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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adams Natural Resources Fund Inc | NYSE:PEO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.04% | 23.07 | 23.24 | 22.91 | 23.08 | 35,460 | 22:30:00 |
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02736
ADAMS NATURAL RESOURCES FUND, INC.
(Exact name of registrant as specified in charter)
500 East Pratt Street, Suite 1300, Baltimore, Maryland 21202
(Address of principal executive offices)
Janis F. Kerns
Adams Natural Resources Fund, Inc.
500 East Pratt Street, Suite 1300
Baltimore, Maryland 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 752-5900
Date of fiscal year end: December 31
Date of reporting period: June 30, 2022
Item 1. Reports to Stockholders.
| | |
Market Value
|
| |
Percent of
Net Assets |
| ||||||
Exxon Mobil Corporation | | | | $ | 111,069,085 | | | | | | 20.2% | | |
Chevron Corporation | | | | | 83,884,229 | | | | | | 15.3 | | |
ConocoPhillips | | | | | 43,937,387 | | | | | | 8.0 | | |
Pioneer Natural Resources Company | | | | | 21,727,992 | | | | | | 4.0 | | |
Occidental Petroleum Corporation | | | | | 20,628,667 | | | | | | 3.8 | | |
Linde plc | | | | | 20,587,148 | | | | | | 3.7 | | |
Marathon Petroleum Corporation | | | | | 20,386,847 | | | | | | 3.7 | | |
EOG Resources, Inc. | | | | | 16,764,792 | | | | | | 3.1 | | |
Valero Energy Corporation | | | | | 15,814,464 | | | | | | 2.9 | | |
Schlumberger N.V. | | | | | 15,155,088 | | | | | | 2.8 | | |
| | | $ | 369,955,699 | | | | | | 67.5% | | |
|
Assets
|
| | | | | | | | | | | | |
| Investments at value*: | | | | | | | | | | | | | |
|
Common stocks (cost $469,279,428)
|
| | | $ | 545,734,581 | | | | | | | | |
|
Short-term investments (cost $3,770,934)
|
| | | | 3,770,994 | | | | | $ | 549,505,575 | | |
| Cash | | | | | | | | | | | 150,212 | | |
| Dividends receivable | | | | | | | | | | | 590,558 | | |
| Prepaid expenses and other assets | | | | | | | | | | | 1,796,128 | | |
|
Total Assets
|
| | | | | | | | | | 552,042,473 | | |
| | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
| Due to officers and directors (note 8) | | | | | | | | | | | 555,333 | | |
| Accrued expenses and other liabilities | | | | | | | | | | | 1,904,983 | | |
|
Total Liabilities
|
| | | | | | | | | | 2,460,316 | | |
|
Net Assets
|
| | | | | | | | | $ | 549,582,157 | | |
| | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | |
|
Common Stock at par value $0.001 per share, authorized
50,000,000 shares; issued and outstanding 24,485,265 shares (includes 14,429 deferred stock units) (note 7) |
| | | | | | | | | $ | 24,485 | | |
| Additional capital surplus | | | | | | | | | | | 446,913,906 | | |
| Total distributable earnings (loss) | | | | | | | | | | | 102,643,766 | | |
|
Net Assets Applicable to Common Stock
|
| | | | | | | | | $ | 549,582,157 | | |
|
Net Asset Value Per Share of Common Stock
|
| | | | | | | | | $ | 22.45 | | |
| Investment Income | | | | | | | |
|
Income:
|
| | | | | | |
|
Dividends (net of $16,788 in foreign taxes)
|
| | | $ | 11,015,461 | | |
|
Other income
|
| | | | 4,163 | | |
|
Total Income
|
| | | | 11,019,624 | | |
|
Expenses:
|
| | | | | | |
|
Investment research compensation and benefits
|
| | | | 798,738 | | |
|
Administration and operations compensation and benefits
|
| | | | 273,302 | | |
|
Occupancy and other office expenses
|
| | | | 99,143 | | |
|
Investment data services
|
| | | | 72,756 | | |
|
Directors’ compensation
|
| | | | 252,833 | | |
|
Shareholder reports and communications
|
| | | | 82,525 | | |
|
Transfer agent, custody, and listing fees
|
| | | | 59,336 | | |
|
Accounting, recordkeeping and other professional fees
|
| | | | 42,581 | | |
|
Insurance
