Adams Asset Advisors, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Adams Asset Advisors, LLC reported 73 stock positions worth $739.7 million. Its top holding was Occidental Petroleum (OXY) at 24.9% of the portfolio, followed by Calumet (CLMT, 12.7%) and Sunoco (SUN, 4.1%). Compared with Q2 2024, it opened 3 new positions, sold out of 1, added to 13 and reduced 12. The biggest buy was British American Tob-SP ADR (BTI, shares +1%) and the biggest sale HF Sinclair (DINO, shares −1%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$739.7M (Q3 2024)
SEC Filing
0001386929-24-000007 ↗ filed Oct 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $750.4M Q1 2024 Q2 2024: $745.0M Q2 2024 Q3 2024: $739.7M $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 73 stocks · $739.7M
OXY Occidental Petroleum Corp. 24.85% 3,567,150 $183.9M No change
CLMT Calumet Inc. 12.65% 5,251,160 $93.6M No change
SUN Sunoco LP 4.15% 571,538 $30.7M No change
ET Energy Transfer LP 3.08% 1,420,699 $22.8M No change
AAPL Apple Inc. 2.96% 94,026 $21.9M Reduce -3.4%
DMLP Dorchester Minerals LP 2.49% 611,835 $18.4M No change
BTI British American Tob-SP ADR 1.95% 393,524 $14.4M Add +0.7%
VZ Verizon Communications Inc. 1.93% 317,084 $14.2M Reduce -0.2%
ABBV Abbvie Inc. 1.91% 71,555 $14.1M Reduce -0.3%
MO Altria Group Inc. 1.88% 272,452 $13.9M No change
T AT&T Inc. 1.87% 630,075 $13.9M Reduce -0.2%
NEM Newmont Corp. 1.87% 258,393 $13.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.81% 337,730 $13.4M Reduce -1.1%
PAA Plains All Amer Pipeline LP 1.79% 762,941 $13.3M No change
AMGN Amgen Inc. 1.73% 39,655 $12.8M Reduce -1.0%
WES Western Midstream Partners L 1.66% 321,642 $12.3M Add +3.2%
CVX Chevron Corp. 1.60% 80,257 $11.8M Add +7.4%
C Citigroup Inc. 1.58% 186,715 $11.7M Reduce -2.5%
CMI Cummins Inc. 1.53% 34,842 $11.3M Reduce -0.7%
KMB Kimberly-Clark Corp. 1.53% 79,289 $11.3M Reduce -0.4%
WFC Wells Fargo & Co. 1.35% 176,833 $10.0M No change
VLO Valero Energy Corp. 1.30% 71,116 $9.6M Reduce -1.8%
CSCO Cisco Systems Inc. 1.28% 177,970 $9.5M No change
MPLX MPLX LP 1.24% 206,720 $9.2M No change
KHC The Kraft Heinz Co. 1.22% 256,603 $9.0M Add +2.3%
PFE Pfizer Inc. 1.21% 309,344 $9.0M Add +1.0%
DINO HF Sinclair Corp. 1.17% 193,375 $8.6M Reduce -0.8%
BMY Bristol-Myers Squibb Co. 1.14% 163,036 $8.4M Add +1.1%
ARLP Alliance Resource Partners 1.12% 330,067 $8.3M Add +4.5%
HPQ HP Inc. 1.11% 229,384 $8.2M No change
GS Goldman Sachs Group Inc. 1.10% 16,386 $8.1M Reduce -1.1%
UVV Universal Corp. 1.08% 151,106 $8.0M No change
EPD Enterprise Products Partners 0.96% 244,228 $7.1M No change
CAG Conagra Brands Inc. 0.92% 208,195 $6.8M No change
MSFT Microsoft Corp. 0.87% 15,032 $6.5M No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.63% 38,688 $4.7M No change
WTTR Select Water Solutions Inc. 0.62% 409,161 $4.6M No change
PEP Pepsico Inc. 0.61% 26,722 $4.5M No change
KMI Kinder Morgan Inc. 0.56% 187,935 $4.2M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.41% 22,270 $3.0M No change
WPC WP Carey Inc. 0.36% 43,126 $2.7M Add +95.2%
GSBD Goldman Sachs BDC Inc. 0.35% 186,077 $2.6M Add +51.4%
FSK FS KKR Capital Corp. 0.35% 129,761 $2.6M Add +40.7%
MPT Medical Properties Trust Inc. 0.34% 436,145 $2.6M No change
CVI CVR Energy Inc. 0.32% 103,540 $2.4M New
UPS United Parcel Service Class B 0.32% 17,185 $2.3M No change
ENB Enbridge Inc. 0.26% 48,142 $2.0M No change
BXSL Blackstone Secured Lending F 0.26% 64,850 $1.9M No change
OKE Oneok Inc. 0.24% 19,789 $1.8M No change
WY Weyerhaeuser Co. 0.23% 50,542 $1.7M No change
WMB Williams Cos Inc. 0.22% 35,766 $1.6M No change
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.21% 142,399 $1.5M Add +62.1%
O Realty Income Corp. 0.17% 19,275 $1.2M No change
XOM Exxon Mobil Corp. 0.15% 9,480 $1.1M No change
STWD Starwood Property Trust Inc. 0.14% 49,031 $999K No change
SPG Simon Property Group Inc. 0.13% 5,789 $978K No change
OBDC Blue Owl Capital Corp. 0.13% 65,516 $955K Add +110.6%
GBDC Golub Capital BDC Inc. 0.13% 62,018 $937K New
JNJ Johnson & Johnson 0.13% 5,762 $934K No change
PG The Procter & Gamble Co. 0.10% 4,250 $736K No change
TTYP Trinity Pete TR CTF Ben Int 0.10% 10,020 $731K No change
NXDT Nexpoint Diversified Real Es 0.09% 111,300 $696K No change
NNN NNN REIT Inc. 0.08% 12,481 $605K No change
MSDL Morgan Stanley Direct Lendin 0.07% 25,000 $495K New
GLP Global Partners LP 0.06% 9,860 $459K No change
VOO Vanguard S&P 500 ETF 0.05% 770 $406K Add +50.7%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.05% 3,229 $365K No change
BRSP Brightspire Capital Inc. 0.05% 63,765 $357K No change
BRK.B Berkshire Hathaway Inc. Class B 0.05% 744 $342K No change
FFIN First Finl Bankshares Inc. 0.04% 8,760 $324K No change
MLPA Global X MLP ETF 0.04% 6,599 $317K No change
PAGP Plains GP Holdings LP 0.04% 15,886 $294K No change
RYN Rayonier Inc. 0.03% 7,007 $225K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $16.6M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,357$13.9MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 102,746$2.7MNo change

