Adams Natural Resources Fund, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Adams Natural Resources Fund, Inc. reported 55 stock positions worth $659.4 million. Its top holding was Exxon Mobil (XOM) at 24.1% of the portfolio, followed by Chevron (CVX, 14.4%) and Conocophillips (COP, 5.4%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 9 and reduced 24. The biggest buy was Exxon Mobil (XOM, shares +1%) and the biggest sale Conocophillips (COP, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0000216851
- Portfolio Value
- $659.4M (Q4 2025)
- SEC Filing
- 0001104659-26-014837 ↗ filed Feb 13, 2026
Holdings Value
Holdings 55 stocks · $659.4M
| XOM Exxon Mobil Corp. | 24.06% | 1,318,055 | $158.6M | Add +1.3% |
| CVX Chevron Corp. | 14.42% | 623,724 | $95.1M | Reduce -1.4% |
| COP Conocophillips | 5.36% | 377,203 | $35.3M | Reduce -15.7% |
| WMB Williams Cos Inc. | 3.97% | 435,550 | $26.2M | Add +24.4% |
| LIN Linde PLC | 3.47% | 53,700 | $22.9M | Reduce -12.7% |
| PSX Phillips 66 | 3.04% | 155,475 | $20.1M | Reduce -2.5% |
| KMI Kinder Morgan Inc. | 2.87% | 689,092 | $18.9M | Reduce -1.1% |
| BKR Baker Hughes Co. | 2.60% | 376,900 | $17.2M | No change |
| MPC Marathon Petroleum Corp. | 2.28% | 92,612 | $15.1M | Reduce -17.7% |
| EOG EOG Resources Inc. | 2.25% | 141,367 | $14.8M | No change |
| VLO Valero Energy Corp. | 2.17% | 87,900 | $14.3M | Reduce -1.1% |
| EQT Eqt Corp. | 2.13% | 262,600 | $14.1M | Add +19.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 1.96% | 336,433 | $12.9M | Reduce -5.3% |
| NEM Newmont Corp. | 1.94% | 128,400 | $12.8M | Add +2.5% |
| TRGP Targa Resources Corp. | 1.94% | 69,400 | $12.8M | Add +66.8% |
| OKE Oneok Inc. | 1.86% | 166,600 | $12.2M | Reduce -1.1% |
| FANG Diamondback Energy Inc. | 1.81% | 79,500 | $12.0M | Add +123.9% |
| FCX Freeport-McMoran Inc. | 1.80% | 233,200 | $11.8M | Add +5.0% |
| ECL Ecolab Inc. | 1.69% | 42,400 | $11.1M | Reduce -4.5% |
| DVN Devon Energy Corp. | 1.66% | 299,200 | $11.0M | Reduce -0.1% |
| NUE Nucor Corp. | 1.29% | 52,000 | $8.5M | Reduce -3.7% |
| CRH CRH PLC | 1.21% | 64,000 | $8.0M | New |
| VMC Vulcan Materials Co. | 1.20% | 27,700 | $7.9M | Add +4.1% |
| OXY Occidental Petroleum Corp. | 1.19% | 190,651 | $7.8M | Reduce -23.9% |
| SHW The Sherwin-Williams Co. | 1.18% | 24,100 | $7.8M | Reduce -4.4% |
| HAL Halliburton Co. | 1.18% | 275,153 | $7.8M | Add +73.8% |
| EXE Expand Energy Corp. | 0.78% | 46,400 | $5.1M | No change |
| APD Air Products & Chemicals Inc. | 0.68% | 18,100 | $4.5M | Reduce -12.1% |
| CTVA Corteva Inc. | 0.59% | 57,945 | $3.9M | Reduce -37.0% |
| CVE Cenovus Energy Inc. | 0.59% | 228,100 | $3.9M | No change |
| TPL Texas Pacific Land Corp. | 0.58% | 13,350 | $3.8M | Reduce -13.6% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.55% | 46,569 | $3.6M | Reduce -9.7% |
| MLM Martin Marietta Materials | 0.51% | 5,400 | $3.4M | No change |
| CTRA Coterra Energy Inc. | 0.48% | 120,800 | $3.2M | No change |
| DD Dupont DE Nemours Inc. | 0.48% | 78,626 | $3.2M | No change |
| CCK Crown Holdings Inc. | 0.46% | 29,600 | $3.0M | Reduce -8.6% |
| FTI Technipfmc PLC | 0.42% | 62,800 | $2.8M | No change |
| STLD Steel Dynamics Inc. | 0.28% | 11,026 | $1.9M | No change |
| PPG PPG Industries Inc. | 0.28% | 18,100 | $1.9M | No change |
| CNQ Canadian Natural Resources | 0.26% | 51,200 | $1.7M | Reduce -47.2% |
