Adams Asset Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Adams Asset Advisors, LLC reported 78 stock positions worth $698.7 million. Its top holding was Occidental Petroleum (OXY) at 21.2% of the portfolio, followed by Calumet (CLMT, 12.2%) and Sunoco (SUN, 4.4%). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 30 and reduced 25. The biggest buy was Calumet (CLMT, shares +1%) and the biggest sale Bristol-Myers Squibb (BMY, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001386929
- Portfolio Value
- $698.7M (Q2 2025)
- SEC Filing
- 0001386929-25-000006 ↗ filed Jul 8, 2025
Holdings Value
Holdings 78 stocks · $698.7M
| OXY Occidental Petroleum Corp. | 21.24% | 3,532,753 | $148.4M | No change |
| CLMT Calumet Inc. | 12.19% | 5,406,271 | $85.2M | Add +0.9% |
| SUN Sunoco LP | 4.38% | 571,547 | $30.6M | Add +0.4% |
| ET Energy Transfer LP | 3.69% | 1,423,717 | $25.8M | Add +0.6% |
| AAPL Apple Inc. | 2.51% | 85,468 | $17.5M | Reduce -7.3% |
| DMLP Dorchester Minerals LP | 2.46% | 617,108 | $17.2M | Add +10.3% |
| BTI British American Tob-SP ADR | 2.35% | 346,549 | $16.4M | Reduce -10.1% |
| PAA Plains All Amer Pipeline LP | 2.07% | 787,922 | $14.4M | Add +3.2% |
| MO Altria Group Inc. | 2.00% | 238,344 | $14.0M | Reduce -12.5% |
| C Citigroup Inc. | 1.86% | 152,433 | $13.0M | Reduce -11.0% |
| WFC Wells Fargo & Co. | 1.85% | 161,478 | $12.9M | Reduce -8.2% |
| NEM Newmont Corp. | 1.82% | 218,258 | $12.7M | Reduce -0.6% |
| WES Western Midstream Partners L | 1.81% | 327,105 | $12.7M | Add +1.0% |
| T AT&T Inc. | 1.81% | 437,240 | $12.7M | Add +1.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.69% | 249,384 | $11.8M | Reduce -5.7% |
| ABBV Abbvie Inc. | 1.69% | 63,429 | $11.8M | Reduce -10.1% |
| CSCO Cisco Systems Inc. | 1.57% | 158,192 | $11.0M | Reduce -11.1% |
| MPLX MPLX LP | 1.55% | 209,589 | $10.8M | Add +7.1% |
| GS Goldman Sachs Group Inc. | 1.52% | 14,967 | $10.6M | Add +1.3% |
| VZ Verizon Communications Inc. | 1.46% | 235,178 | $10.2M | Reduce -8.6% |
| AMGN Amgen Inc. | 1.45% | 36,182 | $10.1M | Reduce -9.1% |
| DINO HF Sinclair Corp. | 1.44% | 244,909 | $10.1M | Reduce -12.4% |
| CVX Chevron Corp. | 1.41% | 68,978 | $9.9M | Reduce -11.2% |
| CMI Cummins Inc. | 1.39% | 29,551 | $9.7M | Add +3.0% |
| KMB Kimberly-Clark Corp. | 1.31% | 71,125 | $9.2M | Add +2.3% |
| VLO Valero Energy Corp. | 1.27% | 65,962 | $8.9M | Reduce -7.0% |
| ARLP Alliance Resource Partners | 1.25% | 334,845 | $8.8M | Add +1.4% |
| UVV Universal Corp. | 1.25% | 149,418 | $8.7M | Reduce -1.1% |
| EPD Enterprise Products Partners | 1.10% | 248,234 | $7.7M | Add +1.6% |
| KHC The Kraft Heinz Co. | 1.10% | 297,853 | $7.7M | Reduce -8.3% |
| PFE Pfizer Inc. | 1.03% | 295,919 | $7.2M | Reduce -14.9% |
| MSFT Microsoft Corp. | 1.01% | 14,237 | $7.1M | Reduce -12.0% |
| SCHD Schwab US DVD Equity ETF | 0.88% | 231,786 | $6.1M | New |
| HPQ HP Inc. | 0.83% | 237,799 | $5.8M | Add +3.7% |
| BMY Bristol-Myers Squibb Co. | 0.82% | 124,472 | $5.8M | Reduce -15.8% |
| UPS United Parcel Service Class B | 0.74% | 51,480 | $5.2M | Add +26.3% |
| WPC WP Carey Inc. | 0.64% | 71,975 | $4.5M | Add +19.6% |
