Adams Natural Resources Fund, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Adams Natural Resources Fund, Inc. reported 54 stock positions worth $631.2 million. Its top holding was Exxon Mobil (XOM) at 22.8% of the portfolio, followed by Chevron (CVX, 11.6%) and Conocophillips (COP, 5.3%). Compared with Q1 2025, it opened 5 new positions, sold out of 3, added to 15 and reduced 27. The biggest buy was Chevron (CVX, shares +226909%) and the biggest sale CF Industries (CF, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0000216851
- Portfolio Value
- $631.2M (Q2 2025)
- SEC Filing
- 0001104659-25-072135 ↗ filed Jul 30, 2025
Holdings Value
Holdings 54 stocks · $631.2M
| XOM Exxon Mobil Corp. | 22.84% | 1,337,255 | $144.2M | Reduce -1.2% |
| CVX Chevron Corp. | 11.59% | 510,771 | $73.1M | Add +226909.3% |
| COP Conocophillips | 5.33% | 374,903 | $33.6M | Reduce -3.6% |
| LIN Linde PLC | 4.73% | 63,600 | $29.8M | Reduce -39.8% |
| EOG EOG Resources Inc. | 3.77% | 199,067 | $23.8M | Reduce -1.5% |
| WMB Williams Cos Inc. | 3.64% | 365,350 | $22.9M | Add +1238.3% |
| KMI Kinder Morgan Inc. | 2.96% | 636,192 | $18.7M | Add +2988.3% |
| HES Hess Corp. | 2.95% | 134,589 | $18.6M | Add +566.1% |
| PSX Phillips 66 | 2.80% | 148,175 | $17.7M | Reduce -60.4% |
| MPC Marathon Petroleum Corp. | 2.75% | 104,312 | $17.3M | Add +392.0% |
| TRGP Targa Resources Corp. | 2.30% | 83,300 | $14.5M | Add +1428.4% |
| BKR Baker Hughes Co. | 2.29% | 376,900 | $14.5M | Reduce -9.8% |
| OKE Oneok Inc. | 2.25% | 174,000 | $14.2M | Add +29.3% |
| SHW The Sherwin-Williams Co. | 2.08% | 38,300 | $13.2M | Add +205.8% |
| EXE Expand Energy Corp. | 2.01% | 108,700 | $12.7M | Reduce -1.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.98% | 369,233 | $12.5M | Add +794.0% |
| ECL Ecolab Inc. | 1.92% | 45,000 | $12.1M | Reduce -7.0% |
| FCX Freeport-McMoran Inc. | 1.71% | 248,400 | $10.8M | Add +41.7% |
| VLO Valero Energy Corp. | 1.67% | 78,300 | $10.5M | New |
| DVN Devon Energy Corp. | 1.53% | 302,800 | $9.6M | Add +142.6% |
| NEM Newmont Corp. | 1.17% | 126,800 | $7.4M | Reduce -14.5% |
| VMC Vulcan Materials Co. | 1.11% | 26,900 | $7.0M | New |
| CTVA Corteva Inc. | 1.09% | 91,945 | $6.9M | No change |
| EQT Eqt Corp. | 1.03% | 111,900 | $6.5M | Reduce -1.2% |
| CTRA Coterra Energy Inc. | 0.94% | 233,900 | $5.9M | Reduce -35.3% |
| APD Air Products & Chemicals Inc. | 0.93% | 20,900 | $5.9M | Reduce -1.4% |
| TPL Texas Pacific Land Corp. | 0.91% | 5,450 | $5.8M | Reduce -93.0% |
| OXY Occidental Petroleum Corp. | 0.86% | 128,951 | $5.4M | Add +1642.6% |
| FANG Diamondback Energy Inc. | 0.78% | 35,900 | $4.9M | Reduce -35.0% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.75% | 51,569 | $4.7M | Reduce -90.2% |
| DD Dupont DE Nemours Inc. | 0.62% | 56,726 | $3.9M | Add +53.6% |
| HAL Halliburton Co. | 0.57% | 175,353 | $3.6M | Add +28.4% |
| CCK Crown Holdings Inc. | 0.53% | 32,400 | $3.3M | Reduce -23.2% |
| LNG Cheniere Energy Inc. | 0.51% | 13,300 | $3.2M | New |
| CNQ Canadian Natural Resources | 0.48% | 97,000 | $3.0M | New |
| MLM Martin Marietta Materials | 0.47% | 5,400 | $3.0M | Reduce -95.8% |
| NUE Nucor Corp. | 0.46% | 22,600 | $2.9M | Reduce -87.3% |
| EMN Eastman Chemical Co. | 0.39% | 33,100 | $2.5M | Reduce -19.1% |
| FTI Technipfmc PLC | 0.34% | 62,800 | $2.2M | Reduce -82.8% |
| PPG PPG Industries Inc. | 0.33% | 18,100 | $2.1M | Reduce -53.4% |
| IP International Paper Co. | 0.30% | 40,900 | $1.9M | Reduce -93.6% |
| SW Smurfit Westrock PLC | 0.28% | 41,300 | $1.8M | Reduce -50.4% |
| DOW Dow Inc. | 0.27% | 63,945 | $1.7M | No change |