|
| | | | 17,242 | | |
|
Audit and tax services
|
| | | | 55,929 | | |
|
Total Expenses
|
| | | | 1,754,385 | | |
|
Net Investment Income
|
| | | | 9,265,239 | | |
| | | | | | | | |
| Realized Gain (Loss) and Change in Unrealized Appreciation | | | | | | | |
|
Net realized gain (loss) on investments
|
| | | | 22,708,931 | | |
|
Change in unrealized appreciation on investments
|
| | | | 51,901,172 | | |
|
Net Gain (Loss)
|
| | |
|
74,610,103
|
| |
| Change in Net Assets from Operations | | | |
$
|
83,875,342
|
| |
| | |
(unaudited)
Six Months Ended June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
From Operations: | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 9,265,239 | | | | | $ | 13,151,141 | | |
Net realized gain (loss)
|
| | | | 22,708,931 | | | | | | 13,085,887 | | |
Change in unrealized appreciation
|
| | | | 51,901,172 | | | | | | 128,117,401 | | |
Change in Net Assets from Operations
|
| | | | 83,875,342 | | | | | | 154,354,429 | | |
| | | | | | | | | | | | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Total distributable earnings
|
| | | | (4,896,980) | | | | | | (21,918,367) | | |
| | | | | | | | | | | | | |
From Capital Share Transactions: | | | | | | | | | | | | | |
Value of shares issued in payment of distributions (note 5)
|
| | | | 14,808 | | | | | | 6,689,456 | | |
Cost of shares purchased (note 5)
|
| | | | — | | | | | | (478,299) | | |
Change in Net Assets from Capital Share Transactions
|
| | | | 14,808 | | | | | | 6,211,157 | | |
Total Change in Net Assets
|
| | | | 78,993,170 | | | | | | 138,647,219 | | |
| | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 470,588,987 | | | | | | 331,941,768 | | |
End of period
|
| | | $ | 549,582,157 | | | | | $ | 470,588,987 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | ||
Common stocks | | | | $ | 545,734,581 | | | | | $ | — | | | | | $ | — | | | | | $ | 545,734,581 | ||
Short-term investments | | | | | 3,770,994 | | | | | | — | | | | | | — | | | | | | 3,770,994 | ||
Total investments | | | | $ | 549,505,575 | | | | | $ | — | | | | | $ | — | | | | | $ | 549,505,575 |
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||
| | |
Six months
ended June 30, 2022 |
| |
Year ended
December 31, 2021 |
| |
Six months
ended June 30, 2022 |
| |
Year ended
December 31, 2021 |
| ||||||||||||
Shares issued in payment of distributions
|
| | | | 677 | | | | | | 399,874 | | | | | $ | 14,808 | | | | | $ | 6,689,456 | | |
Shares purchased (at a weighted average discount from net asset value of 15.6% in 2021)
|
| | | | — | | | | | | (37,000) | | | | | | — | | | | | | (478,299) | | |
Net change | | | | | 677 | | | | | | 362,874 | | | | | $ | 14,808 | | | | | $ | 6,211,157 | | |
Awards
|
| |
Units
|
| |
Weighted Average
Grant-Date Fair Value |
| ||||||
Balance at December 31, 2021 | | | | | 17,970 | | | | | $ | 26.26 | | |
Reinvested dividend equivalents | | | | | 677 | | | | | | 21.84 | | |
Issued | | | | | (4,218) | | | | | | 23.13 | | |
Balance at June 30, 2022 | | | | | 14,429 | | | | | $ | 26.99 | | |
| | |
(unaudited)
Six Months Ended |
| | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | |
June 30,
2022 |
| |
June 30,
2021 |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||
Per Share Operating Performance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | | $19.22 | | | | | | $13.76 | | | | | | $13.76 | | | | | | $18.79 | | | | | | $17.71 | | | | | | $23.26 | | | | | | $24.02 | | |
Net investment income
|
| | | | 0.38 | | | | | | 0.22 | | | | | | 0.55 | | | | | | 0.45 | | | | | | 0.80 (a) | | | | | | 0.42 | | | | | | 0.46 | | |
Net realized gain (loss) and change in unrealized appreciation
|
| | | | 3.05 | | | | | | 4.73 | | | | | | 5.86 | | | | | | (4.85) | | | | | | 1.41 | | | | | | (4.77) | | | | | | 0.02 | | |
