Adams Asset Advisors, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 10, 2024), Adams Asset Advisors, LLC reported 71 stock positions worth $745.0 million. Its top holding was Occidental Petroleum (OXY) at 30.2% of the portfolio, followed by Calumet Specialty Products (CLMT, 11.3%) and Sunoco (SUN, 4.3%). Compared with Q1 2024, it opened 1 new position, sold out of 5, added to 10 and reduced 19. The biggest buy was Sunoco (SUN, shares +82%) and the biggest sale an exit from Nustar Energy (NS).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$745.0M (Q2 2024)
SEC Filing
0001386929-24-000006 ↗ filed Jul 10, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $750.4M Q1 2024 Q2 2024: $745.0M $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 71 stocks · $745.0M
OXY Occidental Petroleum Corp. 30.18% 3,567,150 $224.8M Reduce -0.5%
CLMT Calumet Specialty Products 11.31% 5,251,160 $84.3M Reduce -3.7%
SUN Sunoco LP 4.34% 571,538 $32.3M Add +82.3%
ET Energy Transfer LP 3.09% 1,420,699 $23.0M Reduce -2.5%
AAPL Apple Inc. 2.75% 97,320 $20.5M No change
DMLP Dorchester Minerals LP 2.53% 611,835 $18.9M Reduce -2.6%
PAA Plains All Amer Pipeline LP 1.83% 762,941 $13.6M Reduce -3.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.82% 341,515 $13.6M No change
VZ Verizon Communications Inc. 1.76% 317,764 $13.1M Add +1.5%
AMGN Amgen Inc. 1.68% 40,049 $12.5M No change
MO Altria Group Inc. 1.67% 272,452 $12.4M Add +1.2%
WES Western Midstream Partners L 1.66% 311,642 $12.4M Reduce -6.0%
ABBV Abbvie Inc. 1.65% 71,809 $12.3M No change
C Citigroup Inc. 1.63% 191,473 $12.2M No change
BTI British American Tob-SP ADR 1.62% 390,767 $12.1M Add +8.6%
T AT&T Inc. 1.62% 631,483 $12.1M No change
CVX Chevron Corp. 1.57% 74,701 $11.7M No change
VLO Valero Energy Corp. 1.52% 72,395 $11.3M No change
KMB Kimberly-Clark Corp. 1.48% 79,629 $11.0M No change
NEM Newmont Corp. 1.45% 258,393 $10.8M Reduce -4.0%
WFC Wells Fargo & Co. 1.41% 176,833 $10.5M Reduce -2.5%
DINO HF Sinclair Corp. 1.40% 194,946 $10.4M Reduce -0.5%
CMI Cummins Inc. 1.30% 35,083 $9.7M No change
MPLX MPLX LP 1.18% 206,720 $8.8M No change
PFE Pfizer Inc. 1.15% 306,219 $8.6M Reduce -1.8%
CSCO Cisco Systems Inc. 1.14% 177,970 $8.5M Add +7.5%
KHC The Kraft Heinz Co. 1.08% 250,766 $8.1M Add +1.3%
HPQ HP Inc. 1.08% 229,384 $8.0M No change
ARLP Alliance Resource Partners 1.04% 315,967 $7.7M Add +1.6%
GS Goldman Sachs Group Inc. 1.01% 16,569 $7.5M Reduce -0.4%
UVV Universal Corp. 0.98% 151,106 $7.3M No change
EPD Enterprise Products Partners 0.95% 244,228 $7.1M No change
MSFT Microsoft Corp. 0.90% 15,032 $6.7M Reduce -0.5%
BMY Bristol-Myers Squibb Co. 0.90% 161,229 $6.7M Reduce -9.5%
CAG Conagra Brands Inc. 0.79% 208,195 $5.9M No change
PEP Pepsico Inc. 0.59% 26,722 $4.4M No change
WTTR Select Water Solutions Inc. 0.59% 409,161 $4.4M No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.57% 38,688 $4.2M No change
KMI Kinder Morgan Inc. 0.50% 187,935 $3.7M Reduce -4.4%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.36% 22,270 $2.7M No change
UPS United Parcel Service Class B 0.32% 17,185 $2.4M No change
BXSL Blackstone Secured Lending F 0.27% 64,850 $2.0M No change
MPT Medical Properties Trust Inc. 0.25% 436,145 $1.9M Add +9.4%
GSBD Goldman Sachs BDC Inc. 0.25% 122,927 $1.8M No change
FSK FS KKR Capital Corp. 0.24% 92,221 $1.8M No change
ENB Enbridge Inc. 0.23% 48,142 $1.7M Add +26.1%
OKE Oneok Inc. 0.22% 19,789 $1.6M Reduce -14.1%
WMB Williams Cos Inc. 0.20% 35,766 $1.5M Reduce -7.0%
WY Weyerhaeuser Co. 0.19% 50,542 $1.4M No change
WPC WP Carey Inc. 0.16% 22,099 $1.2M Reduce -8.1%
XOM Exxon Mobil Corp. 0.15% 9,480 $1.1M No change
O Realty Income Corp. 0.14% 19,275 $1.0M Reduce -19.7%
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.13% 87,849 $974K Add +177.5%
STWD Starwood Property Trust Inc. 0.12% 49,031 $929K No change
SPG Simon Property Group Inc. 0.12% 5,789 $879K No change
JNJ Johnson & Johnson 0.11% 5,762 $842K No change
TTYP Trinity Pete TR CTF Ben Int 0.10% 10,020 $711K No change
PG The Procter & Gamble Co. 0.09% 4,250 $701K No change
NXDT Nexpoint Diversified Real Es 0.08% 111,300 $615K No change
NNN NNN REIT Inc. 0.07% 12,481 $532K No change
OBDC Blue Owl Capital Corp. 0.06% 31,107 $478K No change
GLP Global Partners LP 0.06% 9,860 $450K No change
BRSP Brightspire Capital Inc. 0.05% 63,765 $363K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.05% 3,229 $346K Reduce -7.1%
MLPA Global X MLP ETF 0.04% 6,599 $320K No change
BRK.B Berkshire Hathaway Inc. Class B 0.04% 744 $303K No change
PAGP Plains GP Holdings LP 0.04% 15,886 $299K No change
FFIN First Finl Bankshares Inc. 0.03% 8,760 $259K No change
VOO Vanguard S&P 500 ETF 0.03% 511 $256K New
RYN Rayonier Inc. 0.03% 7,007 $204K No change
VTNRQ Vertex Energy Inc. 0.02% 180,000 $170K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $21.8M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,357$19.3MReduce -0.1%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 102,746$2.6MNo change

