103,284.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,103,284.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,103,284.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.67 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP No.
G6375R107
1
Names of Reporting Persons
Encompass Capital Master Fund L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,129,164.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,129,164.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,129,164.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.11 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NATIONAL ENERGY SERVICES REUNITED CORP.
(b)
Address of issuer's principal executive offices:
777 Post Oak Blvd., Suite 730, Houston, Texas 77056
Item 2.
(a)
Name of person filing:
Encompass Capital Advisors LLC
Encompass Capital Partners LLC
Todd J. Kantor
Encompass Capital Master Fund L.P.
(b)
Address or principal business office or, if none, residence:
Encompass Capital Advisors LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Encompass Capital Partners LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Todd J. Kantor is c/o Encompass Capital Advisors LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Encompass Capital Master Fund L.P.: C/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, E9 KY1-9009
(c)
Citizenship:
Encompass Capital Advisors LLC is a Delaware Limited Liability Company
Encompass Capital Partners LLC is a Delaware Limited Liability Company
Todd J. Kantor is a US citizen
Encompass Capital Master Fund L.P. is a Cayman Islands exempted Limited Partnership
(d)
Title of class of securities:
Ordinary shares, no par value per share
(e)
CUSIP No.:
G6375R107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Encompass Capital Advisors LLC
7,103,284
Encompass Capital Partners LLC
5,687,836
Todd J. Kantor
5,687,836
Encompass Capital Master Fund L.P.
4,129,164
(b)
Percent of class:
Encompass Capital Advisors LLC
7.08%
Encompass Capital Partners LLC
5.67%
Todd J. Kantor
5.67%
Encompass Capital Master Fund L.P.
4.11%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Encompass Capital Advisors LLC
0
Encompass Capital Partners LLC
0
Todd J. Kantor
0
Encompass Capital Master Fund L.P.
0
(ii) Shared power to vote or to direct the vote:
Encompass Capital Advisors LLC
7,103,284
Encompass Capital Partners LLC
5,687,836
Todd J. Kantor
5,687,836
Encompass Capital Master Fund L.P.
4,129,164
(iii) Sole power to dispose or to direct the disposition of:
Encompass Capital Advisors LLC
0
Encompass Capital Partners LLC
0
Todd J. Kantor
0
Encompass Capital Master Fund L.P.
0
(iv) Shared power to dispose or to direct the disposition of:
Encompass Capital Advisors LLC
7,103,284
Encompass Capital Partners LLC
5,687,836
Todd J. Kantor
5,687,836
Encompass Capital Master Fund L.P.
4,129,164
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Encompass Capital Advisors LLC
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Managing Member
Date:
02/17/2026
Encompass Capital Partners LLC
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Managing Member
Date:
02/17/2026
Todd J. Kantor
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor
Date:
02/17/2026
Encompass Capital Master Fund L.P.
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Director
Date:
02/17/2026
Exhibit Information
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on SCHEDULE 13G/A with respect to the shares of Ordinary Shares of NATIONAL ENERGY SERVICES REUNITED CORP., dated as of December 31, 2025 is, and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.
Date: February 17, 2026
Encompass Capital Advisors LLC
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Managing Member
Encompass Capital Partners LLC
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Managing Member
Todd J. Kantor
By: Todd J. Kantor
Name: Todd J. Kantor
Encompass Capital Master Fund L.P.
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Director