Total from operations | | | | | 3.43 | | | | | | 4.95 | | | | | | 6.41 | | | | | | (4.40) | | | | | | 2.21 | | | | | | (4.35) | | | | | | 0.48 | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.16) | | | | | | (0.17) | | | | | | (0.56) | | | | | | (0.47) | | | | | | (0.78) | | | | | | (0.45) | | | | | | (0.46) | | |
Net realized gain
|
| | | | (0.04) | | | | | | (0.03) | | | | | | (0.35) | | | | | | (0.26) | | | | | | (0.32) | | | | | | (0.40) | | | | | | (0.72) | | |
Return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.32) | | | | | | — | | |
Total distributions | | | | | (0.20) | | | | | | (0.20) | | | | | | (0.91) | | | | | | (0.73) | | | | | | (1.10) | | | | | | (1.17) | | | | | | (1.18) | | |
Capital share repurchases (note 5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | — | | |
Reinvestment of distributions
|
| | | | — | | | | | | — | | | | | | (0.04) | | | | | | (0.04) | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.06) | | |
Total capital share transactions | | | | | — | | | | | | — | | | | | | (0.04) | | | | | | 0.10 | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.06) | | |
Net asset value, end of period
|
| | | | $22.45 | | | | | | $18.51 | | | | | | $19.22 | | | | | | $13.76 | | | | | | $18.79 | | | | | | $17.71 | | | | | | $23.26 | | |
Market price, end of period | | | | | $19.47 | | | | | | $16.20 | | | | | | $16.52 | | | | | | $11.37 | | | | | | $16.46 | | | | | | $14.57 | | | | | | $19.84 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return (b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price
|
| | | | 19.0% | | | | | | 44.4% | | | | | | 53.6% | | | | | | -26.6% | | | | | | 21.1% | | | | | | -21.4% | | | | | | 4.6% | | |
Based on net asset value
|
| | | | 17.9% | | | | | | 36.3% | | | | | | 47.7% | | | | | | -22.2% | | | | | | 13.7% | | | | | | -18.5% | | | | | | 3.0% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratios/Supplemental Data (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in millions)
|
| | | | $550 | | | | | | $446 | | | | | | $471 | | | | | | $332 | | | | | | $561 | | | | | | $523 | | | | | | $674 | | |
Ratio of expenses to average net
assets |
| | | | 0.63% | | | | | | 1.19% | | | | | | 0.88% | | | | | | 1.47% | | | | | | 0.97% | | | | | | 0.79% | | | | | | 0.78% | | |
Ratio of net investment income to
average net assets |
| | | | 3.32% | | | | | | 2.75% | | | | | | 3.15% | | | | | | 3.27% | | | | | | 4.18% | | | | | | 1.89% | | | | | | 2.05% | | |
Portfolio turnover
|
| | | | 27.1% | | | | | | 27.9% | | | | | | 20.7% | | | | | | 31.8% | | | | | | 29.5% | | | | | | 47.0% | | | | | | 24.4% | | |
Number of shares outstanding at
end of period (in 000’s) |
| | | | 24,485 | | | | | | 24,085 | | | | | | 24,485 | | | | | | 24,122 | | | | | | 29,875 | | | | | | 29,534 | | | | | | 28,999 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.3% | | ||||||||||||
Energy — 81.7%
|
| ||||||||||||
Equipment & Services — 6.0%
|
| ||||||||||||
Baker Hughes Company
|
| | | | 171,900 | | | | | $ | 4,962,753 | | |
Halliburton Company
|
| | | | 407,470 | | | | | | 12,778,259 | | |
Schlumberger N.V.
|
| | | | 423,800 | | | | | | 15,155,088 | | |
| | | | | 32,896,100 | | | ||||||
Exploration & Production — 27.0%
|
| ||||||||||||
APA Corporation
|
| | | | 169,300 | | | | | | 5,908,570 | | |
Cheniere Energy, Inc.
|
| | | | 12,200 | | | | | | 1,622,966 | | |
ConocoPhillips
|
| | | | 489,226 | | | | | | 43,937,387 | | |
Coterra Energy Inc.
|
| | | | 378,500 | | | | | | 9,761,515 | | |
Devon Energy Corporation
|
| | | | 128,500 | | | | | | 7,081,635 | | |
Diamondback Energy, Inc.
|
| | | | 99,100 | | | | | | 12,005,965 | | |
EOG Resources, Inc.
