0001104659-23-065322.txt : 20230526 0001104659-23-065322.hdr.sgml : 20230526 20230526120143 ACCESSION NUMBER: 0001104659-23-065322 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230526 DATE AS OF CHANGE: 20230526 PERIOD START: 20231231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS NATURAL RESOURCES FUND, INC. CENTRAL INDEX KEY: 0000216851 IRS NUMBER: 135506797 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02736 FILM NUMBER: 23965527 BUSINESS ADDRESS: STREET 1: 500 EAST PRATT STREET STREET 2: SUITE 1300 CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4107525900 MAIL ADDRESS: STREET 1: 500 EAST PRATT STREET STREET 2: SUITE 1300 CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS NATURAL RESOURCES FUND DATE OF NAME CHANGE: 20150331 FORMER COMPANY: FORMER CONFORMED NAME: PETROLEUM & RESOURCES CORP DATE OF NAME CHANGE: 19920703 NPORT-P 1 primary_doc.xml NPORT-P false 0000216851 XXXXXXXX Adams Natural Resources Fund, Inc. 811-02736 0000216851 549300LPTQAH0G3NGD42 500 East Pratt Street Suite 1300 Baltimore 21202 410-752-5900 N/A N/A 2023-12-31 2023-03-31 N 634031910 6879717 627152193 0 0 0 0 0 0 0 0 0 0 0 0 0 150595.000000000000 N N/A N/A APA Corporation 72ZZ1XRHOOU9P9X16K08 APA Corporation 03743Q108 56000 NS USD 2019360 0.322 Long EC CORP US N 1 N N N Baker Hughes Company 549300XU3XH6F05YEQ93 Baker Hughes Company 05722G100 202800 NS USD 5852808 0.9332 Long EC CORP US N 1 N N N Cheniere Energy, Inc. MIHC87W9WTYSYZWV1J40 Cheniere Energy, Inc. 16411R208 23989 NS USD 3780666.4 0.6028 Long EC CORP US N 1 N N N Chevron Corporation N/A Chevron Corporation 166764100 538071 NS USD 87791664.36 13.9985 Long EC CORP US N 1 N N N Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 N/A Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .57 share 674215124 2654 NS USD 47188.12 0.0075 Long EC CORP US N 1 N N N Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/25 N/A Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .57 share 674215132 1327 NS USD 18843.4 0.003 Long EC CORP US N 1 N N N Chord Energy Corporation N/A Chord Energy Corporation 674215207 225 NS USD 30285 0.0048 Long EC CORP US N 1 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 456076 NS USD 45247299.96 7.2147 Long EC CORP US N 1 N N N Coterra Energy Inc. N/A Coterra Energy Inc. 127097103 150100 NS USD 3683454 0.5873 Long EC CORP US N 1 N N N Devon Energy Corporation 54930042348RKR3ZPN35 Devon Energy Corporation 25179M103 126000 NS USD 6376860 1.0168 Long EC CORP US N 1 N N N Diamondback Energy, Inc. 549300R22LSX6OHWEN64 Diamondback Energy, Inc. 25278X109 85100 NS USD 11502967 1.8342 Long EC CORP US N 1 N N N EOG Resources, Inc. XWTZDRYZPBUHIQBKDB46 EOG Resources, Inc. 26875P101 132267 NS USD 15161766.21 2.4176 Long EC CORP US N 1 N N N EQT Corporation 4NT01YGM4X7ZX86ISY52 EQT Corporation 26884L109 61400 NS USD 1959274 0.3124 Long EC CORP US N 1 N N N Exxon Mobil Corporation J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corporation 30231G102 1338130 NS USD 146739335.8 23.3977 Long EC CORP US N 1 N N N Halliburton Company ENYF8GB5SMQZ25S06U51 Halliburton Company 406216101 193853 NS USD 6133508.92 0.978 Long EC CORP US N 1 N N N Hess Corporation UASVRYNXNK17ULIGK870 Hess Corporation 42809H107 113289 NS USD 14992666.26 2.3906 Long EC CORP US N 1 N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. 