| CCJ Cameco Corp. | 0.25% | 18,000 | $1.6M | New |
| IP International Paper Co. | 0.24% | 40,900 | $1.6M | No change |
| SW Smurfit Westrock PLC | 0.24% | 41,300 | $1.6M | No change |
| PKG Packaging Corp. of America | 0.23% | 7,400 | $1.5M | No change |
| AMCR Amcor PLC | 0.22% | 174,400 | $1.5M | Reduce -11.2% |
| APA Apa Corp. | 0.21% | 56,000 | $1.4M | No change |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.21% | 20,206 | $1.4M | No change |
| DOW Dow Inc. | 0.19% | 52,945 | $1.2M | Reduce -17.2% |
| ALB Albemarle Corp. | 0.15% | 7,200 | $1.0M | No change |
| AVY Avery Dennison Corp. | 0.15% | 5,400 | $982K | No change |
| BALL Ball Corp. | 0.13% | 16,300 | $863K | Reduce -30.0% |
| EOSE Eos Energy Enterprises Inc. | 0.11% | 62,600 | $717K | New |
| LYB Lyondellbasell Indu Class A | 0.10% | 15,600 | $675K | Reduce -24.3% |
| MOS The Mosaic Co. | 0.08% | 21,201 | $511K | No change |
| CHRD Chord Energy Corp. | 0.00% | 225 | $21K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| COP Conocophillips | Reduce -15.7% | 5.36% | −1.06 |
| MPC Marathon Petroleum Corp. | Reduce -17.7% | 2.28% | −1.01 |
| LIN Linde PLC | Reduce -12.7% | 3.47% | −0.96 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.63 |
| OXY Occidental Petroleum Corp. | Reduce -23.9% | 1.19% | −0.61 |
| CVX Chevron Corp. | Reduce -1.4% | 14.42% | −0.49 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.45 |
| CTVA Corteva Inc. | Reduce -37.0% | 0.59% | −0.35 |
| PSX Phillips 66 | Reduce -2.5% | 3.04% | −0.25 |
| CNQ Canadian Natural Resources | Reduce -47.2% | 0.26% | −0.21 |
| APD Air Products & Chemicals Inc. | Reduce -12.1% | 0.68% | −0.17 |
| ECL Ecolab Inc. | Reduce -4.5% | 1.69% | −0.16 |
| CF CF Industries Holdings Inc. | Reduce -9.7% | 0.55% | −0.16 |
| TPL Texas Pacific Land Corp. | Reduce -13.6% | 0.58% | −0.15 |
| SHW The Sherwin-Williams Co. | Reduce -4.4% | 1.18% | −0.14 |
| VLO Valero Energy Corp. | Reduce -1.1% | 2.17% | −0.13 |
| KMI Kinder Morgan Inc. | Reduce -1.1% | 2.87% | −0.12 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.08 |
| LYB Lyondellbasell Indu Class A | Reduce -24.3% | 0.10% | −0.05 |
| BALL Ball Corp. | Reduce -30.0% | 0.13% | −0.05 |
| DOW Dow Inc. | Reduce -17.2% | 0.19% | −0.03 |
| AMCR Amcor PLC | Reduce -11.2% | 0.22% | −0.02 |
| CCK Crown Holdings Inc. | Reduce -8.6% | 0.46% | −0.01 |
| OKE Oneok Inc. | Reduce -1.1% | 1.86% | −0.01 |
| DVN Devon Energy Corp. | Reduce -0.1% | 1.66% | +0.07 |
| SLB SLB Ltd. | Reduce -5.3% | 1.96% | +0.11 |
| NUE Nucor Corp. | Reduce -3.7% | 1.29% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| XOM Exxon Mobil Corp. | Add +1.3% | 24.06% | +1.79 |
| CRH CRH PLC | New | 1.21% | +1.21 |
| FANG Diamondback Energy Inc. | Add +123.9% | 1.81% | +1.04 |
| TRGP Targa Resources Corp. | Add +66.8% | 1.94% | +0.88 |
| WMB Williams Cos Inc. | Add +24.4% | 3.97% | +0.61 |
| HAL Halliburton Co. | Add +73.8% | 1.18% | +0.59 |
| FCX Freeport-McMoran Inc. | Add +5.0% | 1.80% | +0.47 |
| NEM Newmont Corp. | Add +2.5% | 1.94% | +0.34 |
| EQT Eqt Corp. | Add +19.1% | 2.13% | +0.31 |
| CCJ Cameco Corp. | New | 0.25% | +0.25 |
| EOSE Eos Energy Enterprises Inc. | New | 0.11% | +0.11 |
| VMC Vulcan Materials Co. | Add +4.1% | 1.20% | −0.04 |
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 |