ADAMS ASSET ADVISORS, LLC

Filed: 4/21/2025ACC: 0001386929-25-000004

📋 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 $729.48M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$729.48M

Total AUM (reported)

21M

Total Shares

Allocation by class

COM$703.63M96.5%

*W EXP 08/03/2027$12.96M1.8%

SHS$3.12M0.4%

COM UNT RP INT$2.91M0.4%

COM SHS$2.66M0.4%

CUM CONV PFD A$2.08M0.3%

CAP STK CL A$939.4K0.1%

Portfolio Concentration

Top 3$275.35M37.7%

4–10$125.99M17.3%

11–25$172.54M23.7%

Rest$155.61M21.3%

Top 3 weight

37.7%

Top 10 weight

55.0%

Voting Authority Distribution

Total shares with voting rights: 22.55M

Sole

Full voting authority

8.73M

% of voting shares38.7%

Shared

Joint voting authority

1.55M

% of voting shares6.9%

None

No voting authority

12.28M

% of voting shares54.4%

Investment Discretion (by position count)

Sole77

Shared0

Other0

Dominant voting typeNone · 54.4% of voting shares

Institutional Holdings77

Rows:

OCCIDENTAL PETROL CORP

SOLE

COM

Shares3.53M

TypeSH

Market value$174.38M

23.90%

Sole

1.58M

Shared

0.00

None

1.95M

CALUMET INC

SOLE

COM

Shares5.36M

TypeSH

Market value$67.92M

9.31%

Sole

3.81M

Shared

1.55M

None

1.55M

SUNOCO LP

SOLE

COM

Shares569.27K

TypeSH

Market value$33.05M

4.53%

Sole

160K

Shared

0.00

None

409.27K

ENERGY TRANSFER LP

SOLE

COM

Shares1.42M

TypeSH

Market value$26.32M

3.61%

Sole

485.04K

Shared

0.00

None

930.72K

APPLE INC

SOLE

COM

Shares92.25K

TypeSH

Market value$20.49M

2.81%

Sole

0.00

Shared

0.00

None

92.25K

DORCHESTER MINERALS LP

SOLE

COM

Shares559.51K

TypeSH

Market value$16.83M

2.31%

Sole

36.71K

Shared

0.00

None

522.80K

ALTRIA GROUP INC

SOLE

COM

Shares272.45K

TypeSH

Market value$16.35M

2.24%

Sole

65.16K

Shared

0.00

None

207.29K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares385.52K

TypeSH

Market value$15.95M

2.19%

Sole

120.80K

Shared

0.00

None

264.71K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares763.17K

TypeSH

Market value$15.26M

2.09%

Sole

146.46K

Shared

0.00

None

616.71K

ABBVIE

SOLE

COM

Shares70.56K

TypeSH

Market value$14.78M

2.03%

Sole

12.94K

Shared

0.00

None

57.61K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares323.78K

TypeSH

Market value$13.26M

1.82%

Sole

50.91K

Shared

0.00

None

272.88K

CHEVRON CORP

SOLE

COM

Shares77.72K

TypeSH

Market value$13.00M

1.78%

Sole

0.00

Shared

0.00

None

77.72K

OCCIDENTAL PETE CORP WTS EXP 08/03/2027

SOLE

*W EXP 08/03/2027

Shares468.31K

TypeSH

Market value$12.96M

1.78%

Sole

254.43K

Shared

0.00

None

213.89K

WELLS FARGO & CO

SOLE

COM

Shares175.89K

TypeSH

Market value$12.63M

1.73%

Sole

29.45K

Shared

0.00

None

146.44K

AMGEN INC

SOLE

COM

Shares39.80K

TypeSH

Market value$12.40M

1.70%

Sole

4.77K

Shared

0.00

None

35.03K

AT&T

SOLE

COM

Shares432.28K

TypeSH

Market value$12.22M

1.68%

Sole

67.35K

Shared

0.00

None

364.93K

CITIGROUP INC

