# EDGAR Filing Document

**Accession Number:** 0001386929
**File Stem:** 0001386929-26-000004
**Filing Date:** 2026-4
**Character Count:** 12884
**Document Hash:** 2fac5af672af5c24663435c92cfe1786
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001386929-26-000004.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001386929-26-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adams Asset Advisors, LLC
- **CENTRAL INDEX KEY:** 0001386929

**ORGANIZATION NAME:**
- **EIN:** 743034621
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12061
- **FILM NUMBER:** 26897582

**BUSINESS ADDRESS:**
- **STREET 1:** 10670 N. CENTRAL EXPWY
- **STREET 2:** STE 470
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75231
- **BUSINESS PHONE:** 214-360-7410

**MAIL ADDRESS:**
- **STREET 1:** 10670 N. CENTRAL EXPWY
- **STREET 2:** STE 470
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75231

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Adams Asset Advisors LLC<br>**Address:** 10670 N. CENTRAL EXPWY<br>STE 470<br>DALLAS, TX 75231

**Form 13F File Number:** 028-12061

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Steven Adams<br>**Title:** CCO<br>**Phone:** 2143607410

**Signature, Place, and Date of Signing:**

Steven Adams  Dallas, TX  04-27-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 88

**Form 13F Information Table Value Total:** $891457497

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE | COM | 00287Y109 |  | 13682731 | 62912 | SH |  | SOLE | 0 | 12941 | 0 | 49971 |
| AH REALTY TRUST INC | COM | 04208T108 |  | 2419576 | 439923 | SH |  | SOLE | 0 | 400000 | 0 | 39923 |
| ALLIANCE RESOURCE PAR LP | COM | 01877R108 |  | 7061727 | 255397 | SH |  | SOLE | 0 | 144000 | 0 | 111397 |
| ALPHABET INC CAPT STK CLA | CAP STK CL A | 02079K305 |  | 1800413 | 6261 | SH |  | SOLE | 0 | 0 | 0 | 6261 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 15555670 | 235728 | SH |  | SOLE | 0 | 65159 | 0 | 170569 |
| AMGEN INC | COM | 031162100 |  | 12631063 | 35899 | SH |  | SOLE | 0 | 4768 | 0 | 31131 |
| APPLE INC | COM | 037833100 |  | 19814400 | 78074 | SH |  | SOLE | 0 | 0 | 0 | 78074 |
| AT | COM | 00206R102 |  | 12501618 | 431239 | SH |  | SOLE | 0 | 67348 | 0 | 363891 |
| BANK OF AMERICA | COM | 060505104 |  | 11872721 | 243543 | SH |  | SOLE | 0 | 46635 | 0 | 196908 |
| BERKSHIRE HATHAWAY INC | CL B NEW | 084670702 |  | 15787244 | 32945 | SH |  | SOLE | 0 | 29065 | 0 | 3880 |
| BLACKSTONE SECURED LENDING F | COM | 09261X102 |  | 1188504 | 50169 | SH |  | SOLE | 0 | 0 | 0 | 50169 |
| BLUE OWL CAPITAL CORP | COM | 69121K104 |  | 1876893 | 169701 | SH |  | SOLE | 0 | 83992 | 0 | 85709 |
| BLUE OWL CAPITAL INC  COM CL A | COM CL A | 09581B103 |  | 1090998 | 119496 | SH |  | SOLE | 0 | 119496 | 0 | 0 |
| BRISTOL-MYERS SQUIBB COCOM | COM | 110122108 |  | 7477781 | 123294 | SH |  | SOLE | 0 | 24541 | 0 | 98753 |
| BRITISH AMER TOBACCO F SPONSORED ADR | COM | 110448107 |  | 20056146 | 343016 | SH |  | SOLE | 0 | 120802 | 0 | 222214 |
| BROADCOM INC COM | COM | 11135F101 |  | 2074646 | 6703 | SH |  | SOLE | 0 | 0 | 0 | 6703 |
| CALUMET INC | COM | 131428104 |  | 114960129 | 3202232 | SH |  | SOLE | 0 | 1950000 | 1252232 | 1252232 |
| CHEVRON CORP | COM | 166764100 |  | 14164788 | 68462 | SH |  | SOLE | 0 | 0 | 0 | 68462 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 12193113 | 157148 | SH |  | SOLE | 0 | 30200 | 0 | 126948 |
| CITIGROUP INC | COM | 172967424 |  | 16932907 | 149307 | SH |  | SOLE | 0 | 27920 | 0 | 121387 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 2442841 | 155397 | SH |  | SOLE | 0 | 42731 | 0 | 112666 |
