Adams Asset Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Adams Asset Advisors, LLC reported 75 stock positions worth $714.4 million. Its top holding was Occidental Petroleum (OXY) at 24.4% of the portfolio, followed by Calumet (CLMT, 9.5%) and Sunoco (SUN, 4.6%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 18 and reduced 27. The biggest buy was Amgen (AMGN, shares +0%) and the biggest sale Dorchester Minerals (DMLP, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001386929
- Portfolio Value
- $714.4M (Q1 2025)
- SEC Filing
- 0001386929-25-000004 ↗ filed Apr 21, 2025
Holdings Value
Holdings 75 stocks · $714.4M
| OXY Occidental Petroleum Corp. | 24.41% | 3,532,753 | $174.4M | Reduce -0.0% |
| CLMT Calumet Inc. | 9.51% | 5,356,323 | $67.9M | Add +2.0% |
| SUN Sunoco LP | 4.63% | 569,273 | $33.1M | Reduce -0.4% |
| ET Energy Transfer LP | 3.68% | 1,415,760 | $26.3M | Reduce -0.3% |
| AAPL Apple Inc. | 2.87% | 92,249 | $20.5M | Reduce -1.9% |
| DMLP Dorchester Minerals LP | 2.36% | 559,508 | $16.8M | Reduce -8.6% |
| MO Altria Group Inc. | 2.29% | 272,452 | $16.4M | No change |
| BTI British American Tob-SP ADR | 2.23% | 385,516 | $15.9M | Reduce -6.1% |
| PAA Plains All Amer Pipeline LP | 2.14% | 763,172 | $15.3M | Reduce -0.6% |
| ABBV Abbvie Inc. | 2.07% | 70,555 | $14.8M | No change |
| WES Western Midstream Partners L | 1.86% | 323,781 | $13.3M | No change |
| CVX Chevron Corp. | 1.82% | 77,716 | $13.0M | Reduce -3.2% |
| WFC Wells Fargo & Co. | 1.77% | 175,889 | $12.6M | No change |
| AMGN Amgen Inc. | 1.74% | 39,803 | $12.4M | Add +0.4% |
| T AT&T Inc. | 1.71% | 432,279 | $12.2M | Reduce -31.3% |
| C Citigroup Inc. | 1.70% | 171,242 | $12.2M | Reduce -2.2% |
| VZ Verizon Communications Inc. | 1.63% | 257,230 | $11.7M | Reduce -18.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.54% | 264,372 | $11.0M | Reduce -13.9% |
| CSCO Cisco Systems Inc. | 1.54% | 177,970 | $11.0M | No change |
| NEM Newmont Corp. | 1.48% | 219,669 | $10.6M | Reduce -14.4% |
| MPLX MPLX LP | 1.47% | 195,760 | $10.5M | Reduce -5.3% |
| KMB Kimberly-Clark Corp. | 1.38% | 69,519 | $9.9M | Reduce -13.2% |
| KHC The Kraft Heinz Co. | 1.38% | 324,692 | $9.9M | Add +2.6% |
| VLO Valero Energy Corp. | 1.31% | 70,963 | $9.4M | Reduce -1.0% |
| DINO HF Sinclair Corp. | 1.29% | 279,433 | $9.2M | Add +10.7% |
| BMY Bristol-Myers Squibb Co. | 1.26% | 147,767 | $9.0M | Reduce -9.5% |
| ARLP Alliance Resource Partners | 1.26% | 330,067 | $9.0M | No change |
| CMI Cummins Inc. | 1.26% | 28,704 | $9.0M | Reduce -2.0% |
| PFE Pfizer Inc. | 1.23% | 347,949 | $8.8M | Add +1.7% |
| UVV Universal Corp. | 1.19% | 151,106 | $8.5M | No change |
| EPD Enterprise Products Partners | 1.17% | 244,228 | $8.3M | No change |
| GS Goldman Sachs Group Inc. | 1.13% | 14,778 | $8.1M | Reduce -2.5% |
| HPQ HP Inc. | 0.89% | 229,384 | $6.4M | No change |
| MSFT Microsoft Corp. | 0.85% | 16,186 | $6.1M | Add +8.2% |
| CAG Conagra Brands Inc. | 0.81% | 218,178 | $5.8M | Add +3.2% |