49456B101 739092 NS USD 12941500.92 2.0635 Long EC CORP US N 1 N N N Marathon Oil Corporation 1FRVQX2CRLGC1XLP5727 Marathon Oil Corporation 565849106 114900 NS USD 2753004 0.439 Long EC CORP US N 1 N N N Marathon Petroleum Corporation 3BNYRYQHD39K4LCKQF12 Marathon Petroleum Corporation 56585A102 200412 NS USD 27021549.96 4.3086 Long EC CORP US N 1 N N N Occidental Petroleum Corporation IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corporation 674599105 236651 NS USD 14774121.93 2.3557 Long EC CORP US N 1 N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680103 87500 NS USD 5559750 0.8865 Long EC CORP US N 1 N N N Phillips 66 5493005JBO5YSIGK1814 Phillips 66 718546104 186575 NS USD 18914973.5 3.016 Long EC CORP US N 1 N N N Pioneer Natural Resources Company FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Company 723787107 108000 NS USD 22057920 3.5172 Long EC CORP US N 1 N N N Schlumberger N.V. 213800ZUA17OK3QLGM62 Schlumberger N.V. 806857108 584533 NS USD 28700570.3 4.5763 Long EC CORP CU N 1 N N N Targa Resources Corp. 5493003QENHHS261UR94 Targa Resources Corp. 87612G101 98800 NS USD 7207460 1.1492 Long EC CORP US N 1 N N N Valero Energy Corporation 549300XTO5VR8SKV1V74 Valero Energy Corporation 91913Y100 86000 NS USD 12005600 1.9143 Long EC CORP US N 1 N N N Williams Companies, Inc. D71FAKCBLFS2O0RBPG08 Williams Companies, Inc. 969457100 260700 NS USD 7784502 1.2412 Long EC CORP US N 1 N N N Air Products and Chemicals, Inc. 7QEON6Y1RL5XR3R1W237 Air Products and Chemicals, Inc. 009158106 31200 NS USD 8960952 1.4288 Long EC CORP US N 1 N N N Albemarle Corporation HDBLS2Q6GV1LSKQPBS54 Albemarle Corporation 012653101 9000 NS USD 1989360 0.3172 Long EC CORP US N 1 N N N Alcoa Corp. 549300T12EZ1F6PWWU29 Alcoa Corp. 013872106 50800 NS USD 2162048 0.3447 Long EC CORP US N 1 N N N Amcor plc 549300GSODGFCDQ3DI89 Amcor plc G0250X107 125100 NS USD 1423638 0.227 Long EC CORP JE N 1 N N N Avery Dennison Corporation 549300PW7VPFCYKLIV37 Avery Dennison Corporation 053611109 5500 NS USD 984115 0.1569 Long EC CORP US N 1 N N N Ball Corporation 0BGI85ALH27ZJP15DY16 Ball Corporation 058498106 29100 NS USD 1603701 0.2557 Long EC CORP US N 1 N N N Celanese Corporation 549300FHJQTDPPN41627 Celanese Corporation 150870103 34300 NS USD 3734927 0.5955 Long EC CORP US N 1 N N N CF Industries Holdings, Inc. 529900CG8YAQFZ2JMV97 CF Industries Holdings, Inc. 125269100 45100 NS USD 3269299 0.5213 Long EC CORP US N 1 N N N Corteva Inc. 549300WZN9I2QKLS0O94 Corteva Inc. 22052L104 66245 NS USD 3995235.95 0.637 Long EC CORP US N 1 N N N Dow, Inc. 5493003S21INSLK2IP73 Dow, Inc. 260557103 65745 NS USD 3604140.9 0.5747 Long EC CORP US N 1 N N N DuPont de Nemours, Inc. N/A DuPont de Nemours, Inc. 26614N102 42087 NS USD 3020583.99 0.4816 Long EC CORP US N 1 N N N Eastman Chemical Company FDPVHDGJ1IQZFK9KH630 Eastman Chemical Company 277432100 8900 NS USD 750626 0.1197 Long EC CORP US N 1 N N N Ecolab Inc. 82DYEISM090VG8LTLS26 Ecolab Inc. 278865100 22800 NS USD 3774084 0.6018 Long EC CORP US N 1 N N N FMC Corporation CKDHZ2X64EEBQCSP7013 FMC Corporation 302491303 35300 NS USD 4311189 0.6874 Long EC CORP US N 1 N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 Freeport-McMoRan, Inc. 35671D857 213500 NS USD 8734285 1.3927 Long EC CORP US N 1 N N N International Flavors & Fragrances Inc. BZLRL03D3GPGMOGFO832 International Flavors & Fragrances