SOLE

COM

Shares171.24K

TypeSH

Market value$12.16M

1.67%

Sole

27.92K

Shared

0.00

None

143.32K

VERIZON COMMUNICATIONS

SOLE

COM

Shares257.23K

TypeSH

Market value$11.67M

1.60%

Sole

31.89K

Shared

0.00

None

225.34K

BANK OF AMERICA

SOLE

COM

Shares264.37K

TypeSH

Market value$11.03M

1.51%

Sole

46.63K

Shared

0.00

None

217.74K

CISCO SYSTEMS INC

SOLE

COM

Shares177.97K

TypeSH

Market value$10.98M

1.51%

Sole

30.20K

Shared

0.00

None

147.77K

NEWMONT CORP

SOLE

COM

Shares219.67K

TypeSH

Market value$10.61M

1.45%

Sole

32.98K

Shared

0.00

None

186.68K

MPLX LP

SOLE

COM

Shares195.76K

TypeSH

Market value$10.48M

1.44%

Sole

21.64K

Shared

0.00

None

174.12K

KIMBERLY-CLARK CORP

SOLE

COM

Shares69.52K

TypeSH

Market value$9.89M

1.36%

Sole

12.11K

Shared

0.00

None

57.41K

KRAFT HEINZ CO

SOLE

COM

Shares324.69K

TypeSH

Market value$9.88M

1.35%

Sole

44.90K

Shared

0.00

None

279.79K

VALERO ENERGY CORP NEW

SOLE

COM

Shares70.96K

TypeSH

Market value$9.37M

1.28%

Sole

10.68K

Shared

0.00

None

60.28K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
OCCIDENTAL PETROL CORPSOLE	COM	3.53M	SH	$174.38M 23.90%	1.58M	0.00	1.95M
CALUMET INCSOLE	COM	5.36M	SH	$67.92M 9.31%	3.81M	1.55M	1.55M
SUNOCO LPSOLE	COM	569.27K	SH	$33.05M 4.53%	160K	0.00	409.27K
ENERGY TRANSFER LPSOLE	COM	1.42M	SH	$26.32M 3.61%	485.04K	0.00	930.72K
APPLE INCSOLE	COM	92.25K	SH	$20.49M 2.81%	0.00	0.00	92.25K
DORCHESTER MINERALS LPSOLE	COM	559.51K	SH	$16.83M 2.31%	36.71K	0.00	522.80K
ALTRIA GROUP INCSOLE	COM	272.45K	SH	$16.35M 2.24%	65.16K	0.00	207.29K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	385.52K	SH	$15.95M 2.19%	120.80K	0.00	264.71K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	763.17K	SH	$15.26M 2.09%	146.46K	0.00	616.71K
ABBVIESOLE	COM	70.56K	SH	$14.78M 2.03%	12.94K	0.00	57.61K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	323.78K	SH	$13.26M 1.82%	50.91K	0.00	272.88K
CHEVRON CORPSOLE	COM	77.72K	SH	$13.00M 1.78%	0.00	0.00	77.72K
OCCIDENTAL PETE CORP WTS EXP 08/03/2027SOLE	*W EXP 08/03/2027	468.31K	SH	$12.96M 1.78%	254.43K	0.00	213.89K
WELLS FARGO & COSOLE	COM	175.89K	SH	$12.63M 1.73%	29.45K	0.00	146.44K
AMGEN INCSOLE	COM	39.80K	SH	$12.40M 1.70%	4.77K	0.00	35.03K
AT&TSOLE	COM	432.28K	SH	$12.22M 1.68%	67.35K	0.00	364.93K
CITIGROUP INCSOLE	COM	171.24K	SH	$12.16M 1.67%	27.92K	0.00	143.32K
VERIZON COMMUNICATIONSSOLE	COM	257.23K	SH	$11.67M 1.60%	31.89K	0.00	225.34K
BANK OF AMERICASOLE	COM	264.37K	SH	$11.03M 1.51%	46.63K	0.00	217.74K
CISCO SYSTEMS INCSOLE	COM	177.97K	SH	$10.98M 1.51%	30.20K	0.00	147.77K
NEWMONT CORPSOLE	COM	219.67K	SH	$10.61M 1.45%	32.98K	0.00	186.68K
MPLX LPSOLE	COM	195.76K	SH	$10.48M 1.44%	21.64K	0.00	174.12K
KIMBERLY-CLARK CORPSOLE	COM	69.52K	SH	$9.89M 1.36%	12.11K	0.00	57.41K
KRAFT HEINZ COSOLE	COM	324.69K	SH	$9.88M 1.35%	44.90K	0.00	279.79K
VALERO ENERGY CORP NEWSOLE	COM	70.96K	SH	$9.37M 1.28%	10.68K	0.00	60.28K

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