ADAMS ASSET ADVISORS, LLC

Filed: 1/13/2025ACC: 0001386929-25-000001

📋 What this filing means

ADAMS ASSET ADVISORS, LLC filed this quarterly 13F‑HR report disclosing 77 equity positions with a total reported market value of $778.98M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$778.98M

Total AUM (reported)

21.71M

Total Shares

Allocation by class

COM$753.01M96.7%

*W EXP 08/03/2027$12.90M1.7%

SHS$3.17M0.4%

CUM CONV PFD A$2.60M0.3%

COM UNT RP INT$2.54M0.3%

COM SHS$1.82M0.2%

SHS PAR$1.50M0.2%

Portfolio Concentration

Top 3$319.60M41.0%

4–10$128.74M16.5%

11–25$170.72M21.9%

Rest$159.91M20.5%

Top 3 weight

41.0%

Top 10 weight

57.6%

Voting Authority Distribution

Total shares with voting rights: 23.24M

Sole

Full voting authority

9.40M

% of voting shares40.4%

Shared

Joint voting authority

1.53M

% of voting shares6.6%

None

No voting authority

12.31M

% of voting shares53.0%

Investment Discretion (by position count)

Sole77

Shared0

Other0

Dominant voting typeNone · 53.0% of voting shares

Institutional Holdings77

Rows:

