Adams Natural Resources Fund, Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 1, 2024), Adams Natural Resources Fund, Inc. reported 54 stock positions worth $685.3 million. Its top holding was Exxon Mobil (XOM) at 24.8% of the portfolio, followed by Chevron (CVX, 12.0%) and Conocophillips (COP, 5.7%). Compared with Q1 2024, it sold out of 1, added to 6 and reduced 9. The biggest buy was Exxon Mobil (XOM, shares +26%) and the biggest sale an exit from Pioneer Natural Resources (PXD).

Most Recent 13F
Q2 2026
Location
BALTIMORE, MD
CIK
0000216851
Portfolio Value
$685.3M (Q2 2024)
SEC Filing
0001104659-24-084708 ↗ filed Aug 1, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $709.0M Q1 2024 Q2 2024: $685.3M $685.3M Q2 2024 Q3 2024: $675.3M Q3 2024 Q4 2024: $632.9M Q4 2024 Q1 2025: $679.8M Q1 2025 Q2 2025: $631.2M Q2 2025 Q3 2025: $659.1M Q3 2025 Q4 2025: $659.4M Q4 2025 Q1 2026: $862.6M Q1 2026 Q2 2026: $762.9M Q2 2026

Holdings 54 stocks · $685.3M
XOM Exxon Mobil Corp. 24.84% 1,478,555 $170.2M Add +26.0%
CVX Chevron Corp. 11.98% 524,671 $82.1M Reduce -3.1%
COP Conocophillips 5.71% 341,876 $39.1M No change
LIN Linde PLC 4.39% 68,500 $30.1M Reduce -3.5%
MPC Marathon Petroleum Corp. 4.25% 167,812 $29.1M No change
EOG EOG Resources Inc. 4.05% 220,467 $27.8M No change
PSX Phillips 66 3.18% 154,475 $21.8M No change
HES Hess Corp. 3.06% 141,989 $20.9M No change
FANG Diamondback Energy Inc. 2.86% 97,900 $19.6M No change
WMB Williams Cos Inc. 2.80% 450,950 $19.2M Reduce -8.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 2.60% 377,933 $17.8M No change
DVN Devon Energy Corp. 1.97% 284,700 $13.5M No change
VLO Valero Energy Corp. 1.97% 86,000 $13.5M No change
FCX Freeport-McMoran Inc. 1.83% 257,600 $12.5M Add +0.5%
KMI Kinder Morgan Inc. 1.77% 609,092 $12.1M Reduce -12.3%
ECL Ecolab Inc. 1.74% 50,000 $11.9M No change
OKE Oneok Inc. 1.64% 137,900 $11.2M No change
BKR Baker Hughes Co. 1.52% 296,400 $10.4M No change
OXY Occidental Petroleum Corp. 1.40% 151,951 $9.6M No change
VMC Vulcan Materials Co. 1.16% 32,100 $8.0M No change
TRGP Targa Resources Corp. 1.12% 59,600 $7.7M Reduce -18.7%
NEM Newmont Corp. 1.05% 172,300 $7.2M Add +60.9%
SHW The Sherwin-Williams Co. 1.01% 23,100 $6.9M No change
PPG PPG Industries Inc. 0.91% 49,700 $6.3M Reduce -9.6%
HAL Halliburton Co. 0.87% 177,353 $6.0M No change
CVE Cenovus Energy Inc. 0.84% 293,300 $5.8M No change
APD Air Products & Chemicals Inc. 0.82% 21,700 $5.6M No change
EMN Eastman Chemical Co. 0.78% 54,500 $5.3M Add +607.8%
CTVA Corteva Inc. 0.73% 93,145 $5.0M No change
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 0.67% 55,500 $4.6M Add +38.1%
AVY Avery Dennison Corp. 0.66% 20,800 $4.5M Add +278.2%
FTI Technipfmc PLC 0.66% 173,800 $4.5M No change
NUE Nucor Corp. 0.52% 22,600 $3.6M No change
DOW Dow Inc. 0.49% 63,945 $3.4M No change
CTRA Coterra Energy Inc. 0.49% 125,900 $3.4M No change
MRO Marathon Oil Corp. 0.40% 95,400 $2.7M No change
MLM Martin Marietta Materials 0.40% 5,000 $2.7M No change
DD Dupont DE Nemours Inc. 0.39% 33,526 $2.7M No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.29% 21,006 $2.0M No change
LYB Lyondellbasell Indu Class A 0.29% 20,600 $2.0M Reduce -70.0%
APA Apa Corp. 0.24% 56,000 $1.6M No change
STLD Steel Dynamics Inc. 0.24% 12,526 $1.6M No change
BALL Ball Corp. 0.20% 23,300 $1.4M No change
PKG Packaging Corp. of America 0.16% 5,900 $1.1M No change
EQT Eqt Corp. 0.15% 27,500 $1.0M Reduce -55.2%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.14% 13,369 $991K No change
IP International Paper Co. 0.14% 21,500 $928K No change
CE Celanese Corp. 0.14% 6,877 $928K Reduce -80.8%
AMCR Amcor PLC 0.13% 92,400 $904K No change
WRK Westrock Co. 0.11% 15,400 $774K No change
ALB Albemarle Corp. 0.10% 7,200 $688K No change
MOS The Mosaic Co. 0.09% 21,201 $613K No change
FMC FMC Corp. 0.06% 7,255 $418K No change
CHRD Chord Energy Corp. 0.01% 225 $38K No change

Portfolio Sells Q1 2024 → Q2 2024
PXD Pioneer Natural Resources Co. Sold out 0.00% −3.76
CE Celanese Corp. Reduce -80.8% 0.14% −0.73
LYB Lyondellbasell Indu Class A Reduce -70.0% 0.29% −0.70
LIN Linde PLC Reduce -3.5% 4.39% −0.26
PPG PPG Industries Inc. Reduce -9.6% 0.91% −0.21
EQT Eqt Corp. Reduce -55.2% 0.15% −0.17
CVX Chevron Corp. Reduce -3.1% 11.98% −0.07
TRGP Targa Resources Corp. Reduce -18.7% 1.12% −0.04
KMI Kinder Morgan Inc. Reduce -12.3% 1.77% −0.03
WMB Williams Cos Inc. Reduce -8.3% 2.80% +0.09

Portfolio Buys Q1 2024 → Q2 2024
XOM Exxon Mobil Corp. Add +26.0% 24.84% +5.60
EMN Eastman Chemical Co. Add +607.8% 0.78% +0.67
NEM Newmont Corp. Add +60.9% 1.05% +0.51
AVY Avery Dennison Corp. Add +278.2% 0.66% +0.49
EXE Expand Energy Corp. Add +38.1% 0.67% +0.16
FCX Freeport-McMoran Inc. Add +0.5% 1.83% +0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 51$762.9MXOM, CVX, COP, WMB, VLO
Q1 2026 54$862.6MXOM, CVX, COP, WMB, SLB
Q4 2025 55$659.4MXOM, CVX, COP, WMB, LIN
Q3 2025 55$659.1MXOM, CVX, COP, LIN, WMB
Q2 2025 54$631.2MXOM, CVX, COP, LIN, EOG
Q1 2025 52$679.8MXOM, CF, COP, ITRI, EOG
Q4 2024 55$632.9MXOM, CVX, COP, LIN, EOG
Q3 2024 56$675.3MXOM, CVX, COP, LIN, EOG
Q2 2024 54$685.3MXOM, CVX, COP, LIN, MPC
Q1 2024 55$709.0MXOM, CVX, COP, MPC, LIN