| PEP Pepsico Inc. | 0.72% | 34,244 | $5.1M | Add +28.1% |
| UPS United Parcel Service Class B | 0.63% | 40,769 | $4.5M | No change |
| WTTR Select Water Solutions Inc. | 0.60% | 409,161 | $4.3M | No change |
| KMI Kinder Morgan Inc. | 0.55% | 137,628 | $3.9M | Reduce -26.8% |
| WPC WP Carey Inc. | 0.53% | 60,203 | $3.8M | Add +0.9% |
| GSBD Goldman Sachs BDC Inc. | 0.44% | 268,593 | $3.1M | Add +2.4% |
| DKL Delek Logistics Partners LP | 0.41% | 67,293 | $2.9M | Add +11.8% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.40% | 22,270 | $2.9M | No change |
| FSK FS KKR Capital Corp. | 0.39% | 132,626 | $2.8M | No change |
| ENB Enbridge Inc. | 0.30% | 48,142 | $2.1M | No change |
| WMB Williams Cos Inc. | 0.29% | 34,884 | $2.1M | Reduce -2.5% |
| OKE Oneok Inc. | 0.26% | 18,941 | $1.9M | Reduce -4.3% |
| STWD Starwood Property Trust Inc. | 0.23% | 83,675 | $1.7M | Add +6.4% |
| AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC | 0.23% | 220,241 | $1.7M | Add +12.9% |
| MPT Medical Properties Trust Inc. | 0.23% | 271,226 | $1.6M | Reduce -45.3% |
| BXSL Blackstone Secured Lending F | 0.23% | 50,350 | $1.6M | Reduce -22.4% |
| O Realty Income Corp. | 0.22% | 26,661 | $1.5M | Add +13.9% |
| WY Weyerhaeuser Co. | 0.21% | 50,542 | $1.5M | No change |
| NCDL Nuveen Churchill Direct Lend | 0.20% | 82,394 | $1.4M | Add +165.7% |
| BTU Peabody Energy Corp. | 0.19% | 100,000 | $1.4M | Add +53.9% |
| PLYM Plymouth Industrial REIT Inc. | 0.18% | 77,732 | $1.3M | Add +29.6% |
| MSDL Morgan Stanley Direct Lendin | 0.18% | 62,992 | $1.3M | No change |
| GBDC Golub Capital BDC Inc. | 0.17% | 80,190 | $1.2M | No change |
| XOM Exxon Mobil Corp. | 0.14% | 8,578 | $1.0M | Reduce -9.5% |
| OBDC Blue Owl Capital Corp. | 0.14% | 69,555 | $1.0M | No change |
| SPG Simon Property Group Inc. | 0.13% | 5,789 | $961K | No change |
| JNJ Johnson & Johnson | 0.13% | 5,762 | $956K | No change |
| GOOGL Alphabet Inc. Class A | 0.13% | 6,075 | $939K | New |
| NNN NNN REIT Inc. | 0.11% | 18,611 | $794K | Add +49.1% |
| TTYP Trinity Pete TR CTF Ben Int | 0.09% | 10,020 | $646K | No change |
| PG The Procter & Gamble Co. | 0.09% | 3,641 | $620K | Reduce -14.3% |
| GLP Global Partners LP | 0.07% | 9,860 | $526K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.06% | 744 | $396K | No change |
| MLPA Global X MLP ETF | 0.05% | 6,599 | $351K | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.05% | 3,229 | $351K | No change |
| PAGP Plains GP Holdings LP | 0.05% | 15,886 | $339K | No change |
| FFIN First Finl Bankshares Inc. | 0.04% | 8,760 | $315K | No change |
| SLV iShares Silver Trust | 0.03% | 7,000 | $217K | New |
| NXDT Nexpoint Diversified Real Es | 0.03% | 56,300 | $216K | Reduce -49.4% |
| RYN Rayonier Inc. | 0.03% | 7,482 | $209K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $15.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 468,312 | $13.0M | Reduce -0.0% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 85,275 | $2.1M | Reduce -19.5% |
Total filed on the 13F, all lines: $729.5M.
