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ADAMS NATURAL RESOURCES FUND, INC.

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13F filer, CIK 216851, BALTIMORE, MD

ADAMS NATURAL RESOURCES FUND, INC. reported $679,849,378 across 52 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-23. Its ten largest share positions make up 65.26% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-037849

Period
2025-03-31
Reported value
$680M
Holdings
52
Top 10 weight
65.26%
New
0
Sold out
3

Part of the filer group ADAMS DIVERSIFIED EQUITY FUND, INC.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CFadded+497,202$83.2M
IPadded+614,692$17.5M
ITRIadded+36,100$16.8M
NUEadded+155,400$15.4M
FTIadded+255,850$15.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TRGPreduced-77,850-$103M
WMBreduced-338,050-$78.9M
CVXreduced-509,946-$57.5M
KMIreduced-424,792-$29.9M
OXYreduced-142,651-$28.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001104659-25-037849, largest first. % of portfolio is the value over $679,849,378, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,489,955 shares; 2024Q4: 1,433,955 shares; 2025Q1: 1,353,755 shares 1,353,755$161M23.68%-80,200Timeline
CFCF INDUSTRIES HOLDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,369 shares; 2024Q4: 29,369 shares; 2025Q1: 526,571 shares 526,571$88.1M12.96%+497,202Timeline
COPCONOCOPHILLIPSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 349,576 shares; 2024Q4: 408,703 shares; 2025Q1: 389,103 shares 389,103$40.9M6.01%-19,600Timeline
ITRIITRON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,300 shares; 2024Q4: 28,300 shares; 2025Q1: 64,400 shares 64,400$30M4.41%+36,100Timeline
EOGEOG RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 217,667 shares; 2024Q4: 217,667 shares; 2025Q1: 202,067 shares 202,067$25.9M3.81%-15,600Timeline
FTITECHNIPFMC PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,600 shares; 2024Q4: 109,500 shares; 2025Q1: 365,350 shares 365,350$21.8M3.21%+255,850Timeline
HALHALLIBURTON COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 177,353 shares; 2024Q4: 177,353 shares; 2025Q1: 136,589 shares 136,589$21.8M3.21%-40,764Timeline
BKRBAKER HUGHES COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 398,800 shares; 2024Q4: 428,100 shares; 2025Q1: 418,100 shares 418,100$18.4M2.7%-10,000Timeline
IPINTERNATIONAL PAPER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,500 shares; 2024Q4: 21,500 shares; 2025Q1: 636,192 shares 636,192$18.2M2.67%+614,692Timeline
NUENUCOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,600 shares; 2024Q4: 22,600 shares; 2025Q1: 178,000 shares 178,000$17.7M2.6%+155,400Timeline
SWSMURFIT WESTROCK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,300 shares; 2024Q4: 41,300 shares; 2025Q1: 83,300 shares 83,300$16.7M2.46%+42,000Timeline
OKEONEOK INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,800 shares; 2024Q4: 187,800 shares; 2025Q1: 134,575 shares 134,575$16.6M2.44%-53,225Timeline
PSXPHILLIPS 66Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,575 shares; 2024Q4: 138,175 shares; 2025Q1: 373,733 shares 373,733$15.6M2.3%+235,558Timeline
LINLINDE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,600 shares; 2024Q4: 69,400 shares; 2025Q1: 105,612 shares 105,612$15.4M2.26%+36,212Timeline
PPGPPG INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,100 shares; 2024Q4: 18,100 shares; 2025Q1: 38,800 shares 38,800$13.5M1.99%+20,700Timeline
ECLECOLAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,400 shares; 2024Q4: 48,400 shares; 2025Q1: 48,400 shares 48,400$12.3M1.8%0Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,500 shares; 2024Q4: 65,100 shares; 2025Q1: 110,100 shares 110,100$12.3M1.8%+45,000Timeline
CTRACOTERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,900 shares; 2024Q4: 125,900 shares; 2025Q1: 361,300 shares 361,300$10.4M1.54%+235,400Timeline
TPLTEXAS PACIFIC LAND CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,550 shares; 2025Q1: 78,300 shares 78,300$10.3M1.52%+72,750Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,900 shares; 2024Q4: 79,400 shares; 2025Q1: 55,200 shares 55,200$8.83M1.3%-24,200Timeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,255 shares; 2024Q4: 7,255 shares; 2025Q1: 224,300 shares 224,300$8.49M1.25%+217,045Timeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 170,100 shares; 2024Q4: 153,100 shares; 2025Q1: 148,351 shares 148,351$7.32M1.08%-4,749Timeline
TRGPTARGA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,900 shares; 2024Q4: 83,300 shares; 2025Q1: 5,450 shares 5,450$7.22M1.06%-77,850Timeline
