ADAMS ASSET ADVISORS, LLC

Filed: 10/9/2025ACC: 0001386929-25-000007

📋 What this filing means

ADAMS ASSET ADVISORS, LLC filed this quarterly 13F‑HR report disclosing 81 equity positions with a total reported market value of $775.63M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$775.63M

Total AUM (reported)

21.72M

Total Shares

Allocation by class

COM$733.33M94.5%

*W EXP 08/03/2027$11.94M1.5%

US DIVIDEND EQ$6.32M0.8%

CL B NEW$3.44M0.4%

SHS$3.29M0.4%

COM UNT RP INT$3.20M0.4%

COM SHS$2.97M0.4%

Portfolio Concentration

Top 3$294.17M37.9%

4–10$132.82M17.1%

11–25$180.78M23.3%

Rest$167.86M21.6%

Top 3 weight

37.9%

Top 10 weight

55.1%

Voting Authority Distribution

Total shares with voting rights: 23.26M

Sole

Full voting authority

8.95M

% of voting shares38.5%

Shared

Joint voting authority

1.55M

% of voting shares6.7%

None

No voting authority

12.77M

% of voting shares54.9%

Investment Discretion (by position count)

Sole81

Shared0

Other0

Dominant voting typeNone · 54.9% of voting shares

Institutional Holdings81

Rows:

OCCIDENTAL PETROL CORP

SOLE

COM

Shares3.53M

TypeSH

Market value$166.92M

21.52%

Sole

1.58M

Shared

0.00

None

1.95M

CALUMET INC

SOLE

COM

Shares5.41M

TypeSH

Market value$98.66M

12.72%

Sole

3.86M

Shared

1.55M

None

1.55M

SUNOCO LP

SOLE

COM

Shares571.55K

TypeSH

Market value$28.58M

3.69%

Sole

160K

Shared

0.00

None

411.55K

ENERGY TRANSFER LP

SOLE

COM

Shares1.42M

TypeSH

Market value$24.31M

3.13%

Sole

512.44K

Shared

0.00

None

904.05K

APPLE INC

SOLE

COM

Shares85.47K

TypeSH

Market value$21.76M

2.81%

Sole

0.00

Shared

0.00

None

85.47K

DORCHESTER MINERALS LP

SOLE

COM

Shares746.67K

TypeSH

Market value$19.33M

2.49%

Sole

86.75K

Shared

0.00

None

659.92K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares346.55K

TypeSH

Market value$18.39M

2.37%

Sole

120.80K

Shared

0.00

None

225.75K

NEWMONT CORP

SOLE

COM

Shares212.52K

TypeSH

Market value$17.92M

2.31%

Sole

32.98K

Shared

0.00

None

179.54K

ALTRIA GROUP INC

SOLE

COM

Shares238.34K

TypeSH

Market value$15.74M

2.03%

Sole

65.16K

Shared

0.00

None

173.19K

CITIGROUP INC

SOLE

COM

Shares151.34K

TypeSH

Market value$15.36M

1.98%

Sole

27.92K

Shared

0.00

None

123.42K

ABBVIE

SOLE

COM

Shares63.43K

TypeSH

Market value$14.69M

1.89%

Sole

12.94K

Shared

0.00

None

50.49K

WELLS FARGO & CO

SOLE

COM

Shares160.89K

TypeSH

Market value$13.49M

1.74%

Sole

29.45K

Shared

0.00

None

131.44K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares784.79K

TypeSH

Market value$13.39M

1.73%

Sole

146.46K

Shared

0.00

None

638.33K

BANK OF AMERICA

SOLE

COM

Shares249.38K

TypeSH

Market value$12.87M

1.66%

Sole

46.63K

Shared

0.00

None

202.75K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares327.11K

TypeSH

Market value$12.85M

1.66%

Sole

50.91K

Shared

0.00

None

276.20K

HF SINCLAIR CORP

SOLE

COM

Shares243.84K

TypeSH

Market value$12.76M

1.65%

Sole

32.58K

Shared

0.00

None

211.26K

CUMMINS INC

SOLE

COM

Shares29.55K

TypeSH

Market value$12.48M

1.61%

Sole

6.20K

Shared

0.00

None

23.35K

AT&T

SOLE

COM

Shares437.24K

TypeSH

Market value$12.35M

1.59%

Sole

67.35K

Shared

0.00

None

369.89K

OCCIDENTAL PETE CORP WTS EXP 08/03/2027

SOLE

*W EXP 08/03/2027

Shares468.31K

TypeSH

Market value$11.94M

1.54%

Sole

254.43K

Shared

0.00

None

213.89K

VALERO ENERGY CORP NEW

SOLE

COM

Shares65.96K

TypeSH

Market value$11.23M

1.45%

Sole

10.68K

Shared

0.00

None

55.28K

CISCO SYSTEMS INC

SOLE

COM

Shares157.15K

TypeSH

Market value$10.75M

1.39%

Sole

30.20K

Shared

0.00

None

126.95K

CHEVRON CORP

SOLE

COM

Shares68.98K

TypeSH

Market value$10.71M

1.38%

Sole

0.00

Shared

0.00

None

68.98K

MPLX LP

SOLE

COM

Shares209.59K

TypeSH

Market value$10.47M

1.35%

Sole

21.64K

Shared

0.00

None

187.94K

GOLDMAN SACHS GROUP

SOLE

COM

Shares13.14K

TypeSH

Market value$10.47M

1.35%

Sole

3.77K

Shared

0.00

None

9.38K

VERIZON COMMUNICATIONS

SOLE

COM

Shares235.18K

TypeSH

Market value$10.34M

1.33%

Sole

31.89K

Shared

0.00

None

203.29K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
OCCIDENTAL PETROL CORPSOLE	COM	3.53M	SH	$166.92M 21.52%	1.58M	0.00	1.95M
CALUMET INCSOLE	COM	5.41M	SH	$98.66M 12.72%	3.86M	1.55M	1.55M
SUNOCO LPSOLE	COM	571.55K	SH	$28.58M 3.69%	160K	0.00	411.55K
ENERGY TRANSFER LPSOLE	COM	1.42M	SH	$24.31M 3.13%	512.44K	0.00	904.05K
APPLE INCSOLE	COM	85.47K	SH	$21.76M 2.81%	0.00	0.00	85.47K
DORCHESTER MINERALS LPSOLE	COM	746.67K	SH	$19.33M 2.49%	86.75K	0.00	659.92K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	346.55K	SH	$18.39M 2.37%	120.80K	0.00	225.75K
NEWMONT CORPSOLE	COM	212.52K	SH	$17.92M 2.31%	32.98K	0.00	179.54K
ALTRIA GROUP INCSOLE	COM	238.34K	SH	$15.74M 2.03%	65.16K	0.00	173.19K
CITIGROUP INCSOLE	COM	151.34K	SH	$15.36M 1.98%	27.92K	0.00	123.42K
ABBVIESOLE	COM	63.43K	SH	$14.69M 1.89%	12.94K	0.00	50.49K
WELLS FARGO & COSOLE	COM	160.89K	SH	$13.49M 1.74%	29.45K	0.00	131.44K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	784.79K	SH	$13.39M 1.73%	146.46K	0.00	638.33K
BANK OF AMERICASOLE	COM	249.38K	SH	$12.87M 1.66%	46.63K	0.00	202.75K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	327.11K	SH	$12.85M 1.66%	50.91K	0.00	276.20K
HF SINCLAIR CORPSOLE	COM	243.84K	SH	$12.76M 1.65%	32.58K	0.00	211.26K
CUMMINS INCSOLE	COM	29.55K	SH	$12.48M 1.61%	6.20K	0.00	23.35K
AT&TSOLE	COM	437.24K	SH	$12.35M 1.59%	67.35K	0.00	369.89K
OCCIDENTAL PETE CORP WTS EXP 08/03/2027SOLE	*W EXP 08/03/2027	468.31K	SH	$11.94M 1.54%	254.43K	0.00	213.89K
VALERO ENERGY CORP NEWSOLE	COM	65.96K	SH	$11.23M 1.45%	10.68K	0.00	55.28K
CISCO SYSTEMS INCSOLE	COM	157.15K	SH	$10.75M 1.39%	30.20K	0.00	126.95K
CHEVRON CORPSOLE	COM	68.98K	SH	$10.71M 1.38%	0.00	0.00	68.98K
MPLX LPSOLE	COM	209.59K	SH	$10.47M 1.35%	21.64K	0.00	187.94K
GOLDMAN SACHS GROUPSOLE	COM	13.14K	SH	$10.47M 1.35%	3.77K	0.00	9.38K
VERIZON COMMUNICATIONSSOLE	COM	235.18K	SH	$10.34M 1.33%	31.89K	0.00	203.29K

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