Adams Asset Advisors, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 13, 2025), Adams Asset Advisors, LLC reported 75 stock positions worth $763.5 million. Its top holding was Occidental Petroleum (OXY) at 22.9% of the portfolio, followed by Calumet (CLMT, 15.1%) and Sunoco (SUN, 3.9%). Compared with Q3 2024, it opened 5 new positions, sold out of 3, added to 21 and reduced 10. The biggest buy was United Parcel Service Class B (UPS, shares +137%) and the biggest sale Occidental Petroleum (OXY, shares −1%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$763.5M (Q4 2024)
SEC Filing
0001386929-25-000001 ↗ filed Jan 13, 2025

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 Q3 2024 Q4 2024: $763.5M $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 · $763.5M
OXY Occidental Petroleum Corp. 22.87% 3,533,118 $174.6M Reduce -0.9%
CLMT Calumet Inc. 15.15% 5,251,160 $115.6M No change
SUN Sunoco LP 3.85% 571,538 $29.4M No change
ET Energy Transfer LP 3.65% 1,420,699 $27.8M No change
AAPL Apple Inc. 3.08% 94,026 $23.5M No change
DMLP Dorchester Minerals LP 2.67% 611,835 $20.4M No change
BTI British American Tob-SP ADR 1.95% 410,516 $14.9M Add +4.3%
T AT&T Inc. 1.88% 628,928 $14.3M Reduce -0.2%
MO Altria Group Inc. 1.87% 272,452 $14.2M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.77% 307,060 $13.5M Reduce -9.1%
PAA Plains All Amer Pipeline LP 1.72% 767,558 $13.1M Add +0.6%
VZ Verizon Communications Inc. 1.66% 317,084 $12.7M No change
ABBV Abbvie Inc. 1.64% 70,555 $12.5M Reduce -1.4%
WES Western Midstream Partners L 1.63% 323,781 $12.4M Add +0.7%
WFC Wells Fargo & Co. 1.62% 175,889 $12.4M Reduce -0.5%
C Citigroup Inc. 1.61% 175,116 $12.3M Reduce -6.2%
CVX Chevron Corp. 1.52% 80,257 $11.6M No change
CSCO Cisco Systems Inc. 1.38% 177,970 $10.5M No change
KMB Kimberly-Clark Corp. 1.38% 80,117 $10.5M Add +1.0%
AMGN Amgen Inc. 1.35% 39,655 $10.3M No change
CMI Cummins Inc. 1.34% 29,281 $10.2M Reduce -16.0%
MPLX MPLX LP 1.30% 206,720 $9.9M No change
KHC The Kraft Heinz Co. 1.27% 316,577 $9.7M Add +23.4%
NEM Newmont Corp. 1.25% 256,626 $9.6M Reduce -0.7%
BMY Bristol-Myers Squibb Co. 1.21% 163,207 $9.2M Add +0.1%
PFE Pfizer Inc. 1.19% 342,146 $9.1M Add +10.6%
DINO HF Sinclair Corp. 1.16% 252,356 $8.8M Add +30.5%
VLO Valero Energy Corp. 1.15% 71,703 $8.8M Add +0.8%
ARLP Alliance Resource Partners 1.14% 330,067 $8.7M No change
GS Goldman Sachs Group Inc. 1.14% 15,152 $8.7M Reduce -7.5%
UVV Universal Corp. 1.09% 151,106 $8.3M No change
EPD Enterprise Products Partners 1.00% 244,228 $7.7M No change
HPQ HP Inc. 0.98% 229,384 $7.5M No change
MSFT Microsoft Corp. 0.83% 14,960 $6.3M Reduce -0.5%
CAG Conagra Brands Inc. 0.77% 211,363 $5.9M Add +1.5%
WTTR Select Water Solutions Inc. 0.71% 409,161 $5.4M No change
KMI Kinder Morgan Inc. 0.67% 187,935 $5.1M No change
UPS United Parcel Service Class B 0.67% 40,769 $5.1M Add +137.2%
PEP Pepsico Inc. 0.53% 26,722 $4.1M No change
WPC WP Carey Inc. 0.43% 59,666 $3.3M Add +38.4%
GSBD Goldman Sachs BDC Inc. 0.42% 262,334 $3.2M Add +41.0%
FSK FS KKR Capital Corp. 0.38% 132,626 $2.9M Add +2.2%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.36% 22,270 $2.7M No change
DKL Delek Logistics Partners LP 0.33% 60,187 $2.5M New
BXSL Blackstone Secured Lending F 0.27% 64,850 $2.1M No change
ENB Enbridge Inc. 0.27% 48,142 $2.0M No change
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.26% 195,080 $2.0M Add +37.0%
OKE Oneok Inc. 0.26% 19,789 $2.0M No change
MPT Medical Properties Trust Inc. 0.26% 496,226 $2.0M Add +13.8%
CVI CVR Energy Inc. 0.25% 103,540 $1.9M No change
WMB Williams Cos Inc. 0.25% 35,766 $1.9M No change
SBLK Star Bulk Carriers Corp. 0.20% 100,000 $1.5M New
STWD Starwood Property Trust Inc. 0.20% 78,634 $1.5M Add +60.4%
WY Weyerhaeuser Co. 0.19% 50,542 $1.4M No change
BTU Peabody Energy Corp. 0.18% 65,000 $1.4M New
MSDL Morgan Stanley Direct Lendin 0.17% 62,992 $1.3M Add +152.0%
O Realty Income Corp. 0.16% 23,407 $1.3M Add +21.4%
GBDC Golub Capital BDC Inc. 0.16% 80,190 $1.2M Add +29.3%
PLYM Plymouth Industrial REIT Inc. 0.14% 60,000 $1.1M New
OBDC Blue Owl Capital Corp. 0.14% 69,555 $1.1M Add +6.2%
XOM Exxon Mobil Corp. 0.13% 9,480 $1.0M No change
SPG Simon Property Group Inc. 0.13% 5,789 $997K No change
JNJ Johnson & Johnson 0.11% 5,762 $833K No change
PG The Procter & Gamble Co. 0.09% 4,250 $713K No change
TTYP Trinity Pete TR CTF Ben Int 0.09% 10,020 $681K No change
NXDT Nexpoint Diversified Real Es 0.09% 111,300 $679K No change
NCDL Nuveen Churchill Direct Lend 0.07% 31,012 $520K New
NNN NNN REIT Inc. 0.07% 12,481 $510K No change
GLP Global Partners LP 0.06% 9,860 $459K No change
VOO Vanguard S&P 500 ETF 0.05% 770 $415K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.05% 3,229 $345K No change
BRK.B Berkshire Hathaway Inc. Class B 0.04% 744 $337K No change
MLPA Global X MLP ETF 0.04% 6,599 $326K No change
FFIN First Finl Bankshares Inc. 0.04% 8,760 $316K No change
PAGP Plains GP Holdings LP 0.04% 15,886 $292K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $15.5M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,357$12.9MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 105,896$2.6MAdd +3.1%