| CRESCENT CAP BDC INC COM | COM | 225655109 |  | 969910 | 79828 | SH |  | SOLE | 0 | 79828 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 15267394 | 28377 | SH |  | SOLE | 0 | 6198 | 0 | 22179 |
| DELEK LOGISTICS PARTNERS LP | COM UNT RP INT | 24664T103 |  | 3497531 | 70288 | SH |  | SOLE | 0 | 40523 | 0 | 29765 |
| DORCHESTER MINERALS LP | COM | 25820R105 |  | 24071954 | 888264 | SH |  | SOLE | 0 | 135957 | 0 | 752307 |
| ENBRIDGE INC COM | COM | 29250N105 |  | 2514532 | 46445 | SH |  | SOLE | 0 | 0 | 0 | 46445 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 27825910 | 1441757 | SH |  | SOLE | 0 | 485040 | 0 | 956717 |
| ENTERPRISE PRODUCTS PPTNSLP | COM | 293792107 |  | 15089381 | 398768 | SH |  | SOLE | 0 | 68000 | 0 | 330768 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1703386 | 10040 | SH |  | SOLE | 0 | 0 | 0 | 10040 |
| FIRST FINANCIAL BANKSHARES INC | COM | 32020R109 |  | 257982 | 8760 | SH |  | SOLE | 0 | 0 | 0 | 8760 |
| FS KKR CAPITAL CORP | COM | 302635206 |  | 1347669 | 132384 | SH |  | SOLE | 0 | 45750 | 0 | 86634 |
| GLOBAL PARTNERS LP COMUNITS | COM | 37946R109 |  | 415106 | 9860 | SH |  | SOLE | 0 | 0 | 0 | 9860 |
| GLOBAL X FDS GLBL X MLP ETF | GLBL X MLP ETF | 37954Y343 |  | 3368814 | 62536 | SH |  | SOLE | 0 | 34755 | 0 | 27781 |
| GLOBAL X FDS US PREFERRED ETF | US PFD ETF | 37954Y657 |  | 723009 | 39294 | SH |  | SOLE | 0 | 0 | 0 | 39294 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 3326528 | 374609 | SH |  | SOLE | 0 | 186823 | 0 | 187786 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 11963991 | 14142 | SH |  | SOLE | 0 | 3767 | 0 | 10375 |
| GOLUB CAPITAL BDC INC | COM | 38173M102 |  | 1905621 | 150523 | SH |  | SOLE | 0 | 84128 | 0 | 66395 |
| HESS MIDSTREAM LP CL A | CL A SHS | 428103105 |  | 798778 | 20550 | SH |  | SOLE | 0 | 16375 | 0 | 4175 |
| HF SINCLAIR CORP | COM | 403949100 |  | 15213302 | 243842 | SH |  | SOLE | 0 | 32584 | 0 | 211258 |
| HORMEL FOODS COPR | COM | 440452100 |  | 6384650 | 281883 | SH |  | SOLE | 0 | 47895 | 0 | 233988 |
| HP INC | COM | 40434L105 |  | 4836002 | 251744 | SH |  | SOLE | 0 | 41284 | 0 | 210460 |
| ISHARES IBOXX INVESTMENT GRADE CORP BONDS | IBOXX INV CP ETF | 464287242 |  | 924716 | 8484 | SH |  | SOLE | 0 | 0 | 0 | 8484 |
| ISHARES SELECT DIVIDEND ETF | SELECT DIVID ETF | 464287168 |  | 201477 | 1331 | SH |  | SOLE | 0 | 0 | 0 | 1331 |
| ISHARES SILVER TRUST ETF IV | ISHARES | 46428Q109 |  | 476980 | 7000 | SH |  | SOLE | 0 | 0 | 0 | 7000 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654q203 |  | 60353294 | 1087055 | SH |  | SOLE | 0 | 230098 | 0 | 856957 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 573701 | 2347 | SH |  | SOLE | 0 | 0 | 0 | 2347 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 279079 | 20341 | SH |  | SOLE | 0 | 20341 | 0 | 0 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 807137 | 55780 | SH |  | SOLE | 0 | 55780 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 8023120 | 83167 | SH |  | SOLE | 0 | 12110 | 0 | 71057 |
| KINDER MORGAN INC | COM | 49456B101 |  | 4583015 | 136684 | SH |  | SOLE | 0 | 0 | 0 | 136684 |
| MARKEL GROUP INC | COM | 570535104 |  | 2009773 | 1050 | SH |  | SOLE | 0 | 1050 | 0 | 0 |
| MEDICAL PROPERTIES TRUST INC | COM | 58463J304 |  | 1255776 | 271226 | SH |  | SOLE | 0 | 200000 | 0 | 71226 |
| META PLATFORMS INC CLASS A | CL A | 30303M102 |  | 1108788 | 1938 | SH |  | SOLE | 0 | 1800 | 0 | 138 |
| MICROSOFT CORP | COM | 594918104 |  | 6412825 | 17324 | SH |  | SOLE | 0 | 3400 | 0 | 13924 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 1597471 | 114432 | SH |  | SOLE | 0 | 79744 | 0 | 34688 |