| STLD Steel Dynamics Inc. | 0.25% | 12,526 | $1.6M | Reduce -80.0% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.24% | 20,206 | $1.5M | Reduce -50.6% |
| PKG Packaging Corp. of America | 0.22% | 7,400 | $1.4M | Reduce -59.1% |
| BALL Ball Corp. | 0.21% | 23,300 | $1.3M | No change |
| LYB Lyondellbasell Indu Class A | 0.19% | 20,600 | $1.2M | Add +281.5% |
| AVY Avery Dennison Corp. | 0.18% | 6,300 | $1.1M | No change |
| APA Apa Corp. | 0.16% | 56,000 | $1.0M | No change |
| AMCR Amcor PLC | 0.13% | 92,400 | $849K | No change |
| MOS The Mosaic Co. | 0.12% | 21,201 | $773K | Reduce -6.2% |
| ALB Albemarle Corp. | 0.07% | 7,200 | $451K | No change |
| CHRD Chord Energy Corp. | 0.00% | 225 | $22K | New |
Portfolio Sells Q1 2025 → Q2 2025
| CF CF Industries Holdings Inc. | Reduce -90.2% | 0.75% | −12.21 |
| ITRI Itron Inc. | Sold out | 0.00% | −4.41 |
| FTI Technipfmc PLC | Reduce -82.8% | 0.34% | −2.87 |
| IP International Paper Co. | Reduce -93.6% | 0.30% | −2.37 |
| SW Smurfit Westrock PLC | Reduce -50.4% | 0.28% | −2.17 |
| NUE Nucor Corp. | Reduce -87.3% | 0.46% | −2.13 |
| PPG PPG Industries Inc. | Reduce -53.4% | 0.33% | −1.67 |
| FMC FMC Corp. | Sold out | 0.00% | −1.25 |
| XOM Exxon Mobil Corp. | Reduce -1.2% | 22.84% | −0.84 |
| COP Conocophillips | Reduce -3.6% | 5.33% | −0.68 |
| TPL Texas Pacific Land Corp. | Reduce -93.0% | 0.91% | −0.61 |
| CE Celanese Corp. | Sold out | 0.00% | −0.60 |
| CTRA Coterra Energy Inc. | Reduce -35.3% | 0.94% | −0.60 |
| FANG Diamondback Energy Inc. | Reduce -35.0% | 0.78% | −0.52 |
| MLM Martin Marietta Materials | Reduce -95.8% | 0.47% | −0.44 |
| BKR Baker Hughes Co. | Reduce -9.8% | 2.29% | −0.41 |
| MOS The Mosaic Co. | Reduce -6.2% | 0.12% | −0.28 |
| EMN Eastman Chemical Co. | Reduce -19.1% | 0.39% | −0.14 |
| IFF Intl Flavors & Fragrances | Reduce -50.6% | 0.24% | −0.09 |
| PKG Packaging Corp. of America | Reduce -59.1% | 0.22% | −0.07 |
| EOG EOG Resources Inc. | Reduce -1.5% | 3.77% | −0.04 |
| STLD Steel Dynamics Inc. | Reduce -80.0% | 0.25% | −0.04 |
| CCK Crown Holdings Inc. | Reduce -23.2% | 0.53% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -1.4% | 0.93% | +0.01 |
| NEM Newmont Corp. | Reduce -14.5% | 1.17% | +0.09 |
| ECL Ecolab Inc. | Reduce -7.0% | 1.92% | +0.12 |
| EQT Eqt Corp. | Reduce -1.2% | 1.03% | +0.14 |
| EXE Expand Energy Corp. | Reduce -1.3% | 2.01% | +0.21 |
| PSX Phillips 66 | Reduce -60.4% | 2.80% | +0.50 |
| LIN Linde PLC | Reduce -39.8% | 4.73% | +2.46 |
Portfolio Buys Q1 2025 → Q2 2025
| CVX Chevron Corp. | Add +226909.3% | 11.59% | +11.58 |
| KMI Kinder Morgan Inc. | Add +2988.3% | 2.96% | +2.75 |
| HES Hess Corp. | Add +566.1% | 2.95% | +2.72 |
| WMB Williams Cos Inc. | Add +1238.3% | 3.64% | +2.70 |
| MPC Marathon Petroleum Corp. | Add +392.0% | 2.75% | +2.66 |
| SHW The Sherwin-Williams Co. | Add +205.8% | 2.08% | +1.85 |
| SLB SLB Ltd. | Add +794.0% | 1.98% | +1.70 |
| VLO Valero Energy Corp. | New | 1.67% | +1.67 |
| TRGP Targa Resources Corp. | Add +1428.4% | 2.30% | +1.24 |
| VMC Vulcan Materials Co. | New | 1.11% | +1.11 |
| FCX Freeport-McMoran Inc. | Add +41.7% | 1.71% | +1.05 |
| DVN Devon Energy Corp. | Add +142.6% | 1.53% | +0.84 |
| OXY Occidental Petroleum Corp. | Add +1642.6% | 0.86% | +0.64 |
| LNG Cheniere Energy Inc. | New | 0.51% | +0.51 |
| CNQ Canadian Natural Resources | New | 0.48% | +0.48 |
| DD Dupont DE Nemours Inc. | Add +53.6% | 0.62% | +0.21 |
| CHRD Chord Energy Corp. | New | 0.00% | +0.00 |
| LYB Lyondellbasell Indu Class A | Add +281.5% | 0.19% | −0.19 |
| OKE Oneok Inc. | Add +29.3% | 2.25% | −0.19 |
| HAL Halliburton Co. | Add +28.4% | 0.57% | −2.64 |
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 |