# EDGAR Filing Document

**Accession Number:** 0001386929
**File Stem:** 0001386929-23-000002
**Filing Date:** 2023-1
**Character Count:** 12194
**Document Hash:** 0f46dd9bb22a44323e5383aa09393337
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001386929-23-000002.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001386929-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**EFFECTIVENESS DATE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adams Asset Advisors, LLC
- **CENTRAL INDEX KEY:** 0001386929
- **IRS NUMBER:** 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:** 23527918

**BUSINESS ADDRESS:**
- **STREET 1:** 8150 N. CENTRAL EXPWY #M1120
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 214-360-7410

**MAIL ADDRESS:**
- **STREET 1:** 8150 N. CENTRAL EXPWY #M1120
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** 8150 N. CENTRAL EXPWY #M1120<br>DALLAS, TX 75225

**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:** STEVE ADAMS<br>**Title:** OWNER<br>**Phone:** 214-360-7410

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

STEVE ADAMS  DALLAS, TX  01-13-2023<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:** 85

**Form 13F Information Table Value Total:** $745725313

      (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 |
| AT | COM | 00206R102 |  | 11157767 | 606071 | SH |  | SOLE | 0 | 74554 | 0 | 531517 |
| ABBVIE | COM | 00287y109 |  | 12099741 | 74870 | SH |  | SOLE | 0 | 12941 | 0 | 61929 |
| ALLIANCE RESOURCE PAR LP | COM | 01877R108 |  | 3516640 | 173063 | SH |  | SOLE | 0 | 171079 | 0 | 1984 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 10063133 | 220152 | SH |  | SOLE | 0 | 26452 | 0 | 193700 |
| ALUMINA LIMITED F SPONSORED ADR | COM | 022205108 |  | 1807825 | 445277 | SH |  | SOLE | 0 | 445277 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 12059641 | 45917 | SH |  | SOLE | 0 | 6489 | 0 | 39428 |
| APPLE INC | COM | 037833100 |  | 15020428 | 115604 | SH |  | SOLE | 0 | 6989 | 0 | 108615 |
| ARCH RES INC DEL CLASS A | COM | 03940R107 |  | 2819103 | 19743 | SH |  | SOLE | 0 | 19400 | 0 | 343 |
| BEAVER COAL LTD LP | COM | 074799107 |  | 426300 | 147 | SH |  | SOLE | 0 | 147 | 0 | 0 |
| BERKSHIRE HATHAWAY INC | CL B NEW | 084670702 |  | 229822 | 744 | SH |  | SOLE | 0 | 0 | 0 | 744 |
| BLACKSTONE SECURED LENDING F | COM | 09261X102 |  | 1922189 | 86004 | SH |  | SOLE | 0 | 44000 | 0 | 42004 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 1059100 | 170000 | SH |  | SOLE | 0 | 170000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB COCOM | COM | 110122108 |  | 395725 | 5500 | SH |  | SOLE | 0 | 0 | 0 | 5500 |
| BRIT AMER TOBACCO F SPONSORED ADR | COM | 110448107 |  | 2970394 | 74297 | SH |  | SOLE | 0 | 32000 | 0 | 42297 |
| CALUMET SPECIALTY PROD | COM | 131476103 |  | 91854427 | 5441613 | SH |  | SOLE | 0 | 4033903 | 1407710 | 0 |
| CAMDEN PROPERTY TRUSTSBI | COM | 133131102 |  | 1204724 | 10768 | SH |  | SOLE | 0 | 0 | 0 | 10768 |
| CHEVRON CORP | COM | 166764100 |  | 13249233 | 73816 | SH |  | SOLE | 0 | 0 | 0 | 73816 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 7649602 | 160571 | SH |  | SOLE | 0 | 30200 | 0 | 130371 |
| CITIGROUP INC | COM | 172967424 |  | 6703810 | 148216 | SH |  | SOLE | 0 | 27920 | 0 | 120296 |