Inc. 459506101 21006 NS USD 1931711.76 0.308 Long EC CORP US N 1 N N N International Paper Company 824LMFJDH41EY779Q875 International Paper Company 460146103 28200 NS USD 1016892 0.1621 Long EC CORP US N 1 N N N Linde plc N/A Linde plc G54950103 65500 NS USD 23281320 3.7122 Long EC CORP IE N 1 N N N LyondellBasell Industries N.V. BN6WCCZ8OVP3ITUUVN49 LyondellBasell Industries N.V. N53745100 18400 NS USD 1727576 0.2755 Long EC CORP NL N 1 N N N Martin Marietta Materials, Inc. 5299005MZ4WZECVATV08 Martin Marietta Materials, Inc. 573284106 5200 NS USD 1846312 0.2944 Long EC CORP US N 1 N N N Mosaic Company 2YD5STGSJNMUB7H76907 Mosaic Company 61945C103 25601 NS USD 1174573.88 0.1873 Long EC CORP US N 1 N N N Newmont Corporation 549300VSP3RIX7FGDZ51 Newmont Corporation 651639106 77600 NS USD 3803952 0.6065 Long EC CORP US N 1 N N N Nucor Corporation 549300GGJCRSI2TIEJ46 Nucor Corporation 670346105 40000 NS USD 6178800 0.9852 Long EC CORP US N 1 N N N Packaging Corporation of America 549300XZP8MFZFY8TJ84 Packaging Corporation of America 695156109 7600 NS USD 1055108 0.1682 Long EC CORP US N 1 N N N PPG Industries, Inc. 549300BKPEP01R3V6C59 PPG Industries, Inc. 693506107 19700 NS USD 2631526 0.4196 Long EC CORP US N 1 N N N Sealed Air Corporation Q0M0CZB4YN6JZ65WXI09 Sealed Air Corporation 81211K100 8900 NS USD 408599 0.0652 Long EC CORP US N 1 N N N Sherwin-Williams Company Z15BMIOX8DDH0X2OBP21 Sherwin-Williams Company 824348106 37700 NS USD 8473829 1.3512 Long EC CORP US N 1 N N N Steel Dynamics, Inc. 549300HGGKEL4FYTTQ83 Steel Dynamics, Inc. 858119100 28000 NS USD 3165680 0.5048 Long EC CORP US N 1 N N N Vulcan Materials Company 549300Q8LSNHAVWBNI21 Vulcan Materials Company 929160109 9800 NS USD 1681288 0.2681 Long EC CORP US N 1 N N N WestRock Company 549300JEB576INN13W07 WestRock Company 96145D105 15400 NS USD 469238 0.0748 Long EC CORP US N 1 N N N Western Asset Institutional Treasury Portfolio N/A Western Asset Institutional Treasury Portfolio 52470G882 3804511.353 NS USD 3803750.450729 0.6065 Long STIV RF US N 1 N N N Northern Institutional Treasury Portfolio N/A Northern Institutional Treasury Portfolio 665279808 818263.69 NS USD 818263.69 0.1305 Long STIV RF US N 1 N N N 2023-05-26 Adams Natural Resources Fund, Inc. Christy Sloan Christy Sloan Treasurer XXXX NPORT-EX 2 tm2312386d8_peo-nportex.htm out - none - 2.806s
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Schedule of Investments
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Common Stocks — 99.2% ​
Energy — 81.5%
 ​
Equipment & Services — 6.5%
 ​
Baker Hughes Company
 ​ ​ ​ ​ 202,800 ​ ​ ​ ​ $ 5,852,808 ​ ​
Halliburton Company
 ​ ​ ​ ​ 193,853 ​ ​ ​ ​ ​ 6,133,509 ​ ​
Schlumberger N.V.
 ​ ​ ​ ​ 584,533 ​ ​ ​ ​ ​ 28,700,570 ​ ​
​ ​ ​ ​ ​ 40,686,887 ​ ​
Exploration & Production — 23.0%
 ​
APA Corporation
 ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 2,019,360 ​ ​
Cheniere Energy, Inc.
 ​ ​ ​ ​ 23,989 ​ ​ ​ ​ ​ 3,780,667 ​ ​
Chord Energy Corporation
 ​ ​ ​ ​ 225 ​ ​ ​ ​ ​ 30,285 ​ ​
Chord Energy Corporation warrants, strike price $166.37, 1 warrant for .5774 share, expires 9/1/24 (b)
 ​ ​ ​ ​ 2,654 ​ ​ ​ ​ ​ 47,188 ​ ​
Chord Energy Corporation warrants, strike price $133.70, 1 warrant for .5774 share, expires 9/1/25 (b)
 ​ ​ ​ ​ 1,327 ​ ​ ​ ​ ​ 18,843 ​ ​
ConocoPhillips
 ​ ​ ​ ​ 456,076 ​ ​ ​ ​ ​ 45,247,300 ​ ​
Coterra Energy Inc.
