Adams Asset Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), Adams Asset Advisors, LLC reported 79 stock positions worth $761.2 million. Its top holding was Occidental Petroleum (OXY) at 21.9% of the portfolio, followed by Calumet (CLMT, 13.0%) and Sunoco (SUN, 3.8%). Compared with Q2 2025, it opened 1 new position, added to 21 and reduced 21. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +819%) and the biggest sale Energy Transfer (ET, shares −1%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$761.2M (Q3 2025)
SEC Filing
0001386929-25-000007 ↗ filed Oct 9, 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 Q4 2024 Q1 2025: $714.4M Q1 2025 Q2 2025: $698.7M Q2 2025 Q3 2025: $761.2M $761.2M Q3 2025 Q4 2025: $748.2M Q4 2025 Q1 2026: $868.1M Q1 2026 Q2 2026: $865.0M Q2 2026

Holdings 79 stocks · $761.2M
OXY Occidental Petroleum Corp. 21.93% 3,532,753 $166.9M No change
CLMT Calumet Inc. 12.96% 5,406,271 $98.7M No change
SUN Sunoco LP 3.75% 571,547 $28.6M No change
ET Energy Transfer LP 3.19% 1,416,494 $24.3M Reduce -0.5%
AAPL Apple Inc. 2.86% 85,468 $21.8M No change
DMLP Dorchester Minerals LP 2.54% 746,675 $19.3M Add +21.0%
BTI British American Tob-SP ADR 2.42% 346,549 $18.4M No change
NEM Newmont Corp. 2.35% 212,522 $17.9M Reduce -2.6%
MO Altria Group Inc. 2.07% 238,344 $15.7M No change
C Citigroup Inc. 2.02% 151,341 $15.4M Reduce -0.7%
ABBV Abbvie Inc. 1.93% 63,429 $14.7M No change
WFC Wells Fargo & Co. 1.77% 160,888 $13.5M Reduce -0.4%
PAA Plains All Amer Pipeline LP 1.76% 784,791 $13.4M Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.69% 249,384 $12.9M No change
WES Western Midstream Partners L 1.69% 327,105 $12.9M No change
DINO HF Sinclair Corp. 1.68% 243,842 $12.8M Reduce -0.4%
CMI Cummins Inc. 1.64% 29,551 $12.5M No change
T AT&T Inc. 1.62% 437,240 $12.3M No change
VLO Valero Energy Corp. 1.48% 65,962 $11.2M No change
CSCO Cisco Systems Inc. 1.41% 157,148 $10.8M Reduce -0.7%
CVX Chevron Corp. 1.41% 68,978 $10.7M No change
MPLX MPLX LP 1.38% 209,589 $10.5M No change
GS Goldman Sachs Group Inc. 1.37% 13,142 $10.5M Reduce -12.2%
VZ Verizon Communications Inc. 1.36% 235,178 $10.3M No change
AMGN Amgen Inc. 1.34% 36,182 $10.2M No change
EPD Enterprise Products Partners 1.22% 296,668 $9.3M Add +19.5%
KMB Kimberly-Clark Corp. 1.17% 71,457 $8.9M Add +0.5%
PFE Pfizer Inc. 1.14% 341,161 $8.7M Add +15.3%
UVV Universal Corp. 1.06% 143,987 $8.0M Reduce -3.6%
MSFT Microsoft Corp. 0.97% 14,237 $7.4M No change
ARLP Alliance Resource Partners 0.85% 255,397 $6.5M Reduce -23.7%
HPQ HP Inc. 0.84% 236,002 $6.4M Reduce -0.8%
SCHD Schwab US DVD Equity ETF 0.83% 231,589 $6.3M Reduce -0.1%
KHC The Kraft Heinz Co. 0.73% 212,024 $5.5M Reduce -28.8%
BMY Bristol-Myers Squibb Co. 0.72% 121,058 $5.5M Reduce -2.7%
WPC WP Carey Inc. 0.63% 71,438 $4.8M Reduce -0.8%
PEP Pepsico Inc. 0.59% 32,238 $4.5M Add +12.9%
WTTR Select Water Solutions Inc. 0.57% 409,161 $4.4M No change
KMI Kinder Morgan Inc. 0.51% 136,684 $3.9M No change
CAG Conagra Brands Inc. 0.47% 197,132 $3.6M Add +1.8%
BRK.B Berkshire Hathaway Inc. Class B 0.45% 6,837 $3.4M Add +819.0%
GSBD Goldman Sachs BDC Inc. 0.43% 323,380 $3.3M Reduce -0.7%
UPS United Parcel Service Class B 0.43% 39,333 $3.3M Reduce -23.6%
DKL Delek Logistics Partners LP 0.42% 70,288 $3.2M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.38% 22,270 $2.9M No change
O Realty Income Corp. 0.36% 44,653 $2.7M Add +5.5%
BTU Peabody Energy Corp. 0.35% 100,000 $2.7M No change
PLYM Plymouth Industrial REIT Inc. 0.32% 108,000 $2.4M Add +38.9%
ENB Enbridge Inc. 0.31% 46,445 $2.3M No change
WMB Williams Cos Inc. 0.29% 34,884 $2.2M No change
FSK FS KKR Capital Corp. 0.28% 141,307 $2.1M Reduce -0.9%
GBDC Golub Capital BDC Inc. 0.28% 153,977 $2.1M Add +11.8%
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 0.28% 299,923 $2.1M Add +36.2%
NNN NNN REIT Inc. 0.24% 43,112 $1.8M Add +5.8%
MLPA Global X MLP ETF 0.23% 36,487 $1.8M Add +40.5%
MSDL Morgan Stanley Direct Lendin 0.23% 109,633 $1.8M Add +21.1%
OBDC Blue Owl Capital Corp. 0.21% 125,369 $1.6M Add +24.8%
GOOGL Alphabet Inc. Class A 0.20% 6,261 $1.5M No change
SCHG Schwab US Large-Cap Growth 0.20% 46,858 $1.5M Add +0.6%
OKE Oneok Inc. 0.18% 18,941 $1.4M No change
MPT Medical Properties Trust Inc. 0.18% 271,226 $1.4M No change
WY Weyerhaeuser Co. 0.18% 54,313 $1.3M Add +16.6%
BXSL Blackstone Secured Lending F 0.17% 49,337 $1.3M Reduce -2.0%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.16% 11,258 $1.3M Add +0.7%
NCDL Nuveen Churchill Direct Lend 0.16% 87,695 $1.2M Reduce -2.7%
BIZD Vaneck BDC Income ETF 0.15% 76,465 $1.1M Add +0.1%
XOM Exxon Mobil Corp. 0.15% 10,040 $1.1M No change
SPG Simon Property Group Inc. 0.14% 5,789 $1.1M No change
PFFD Global X US Preferred ETF 0.13% 50,146 $974K Add +0.7%
PAGP Plains GP Holdings LP 0.12% 48,311 $881K Add +131.1%
STWD Starwood Property Trust Inc. 0.08% 32,709 $634K Reduce -60.9%
TTYP Trinity Pete TR CTF Ben Int 0.07% 10,020 $568K No change
PG The Procter & Gamble Co. 0.07% 3,641 $559K No change
GLP Global Partners LP 0.06% 9,860 $473K No change
JNJ Johnson & Johnson 0.06% 2,347 $435K No change
SLV iShares Silver Trust 0.04% 7,000 $297K No change
FFIN First Finl Bankshares Inc. 0.04% 8,760 $295K No change
CCAP Crescent Capital BDC Inc. 0.03% 17,639 $252K New
NXDT Nexpoint Diversified Real Es 0.03% 56,300 $208K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $14.4M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,312$11.9MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 97,958$2.5MNo change