| CONSOL ENERGY INC | COM | 20854L108 |  | 1079000 | 16600 | SH |  | SOLE | 0 | 16600 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 12031879 | 49659 | SH |  | SOLE | 0 | 7574 | 0 | 42085 |
| DORCHESTER MINERALS LP | COM | 25820R105 |  | 20070819 | 670592 | SH |  | SOLE | 0 | 146706 | 0 | 523886 |
| ENBRIDGE INC | COM | 29250N105 |  | 620087 | 15859 | SH |  | SOLE | 0 | 0 | 0 | 15859 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 16731867 | 1409593 | SH |  | SOLE | 0 | 576148 | 0 | 833445 |
| ENTERPRISE PRODUCTS PPTNSLP | COM | 293792107 |  | 5314432 | 220333 | SH |  | SOLE | 0 | 0 | 0 | 220333 |
| EQUITY RESIDENTIAL | COM | 29476L107 |  | 1079759 | 18301 | SH |  | SOLE | 0 | 0 | 0 | 18301 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1270215 | 11516 | SH |  | SOLE | 0 | 0 | 0 | 11516 |
| FIRST FINANCIAL BANKSHARES INC | COM | 32020R109 |  | 301344 | 8760 | SH |  | SOLE | 0 | 0 | 0 | 8760 |
| FS KKR CAPITAL CORP | COM | 302635206 |  | 1962257 | 112129 | SH |  | SOLE | 0 | 62250 | 0 | 49879 |
| GLOBAL X FDS GLBL X MLPETF | COM | 37954Y343 |  | 272473 | 6599 | SH |  | SOLE | 0 | 0 | 0 | 6599 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 2086606 | 152085 | SH |  | SOLE | 0 | 86600 | 0 | 65485 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 6734025 | 19611 | SH |  | SOLE | 0 | 4600 | 0 | 15011 |
| HESS CORPORATION COM | COM | 42809H107 |  | 379936 | 2679 | SH |  | SOLE | 0 | 0 | 0 | 2679 |
| HP INC | COM | 40434L105 |  | 8193765 | 304941 | SH |  | SOLE | 0 | 41284 | 0 | 263657 |
| IBM CORP | COM | 459200101 |  | 12082867 | 85761 | SH |  | SOLE | 0 | 12122 | 0 | 73639 |
| INTEL CORP | COM | 458140100 |  | 8323785 | 314937 | SH |  | SOLE | 0 | 48224 | 0 | 266713 |
| ISHARES IBOXX INVESTMENT GRADE CORP BONDS | COM | 464287242 |  | 543720 | 5157 | SH |  | SOLE | 0 | 0 | 0 | 5157 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1809779 | 10245 | SH |  | SOLE | 0 | 0 | 0 | 10245 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 11441824 | 84286 | SH |  | SOLE | 0 | 12110 | 0 | 72176 |
| KINDER MORGAN INC | COM | 49456B101 |  | 3477507 | 192340 | SH |  | SOLE | 0 | 0 | 0 | 192340 |
| KRAFT HEINZ CO | COM | 500754106 |  | 10622420 | 260929 | SH |  | SOLE | 0 | 35512 | 0 | 225417 |
| MAGELLAN MIDSTREAM PARTNERSLP COMUNIT REPS | COM | 559080106 |  | 1707291 | 34003 | SH |  | SOLE | 0 | 0 | 0 | 34003 |
| MARATHON OIL CORP COM | COM | 565849106 |  | 246391 | 9102 | SH |  | SOLE | 0 | 0 | 0 | 9102 |
| MEDICAL PROPERTIES TRUST INC | COM | 58463J304 |  | 479343 | 43029 | SH |  | SOLE | 0 | 0 | 0 | 43029 |
| MICROSOFT CORP | COM | 594918104 |  | 4463770 | 18613 | SH |  | SOLE | 0 | 0 | 0 | 18613 |
| MPLX LP | COM | 55336V100 |  | 6216908 | 189309 | SH |  | SOLE | 0 | 32605 | 0 | 156704 |
| MURPHY OIL COPR | COM | 626717102 |  | 222147 | 5165 | SH |  | SOLE | 0 | 0 | 0 | 5165 |
| NEWMONT COPR | COM | 651639106 |  | 7099494 | 150413 | SH |  | SOLE | 0 | 20734 | 0 | 129679 |
| NEXPOINT DIVERSIFIED REAL ES | COM NEW | 65340G205 |  | 1191623 | 106300 | SH |  | SOLE | 0 | 106300 | 0 | 0 |
| NIO INC SPON ADS | COM | 62914V106 |  | 112651 | 11554 | SH |  | SOLE | 0 | 0 | 0 | 11554 |
| NUSTAR ENERGY LP | COM | 67058H102 |  | 10026352 | 626647 | SH |  | SOLE | 0 | 209614 | 0 | 417033 |
| OCCIDENTAL PETE CORP WTS EXP 08/03/2027 | *W EXP 08/03/2027 | 674599162 |  | 19578148 | 474852 | SH |  | SOLE | 0 | 254425 | 0 | 220427 |