WMBWILLIAMS COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 445,350 shares; 2024Q4: 365,350 shares; 2025Q1: 27,300 shares 27,300$6.37M0.94%-338,050Timeline
APDAIR PRODUCTS AND CHEMICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,800 shares; 2024Q4: 21,500 shares; 2025Q1: 21,200 shares 21,200$6.25M0.92%-300Timeline
MLMMARTIN MARIETTA MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,900 shares; 2024Q4: 5,400 shares; 2025Q1: 128,400 shares 128,400$6.2M0.91%+123,000Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,600 shares; 2024Q4: 89,300 shares; 2025Q1: 113,300 shares 113,300$6.05M0.89%+24,000Timeline
CTVACORTEVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,945 shares; 2024Q4: 91,945 shares; 2025Q1: 91,945 shares 91,945$5.79M0.85%0Timeline
DVNDEVON ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 126,200 shares; 2024Q4: 126,200 shares; 2025Q1: 124,800 shares 124,800$4.67M0.69%-1,400Timeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 254,400 shares; 2024Q4: 259,400 shares; 2025Q1: 175,353 shares 175,353$4.45M0.65%-84,047Timeline
CECELANESE CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,877 shares; 2024Q4: 6,877 shares; 2025Q1: 52,269 shares 52,269$4.08M0.6%+45,392Timeline
CCKCROWN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 42,200 shares; 2025Q1: 42,200 shares 42,200$3.77M0.55%0Timeline
EMNEASTMAN CHEM COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,800 shares; 2024Q4: 52,800 shares; 2025Q1: 40,900 shares 40,900$3.6M0.53%-11,900Timeline
DDDUPONT DE NEMOURS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,526 shares; 2024Q4: 36,926 shares; 2025Q1: 36,926 shares 36,926$2.76M0.41%0Timeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,201 shares; 2024Q4: 21,201 shares; 2025Q1: 22,600 shares 22,600$2.72M0.4%+1,399Timeline
LYBLYONDELLBASELL INDUSTRIES NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,600 shares; 2024Q4: 20,600 shares; 2025Q1: 5,400 shares 5,400$2.58M0.38%-15,200Timeline
DOWDOW HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,945 shares; 2024Q4: 63,945 shares; 2025Q1: 63,945 shares 63,945$2.23M0.33%0Timeline
IFFINTERNATIONAL FLAVORS&FRAGRAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,606 shares; 2024Q4: 56,606 shares; 2025Q1: 40,900 shares 40,900$2.18M0.32%-15,706Timeline
STLDSTEEL DYNAMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,526 shares; 2024Q4: 12,526 shares; 2025Q1: 62,800 shares 62,800$1.99M0.29%+50,274Timeline
PKGPACKAGING CORP AMERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,900 shares; 2024Q4: 7,400 shares; 2025Q1: 18,100 shares 18,100$1.98M0.29%+10,700Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 377,933 shares; 2024Q4: 377,933 shares; 2025Q1: 41,300 shares 41,300$1.86M0.27%-336,633Timeline
HESS CORPHESS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 140,189 shares; 2024Q4: 138,189 shares; 2025Q1: 20,206 shares 20,206$1.57M0.23%-117,983
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,200 shares; 2024Q4: 23,000 shares; 2025Q1: 12,526 shares 12,526$1.57M0.23%-10,474Timeline
OXYOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,051 shares; 2024Q4: 150,051 shares; 2025Q1: 7,400 shares 7,400$1.47M0.22%-142,651Timeline
KMIKINDER MORGAN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 445,392 shares; 2024Q4: 445,392 shares; 2025Q1: 20,600 shares 20,600$1.45M0.21%-424,792Timeline
BALLBALL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,300 shares; 2024Q4: 23,300 shares; 2025Q1: 23,300 shares 23,300$1.21M0.18%0Timeline
APAAPA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,000 shares; 2024Q4: 56,000 shares; 2025Q1: 56,000 shares 56,000$1.18M0.17%0Timeline
AVYAVERY DENNISON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,300 shares; 2024Q4: 6,300 shares; 2025Q1: 6,300 shares 6,300$1.12M0.16%0Timeline
AMCOR PLCAMCOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,400 shares; 2024Q4: 92,400 shares; 2025Q1: 92,400 shares 92,400$896K0.13%0
MPCMARATHON PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,312 shares; 2024Q4: 108,812 shares; 2025Q1: 21,201 shares 21,201$573K0.08%-87,611Timeline
ALBALBEMARLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,200 shares; 2024Q4: 7,200 shares; 2025Q1: 7,200 shares 7,200$519K0.08%0Timeline
CVXCHEVRON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 518,071 shares; 2024Q4: 510,171 shares; 2025Q1: 225 shares 225$25.4K<0.01%-509,946Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VLOVALERO ENERGY CORP81,200$9.95Mshares
VMCVULCAN MATLS CO25,400$6.53Mshares
CHRDCHORD ENERGY CORPORATION225$26.3Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-037849 base2025-04-23acceptance time not in the bulk data set