Total filed on the 13F, all lines: $766.8M.

Portfolio Sells Q1 2024 → Q2 2024
NS Nustar Energy LP Sold out 0.00% −2.09
OXY Occidental Petroleum Corp. Reduce -0.5% 30.18% −0.86
BMY Bristol-Myers Squibb Co. Reduce -9.5% 0.90% −0.39
DMLP Dorchester Minerals LP Reduce -2.6% 2.53% −0.29
DINO HF Sinclair Corp. Reduce -0.5% 1.40% −0.18
HES Hess Corp. Sold out 0.00% −0.05
O Realty Income Corp. Reduce -19.7% 0.14% −0.04
MRO Marathon Oil Corp. Sold out 0.00% −0.03
MUR Murphy Oil Corp. Sold out 0.00% −0.03
OKE Oneok Inc. Reduce -14.1% 0.22% −0.03
WPC WP Carey Inc. Reduce -8.1% 0.16% −0.02
PAA Plains All Amer Pipeline LP Reduce -3.1% 1.83% −0.01
NIO Nio Inc. - ADR Sold out 0.00% −0.01
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -7.1% 0.05% −0.00
PFE Pfizer Inc. Reduce -1.8% 1.15% −0.00
WMB Williams Cos Inc. Reduce -7.0% 0.20% +0.00
WFC Wells Fargo & Co. Reduce -2.5% 1.41% +0.01
KMI Kinder Morgan Inc. Reduce -4.4% 0.50% +0.02
ET Energy Transfer LP Reduce -2.5% 3.09% +0.04
MSFT Microsoft Corp. Reduce -0.5% 0.90% +0.06
GS Goldman Sachs Group Inc. Reduce -0.4% 1.01% +0.08
WES Western Midstream Partners L Reduce -6.0% 1.66% +0.09
NEM Newmont Corp. Reduce -4.0% 1.45% +0.17
CLMT Calumet Specialty Products Reduce -3.7% 11.31% +0.52

Portfolio Buys Q1 2024 → Q2 2024
SUN Sunoco LP Add +82.3% 4.34% +1.82
ARLP Alliance Resource Partners Add +1.6% 1.04% +0.21
BTI British American Tob-SP ADR Add +8.6% 1.62% +0.16
MO Altria Group Inc. Add +1.2% 1.67% +0.10
AHRT Ah Realty Trust Inc. Add +177.5% 0.13% +0.09
ENB Enbridge Inc. Add +26.1% 0.23% +0.05
VOO Vanguard S&P 500 ETF New 0.03% +0.03
CSCO Cisco Systems Inc. Add +7.5% 1.14% +0.03
VZ Verizon Communications Inc. Add +1.5% 1.76% +0.01
MPT Medical Properties Trust Inc. Add +9.4% 0.25% +0.00
KHC The Kraft Heinz Co. Add +1.3% 1.08% −0.13

Notes & Other Activity Q1 2024 → Q2 2024
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -0.1% 468,357 $19.3M

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