Portfolio Sells Q4 2024 → Q1 2025
| DMLP Dorchester Minerals LP | Reduce -8.6% | 2.36% | −0.32 |
| CVI CVR Energy Inc. | Sold out | 0.00% | −0.25 |
| BAC Bank of America Corp. | Reduce -13.9% | 1.54% | −0.22 |
| AAPL Apple Inc. | Reduce -1.9% | 2.87% | −0.22 |
| SBLK Star Bulk Carriers Corp. | Sold out | 0.00% | −0.20 |
| T AT&T Inc. | Reduce -31.3% | 1.71% | −0.16 |
| KMI Kinder Morgan Inc. | Reduce -26.8% | 0.55% | −0.12 |
| CMI Cummins Inc. | Reduce -2.0% | 1.26% | −0.08 |
| NXDT Nexpoint Diversified Real Es | Reduce -49.4% | 0.03% | −0.06 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.05 |
| BXSL Blackstone Secured Lending F | Reduce -22.4% | 0.23% | −0.05 |
| MPT Medical Properties Trust Inc. | Reduce -45.3% | 0.23% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -18.9% | 1.63% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -14.3% | 0.09% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -2.5% | 1.13% | −0.01 |
| OKE Oneok Inc. | Reduce -4.3% | 0.26% | +0.00 |
| KMB Kimberly-Clark Corp. | Reduce -13.2% | 1.38% | +0.01 |
| XOM Exxon Mobil Corp. | Reduce -9.5% | 0.14% | +0.01 |
| WMB Williams Cos Inc. | Reduce -2.5% | 0.29% | +0.04 |
| ET Energy Transfer LP | Reduce -0.3% | 3.68% | +0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -9.5% | 1.26% | +0.05 |
| C Citigroup Inc. | Reduce -2.2% | 1.70% | +0.09 |
| VLO Valero Energy Corp. | Reduce -1.0% | 1.31% | +0.16 |
| MPLX MPLX LP | Reduce -5.3% | 1.47% | +0.17 |
| NEM Newmont Corp. | Reduce -14.4% | 1.48% | +0.23 |
| BTI British American Tob-SP ADR | Reduce -6.1% | 2.23% | +0.28 |
| CVX Chevron Corp. | Reduce -3.2% | 1.82% | +0.30 |
| PAA Plains All Amer Pipeline LP | Reduce -0.6% | 2.14% | +0.42 |
| SUN Sunoco LP | Reduce -0.4% | 4.63% | +0.78 |
| OXY Occidental Petroleum Corp. | Reduce -0.0% | 24.41% | +1.54 |
Portfolio Buys Q4 2024 → Q1 2025
| AMGN Amgen Inc. | Add +0.4% | 1.74% | +0.38 |
| PEP Pepsico Inc. | Add +28.1% | 0.72% | +0.19 |
| GOOGL Alphabet Inc. Class A | New | 0.13% | +0.13 |
| NCDL Nuveen Churchill Direct Lend | Add +165.7% | 0.20% | +0.13 |
| DINO HF Sinclair Corp. | Add +10.7% | 1.29% | +0.13 |
| KHC The Kraft Heinz Co. | Add +2.6% | 1.38% | +0.11 |
| WPC WP Carey Inc. | Add +0.9% | 0.53% | +0.11 |
| DKL Delek Logistics Partners LP | Add +11.8% | 0.41% | +0.07 |
| O Realty Income Corp. | Add +13.9% | 0.22% | +0.05 |
| CAG Conagra Brands Inc. | Add +3.2% | 0.81% | +0.05 |
| PFE Pfizer Inc. | Add +1.7% | 1.23% | +0.05 |
| NNN NNN REIT Inc. | Add +49.1% | 0.11% | +0.04 |
| PLYM Plymouth Industrial REIT Inc. | Add +29.6% | 0.18% | +0.04 |
| STWD Starwood Property Trust Inc. | Add +6.4% | 0.23% | +0.04 |
| SLV iShares Silver Trust | New | 0.03% | +0.03 |
| RYN Rayonier Inc. | New | 0.03% | +0.03 |
| MSFT Microsoft Corp. | Add +8.2% | 0.85% | +0.02 |
| GSBD Goldman Sachs BDC Inc. | Add +2.4% | 0.44% | +0.02 |
| BTU Peabody Energy Corp. | Add +53.9% | 0.19% | +0.01 |
| AHRT Ah Realty Trust Inc. | Add +12.9% | 0.23% | −0.03 |
| CLMT Calumet Inc. | Add +2.0% | 9.51% | −5.64 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -0.0% | 468,312 | $13.0M |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -19.5% | 85,275 | $2.1M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 86 | $865.0M | JEPQ, OXY, CLMT, SUN, ET |
| Q1 2026 | 86 | $868.1M | CLMT, OXY, JEPQ, SUN, ET |
| Q4 2025 | 81 | $748.2M | OXY, CLMT, SUN, ET, AAPL |
| Q3 2025 | 79 | $761.2M | OXY, CLMT, SUN, ET, AAPL |
| Q2 2025Amended | 78 | $698.7M | OXY, CLMT, SUN, ET, AAPL |
| Q1 2025 | 75 | $714.4M | OXY, CLMT, SUN, ET, AAPL |
| Q4 2024 | 75 | $763.5M | OXY, CLMT, SUN, ET, AAPL |
| Q3 2024 | 73 | $739.7M | OXY, CLMT, SUN, ET, AAPL |
| Q2 2024 | 71 | $745.0M | OXY, CLMT, SUN, ET, AAPL |
| Q1 2024 | 75 | $750.4M | OXY, CLMT, ET, DMLP, SUN |