OCCIDENTAL PETROL CORP

SOLE

COM

Shares3.53M

TypeSH

Market value$174.57M

22.41%

Sole

1.58M

Shared

0.00

None

1.95M

CALUMET INC

SOLE

COM

Shares5.25M

TypeSH

Market value$115.63M

14.84%

Sole

3.72M

Shared

1.53M

None

1.53M

SUNOCO LP

SOLE

COM

Shares571.54K

TypeSH

Market value$29.40M

3.77%

Sole

160K

Shared

0.00

None

411.54K

ENERGY TRANSFER LP

SOLE

COM

Shares1.42M

TypeSH

Market value$27.83M

3.57%

Sole

485.04K

Shared

0.00

None

935.66K

APPLE INC

SOLE

COM

Shares94.03K

TypeSH

Market value$23.55M

3.02%

Sole

0.00

Shared

0.00

None

94.03K

DORCHESTER MINERALS LP

SOLE

COM

Shares611.84K

TypeSH

Market value$20.39M

2.62%

Sole

146.71K

Shared

0.00

None

465.13K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares410.52K

TypeSH

Market value$14.91M

1.91%

Sole

145.80K

Shared

0.00

None

264.71K

AT&T

SOLE

COM

Shares628.93K

TypeSH

Market value$14.32M

1.84%

Sole

186.35K

Shared

0.00

None

442.58K

ALTRIA GROUP INC

SOLE

COM

Shares272.45K

TypeSH

Market value$14.25M

1.83%

Sole

65.16K

Shared

0.00

None

207.29K

BANK OF AMERICA

SOLE

COM

Shares307.06K

TypeSH

Market value$13.50M

1.73%

Sole

46.63K

Shared

0.00

None

260.43K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares767.56K

TypeSH

Market value$13.11M

1.68%

Sole

146.46K

Shared

0.00

None

621.10K

OCCIDENTAL PETE CORP WTS EXP 08/03/2027

SOLE

*W EXP 08/03/2027

Shares468.36K

TypeSH

Market value$12.90M

1.66%

Sole

254.43K

Shared

0.00

None

213.93K

VERIZON COMMUNICATIONS

SOLE

COM

Shares317.08K

TypeSH

Market value$12.68M

1.63%

Sole

87.89K

Shared

0.00

None

229.20K

ABBVIE

SOLE

COM

Shares70.56K

TypeSH

Market value$12.54M

1.61%

Sole

12.94K

Shared

0.00

None

57.61K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares323.78K

TypeSH

Market value$12.44M

1.60%

Sole

50.91K

Shared

0.00

None

272.88K

WELLS FARGO & CO

SOLE

COM

Shares175.89K

TypeSH

Market value$12.35M

1.59%

Sole

29.45K

Shared

0.00

None

146.44K

CITIGROUP INC

SOLE

COM

Shares175.12K

TypeSH

Market value$12.33M

1.58%

Sole

27.92K

Shared

0.00

None

147.20K

CHEVRON CORP

SOLE

COM

Shares80.26K

TypeSH

Market value$11.62M

1.49%

Sole

0.00

Shared

0.00

None

80.26K

CISCO SYSTEMS INC

SOLE

COM

Shares177.97K

TypeSH

Market value$10.54M

1.35%

Sole

30.20K

Shared

0.00

None

147.77K

KIMBERLY-CLARK CORP

SOLE

COM

Shares80.12K

TypeSH

Market value$10.50M

1.35%

Sole

12.11K

Shared

0.00

None

68.01K

AMGEN INC

SOLE

COM

Shares39.66K

TypeSH

Market value$10.34M

1.33%

Sole

4.77K

Shared

0.00

None

34.89K

CUMMINS INC

SOLE

COM

Shares29.28K

TypeSH

Market value$10.21M

1.31%

Sole

6.20K

Shared

0.00

None

23.08K

MPLX LP

SOLE

COM

Shares206.72K

TypeSH

Market value$9.89M

1.27%

Sole

32.60K

Shared

0.00

None

174.12K

KRAFT HEINZ CO

SOLE

COM

Shares316.58K

TypeSH

Market value$9.72M

1.25%

Sole

44.90K

Shared

0.00

None

271.68K

NEWMONT CORP

SOLE

COM

Shares256.63K

TypeSH

Market value$9.55M

1.23%

Sole

32.98K

Shared

0.00

None

223.64K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
OCCIDENTAL PETROL CORPSOLE	COM	3.53M	SH	$174.57M 22.41%	1.58M	0.00	1.95M
CALUMET INCSOLE	COM	5.25M	SH	$115.63M 14.84%	3.72M	1.53M	1.53M
SUNOCO LPSOLE	COM	571.54K	SH	$29.40M 3.77%	160K	0.00	411.54K
ENERGY TRANSFER LPSOLE	COM	1.42M	SH	$27.83M 3.57%	485.04K	0.00	935.66K
APPLE INCSOLE	COM	94.03K	SH	$23.55M 3.02%	0.00	0.00	94.03K
DORCHESTER MINERALS LPSOLE	COM	611.84K	SH	$20.39M 2.62%	146.71K	0.00	465.13K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	410.52K	SH	$14.91M 1.91%	145.80K	0.00	264.71K
AT&TSOLE	COM	628.93K	SH	$14.32M 1.84%	186.35K	0.00	442.58K
ALTRIA GROUP INCSOLE	COM	272.45K	SH	$14.25M 1.83%	65.16K	0.00	207.29K
BANK OF AMERICASOLE	COM	307.06K	SH	$13.50M 1.73%	46.63K	0.00	260.43K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	767.56K	SH	$13.11M 1.68%	146.46K	0.00	621.10K
OCCIDENTAL PETE CORP WTS EXP 08/03/2027SOLE	*W EXP 08/03/2027	468.36K	SH	$12.90M 1.66%	254.43K	0.00	213.93K
VERIZON COMMUNICATIONSSOLE	COM	317.08K	SH	$12.68M 1.63%	87.89K	0.00	229.20K
ABBVIESOLE	COM	70.56K	SH	$12.54M 1.61%	12.94K	0.00	57.61K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	323.78K	SH	$12.44M 1.60%	50.91K	0.00	272.88K
WELLS FARGO & COSOLE	COM	175.89K	SH	$12.35M 1.59%	29.45K	0.00	146.44K
CITIGROUP INCSOLE	COM	175.12K	SH	$12.33M 1.58%	27.92K	0.00	147.20K
CHEVRON CORPSOLE	COM	80.26K	SH	$11.62M 1.49%	0.00	0.00	80.26K
CISCO SYSTEMS INCSOLE	COM	177.97K	SH	$10.54M 1.35%	30.20K	0.00	147.77K
KIMBERLY-CLARK CORPSOLE	COM	80.12K	SH	$10.50M 1.35%	12.11K	0.00	68.01K
AMGEN INCSOLE	COM	39.66K	SH	$10.34M 1.33%	4.77K	0.00	34.89K
CUMMINS INCSOLE	COM	29.28K	SH	$10.21M 1.31%	6.20K	0.00	23.08K
MPLX LPSOLE	COM	206.72K	SH	$9.89M 1.27%	32.60K	0.00	174.12K
KRAFT HEINZ COSOLE	COM	316.58K	SH	$9.72M 1.25%	44.90K	0.00	271.68K
NEWMONT CORPSOLE	COM	256.63K	SH	$9.55M 1.23%	32.98K	0.00	223.64K

Page 1 of 4