Adams Natural Resources Fund, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 23, 2025), Adams Natural Resources Fund, Inc. reported 52 stock positions worth $679.8 million. Its top holding was Exxon Mobil (XOM) at 23.7% of the portfolio, followed by CF Industries (CF, 13.0%) and Conocophillips (COP, 6.0%). Compared with Q4 2024, it sold out of 3, added to 19 and reduced 23. The biggest buy was CF Industries (CF, shares +1693%) and the biggest sale Chevron (CVX, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0000216851
- Portfolio Value
- $679.8M (Q1 2025)
- SEC Filing
- 0001104659-25-037849 ↗ filed Apr 23, 2025
Holdings Value
Holdings 52 stocks · $679.8M
| XOM Exxon Mobil Corp. | 23.68% | 1,353,755 | $161.0M | Reduce -5.6% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 12.96% | 526,571 | $88.1M | Add +1693.0% |
| COP Conocophillips | 6.01% | 389,103 | $40.9M | Reduce -4.8% |
| ITRI Itron Inc. | 4.41% | 64,400 | $30.0M | Add +127.6% |
| EOG EOG Resources Inc. | 3.81% | 202,067 | $25.9M | Reduce -7.2% |
| FTI Technipfmc PLC | 3.21% | 365,350 | $21.8M | Add +233.7% |
| HAL Halliburton Co. | 3.21% | 136,589 | $21.8M | Reduce -23.0% |
| BKR Baker Hughes Co. | 2.70% | 418,100 | $18.4M | Reduce -2.3% |
| IP International Paper Co. | 2.67% | 636,192 | $18.2M | Add +2859.0% |
| NUE Nucor Corp. | 2.60% | 178,000 | $17.7M | Add +687.6% |
| SW Smurfit Westrock PLC | 2.46% | 83,300 | $16.7M | Add +101.7% |
| OKE Oneok Inc. | 2.44% | 134,575 | $16.6M | Reduce -28.3% |
| PSX Phillips 66 | 2.30% | 373,733 | $15.6M | Add +170.5% |
| LIN Linde PLC | 2.26% | 105,612 | $15.4M | Add +52.2% |
| PPG PPG Industries Inc. | 1.99% | 38,800 | $13.5M | Add +114.4% |
| ECL Ecolab Inc. | 1.80% | 48,400 | $12.3M | No change |
| EXE Expand Energy Corp. | 1.80% | 110,100 | $12.3M | Add +69.1% |
| CTRA Coterra Energy Inc. | 1.54% | 361,300 | $10.4M | Add +187.0% |
| TPL Texas Pacific Land Corp. | 1.52% | 78,300 | $10.3M | Add +1310.8% |
| FANG Diamondback Energy Inc. | 1.30% | 55,200 | $8.8M | Reduce -30.5% |
| FMC FMC Corp. | 1.25% | 224,300 | $8.5M | Add +2991.7% |
| NEM Newmont Corp. | 1.08% | 148,351 | $7.3M | Reduce -3.1% |
| TRGP Targa Resources Corp. | 1.06% | 5,450 | $7.2M | Reduce -93.5% |
| WMB Williams Cos Inc. | 0.94% | 27,300 | $6.4M | Reduce -92.5% |
| APD Air Products & Chemicals Inc. | 0.92% | 21,200 | $6.3M | Reduce -1.4% |
| MLM Martin Marietta Materials | 0.91% | 128,400 | $6.2M | Add +2277.8% |
| EQT Eqt Corp. | 0.89% | 113,300 | $6.1M | Add +26.9% |
| CTVA Corteva Inc. | 0.85% | 91,945 | $5.8M | No change |
| DVN Devon Energy Corp. | 0.69% | 124,800 | $4.7M | Reduce -1.1% |
| FCX Freeport-McMoran Inc. | 0.65% | 175,353 | $4.4M | Reduce -32.4% |
| CE Celanese Corp. | 0.60% | 52,269 | $4.1M | Add +660.1% |
| CCK Crown Holdings Inc. | 0.55% | 42,200 | $3.8M | No change |
| EMN Eastman Chemical Co. | 0.53% | 40,900 | $3.6M | Reduce -22.5% |
| DD Dupont DE Nemours Inc. | 0.41% | 36,926 | $2.8M | No change |
| MOS The Mosaic Co. | 0.40% | 22,600 | $2.7M | Add +6.6% |
| LYB Lyondellbasell Indu Class A | 0.38% | 5,400 | $2.6M | Reduce -73.8% |
| DOW Dow Inc. | 0.33% | 63,945 | $2.2M | No change |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.32% | 40,900 | $2.2M | Reduce -27.8% |
| STLD Steel Dynamics Inc. | 0.29% | 62,800 | $2.0M | Add +401.4% |
| PKG Packaging Corp. of America | 0.29% | 18,100 | $2.0M | Add +144.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.27% | 41,300 | $1.9M | Reduce -89.1% |
| HES Hess Corp. | 0.23% | 20,206 | $1.6M | Reduce -85.4% |
| SHW The Sherwin-Williams Co. | 0.23% | 12,526 | $1.6M | Reduce -45.5% |
| OXY Occidental Petroleum Corp. | 0.22% | 7,400 | $1.5M | Reduce -95.1% |