 ​ ​ ​ ​ 150,100 ​ ​ ​ ​ ​ 3,683,454 ​ ​
Devon Energy Corporation
 ​ ​ ​ ​ 126,000 ​ ​ ​ ​ ​ 6,376,860 ​ ​
Diamondback Energy, Inc.
 ​ ​ ​ ​ 85,100 ​ ​ ​ ​ ​ 11,502,967 ​ ​
EOG Resources, Inc.
 ​ ​ ​ ​ 132,267 ​ ​ ​ ​ ​ 15,161,766 ​ ​
EQT Corporation
 ​ ​ ​ ​ 61,400 ​ ​ ​ ​ ​ 1,959,274 ​ ​
Hess Corporation
 ​ ​ ​ ​ 113,289 ​ ​ ​ ​ ​ 14,992,666 ​ ​
Marathon Oil Corporation
 ​ ​ ​ ​ 114,900 ​ ​ ​ ​ ​ 2,753,004 ​ ​
Occidental Petroleum Corporation
 ​ ​ ​ ​ 236,651 ​ ​ ​ ​ ​ 14,774,122 ​ ​
Pioneer Natural Resources Company
 ​ ​ ​ ​ 108,000 ​ ​ ​ ​ ​ 22,057,920 ​ ​
​ ​ ​ ​ 144,405,676 ​ ​
Integrated Oil & Gas — 37.4%
 ​
Chevron Corporation
 ​ ​ ​ ​ 538,071 ​ ​ ​ ​ ​ 87,791,664 ​ ​
Exxon Mobil Corporation
 ​ ​ ​ ​ 1,338,130 ​ ​ ​ ​ ​ 146,739,336 ​ ​
​ ​ ​ ​ ​ 234,531,000 ​ ​
Refining & Marketing — 9.2%
 ​
Marathon Petroleum Corporation
 ​ ​ ​ ​ 200,412 ​ ​ ​ ​ ​ 27,021,550 ​ ​
Phillips 66
 ​ ​ ​ ​ 186,575 ​ ​ ​ ​ ​ 18,914,974 ​ ​
Valero Energy Corporation
 ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 12,005,600 ​ ​
​ ​ ​ ​ 57,942,124 ​ ​
Storage & Transportation — 5.4%
 ​
Kinder Morgan, Inc.
 ​ ​ ​ ​ 739,092 ​ ​ ​ ​ ​ 12,941,501 ​ ​
ONEOK, Inc.
 ​ ​ ​ ​ 87,500 ​ ​ ​ ​ ​ 5,559,750 ​ ​
Targa Resources Corp.
 ​ ​ ​ ​ 98,800 ​ ​ ​ ​ ​ 7,207,460 ​ ​
Williams Companies, Inc.
 ​ ​ ​ ​ 260,700 ​ ​ ​ ​ ​ 7,784,502 ​ ​
​ ​ ​ ​ ​ 33,493,213 ​ ​
​
​
Schedule of Investments (continued)
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Materials — 17.7%
 ​
Chemicals — 12.2%
 ​
Air Products and Chemicals, Inc.
 ​ ​ ​ ​ 31,200 ​ ​ ​ ​ $ 8,960,952 ​ ​
Albemarle Corporation
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 1,989,360 ​ ​
Celanese Corporation
 ​ ​ ​ ​ 34,300 ​ ​ ​ ​ ​ 3,734,927 ​ ​
CF Industries Holdings, Inc.
 ​ ​ ​ ​ 45,100 ​ ​ ​ ​ ​ 3,269,299 ​ ​
Corteva Inc.
 ​ ​ ​ ​ 66,245 ​ ​ ​ ​ ​ 3,995,236 ​ ​
Dow, Inc.
 ​ ​ ​ ​ 65,745 ​ ​ ​ ​ ​ 3,604,141 ​ ​
DuPont de Nemours, Inc.
 ​ ​ ​ ​ 42,087 ​ ​ ​ ​ ​ 3,020,584 ​ ​
Eastman Chemical Company
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 750,626 ​ ​
Ecolab Inc.
