NPORT-EX 2 NPORT_LCXA_17118221_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Energy and Resources Trust (BGR)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2025
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Energy Equipment & Services — 4.5%
Archrock, Inc.
 
102,857
$ 2,698,968
Kodiak Gas Services, Inc.
 
64,792
2,416,742
TechnipFMC PLC
 
266,445
8,443,642
Tenaris SA
 
165,707
3,242,676
 
 
16,802,028
Oil, Gas & Consumable Fuels — 93.6%
ARC Resources Ltd.
 
225,255
4,528,423
BP PLC
 
2,812,861
15,784,228
Cameco Corp.
 
108,203
4,454,290
Canadian Natural Resources Ltd.
 
483,901
14,889,779
Cheniere Energy, Inc.
 
54,386
12,584,920
Chevron Corp.
 
243,656
40,761,212
ConocoPhillips(a)
 
172,035
18,067,076
EOG Resources, Inc.(a)
 
113,665
14,576,400
EQT Corp.
 
146,122
7,807,298
Exxon Mobil Corp.(a)
 
622,496
74,033,449
Gazprom PJSC(b)(c)
 
879,200
104
Gaztransport Et Technigaz SA
 
16,973
2,573,686
Hess Corp.
 
70,327
11,233,332
Kosmos Energy Ltd.(c)
 
873,980
1,992,674
Pembina Pipeline Corp.
 
221,522
8,860,572
Permian Resources Corp.
 
606,278
8,396,950
Shell PLC, ADR
 
503,725
36,912,968
Suncor Energy, Inc.
 
356,920
13,819,938
Targa Resources Corp.
 
64,287
12,887,615
TotalEnergies SE
 
229,008
14,755,656
Tourmaline Oil Corp.
 
104,179
5,024,164
Valero Energy Corp.
 
62,478
8,251,469
Williams Cos., Inc.
 
262,148
15,665,965
 
 
347,862,168
Total Long-Term Investments — 98.1%
(Cost: $243,701,524)
364,664,196
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.2%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(d)(e)
 
11,743,992
$  11,743,992
Total Short-Term Securities — 3.2%
(Cost: $11,743,992)
11,743,992
Total Investments Before Options Written — 101.3%
(Cost: $255,445,516)
376,408,188
Options Written — (1.3)%
(Premiums Received: $(2,570,367))
(4,519,773
)
Total Investments, Net of Options Written — 100.0%
(Cost: $252,875,149)
371,888,415
Liabilities in Excess of Other Assets — 0.0%
(82,510
)
Net Assets — 100.0%
$ 371,805,905
 
