Adams Asset Advisors, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 9, 2024), Adams Asset Advisors, LLC reported 75 stock positions worth $750.4 million. Its top holding was Occidental Petroleum (OXY) at 31.0% of the portfolio, followed by Calumet Specialty Products (CLMT, 10.8%) and Energy Transfer (ET, 3.1%). Compared with Q4 2023, it opened 2 new positions, added to 11 and reduced 16. The biggest buy was a new position in Enbridge (ENB) and the biggest sale Apple (AAPL, shares −2%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$750.4M (Q1 2024)
SEC Filing
0001386929-24-000005 ↗ filed Apr 9, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $750.4M $750.4M Q1 2024 Q2 2024: $745.0M Q2 2024 Q3 2024: $739.7M Q3 2024 Q4 2024: $763.5M Q4 2024 Q1 2025: $714.4M Q1 2025 Q2 2025: $698.7M Q2 2025 Q3 2025: $761.2M Q3 2025 Q4 2025: $748.2M Q4 2025 Q1 2026: $868.1M Q1 2026 Q2 2026: $865.0M Q2 2026

Holdings 75 stocks · $750.4M
OXY Occidental Petroleum Corp. 31.04% 3,583,935 $232.9M No change
CLMT Calumet Specialty Products 10.79% 5,450,591 $81.0M Add +0.1%
ET Energy Transfer LP 3.05% 1,456,465 $22.9M No change
DMLP Dorchester Minerals LP 2.82% 628,183 $21.2M No change
SUN Sunoco LP 2.52% 313,435 $18.9M No change
AAPL Apple Inc. 2.22% 97,320 $16.7M Reduce -1.8%
NS Nustar Energy LP 2.09% 675,196 $15.7M No change
PAA Plains All Amer Pipeline LP 1.84% 787,421 $13.8M No change
VZ Verizon Communications Inc. 1.75% 312,966 $13.1M No change
ABBV Abbvie Inc. 1.74% 71,809 $13.1M Reduce -0.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.73% 341,515 $13.0M Reduce -3.8%
VLO Valero Energy Corp. 1.65% 72,395 $12.4M Reduce -0.4%
C Citigroup Inc. 1.61% 191,473 $12.1M No change
DINO HF Sinclair Corp. 1.58% 195,946 $11.8M Reduce -3.2%
CVX Chevron Corp. 1.57% 74,701 $11.8M Add +1.9%
WES Western Midstream Partners L 1.57% 331,383 $11.8M No change
MO Altria Group Inc. 1.56% 269,174 $11.7M Add +1.4%
AMGN Amgen Inc. 1.52% 40,049 $11.4M Reduce -0.8%
T AT&T Inc. 1.48% 631,483 $11.1M Reduce -0.5%
BTI British American Tob-SP ADR 1.46% 359,995 $11.0M Add +3.3%
WFC Wells Fargo & Co. 1.40% 181,318 $10.5M Reduce -0.2%
CMI Cummins Inc. 1.38% 35,083 $10.3M Reduce -0.4%
KMB Kimberly-Clark Corp. 1.37% 79,629 $10.3M No change
BMY Bristol-Myers Squibb Co. 1.29% 178,173 $9.7M Add +1.1%
NEM Newmont Corp. 1.29% 269,216 $9.6M Add +6.2%
KHC The Kraft Heinz Co. 1.22% 247,443 $9.1M Reduce -1.1%
PFE Pfizer Inc. 1.15% 311,761 $8.7M Add +0.3%
MPLX MPLX LP 1.14% 206,720 $8.6M No change
CSCO Cisco Systems Inc. 1.10% 165,601 $8.3M No change
UVV Universal Corp. 1.04% 151,106 $7.8M No change
EPD Enterprise Products Partners 0.95% 244,228 $7.1M No change
GS Goldman Sachs Group Inc. 0.93% 16,633 $6.9M Reduce -0.5%
HPQ HP Inc. 0.92% 229,384 $6.9M No change
MSFT Microsoft Corp. 0.85% 15,102 $6.4M Reduce -0.5%
ARLP Alliance Resource Partners 0.83% 310,885 $6.2M Add +1.1%
CAG Conagra Brands Inc. 0.82% 208,195 $6.2M Reduce -22.4%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.65% 38,688 $4.9M No change
PEP Pepsico Inc. 0.62% 26,722 $4.7M No change
WTTR Select Water Solutions Inc. 0.50% 409,161 $3.8M No change
KMI Kinder Morgan Inc. 0.48% 196,525 $3.6M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.38% 22,270 $2.9M No change
UPS United Parcel Service Class B 0.34% 17,185 $2.6M No change
BXSL Blackstone Secured Lending F 0.27% 64,850 $2.0M No change
MPT Medical Properties Trust Inc. 0.25% 398,493 $1.9M Add +1.6%
OKE Oneok Inc. 0.25% 23,033 $1.8M No change
GSBD Goldman Sachs BDC Inc. 0.25% 122,927 $1.8M No change
WY Weyerhaeuser Co. 0.24% 50,542 $1.8M Reduce -37.0%
FSK FS KKR Capital Corp. 0.23% 92,221 $1.8M No change
WMB Williams Cos Inc. 0.20% 38,437 $1.5M No change
ENB Enbridge Inc. 0.18% 38,174 $1.4M New
WPC WP Carey Inc. 0.18% 24,057 $1.4M Add +8.0%
O Realty Income Corp. 0.17% 23,991 $1.3M Reduce -1.7%
XOM Exxon Mobil Corp. 0.15% 9,480 $1.1M No change
STWD Starwood Property Trust Inc. 0.13% 49,031 $997K No change
JNJ Johnson & Johnson 0.12% 5,762 $911K Add +1.2%
SPG Simon Property Group Inc. 0.12% 5,789 $906K No change
NXDT Nexpoint Diversified Real Es 0.10% 111,300 $735K No change
TTYP Trinity Pete TR CTF Ben Int 0.10% 10,020 $721K No change
PG The Procter & Gamble Co. 0.09% 4,250 $690K No change
NNN NNN REIT Inc. 0.07% 12,481 $533K No change
OBDC Blue Owl Capital Corp. 0.06% 31,107 $478K No change
BRSP Brightspire Capital Inc. 0.06% 63,765 $439K No change
GLP Global Partners LP 0.06% 9,860 $438K No change
HES Hess Corp. 0.05% 2,679 $409K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.05% 3,476 $379K Reduce -15.2%
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.04% 31,658 $329K New
MLPA Global X MLP ETF 0.04% 6,599 $318K No change
BRK.B Berkshire Hathaway Inc. Class B 0.04% 744 $313K No change
PAGP Plains GP Holdings LP 0.04% 15,886 $290K No change
FFIN First Finl Bankshares Inc. 0.04% 8,760 $287K No change
MRO Marathon Oil Corp. 0.03% 9,102 $258K No change
VTNRQ Vertex Energy Inc. 0.03% 180,000 $252K No change
MUR Murphy Oil Corp. 0.03% 5,165 $236K No change
RYN Rayonier Inc. 0.03% 7,007 $233K No change
NIO Nio Inc. - ADR 0.01% 11,554 $52K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $22.7M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,580$20.2MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 102,746$2.5MAdd +3.2%