| KMI Kinder Morgan Inc. | 0.58% | 136,684 | $4.0M | Reduce -0.7% |
| CAG Conagra Brands Inc. | 0.57% | 193,623 | $4.0M | Reduce -11.3% |
| PEP Pepsico Inc. | 0.54% | 28,554 | $3.8M | Reduce -16.6% |
| GSBD Goldman Sachs BDC Inc. | 0.52% | 325,788 | $3.7M | Add +21.3% |
| WTTR Select Water Solutions Inc. | 0.51% | 409,161 | $3.5M | No change |
| DKL Delek Logistics Partners LP | 0.43% | 70,288 | $3.0M | Add +4.5% |
| FSK FS KKR Capital Corp. | 0.42% | 142,637 | $3.0M | Add +7.5% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.40% | 22,270 | $2.8M | No change |
| O Realty Income Corp. | 0.35% | 42,323 | $2.4M | Add +58.7% |
| WMB Williams Cos Inc. | 0.31% | 34,884 | $2.2M | No change |
| ENB Enbridge Inc. | 0.30% | 46,445 | $2.1M | Reduce -3.5% |
| GBDC Golub Capital BDC Inc. | 0.29% | 137,723 | $2.0M | Add +71.8% |
| NNN NNN REIT Inc. | 0.25% | 40,766 | $1.8M | Add +119.0% |
| MSDL Morgan Stanley Direct Lendin | 0.24% | 90,516 | $1.7M | Add +43.7% |
| STWD Starwood Property Trust Inc. | 0.24% | 83,675 | $1.7M | No change |
| BXSL Blackstone Secured Lending F | 0.22% | 50,350 | $1.5M | No change |
| OKE Oneok Inc. | 0.22% | 18,941 | $1.5M | No change |
| AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC | 0.22% | 220,241 | $1.5M | No change |
| NCDL Nuveen Churchill Direct Lend | 0.21% | 90,151 | $1.5M | Add +9.4% |
| OBDC Blue Owl Capital Corp. | 0.21% | 100,430 | $1.4M | Add +44.4% |
| SCHG Schwab US Large-Cap Growth | 0.19% | 46,573 | $1.4M | New |
| BTU Peabody Energy Corp. | 0.19% | 100,000 | $1.3M | No change |
| MLPA Global X MLP ETF | 0.19% | 25,975 | $1.3M | Add +293.6% |
| PLYM Plymouth Industrial REIT Inc. | 0.18% | 77,732 | $1.2M | No change |
| BIZD Vaneck BDC Income ETF | 0.18% | 76,419 | $1.2M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.18% | 11,180 | $1.2M | Add +246.2% |
| WY Weyerhaeuser Co. | 0.17% | 46,591 | $1.2M | Reduce -7.8% |
| MPT Medical Properties Trust Inc. | 0.17% | 271,226 | $1.2M | No change |
| GOOGL Alphabet Inc. Class A | 0.16% | 6,261 | $1.1M | Add +3.1% |
| XOM Exxon Mobil Corp. | 0.15% | 10,040 | $1.1M | Add +17.0% |
| PFFD Global X US Preferred ETF | 0.13% | 49,806 | $938K | New |
| SPG Simon Property Group Inc. | 0.13% | 5,789 | $931K | No change |
| PG The Procter & Gamble Co. | 0.08% | 3,641 | $580K | No change |
| TTYP Trinity Pete TR CTF Ben Int | 0.08% | 10,020 | $541K | No change |
| GLP Global Partners LP | 0.07% | 9,860 | $520K | No change |
| PAGP Plains GP Holdings LP | 0.06% | 20,909 | $406K | Add +31.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.05% | 744 | $361K | No change |
| JNJ Johnson & Johnson | 0.05% | 2,347 | $359K | Reduce -59.3% |
| FFIN First Finl Bankshares Inc. | 0.05% | 8,760 | $315K | No change |
| NXDT Nexpoint Diversified Real Es | 0.03% | 56,300 | $236K | No change |
| SLV iShares Silver Trust | 0.03% | 7,000 | $230K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $12.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 468,312 | $9.7M | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 97,958 | $2.3M | Add +14.9% |
Total filed on the 13F, all lines: $710.7M.