Total filed on the 13F, all lines: $779.0M.

Portfolio Sells Q3 2024 → Q4 2024
OXY Occidental Petroleum Corp. Reduce -0.9% 22.87% −1.99
SJM The JM Smucker Co. Sold out 0.00% −0.63
NEM Newmont Corp. Reduce -0.7% 1.25% −0.62
ABBV Abbvie Inc. Reduce -1.4% 1.64% −0.27
CMI Cummins Inc. Reduce -16.0% 1.34% −0.19
MSFT Microsoft Corp. Reduce -0.5% 0.83% −0.05
BRSP Brightspire Capital Inc. Sold out 0.00% −0.05
BAC Bank of America Corp. Reduce -9.1% 1.77% −0.04
RYN Rayonier Inc. Sold out 0.00% −0.03
T AT&T Inc. Reduce -0.2% 1.88% +0.00
C Citigroup Inc. Reduce -6.2% 1.61% +0.03
GS Goldman Sachs Group Inc. Reduce -7.5% 1.14% +0.04
WFC Wells Fargo & Co. Reduce -0.5% 1.62% +0.27

Portfolio Buys Q3 2024 → Q4 2024
UPS United Parcel Service Class B Add +137.2% 0.67% +0.36
DKL Delek Logistics Partners LP New 0.33% +0.33
SBLK Star Bulk Carriers Corp. New 0.20% +0.20
BTU Peabody Energy Corp. New 0.18% +0.18
PLYM Plymouth Industrial REIT Inc. New 0.14% +0.14
MSDL Morgan Stanley Direct Lendin Add +152.0% 0.17% +0.10
GSBD Goldman Sachs BDC Inc. Add +41.0% 0.42% +0.07
BMY Bristol-Myers Squibb Co. Add +0.1% 1.21% +0.07
NCDL Nuveen Churchill Direct Lend New 0.07% +0.07
WPC WP Carey Inc. Add +38.4% 0.43% +0.06
STWD Starwood Property Trust Inc. Add +60.4% 0.20% +0.06
KHC The Kraft Heinz Co. Add +23.4% 1.27% +0.06
AHRT Ah Realty Trust Inc. Add +37.0% 0.26% +0.05
GBDC Golub Capital BDC Inc. Add +29.3% 0.16% +0.03
FSK FS KKR Capital Corp. Add +2.2% 0.38% +0.03
OBDC Blue Owl Capital Corp. Add +6.2% 0.14% +0.01
BTI British American Tob-SP ADR Add +4.3% 1.95% +0.01
O Realty Income Corp. Add +21.4% 0.16% −0.00
DINO HF Sinclair Corp. Add +30.5% 1.16% −0.01
PFE Pfizer Inc. Add +10.6% 1.19% −0.02
WES Western Midstream Partners L Add +0.7% 1.63% −0.03
PAA Plains All Amer Pipeline LP Add +0.6% 1.72% −0.07
MPT Medical Properties Trust Inc. Add +13.8% 0.26% −0.09
VLO Valero Energy Corp. Add +0.8% 1.15% −0.15
CAG Conagra Brands Inc. Add +1.5% 0.77% −0.15
KMB Kimberly-Clark Corp. Add +1.0% 1.38% −0.15

Notes & Other Activity Q3 2024 → Q4 2024
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Add +3.1% 105,896 $2.6M

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