Total filed on the 13F, all lines: $773.1M.

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -1.8% 2.22% −0.42
CAG Conagra Brands Inc. Reduce -22.4% 0.82% −0.24
WY Weyerhaeuser Co. Reduce -37.0% 0.24% −0.14
AMGN Amgen Inc. Reduce -0.8% 1.52% −0.09
KHC The Kraft Heinz Co. Reduce -1.1% 1.22% −0.06
O Realty Income Corp. Reduce -1.7% 0.17% −0.02
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -15.2% 0.05% −0.01
T AT&T Inc. Reduce -0.5% 1.48% +0.01
DINO HF Sinclair Corp. Reduce -3.2% 1.58% +0.02
GS Goldman Sachs Group Inc. Reduce -0.5% 0.93% +0.03
MSFT Microsoft Corp. Reduce -0.5% 0.85% +0.06
BAC Bank of America Corp. Reduce -3.8% 1.73% +0.07
WFC Wells Fargo & Co. Reduce -0.2% 1.40% +0.16
ABBV Abbvie Inc. Reduce -0.5% 1.74% +0.19
CMI Cummins Inc. Reduce -0.4% 1.38% +0.21
VLO Valero Energy Corp. Reduce -0.4% 1.65% +0.34

Portfolio Buys Q4 2023 → Q1 2024
ENB Enbridge Inc. New 0.18% +0.18
MO Altria Group Inc. Add +1.4% 1.56% +0.08
CVX Chevron Corp. Add +1.9% 1.57% +0.06
BTI British American Tob-SP ADR Add +3.3% 1.46% +0.05
AHRT Ah Realty Trust Inc. New 0.04% +0.04
BMY Bristol-Myers Squibb Co. Add +1.1% 1.29% +0.04
JNJ Johnson & Johnson Add +1.2% 0.12% −0.00
MPT Medical Properties Trust Inc. Add +1.6% 0.25% −0.02
WPC WP Carey Inc. Add +8.0% 0.18% −0.02
ARLP Alliance Resource Partners Add +1.1% 0.83% −0.07
PFE Pfizer Inc. Add +0.3% 1.15% −0.09
NEM Newmont Corp. Add +6.2% 1.29% −0.17
CLMT Calumet Specialty Products Add +0.1% 10.79% −2.68

Notes & Other Activity Q4 2023 → Q1 2024
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Add +3.2% 102,746 $2.5M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 86$865.0MJEPQ, OXY, CLMT, SUN, ET
Q1 2026 86$868.1MCLMT, OXY, JEPQ, SUN, ET
Q4 2025 81$748.2MOXY, CLMT, SUN, ET, AAPL
Q3 2025 79$761.2MOXY, CLMT, SUN, ET, AAPL
Q2 2025Amended 78$698.7MOXY, CLMT, SUN, ET, AAPL
Q1 2025 75$714.4MOXY, CLMT, SUN, ET, AAPL
Q4 2024 75$763.5MOXY, CLMT, SUN, ET, AAPL
Q3 2024 73$739.7MOXY, CLMT, SUN, ET, AAPL
Q2 2024 71$745.0MOXY, CLMT, SUN, ET, AAPL
Q1 2024 75$750.4MOXY, CLMT, ET, DMLP, SUN