Total filed on the 13F, all lines: $775.6M.

Portfolio Sells Q2 2025 → Q3 2025
ET Energy Transfer LP Reduce -0.5% 3.19% −0.50
ARLP Alliance Resource Partners Reduce -23.7% 0.85% −0.40
KHC The Kraft Heinz Co. Reduce -28.8% 0.73% −0.38
UPS United Parcel Service Class B Reduce -23.6% 0.43% −0.31
PAA Plains All Amer Pipeline LP Reduce -0.4% 1.76% −0.31
UVV Universal Corp. Reduce -3.6% 1.06% −0.19
CSCO Cisco Systems Inc. Reduce -0.7% 1.41% −0.16
STWD Starwood Property Trust Inc. Reduce -60.9% 0.08% −0.16
FSK FS KKR Capital Corp. Reduce -0.9% 0.28% −0.15
GS Goldman Sachs Group Inc. Reduce -12.2% 1.37% −0.14
BMY Bristol-Myers Squibb Co. Reduce -2.7% 0.72% −0.11
GSBD Goldman Sachs BDC Inc. Reduce -0.7% 0.43% −0.09
WFC Wells Fargo & Co. Reduce -0.4% 1.77% −0.08
BXSL Blackstone Secured Lending F Reduce -2.0% 0.17% −0.05
NCDL Nuveen Churchill Direct Lend Reduce -2.7% 0.16% −0.05
SCHD Schwab US DVD Equity ETF Reduce -0.1% 0.83% −0.05
WPC WP Carey Inc. Reduce -0.8% 0.63% −0.01
HPQ HP Inc. Reduce -0.8% 0.84% +0.01
C Citigroup Inc. Reduce -0.7% 2.02% +0.16
DINO HF Sinclair Corp. Reduce -0.4% 1.68% +0.24
NEM Newmont Corp. Reduce -2.6% 2.35% +0.53

Portfolio Buys Q2 2025 → Q3 2025
BRK.B Berkshire Hathaway Inc. Class B Add +819.0% 0.45% +0.40
PLYM Plymouth Industrial REIT Inc. Add +38.9% 0.32% +0.14
EPD Enterprise Products Partners Add +19.5% 1.22% +0.12
PFE Pfizer Inc. Add +15.3% 1.14% +0.12
DMLP Dorchester Minerals LP Add +21.0% 2.54% +0.08
AHRT Ah Realty Trust Inc. Add +36.2% 0.28% +0.06
PAGP Plains GP Holdings LP Add +131.1% 0.12% +0.06
PEP Pepsico Inc. Add +12.9% 0.59% +0.06
MLPA Global X MLP ETF Add +40.5% 0.23% +0.05
CCAP Crescent Capital BDC Inc. New 0.03% +0.03
O Realty Income Corp. Add +5.5% 0.36% +0.01
WY Weyerhaeuser Co. Add +16.6% 0.18% +0.01
OBDC Blue Owl Capital Corp. Add +24.8% 0.21% +0.00
SCHG Schwab US Large-Cap Growth Add +0.6% 0.20% +0.00
PFFD Global X US Preferred ETF Add +0.7% 0.13% −0.01
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +0.7% 0.16% −0.01
NNN NNN REIT Inc. Add +5.8% 0.24% −0.01
MSDL Morgan Stanley Direct Lendin Add +21.1% 0.23% −0.01
GBDC Golub Capital BDC Inc. Add +11.8% 0.28% −0.01
BIZD Vaneck BDC Income ETF Add +0.1% 0.15% −0.03
CAG Conagra Brands Inc. Add +1.8% 0.47% −0.09
KMB Kimberly-Clark Corp. Add +0.5% 1.17% −0.15

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