| OCCIDENTAL PETROL CORP | COM | 674599105 |  | 229290592 | 3640111 | SH |  | SOLE | 0 | 2093765 | 0 | 1546346 |
| ONEOK INC | COM | 682680103 |  | 1687570 | 25686 | SH |  | SOLE | 0 | 13792 | 0 | 11894 |
| OWL ROCK CAPITAL CORP | COM | 69121K104 |  | 897054 | 77667 | SH |  | SOLE | 0 | 76560 | 0 | 1107 |
| PARAMOUNT GLOBAL CLASS B | COM | 92556H206 |  | 3592317 | 212815 | SH |  | SOLE | 0 | 0 | 0 | 212815 |
| PEPSICO INC | COM | 713448108 |  | 5483934 | 30355 | SH |  | SOLE | 0 | 3699 | 0 | 26656 |
| PFIZER INC | COM | 717081103 |  | 10293911 | 200896 | SH |  | SOLE | 0 | 25938 | 0 | 174958 |
| PLAINS ALL AMERICAN PIPELINE LP | COM | 726503105 |  | 8780580 | 746648 | SH |  | SOLE | 0 | 206550 | 0 | 540098 |
| PLAINS GP HOLDINGS LP | COM | 72651A207 |  | 133805 | 10756 | SH |  | SOLE | 0 | 0 | 0 | 10756 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1288260 | 8500 | SH |  | SOLE | 0 | 0 | 0 | 8500 |
| PRUDENTIAL FINL | COM | 744320102 |  | 8966717 | 90154 | SH |  | SOLE | 0 | 12566 | 0 | 77588 |
| RAYONIER INC | COM | 754907103 |  | 230951 | 7007 | SH |  | SOLE | 0 | 0 | 0 | 7007 |
| RLJ LODGING TRUST | CUM CONV PFD A | 74965L200 |  | 940466 | 39532 | SH |  | SOLE | 0 | 39532 | 0 | 0 |
| SELECT ENERGY SVCS INC | COM | 81617J301 |  | 3780648 | 409161 | SH |  | SOLE | 0 | 0 | 0 | 409161 |
| SIMON PROPERTY GROUP INC | COM | 828806109 |  | 283597 | 2414 | SH |  | SOLE | 0 | 0 | 0 | 2414 |
| SMUCKER J M CO | COM | 832696405 |  | 6921533 | 43680 | SH |  | SOLE | 0 | 10569 | 0 | 33111 |
| STARWOOD PROPERTY TRUST INC | COM | 85571B105 |  | 1841322 | 100454 | SH |  | SOLE | 0 | 96988 | 0 | 3466 |
| SUN COMMUNITIES REIT | COM | 866674104 |  | 4589585 | 32095 | SH |  | SOLE | 0 | 0 | 0 | 32095 |
| SUNCOKE ENERGY LP | COM | 86722A103 |  | 557602 | 64612 | SH |  | SOLE | 0 | 64612 | 0 | 0 |
| SUNOCO LP | COM | 86765K109 |  | 12933879 | 300090 | SH |  | SOLE | 0 | 115331 | 0 | 184759 |
| TARGA RESOURCES CORP | COM | 87612G101 |  | 783510 | 10660 | SH |  | SOLE | 0 | 0 | 0 | 10660 |
| TRINITY PETROLEUM TR | COM | 896556107 |  | 649797 | 10020 | SH |  | SOLE | 0 | 10020 | 0 | 0 |
| UNITED PARCEL SERVICE | COM | 911312106 |  | 3550160 | 20422 | SH |  | SOLE | 0 | 0 | 0 | 20422 |
| UNIVERSAL CORP VA | COM | 913456109 |  | 9761770 | 184847 | SH |  | SOLE | 0 | 26691 | 0 | 158156 |
| VALERO ENERGY CORP NEW | COM | 91913Y100 |  | 9115525 | 71855 | SH |  | SOLE | 0 | 10682 | 0 | 61173 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 8338064 | 211626 | SH |  | SOLE | 0 | 31387 | 0 | 180239 |
| VERTEX ENERGY INC | COM | 92534K107 |  | 558000 | 90000 | SH |  | SOLE | 0 | 90000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 5425830 | 145231 | SH |  | SOLE | 0 | 21520 | 0 | 123711 |
| WALMART INC | COM | 931142103 |  | 8710585 | 61433 | SH |  | SOLE | 0 | 8272 | 0 | 53161 |
| WELLS FARGO  CO | COM | 949746101 |  | 7711568 | 186766 | SH |  | SOLE | 0 | 29449 | 0 | 157317 |
| WESTERN MIDSTREAM PARTNERS LP | COM | 958669103 |  | 8159124 | 303878 | SH |  | SOLE | 0 | 40905 | 0 | 262973 |
| WEYERHAEUSER CO COM | COM | 962166104 |  | 4132610 | 133310 | SH |  | SOLE | 0 | 0 | 0 | 133310 |
| WILLIAMS COS INC | COM | 969457100 |  | 2048387 | 62261 | SH |  | SOLE | 0 | 25250 | 0 | 37011 |
| WP CAREY INC COM | COM | 92936U109 |  | 301972 | 3864 | SH |  | SOLE | 0 | 0 | 0 | 3864 |

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