|
| | | | 151,800 | | | | | | 16,764,792 | | |
Hess Corporation
|
| | | | 53,700 | | | | | | 5,688,978 | | |
Marathon Oil Corporation
|
| | | | 141,100 | | | | | | 3,171,928 | | |
Occidental Petroleum Corporation
|
| | | | 350,351 | | | | | | 20,628,667 | | |
Pioneer Natural Resources Company
|
| | | | 97,400 | | | | | | 21,727,992 | | |
Whiting Petroleum Corporation
|
| | | | 452 | | | | | | 30,750 | | |
Whiting Petroleum Corporation warrants,
strike price $73.44, expires 9/1/24 (b) |
| | | | 2,654 | | | | | | 35,564 | | |
Whiting Petroleum Corporation warrants,
strike price $83.45, expires 9/1/25 (b) |
| | | | 1,327 | | | | | | 13,934 | | |
| | | | | 148,380,643 | | | ||||||
Integrated Oil & Gas — 36.4%
|
| ||||||||||||
Cenovus Energy Inc.
|
| | | | 176,700 | | | | | | 3,359,067 | | |
Chevron Corporation
|
| | | | 579,391 | | | | | | 83,884,229 | | |
Exxon Mobil Corporation
|
| | | | 1,296,930 | | | | | | 111,069,085 | | |
Suncor Energy Inc.
|
| | | | 46,400 | | | | | | 1,627,248 | | |
| | | | 199,939,629 | | | |||||||
Refining & Marketing — 8.2%
|
| ||||||||||||
Marathon Petroleum Corporation
|
| | | | 247,985 | | | | | | 20,386,847 | | |
Phillips 66
|
| | | | 106,675 | | | | | | 8,746,283 | | |
Valero Energy Corporation
|
| | | | 148,800 | | | | | | 15,814,464 | | |
| | | | | 44,947,594 | | | ||||||
Storage & Transportation — 4.1%
|
| ||||||||||||
Kinder Morgan, Inc.
|
| | | | 464,400 | | | | | | 7,783,344 | | |
ONEOK, Inc.
|
| | | | 115,500 | | | | | | 6,410,250 | | |
Williams Companies, Inc.
|
| | | | 274,800 | | | | | | 8,576,508 | | |
| | | | | 22,770,102 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Materials — 17.6%
|
| ||||||||||||
Chemicals — 11.2%
|
| ||||||||||||
Air Products and Chemicals, Inc.
|
| | | | 18,700 | | | | | $ | 4,496,976 | | |
Albemarle Corporation
|
| | | | 9,000 | | | | | | 1,880,820 | | |
Celanese Corporation
|
| | | | 31,100 | | | | | | 3,657,671 | | |
CF Industries Holdings, Inc.
|
| | | | 51,500 | | | | | | 4,415,095 | | |
Corteva Inc.
|
| | | | 66,245 | | | | | | 3,586,504 | | |
Dow, Inc.
|
| | | | 65,745 | | | | | | 3,393,099 | | |
DuPont de Nemours, Inc.
|
| | | | 42,087 | | | | | | 2,339,195 | | |
Eastman Chemical Company
|
| | | | 8,900 | | | | | | 798,953 | | |
Ecolab Inc.
|
| | | | 25,600 | | | | | | 3,936,256 | | |
FMC Corporation
|
| | | | 10,500 | | | | | | 1,123,605 | | |
International Flavors & Fragrances Inc.
|
| | | | 21,006 | | | | | | 2,502,235 | | |
Linde plc
|
| | | | 71,600 | | | | | | 20,587,148 | | |
LyondellBasell Industries N.V.
|
| | | | 61,400 | | | | | | 5,370,044 | | |
Mosaic Company
|
| | | | 25,601 | | | | | | 1,209,135 | | |
PPG Industries, Inc.
|
| | | | 19,700 | | | | | | 2,252,498 | | |
| | | | | 61,549,234 | | | ||||||
Construction Materials — 2.0%
|
| ||||||||||||
Martin Marietta Materials, Inc.