| KMI Kinder Morgan Inc. | 0.21% | 20,600 | $1.5M | Reduce -95.4% |
| BALL Ball Corp. | 0.18% | 23,300 | $1.2M | No change |
| APA Apa Corp. | 0.17% | 56,000 | $1.2M | No change |
| AVY Avery Dennison Corp. | 0.16% | 6,300 | $1.1M | No change |
| AMCR Amcor PLC | 0.13% | 92,400 | $896K | No change |
| MPC Marathon Petroleum Corp. | 0.08% | 21,201 | $573K | Reduce -80.5% |
| ALB Albemarle Corp. | 0.08% | 7,200 | $519K | No change |
| CVX Chevron Corp. | 0.00% | 225 | $25K | Reduce -100.0% |
Portfolio Sells Q4 2024 → Q1 2025
| CVX Chevron Corp. | Reduce -100.0% | 0.00% | −11.67 |
| HES Hess Corp. | Reduce -85.4% | 0.23% | −2.67 |
| MPC Marathon Petroleum Corp. | Reduce -80.5% | 0.08% | −2.31 |
| WMB Williams Cos Inc. | Reduce -92.5% | 0.94% | −2.19 |
| SLB SLB Ltd. | Reduce -89.1% | 0.27% | −2.02 |
| KMI Kinder Morgan Inc. | Reduce -95.4% | 0.21% | −1.71 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −1.57 |
| TRGP Targa Resources Corp. | Reduce -93.5% | 1.06% | −1.29 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −1.03 |
| SHW The Sherwin-Williams Co. | Reduce -45.5% | 0.23% | −1.00 |
| OXY Occidental Petroleum Corp. | Reduce -95.1% | 0.22% | −0.96 |
| FCX Freeport-McMoran Inc. | Reduce -32.4% | 0.65% | −0.91 |
| FANG Diamondback Energy Inc. | Reduce -30.5% | 1.30% | −0.76 |
| XOM Exxon Mobil Corp. | Reduce -5.6% | 23.68% | −0.69 |
| OKE Oneok Inc. | Reduce -28.3% | 2.44% | −0.53 |
| IFF Intl Flavors & Fragrances | Reduce -27.8% | 0.32% | −0.44 |
| EOG EOG Resources Inc. | Reduce -7.2% | 3.81% | −0.40 |
| COP Conocophillips | Reduce -4.8% | 6.01% | −0.39 |
| EMN Eastman Chemical Co. | Reduce -22.5% | 0.53% | −0.23 |
| BKR Baker Hughes Co. | Reduce -2.3% | 2.70% | −0.07 |
| APD Air Products & Chemicals Inc. | Reduce -1.4% | 0.92% | −0.07 |
| CHRD Chord Energy Corp. | Sold out | 0.00% | −0.00 |
| DVN Devon Energy Corp. | Reduce -1.1% | 0.69% | +0.03 |
| LYB Lyondellbasell Indu Class A | Reduce -73.8% | 0.38% | +0.14 |
| NEM Newmont Corp. | Reduce -3.1% | 1.08% | +0.18 |
| HAL Halliburton Co. | Reduce -23.0% | 3.21% | +2.45 |
Portfolio Buys Q4 2024 → Q1 2025
| CF CF Industries Holdings Inc. | Add +1693.0% | 12.96% | +12.56 |
| ITRI Itron Inc. | Add +127.6% | 4.41% | +3.93 |
| FTI Technipfmc PLC | Add +233.7% | 3.21% | +2.71 |
| IP International Paper Co. | Add +2859.0% | 2.67% | +2.49 |
| NUE Nucor Corp. | Add +687.6% | 2.60% | +2.18 |
| SW Smurfit Westrock PLC | Add +101.7% | 2.46% | +2.10 |
| PPG PPG Industries Inc. | Add +114.4% | 1.99% | +1.65 |
| FMC FMC Corp. | Add +2991.7% | 1.25% | +1.19 |
| CTRA Coterra Energy Inc. | Add +187.0% | 1.54% | +1.03 |
| EXE Expand Energy Corp. | Add +69.1% | 1.80% | +0.78 |
| TPL Texas Pacific Land Corp. | Add +1310.8% | 1.52% | +0.55 |
| CE Celanese Corp. | Add +660.1% | 0.60% | +0.53 |
| MLM Martin Marietta Materials | Add +2277.8% | 0.91% | +0.47 |
| MOS The Mosaic Co. | Add +6.6% | 0.40% | +0.32 |
| EQT Eqt Corp. | Add +26.9% | 0.89% | +0.24 |
| STLD Steel Dynamics Inc. | Add +401.4% | 0.29% | +0.07 |
| PKG Packaging Corp. of America | Add +144.6% | 0.29% | +0.03 |
| PSX Phillips 66 | Add +170.5% | 2.30% | −0.19 |
| LIN Linde PLC | Add +52.2% | 2.26% | −2.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 51 | $762.9M | XOM, CVX, COP, WMB, VLO |
| Q1 2026 | 54 | $862.6M | XOM, CVX, COP, WMB, SLB |
| Q4 2025 | 55 | $659.4M | XOM, CVX, COP, WMB, LIN |
| Q3 2025 | 55 | $659.1M | XOM, CVX, COP, LIN, WMB |
| Q2 2025 | 54 | $631.2M | XOM, CVX, COP, LIN, EOG |
| Q1 2025 | 52 | $679.8M | XOM, CF, COP, ITRI, EOG |
| Q4 2024 | 55 | $632.9M | XOM, CVX, COP, LIN, EOG |
| Q3 2024 | 56 | $675.3M | XOM, CVX, COP, LIN, EOG |
| Q2 2024 | 54 | $685.3M | XOM, CVX, COP, LIN, MPC |
| Q1 2024 | 55 | $709.0M | XOM, CVX, COP, MPC, LIN |