| MPLX LP | COM | 55336V100 |  | 12332599 | 216096 | SH |  | SOLE | 0 | 21645 | 0 | 194451 |
| NEWMONT CORP | COM | 651639106 |  | 21537636 | 198962 | SH |  | SOLE | 0 | 32985 | 0 | 165977 |
| NNN REIT INC COM | COM | 637417106 |  | 2614854 | 62214 | SH |  | SOLE | 0 | 0 | 0 | 62214 |
| NUVEEN CHURCHILL DIRECT LEND | COM SHS | 67090S108 |  | 1157787 | 91021 | SH |  | SOLE | 0 | 53000 | 0 | 38021 |
| OCCIDENTAL PETROL CORP | COM | 674599105 |  | 109378945 | 1682753 | SH |  | SOLE | 0 | 779240 | 0 | 903513 |
| OCCIDENTAL PETE CORP WTS EXP 08/03/2027 | *W EXP 08/03/2027 | 674599162 |  | 20090585 | 468312 | SH |  | SOLE | 0 | 254425 | 0 | 213887 |
| ONEOK INC | COM | 682680103 |  | 1712077 | 18941 | SH |  | SOLE | 0 | 0 | 0 | 18941 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 3295000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 6467363 | 41647 | SH |  | SOLE | 0 | 3699 | 0 | 37948 |
| PFIZER INC | COM | 717081103 |  | 9590584 | 341545 | SH |  | SOLE | 0 | 50815 | 0 | 290730 |
| PLAINS ALL AMERICAN PIPELINE LP | COM | 726503105 |  | 18378952 | 823061 | SH |  | SOLE | 0 | 189460 | 0 | 633601 |
| PLAINS GP HOLDINGS LP | COM | 72651A207 |  | 1402243 | 57753 | SH |  | SOLE | 0 | 36844 | 0 | 20909 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 3039595 | 21044 | SH |  | SOLE | 0 | 0 | 0 | 21044 |
| REALTY INCOME COPR REIT | COM | 756109104 |  | 3209809 | 52465 | SH |  | SOLE | 0 | 0 | 0 | 52465 |
| RLJ LODGING TRUST | CUM CONV PFD A | 74965L200 |  | 3251138 | 134902 | SH |  | SOLE | 0 | 68805 | 0 | 66097 |
| SCHWAB  US DIVIDEND EQUITY ETF | US DIVIDEND EQ | 808524797 |  | 6750183 | 220019 | SH |  | SOLE | 0 | 0 | 0 | 220019 |
| SCHWAB US LARGE-CAP GROWTH ETF | US LCAP GR ETF | 808524300 |  | 1211750 | 41598 | SH |  | SOLE | 0 | 0 | 0 | 41598 |
| SELECT WATER SOLUTIONSINC CL A COM | COM | 81617J301 |  | 6260163 | 409161 | SH |  | SOLE | 0 | 0 | 0 | 409161 |
| SIMON PROPERTY GROUP INC | COM | 828806109 |  | 1079822 | 5789 | SH |  | SOLE | 0 | 0 | 0 | 5789 |
| STARWOOD PROPERTY TRUST INC | COM | 85571B105 |  | 1638948 | 95177 | SH |  | SOLE | 0 | 57064 | 0 | 38113 |
| SUN COMMUNITIES REIT | COM | 866674104 |  | 2805129 | 22270 | SH |  | SOLE | 0 | 0 | 0 | 22270 |
| SUNOCO LP | COM | 86765K109 |  | 36761455 | 565822 | SH |  | SOLE | 0 | 160000 | 0 | 405822 |
| TRINITY PETROLEUM TR | COM | 896556107 |  | 531060 | 10020 | SH |  | SOLE | 0 | 10020 | 0 | 0 |
| UNITED PARCEL SERVICE | COM | 911312106 |  | 3927723 | 39924 | SH |  | SOLE | 0 | 8259 | 0 | 31665 |
| UNIVERSAL CORP | COM | 913456109 |  | 7487774 | 142083 | SH |  | SOLE | 0 | 26691 | 0 | 115392 |
| VALERO ENERGY CORP NEW | COM | 91913Y100 |  | 15907999 | 64384 | SH |  | SOLE | 0 | 10682 | 0 | 53702 |
| VANECK ETF TR VANECK BDC INCOME ETF | BDC INCOME ETF | 92189F411 |  | 948211 | 74079 | SH |  | SOLE | 0 | 0 | 0 | 74079 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 14745196 | 293729 | SH |  | SOLE | 0 | 81888 | 0 | 211841 |
| WELLS FARGO  CO | COM | 949746101 |  | 12719130 | 159768 | SH |  | SOLE | 0 | 29449 | 0 | 130319 |
| WESTERN MIDSTREAM PARTNERS LP | COM | 958669103 |  | 14084463 | 342105 | SH |  | SOLE | 0 | 65905 | 0 | 276200 |
| WEYERHAEUSER CO COM | COM | 962166104 |  | 1326867 | 54313 | SH |  | SOLE | 0 | 0 | 0 | 54313 |
| WILLIAMS COS INC | COM | 969457100 |  | 2538858 | 34884 | SH |  | SOLE | 0 | 0 | 0 | 34884 |
| W P CAREY INC COM | COM | 92936U109 |  | 5599088 | 82388 | SH |  | SOLE | 0 | 36000 | 0 | 46388 |

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