Total filed on the 13F, all lines: $756.3M.

Portfolio Sells Q2 2024 → Q3 2024
DINO HF Sinclair Corp. Reduce -0.8% 1.17% −0.23
VLO Valero Energy Corp. Reduce -1.8% 1.30% −0.23
C Citigroup Inc. Reduce -2.5% 1.58% −0.05
VTNRQ Vertex Energy Inc. Sold out 0.00% −0.02
BAC Bank of America Corp. Reduce -1.1% 1.81% −0.01
AMGN Amgen Inc. Reduce -1.0% 1.73% +0.05
KMB Kimberly-Clark Corp. Reduce -0.4% 1.53% +0.05
GS Goldman Sachs Group Inc. Reduce -1.1% 1.10% +0.09
VZ Verizon Communications Inc. Reduce -0.2% 1.93% +0.17
AAPL Apple Inc. Reduce -3.4% 2.96% +0.21
CMI Cummins Inc. Reduce -0.7% 1.53% +0.22
T AT&T Inc. Reduce -0.2% 1.87% +0.25
ABBV Abbvie Inc. Reduce -0.3% 1.91% +0.26

Portfolio Buys Q2 2024 → Q3 2024
BTI British American Tob-SP ADR Add +0.7% 1.95% +0.32
CVI CVR Energy Inc. New 0.32% +0.32
BMY Bristol-Myers Squibb Co. Add +1.1% 1.14% +0.24
WPC WP Carey Inc. Add +95.2% 0.36% +0.20
KHC The Kraft Heinz Co. Add +2.3% 1.22% +0.13
GBDC Golub Capital BDC Inc. New 0.13% +0.13
FSK FS KKR Capital Corp. Add +40.7% 0.35% +0.10
GSBD Goldman Sachs BDC Inc. Add +51.4% 0.35% +0.10
ARLP Alliance Resource Partners Add +4.5% 1.12% +0.08
AHRT Ah Realty Trust Inc. Add +62.1% 0.21% +0.08
MSDL Morgan Stanley Direct Lendin New 0.07% +0.07
OBDC Blue Owl Capital Corp. Add +110.6% 0.13% +0.06
PFE Pfizer Inc. Add +1.0% 1.21% +0.06
CVX Chevron Corp. Add +7.4% 1.60% +0.03
VOO Vanguard S&P 500 ETF Add +50.7% 0.05% +0.02
WES Western Midstream Partners L Add +3.2% 1.66% +0.00

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