<SEC-DOCUMENT>0001172661-21-002032.txt : 20211014
<SEC-HEADER>0001172661-21-002032.hdr.sgml : 20211014
<ACCEPTANCE-DATETIME>20211014130757
ACCESSION NUMBER:		0001172661-21-002032
CONFORMED SUBMISSION TYPE:	13F-HR/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20211014
DATE AS OF CHANGE:		20211014
EFFECTIVENESS DATE:		20211014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LSP Investment Advisors, LLC
		CENTRAL INDEX KEY:			0001728850
		IRS NUMBER:				821717263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-18583
		FILM NUMBER:		211323003

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		FL. 35
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2126153546

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		FL. 35
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <filer>
        <credentials>
          <cik>0001728850</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2020</periodOfReport>
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  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2020</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>01</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
        <confDeniedExpired>false</confDeniedExpired>
      </amendmentInfo>
      <filingManager>
        <name>LSP Investment Advisors, LLC</name>
        <address>
          <ns1:street1>1700 Broadway</ns1:street1>
          <ns1:street2>Fl. 35</ns1:street2>
          <ns1:city>New York</ns1:city>
          <ns1:stateOrCountry>NY</ns1:stateOrCountry>
          <ns1:zipCode>10019</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-18583</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Jeffrey P. Wade</name>
      <title>Chief Compliance Officer and Associate General Counsel</title>
      <phone>212-615-3456</phone>
      <signature>/s/ Jeffrey P. Wade</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>10-14-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>12</tableEntryTotal>
      <tableValueTotal>303792</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001697367</cik>
            <form13FFileNumber>028-17897</form13FFileNumber>
            <name>Gen IV Investment Opportunities, LLC</name>
          </otherManager>
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<SEQUENCE>2
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  <infoTable>
    <nameOfIssuer>BONANZA CREEK ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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    <value>16097</value>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>CONCHO RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20605P101</cusip>
    <value>32188</value>
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  <infoTable>
    <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>35568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1957489</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>1957489</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EQT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26884L109</cusip>
    <value>45397</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3814839</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3814839</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>16334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>450100</sshPrnamt>
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      <Shared>450100</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOODRICH PETE CORP</nameOfIssuer>
    <titleOfClass>COM PAR</titleOfClass>
    <cusip>382410843</cusip>
    <value>13237</value>
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    <nameOfIssuer>GULFPORT ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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    <value>2911</value>
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