Portfolio Sells Q1 2025 → Q2 2025
| BMY Bristol-Myers Squibb Co. | Reduce -15.8% | 0.82% | −0.44 |
| CVX Chevron Corp. | Reduce -11.2% | 1.41% | −0.41 |
| ABBV Abbvie Inc. | Reduce -10.1% | 1.69% | −0.38 |
| AAPL Apple Inc. | Reduce -7.3% | 2.51% | −0.36 |
| AMGN Amgen Inc. | Reduce -9.1% | 1.45% | −0.29 |
| MO Altria Group Inc. | Reduce -12.5% | 2.00% | −0.29 |
| KHC The Kraft Heinz Co. | Reduce -8.3% | 1.10% | −0.28 |
| CAG Conagra Brands Inc. | Reduce -11.3% | 0.57% | −0.25 |
| PFE Pfizer Inc. | Reduce -14.9% | 1.03% | −0.21 |
| PEP Pepsico Inc. | Reduce -16.6% | 0.54% | −0.18 |
| VZ Verizon Communications Inc. | Reduce -8.6% | 1.46% | −0.18 |
| JNJ Johnson & Johnson | Reduce -59.3% | 0.05% | −0.08 |
| VLO Valero Energy Corp. | Reduce -7.0% | 1.27% | −0.04 |
| WY Weyerhaeuser Co. | Reduce -7.8% | 0.17% | −0.04 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.03 |
| ENB Enbridge Inc. | Reduce -3.5% | 0.30% | +0.00 |
| KMI Kinder Morgan Inc. | Reduce -0.7% | 0.58% | +0.03 |
| CSCO Cisco Systems Inc. | Reduce -11.1% | 1.57% | +0.03 |
| UVV Universal Corp. | Reduce -1.1% | 1.25% | +0.06 |
| WFC Wells Fargo & Co. | Reduce -8.2% | 1.85% | +0.08 |
| BTI British American Tob-SP ADR | Reduce -10.1% | 2.35% | +0.12 |
| BAC Bank of America Corp. | Reduce -5.7% | 1.69% | +0.14 |
| DINO HF Sinclair Corp. | Reduce -12.4% | 1.44% | +0.15 |
| C Citigroup Inc. | Reduce -11.0% | 1.86% | +0.16 |
| MSFT Microsoft Corp. | Reduce -12.0% | 1.01% | +0.16 |
| NEM Newmont Corp. | Reduce -0.6% | 1.82% | +0.34 |
Portfolio Buys Q1 2025 → Q2 2025
| CLMT Calumet Inc. | Add +0.9% | 12.19% | +2.68 |
| SCHD Schwab US DVD Equity ETF | New | 0.88% | +0.88 |
| GS Goldman Sachs Group Inc. | Add +1.3% | 1.52% | +0.39 |
| SCHG Schwab US Large-Cap Growth | New | 0.19% | +0.19 |
| BIZD Vaneck BDC Income ETF | New | 0.18% | +0.18 |
| NNN NNN REIT Inc. | Add +119.0% | 0.25% | +0.14 |
| MLPA Global X MLP ETF | Add +293.6% | 0.19% | +0.14 |
| PFFD Global X US Preferred ETF | New | 0.13% | +0.13 |
| O Realty Income Corp. | Add +58.7% | 0.35% | +0.13 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +246.2% | 0.18% | +0.13 |
| CMI Cummins Inc. | Add +3.0% | 1.39% | +0.13 |
| GBDC Golub Capital BDC Inc. | Add +71.8% | 0.29% | +0.12 |
| UPS United Parcel Service Class B | Add +26.3% | 0.74% | +0.12 |
| WPC WP Carey Inc. | Add +19.6% | 0.64% | +0.11 |
| DMLP Dorchester Minerals LP | Add +10.3% | 2.46% | +0.10 |
| T AT&T Inc. | Add +1.1% | 1.81% | +0.10 |
| GSBD Goldman Sachs BDC Inc. | Add +21.3% | 0.52% | +0.09 |
| MPLX MPLX LP | Add +7.1% | 1.55% | +0.08 |
| MSDL Morgan Stanley Direct Lendin | Add +43.7% | 0.24% | +0.07 |
| OBDC Blue Owl Capital Corp. | Add +44.4% | 0.21% | +0.06 |
| FSK FS KKR Capital Corp. | Add +7.5% | 0.42% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +3.1% | 0.16% | +0.03 |
| DKL Delek Logistics Partners LP | Add +4.5% | 0.43% | +0.02 |
| NCDL Nuveen Churchill Direct Lend | Add +9.4% | 0.21% | +0.01 |
| XOM Exxon Mobil Corp. | Add +17.0% | 0.15% | +0.01 |
| PAGP Plains GP Holdings LP | Add +31.6% | 0.06% | +0.01 |
| ET Energy Transfer LP | Add +0.6% | 3.69% | +0.01 |
| ARLP Alliance Resource Partners | Add +1.4% | 1.25% | −0.01 |
| WES Western Midstream Partners L | Add +1.0% | 1.81% | −0.04 |
| HPQ HP Inc. | Add +3.7% | 0.83% | −0.06 |
| EPD Enterprise Products Partners | Add +1.6% | 1.10% | −0.07 |
| PAA Plains All Amer Pipeline LP | Add +3.2% | 2.07% | −0.07 |
| KMB Kimberly-Clark Corp. | Add +2.3% | 1.31% | −0.07 |
| SUN Sunoco LP | Add +0.4% | 4.38% | −0.24 |
Notes & Other Activity Q1 2025 → Q2 2025
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +14.9% | 97,958 | $2.3M |
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 |