Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by ADAMS NATURAL RESOURCES FUND, INC. for the reporting period ending March 31, 2026. The document discloses the fund's holdings in equity securities as of the quarter-end date.
Key Financial Metrics and Portfolio Composition
The filing details a portfolio concentrated in the energy, materials, and industrial sectors. The fund holds 58 distinct equity positions, all reported as common stock (COM) with sole voting authority. No put or call options are reported.
| Top 5 Holdings by Value | Shares Held | Value (USD) |
|---|---|---|
| Exxon Mobil Corporation | 1,334,555 | $226,420,601 |
| Chevron Corporation | 614,724 | $127,186,396 |
| ConocoPhillips | 377,203 | $49,790,796 |
| Williams Companies, Inc. | 457,450 | $33,293,211 |
| SLB Ltd. | 552,633 | $28,399,810 |
Liquidity and Debt: As a Form 13F filing, this document does not report the fund's internal cash flow, debt levels, or liquidity ratios. It strictly reports the value of reported securities.
Material Changes and Sector Focus
The portfolio demonstrates a heavy weighting toward integrated oil and gas majors and midstream energy companies. Significant positions include:
- Integrated Oil & Gas: Exxon Mobil, Chevron, ConocoPhillips, Occidental Petroleum, Valero Energy, Phillips 66, Marathon Petroleum.
- Midstream & Services: Williams Companies, Kinder Morgan, SLB Ltd., Halliburton, Baker Hughes, Targa Resources.
- Materials & Chemicals: Air Products and Chemicals, Dow, DuPont, LyondellBasell, Freeport-McMoRan, Nucor.
Smaller positions include renewable energy (Eos Energy Enterprises) and agricultural inputs (Corteva, CF Industries, Mosaic).
Guidance, Risks, and Contingencies
Management Commentary: This filing contains no management commentary, forward-looking guidance, or strategic outlook. It is a statutory disclosure of holdings.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific contingencies or unusual items are disclosed within the text of this table.
Investor Verification Checklist
- Portfolio Concentration: Verify the impact of the top three holdings (Exxon, Chevron, ConocoPhillips), which represent a significant portion of the reported value.
- Valuation Timing: Confirm that the reported values reflect market prices as of March 31, 2026, and assess subsequent market movements.
- Turnover Analysis: Compare this list against the prior quarter's 13F filing to identify significant additions or deletions in the energy and materials sectors.
- Unreported Assets: Note that Form 13F does not include cash, derivatives (unless equity-linked), or non-reportable securities; verify the fund's total net asset value (NAV) through other filings (e.g., 10-Q or 10-K).