 ​ ​ ​ ​ 22,800 ​ ​ ​ ​ ​ 3,774,084 ​ ​
FMC Corporation
 ​ ​ ​ ​ 35,300 ​ ​ ​ ​ ​ 4,311,189 ​ ​
International Flavors & Fragrances Inc.
 ​ ​ ​ ​ 21,006 ​ ​ ​ ​ ​ 1,931,712 ​ ​
Linde plc
 ​ ​ ​ ​ 65,500 ​ ​ ​ ​ ​ 23,281,320 ​ ​
LyondellBasell Industries N.V.
 ​ ​ ​ ​ 18,400 ​ ​ ​ ​ ​ 1,727,576 ​ ​
Mosaic Company
 ​ ​ ​ ​ 25,601 ​ ​ ​ ​ ​ 1,174,574 ​ ​
PPG Industries, Inc.
 ​ ​ ​ ​ 19,700 ​ ​ ​ ​ ​ 2,631,526 ​ ​
Sherwin-Williams Company
 ​ ​ ​ ​ 37,700 ​ ​ ​ ​ ​ 8,473,829 ​ ​
​ ​ ​ ​ ​ 76,630,935 ​ ​
Construction Materials — 0.6%
 ​
Martin Marietta Materials, Inc.
 ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 1,846,312 ​ ​
Vulcan Materials Company
 ​ ​ ​ ​ 9,800 ​ ​ ​ ​ ​ 1,681,288 ​ ​
​ ​ ​ ​ ​ 3,527,600 ​ ​
Containers & Packaging — 1.1%
 ​
Amcor plc
 ​ ​ ​ ​ 125,100 ​ ​ ​ ​ ​ 1,423,638 ​ ​
Avery Dennison Corporation
 ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 984,115 ​ ​
Ball Corporation
 ​ ​ ​ ​ 29,100 ​ ​ ​ ​ ​ 1,603,701 ​ ​
International Paper Company
 ​ ​ ​ ​ 28,200 ​ ​ ​ ​ ​ 1,016,892 ​ ​
Packaging Corporation of America
 ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 1,055,108 ​ ​
Sealed Air Corporation
 ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 408,599 ​ ​
WestRock Company
 ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 469,238 ​ ​
​ ​ ​ ​ ​ 6,961,291 ​ ​
Metals & Mining — 3.8%
 ​
Alcoa Corporation
​ ​ ​ ​ 50,800 ​ ​ ​ ​ ​ 2,162,048 ​ ​
Freeport-McMoRan, Inc.
 ​ ​ ​ ​ 213,500 ​ ​ ​ ​ ​ 8,734,285 ​ ​
Newmont Corporation
 ​ ​ ​ ​ 77,600 ​ ​ ​ ​ ​ 3,803,952 ​ ​
Nucor Corporation
 ​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 6,178,800 ​ ​
Steel Dynamics, Inc.
 ​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 3,165,680 ​ ​
​ ​ ​ ​ ​ 24,044,765 ​ ​
​
​
​
Schedule of Investments (continued)
​
March 31, 2023
(unaudited)
​ ​ ​
Shares
 ​ ​
Value (a)
 ​
Total Common Stocks ​
(Cost $455,618,788)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 622,223,491 ​ ​
Short-Term Investments — 0.7% ​
Money Market Funds — 0.7%
 ​
Northern Institutional Treasury Portfolio, 4.56% (c)
 ​ ​ ​ ​ 818,264 ​ ​ ​ ​ ​ 818,264 ​ ​
Western Asset Institutional Liquid Reserves
Fund, 4.95% (c)
 ​ ​ ​ ​ 3,804,511 ​ ​ ​ ​ ​ 3,803,750 ​ ​
Total Short-Term Investments ​
(Cost $4,622,514)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,622,014 ​ ​
Total — 99.9% ​
(Cost $460,241,302)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 626,845,505 ​ ​
Other Assets Less Liabilities — 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 306,688 ​ ​
Net Assets — 100.0%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 627,152,193 ​ ​
​
​
(a)
Common stocks and warrants are listed on the New York Stock Exchange or NASDAQ and are valued at the last reported sale price on the day of valuation.
​
(b)
Presently non-dividend paying.
​
(c)
Rate presented is as of period-end and represents the annualized yield earned over the previous seven days.
​
Information regarding transactions in equity securities during the quarter can be found on our website at: www.adamsfunds.com.​
​