# ADAMS NATURAL RESOURCES FUND, INC.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 216851. Source: https://holderbook.com/funds/216851-adams-natural-resources-fund-inc/

- Reported value: $762.9M
- Positions: 51
- Weight of the ten largest: 67.0%
- Filed: 2026-07-22

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $184.1M | 1,346,355 | 24.1% | 1 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $97.2M | 586,624 | 12.7% | 31 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $46.2M | 444,303 | 6.1% | 31 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $31.6M | 425,250 | 4.1% | 31 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $29.6M | 113,700 | 3.9% | 5 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $27.9M | 53,700 | 3.7% | 14 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $25.5M | 547,633 | 3.3% | 31 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $24.6M | 91,600 | 3.2% | 15 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $23.9M | 141,475 | 3.1% | 31 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $20.4M | 79,912 | 2.7% | 31 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $18.2M | 140,067 | 2.4% | 31 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $14.9M | 306,551 | 2.0% | 31 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $14.7M | 83,800 | 1.9% | 31 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $14.7M | 233,200 | 1.9% | 31 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $13.7M | 429,392 | 1.8% | 31 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $12.4M | 223,800 | 1.6% | 31 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $12.2M | 140,500 | 1.6% | 31 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $12.0M | 353,053 | 1.6% | 31 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $11.6M | 33,700 | 1.5% | 31 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $11.2M | 120,100 | 1.5% | 31 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $10.8M | 261,760 | 1.4% | 31 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $9.6M | 43,100 | 1.3% | 31 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $8.7M | 31,400 | 1.1% | 31 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $8.2M | 27,700 | 1.1% | 5 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $8.1M | 153,000 | 1.1% | 16 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $8.1M | 88,500 | 1.1% | 10 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $6.1M | 57,400 | 0.8% | 3 |
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $5.8M | 13,350 | 0.8% | 7 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $5.3M | 18,100 | 0.7% | 31 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $5.3M | 66,506 | 0.7% | 31 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $4.9M | 57,945 | 0.6% | 29 |
| CF INDUSTRIES HOLD | [CF](https://holderbook.com/stocks/CF/) | $4.6M | 42,669 | 0.6% | 31 |
| DUPONT DE NEMOURS INC | - | $4.3M | 31,642 | 0.6% | 1 |
| TECHNIPFMC PLC | [FTI](https://holderbook.com/stocks/FTI/) | $3.2M | 48,600 | 0.4% | 13 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $2.6M | 4,500 | 0.3% | 31 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $2.5M | 11,026 | 0.3% | 23 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $2.2M | 18,100 | 0.3% | 31 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $1.9M | 41,300 | 0.3% | 8 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $1.8M | 18,000 | 0.2% | 3 |
| APA CORPORATION | [APA](https://holderbook.com/stocks/APA/) | $1.8M | 56,000 | 0.2% | 22 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $1.6M | 40,900 | 0.2% | 31 |
| AMCOR PLC | [AMCR](https://holderbook.com/stocks/AMCR/) | $1.5M | 34,880 | 0.2% | 2 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $1.4M | 52,945 | 0.2% | 29 |
| PACKAGING CORP AMER | [PKG](https://holderbook.com/stocks/PKG/) | $1.3M | 5,300 | 0.2% | 31 |
| BALL CORP | [BALL](https://holderbook.com/stocks/BALL/) | $1.0M | 16,300 | 0.1% | 31 |
| ALBEMARLE CORP | [ALB](https://holderbook.com/stocks/ALB/) | $972.2K | 7,200 | 0.1% | 31 |
| AVERY DENNISON CORP | [AVY](https://holderbook.com/stocks/AVY/) | $876.7K | 5,400 | 0.1% | 31 |
| LYONDELLBASELL INDUSTRIES NV | [LYB](https://holderbook.com/stocks/LYB/) | $821.3K | 15,600 | 0.1% | 31 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $449.2K | 21,201 | 0.1% | 31 |
| EOS ENERGY ENTERPRISES INC | [EOSE](https://holderbook.com/stocks/EOSE/) | $368.1K | 62,600 | 0.0% | 3 |
| CHORD ENERGY CORPORATION | [CHRD](https://holderbook.com/stocks/CHRD/) | $25.7K | 225 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -10.1% | +14.8% | -25.0% | 100% |
| Q1 2026 | +31.6% | -4.6% | +36.2% | 100% |
| Q4 2025 | -0.3% | +2.4% | -2.7% | 100% |
| Q3 2025 | +4.6% | +7.8% | -3.2% | 100% |
| Q2 2025 | -1.8% | +10.5% | -12.3% | 102% |
| Q1 2025 | +8.2% | -4.6% | +12.7% | 100% |
| Q4 2024 | -5.2% | +2.1% | -7.3% | 100% |
| Q3 2024 | -1.0% | +5.4% | -6.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $762.9M | 51 |
| Q1 2026 | $862.6M | 54 |
| Q4 2025 | $659.4M | 55 |
| Q3 2025 | $659.1M | 55 |
| Q2 2025 | $631.2M | 54 |
| Q1 2025 | $679.8M | 52 |
| Q4 2024 | $632.9M | 55 |
| Q3 2024 | $675.3M | 56 |
| Q2 2024 | $685.3M | 54 |
| Q1 2024 | $709.0M | 55 |
| Q4 2023 | $630.5M | 55 |
| Q3 2023 | $673.0M | 57 |