ADAMS ASSET ADVISORS, LLC

Filed: 1/15/2026ACC: 0001386929-26-000001

📋 What this filing means

ADAMS ASSET ADVISORS, LLC filed this quarterly 13F‑HR report disclosing 83 equity positions with a total reported market value of $760.06M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$760.06M

Total AUM (reported)

21.63M

Total Shares

Allocation by class

COM$718.57M94.5%

*W EXP 08/03/2027$9.02M1.2%

US DIVIDEND EQ$6.23M0.8%

CL B NEW$3.44M0.5%

COM SHS$3.30M0.4%

SHS$3.16M0.4%

COM UNT RP INT$3.14M0.4%

Portfolio Concentration

Top 3$267.40M35.2%

4–10$135.03M17.8%

11–25$187.66M24.7%

Rest$169.97M22.4%

Top 3 weight

35.2%

Top 10 weight

52.9%

Voting Authority Distribution

Total shares with voting rights: 23.17M

Sole

Full voting authority

9.05M

% of voting shares39.0%

Shared

Joint voting authority

1.55M

% of voting shares6.7%

None

No voting authority

12.58M

% of voting shares54.3%

Investment Discretion (by position count)

Sole83

Shared0

Other0

Dominant voting typeNone · 54.3% of voting shares

Institutional Holdings83

Rows:

OCCIDENTAL PETROL CORP

SOLE

COM

Shares3.28M

TypeSH

Market value$134.99M

17.76%

Sole

1.58M

Shared

0.00

None

1.70M

CALUMET INC

SOLE

COM

Shares5.16M

TypeSH

Market value$102.46M

13.48%

Sole

3.61M

Shared

1.55M

None

1.55M

SUNOCO LP

SOLE

COM

Shares571.55K

TypeSH

Market value$29.95M

3.94%

Sole

160K

Shared

0.00

None

411.55K

ENERGY TRANSFER LP

SOLE

COM

Shares1.42M

TypeSH

Market value$23.46M

3.09%

Sole

485.04K

Shared

0.00

None

937.58K

APPLE INC

SOLE

COM

Shares78.07K

TypeSH

Market value$21.23M

2.79%

Sole

0.00

Shared

0.00

None

78.07K

NEWMONT CORP

SOLE

COM

Shares202.57K

TypeSH

Market value$20.23M

2.66%

Sole

32.98K

Shared

0.00

None

169.58K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares343.02K

TypeSH

Market value$19.42M

2.56%

Sole

120.80K

Shared

0.00

None

222.21K

DORCHESTER MINERALS LP

SOLE

COM

Shares814.85K

TypeSH

Market value$18.22M

2.40%

Sole

123.16K

Shared

0.00

None

691.69K

CITIGROUP INC

SOLE

COM

Shares150.38K

TypeSH

Market value$17.55M

2.31%

Sole

27.92K

Shared

0.00

None

122.46K

CUMMINS INC

SOLE

COM

Shares29.26K

TypeSH

Market value$14.94M

1.97%

Sole

6.20K

Shared

0.00

None

23.06K

WELLS FARGO & CO

SOLE

COM

Shares159.77K

TypeSH

Market value$14.89M

1.96%

Sole

29.45K

Shared

0.00

None

130.32K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares827.79K

TypeSH

Market value$14.87M

1.96%

Sole

189.46K

Shared

0.00

None

638.33K

ABBVIE

SOLE

COM

Shares62.91K

TypeSH

Market value$14.37M

1.89%

Sole

12.94K

Shared

0.00

None

49.97K

BANK OF AMERICA

SOLE

COM

Shares248.04K

TypeSH

Market value$13.64M

1.79%

Sole

46.63K

Shared

0.00

None

201.41K

ALTRIA GROUP INC

SOLE

COM

Shares235.73K

TypeSH

Market value$13.59M

1.79%

Sole

65.16K

Shared

0.00

None

170.57K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares342.11K

TypeSH

Market value$13.51M

1.78%

Sole

65.91K

Shared

0.00

None

276.20K

CISCO SYSTEMS INC

SOLE

COM

Shares157.15K

TypeSH

Market value$12.11M

1.59%

Sole

30.20K

Shared

0.00

None

126.95K

VERIZON COMMUNICATIONS

SOLE

COM

Shares289.82K

TypeSH

Market value$11.80M

1.55%

Sole

81.89K

Shared

0.00

None

207.94K

AMGEN INC

SOLE

COM

Shares35.90K

TypeSH

Market value$11.75M

1.55%

Sole

4.77K

Shared

0.00

None

31.13K

ENTERPRISE PRODUCTS PPTNSLP

SOLE

COM

Shares364.67K

TypeSH

Market value$11.69M

1.54%

Sole

68K

Shared

0.00

None

296.67K

GOLDMAN SACHS GROUP

SOLE

COM

Shares13.14K

TypeSH

Market value$11.55M

1.52%

Sole

3.77K

Shared

0.00

None

9.38K

HF SINCLAIR CORP

SOLE

COM

Shares243.84K

TypeSH

Market value$11.24M

1.48%

Sole

32.58K

Shared

0.00

None

211.26K

MPLX LP

SOLE

COM

Shares209.59K

TypeSH

Market value$11.19M

1.47%

Sole

21.64K

Shared

0.00

None

187.94K

AT&T

SOLE

COM

Shares433.74K

TypeSH

Market value$10.77M

1.42%

Sole

67.35K

Shared

0.00

None

366.39K

VALERO ENERGY CORP NEW

SOLE

COM

Shares65.62K

TypeSH

Market value$10.68M

1.41%

Sole

10.68K

Shared

0.00

None

54.94K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
OCCIDENTAL PETROL CORPSOLE	COM	3.28M	SH	$134.99M 17.76%	1.58M	0.00	1.70M
CALUMET INCSOLE	COM	5.16M	SH	$102.46M 13.48%	3.61M	1.55M	1.55M
SUNOCO LPSOLE	COM	571.55K	SH	$29.95M 3.94%	160K	0.00	411.55K
ENERGY TRANSFER LPSOLE	COM	1.42M	SH	$23.46M 3.09%	485.04K	0.00	937.58K
APPLE INCSOLE	COM	78.07K	SH	$21.23M 2.79%	0.00	0.00	78.07K
NEWMONT CORPSOLE	COM	202.57K	SH	$20.23M 2.66%	32.98K	0.00	169.58K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	343.02K	SH	$19.42M 2.56%	120.80K	0.00	222.21K
DORCHESTER MINERALS LPSOLE	COM	814.85K	SH	$18.22M 2.40%	123.16K	0.00	691.69K
CITIGROUP INCSOLE	COM	150.38K	SH	$17.55M 2.31%	27.92K	0.00	122.46K
CUMMINS INCSOLE	COM	29.26K	SH	$14.94M 1.97%	6.20K	0.00	23.06K
WELLS FARGO & COSOLE	COM	159.77K	SH	$14.89M 1.96%	29.45K	0.00	130.32K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	827.79K	SH	$14.87M 1.96%	189.46K	0.00	638.33K
ABBVIESOLE	COM	62.91K	SH	$14.37M 1.89%	12.94K	0.00	49.97K
BANK OF AMERICASOLE	COM	248.04K	SH	$13.64M 1.79%	46.63K	0.00	201.41K
ALTRIA GROUP INCSOLE	COM	235.73K	SH	$13.59M 1.79%	65.16K	0.00	170.57K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	342.11K	SH	$13.51M 1.78%	65.91K	0.00	276.20K
CISCO SYSTEMS INCSOLE	COM	157.15K	SH	$12.11M 1.59%	30.20K	0.00	126.95K
VERIZON COMMUNICATIONSSOLE	COM	289.82K	SH	$11.80M 1.55%	81.89K	0.00	207.94K
AMGEN INCSOLE	COM	35.90K	SH	$11.75M 1.55%	4.77K	0.00	31.13K
ENTERPRISE PRODUCTS PPTNSLPSOLE	COM	364.67K	SH	$11.69M 1.54%	68K	0.00	296.67K
GOLDMAN SACHS GROUPSOLE	COM	13.14K	SH	$11.55M 1.52%	3.77K	0.00	9.38K
HF SINCLAIR CORPSOLE	COM	243.84K	SH	$11.24M 1.48%	32.58K	0.00	211.26K
MPLX LPSOLE	COM	209.59K	SH	$11.19M 1.47%	21.64K	0.00	187.94K
AT&TSOLE	COM	433.74K	SH	$10.77M 1.42%	67.35K	0.00	366.39K
VALERO ENERGY CORP NEWSOLE	COM	65.62K	SH	$10.68M 1.41%	10.68K	0.00	54.94K

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