(a)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(c)
Non-income producing security.
(d)
Affiliate of the Trust.
(e)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 7,583,996
$ 4,159,996
(a)
$ —
$ —
$ —
$ 11,743,992
11,743,992
$ 66,605
$ —
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
Chevron Corp.
108
04/04/25
USD
162.50
USD
1,807
$ (61,290
)
ConocoPhillips
134
04/04/25
USD
104.00
USD
1,407
(35,309
)
EOG Resources, Inc.
101
04/04/25
USD
128.00
USD
1,295
(18,938
)
EQT Corp.
179
04/04/25
USD
52.00
USD
956
(33,294
)
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Energy and Resources Trust (BGR)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Valero Energy Corp.
105
04/04/25
USD
135.00
USD
1,387
$ (11,340
)
Williams Cos., Inc.
430
04/04/25
USD
59.00
USD
2,570
(54,825
)
ARC Resources Ltd.
1,032
04/11/25
CAD
28.00
CAD
2,986
(85,698
)
EQT Corp.
178
04/11/25
USD
52.00
USD
951
(42,275
)
Hess Corp.
181
04/11/25
USD
150.00
USD
2,891
(187,335
)
Shell PLC, ADR
226
04/11/25
USD
69.00
USD
1,656
(103,960
)
Williams Cos., Inc.
454
04/11/25
USD
57.00
USD
2,713
(145,280
)
Archrock, Inc.
175
04/17/25
USD
29.84
USD
459
(1,697
)
Canadian Natural Resources Ltd.
466
04/17/25
CAD
45.00
CAD
2,063
(20,401
)
Cheniere Energy, Inc.
69
04/17/25
USD
240.00
USD
1,597
(27,945
)
Chevron Corp.
521
04/17/25
USD
160.00
USD
8,716
(418,102
)
ConocoPhillips
400
04/17/25
USD
100.00
USD
4,201
(238,000
)
Exxon Mobil Corp.
510
04/17/25
USD
115.00
USD
6,065
(260,100
)
Hess Corp.
25
04/17/25
USD
160.00
USD
399
(6,500
)
Kodiak Gas Services, Inc.
219
04/17/25
USD
47.50
USD
817
(29,565
)
Permian Resources Corp.
694
04/17/25
USD
15.00
USD
961
(8,675
)
Suncor Energy, Inc.
223
04/17/25
CAD
58.00
CAD
1,243
(4,107
)
Targa Resources Corp.
92
04/17/25
USD
210.00
USD
1,844
(23,920
)
TechnipFMC PLC
144
04/17/25
USD
33.00
USD
456
(6,480
)
TechnipFMC PLC
400
04/17/25
USD
29.00
USD
1,268
(117,000
)
Tourmaline Oil Corp.
171
04/17/25
CAD
72.00
CAD
1,187
(6,773
)
Valero Energy Corp.
105
04/17/25
USD
135.00
USD
1,387
(29,242
)
Canadian Natural Resources Ltd.
300
04/25/25
CAD
44.50
CAD
1,328
(21,889
)
Exxon Mobil Corp.
220
04/25/25
USD
118.00
USD
2,616
(77,000
)
Shell PLC, ADR
265
04/25/25
USD
69.00
USD
1,942
(127,200
)
Suncor Energy, Inc.
223
04/25/25
CAD
56.00
CAD
1,243
(17,821
)
Tourmaline Oil Corp.
171
04/25/25
CAD
71.00
CAD
1,187
(14,022
)
Canadian Natural Resources Ltd.
466
05/02/25
CAD
45.50
CAD
2,063
(24,287
)
Chevron Corp.
175
05/02/25
USD
167.50
USD
2,928
(77,000
)
ConocoPhillips
33
05/02/25
USD
108.00
USD
347
(6,815
)
EOG Resources, Inc.
274
05/02/25
USD
132.00
USD
3,514
(72,610
)
EQT Corp.
125
05/02/25
USD
58.00
USD
668
(11,063
)
Exxon Mobil Corp.
283
05/02/25
USD
115.00
USD
3,366
(180,412
)
Exxon Mobil Corp.
362
05/02/25
USD
119.00
USD
4,305
(136,655
)
Hess Corp.
26
05/02/25
USD
162.50
USD
415
(7,150
)
Shell PLC, ADR
426
05/02/25
USD
69.00
USD
3,122
(210,870
)
Shell PLC, ADR
499
05/02/25
USD
72.00
USD
3,657
(133,482
)
Suncor Energy, Inc.
269
05/02/25
CAD
55.00
CAD
1,499
(36,077
)
Suncor Energy, Inc.
231
05/02/25
CAD
57.00
CAD
1,287
(14,287
)
Archrock, Inc.
164
05/16/25
USD
27.51
USD
430
(13,744
)
Canadian Natural Resources Ltd.
364
05/16/25
CAD
44.00
CAD
1,612
(46,289
)
Cheniere Energy, Inc.
60
05/16/25
USD
250.00
USD
1,388
(26,100
)
Exxon Mobil Corp.
679
05/16/25
USD
115.00
USD
8,075
(437,955
)
Permian Resources Corp.
649
05/16/25
USD
15.00
USD
899
(22,715
)
Shell PLC, ADR
300
05/16/25
USD
72.50
USD
2,198
(79,500
)
Suncor Energy, Inc.
231
05/16/25
CAD
58.00
CAD
1,287
(14,367
)
Targa Resources Corp.
121
05/16/25
USD
210.00
USD
2,426
(72,600
)
TechnipFMC PLC
335
05/16/25
USD
30.00
USD
1,062
(93,800
)
 
 
 
$ (3,953,761
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
BP PLC
Bank of America N.A.
462,000
04/03/25
GBP
4.76
GBP
2,007
$ (12
)
Pembina Pipeline Corp.
Citibank N.A.
37,100
04/08/25
CAD
53.49
CAD
2,135
(107,543
)
BP PLC
Bank of America N.A.
463,200
04/15/25
GBP
4.64
GBP
2,012
(10,010
)
Pembina Pipeline Corp.
Citibank N.A.
37,100
04/23/25
CAD
53.49
CAD
2,135
(116,627
)
Tenaris SA
Morgan Stanley & Co. International PLC
54,700
04/25/25
EUR
17.74
EUR
990
(43,275
)
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Energy and Resources Trust (BGR)
 
OTC Options Written (continued)
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
TotalEnergies SE
Morgan Stanley & Co. International PLC
16,300
04/25/25
EUR
57.66
EUR
971
$ (47,984
)
Cheniere Energy, Inc.
Morgan Stanley & Co. International PLC
5,300
04/28/25
USD
232.00
USD
1,226
(49,526
)
Gaztransport Et Technigaz SA
Barclays Bank PLC
7,300
04/29/25
EUR
146.78
EUR
—
(18,516
)
Permian Resources Corp.
Morgan Stanley & Co. International PLC
65,700
05/02/25
USD
14.87
USD
910
(17,767
)
TotalEnergies SE
Goldman Sachs International
46,400
05/06/25
EUR
57.93
EUR
2,765
(137,049
)
TotalEnergies SE
Bank of America N.A.
12,900
05/08/25
EUR
60.54
EUR
769
(17,703
)
 
 
 
 
 
 
$ (566,012
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Energy Equipment & Services
$ 13,559,352
$ 3,242,676
$ —
$ 16,802,028
Oil, Gas & Consumable Fuels
314,748,494
33,113,570
104
347,862,168
Short-Term Securities 
Money Market Funds
11,743,992
—
—
11,743,992
 
$340,051,838
$36,356,246
$104
$376,408,188
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (3,938,320
)
$ (581,453
)
$ —
$ (4,519,773
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
 
Currency Abbreviation 
CAD
Canadian Dollar
EUR
Euro
GBP
British Pound
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
PJSC
 Public Joint Stock Company
3