|
| | | | 4,500 | | | | | | 1,346,580 | | |
Sherwin-Williams Company
|
| | | | 36,400 | | | | | | 8,150,324 | | |
Vulcan Materials Company
|
| | | | 9,800 | | | | | | 1,392,580 | | |
| | | | | 10,889,484 | | | ||||||
Containers & Packaging — 1.4%
|
| ||||||||||||
Amcor plc
|
| | | | 125,100 | | | | | | 1,554,993 | | |
Avery Dennison Corporation
|
| | | | 5,500 | | | | | | 890,285 | | |
Ball Corporation
|
| | | | 29,100 | | | | | | 2,001,207 | | |
International Paper Company
|
| | | | 28,200 | | | | | | 1,179,606 | | |
Packaging Corporation of America
|
| | | | 7,600 | | | | | | 1,045,000 | | |
Sealed Air Corporation
|
| | | | 8,900 | | | | | | 513,708 | | |
WestRock Company
|
| | | | 15,400 | | | | | | 613,536 | | |
| | | | | 7,798,335 | | | ||||||
Metals & Mining — 3.0%
|
| ||||||||||||
Freeport-McMoRan, Inc.
|
| | | | 240,300 | | | | | | 7,031,178 | | |
Newmont Corporation
|
| | | | 86,800 | | | | | | 5,179,356 | | |
Nucor Corporation
|
| | | | 21,100 | | | | | | 2,203,051 | | |
Steel Dynamics, Inc.
|
| | | | 32,500 | | | | | | 2,149,875 | | |
| | | | | 16,563,460 | | | ||||||
Total Common Stocks | | ||||||||||||
(Cost $469,279,428)
|
| | | | | | | | | | 545,734,581 | | |
|
| | |
Shares
|
| |
Value (a)
|
| ||||||
Short-Term Investments — 0.7% | | ||||||||||||
Money Market Funds — 0.7%
|
| ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, 1.51% (c)
|
| | | | 3,001,010 | | | | | $ | 3,000,410 | | |
Northern Institutional Treasury Portfolio, 1.21% (c)
|
| | | | 770,584 | | | | | | 770,584 | | |
Total Short-Term Investments | | ||||||||||||
(Cost $3,770,934)
|
| | | | | | | | | $ | 3,770,994 | | |
Total — 100.0% of Net Assets | | ||||||||||||
(Cost $473,050,362)
|
| | | | | | | | | | 549,505,575 | | |
Other Assets Less Liabilities — 0.0% | | | | | | | | | | | 76,582 | | |
Net Assets — 100.0% | | | | | | | | | |
$
|
549,582,157
|
| |
|
| | |
Dollar Amount
Traded in the Period |
| |
Percent of
Net Assets Held at Period-End |
| ||||||
Additions | | | | | | | | | | | | | |
Pioneer Natural Resources Company
|
| | | $ | 9,236,992 | | | | | | 4.0% | | |
Halliburton Company
|
| | | | 8,247,911 | | | | | | 2.3 | | |
Occidental Petroleum Corporation
|
| | | | 7,343,219 | | | | | | 3.8 | | |
Coterra Energy Inc.
|
| | | | 6,772,084 | | | | | | 1.8 | | |
Exxon Mobil Corporation
|
| | | | 5,923,231 | | | | | | 20.2 | | |
Linde plc
|
| | | | 4,245,407 | | | | | | 3.7 | | |
APA Corporation
|
| | | | 2,965,960 | | | | | | 1.1 | | |
Chevron Corporation
|
| | | | 2,943,096 | | | | | | 15.3 | | |
Suncor Energy Inc.
|
| | | | 1,508,162* | | | | | | 0.3 | | |
ConocoPhillips
|
| | | | 1,259,814 | | | | | | 8.0 | | |
LyondellBasell Industries N.V.
|
| | | | 1,078,390 | | | | | | 1.0 | | |
Phillips 66
|
| | | | 633,043 | | | | | | 1.6 | | |
CF Industries Holdings, Inc.
|
| | | | 612,244 | | | | | | 0.8 | | |
Freeport-McMoRan, Inc.
|
| | | | 555,254 | | | | | | 1.3 | | |
Celanese Corporation
|
| | | | 413,990 | | | | | | 0.7 | | |
| | | | | | | | | | | | | |
Reductions | | | | | | | | | | | | | |
EOG Resources, Inc.
|
| | | | 10,071,236 | | | | | | 3.1 | | |
Devon Energy Corporation
|
| | | | 6,119,371 | | | | | | 1.3 | | |
Marathon Oil Corporation
|
| | | | 6,010,148 | | | | | | 0.6 | | |
Air Products and Chemicals, Inc.
|
| | | | 4,000,559 | | | | | | 0.8 | | |
Schlumberger N.V.
|
| | | | 3,810,105 | | | | | | 2.8 | | |
ONEOK, Inc.
|
| | | | 3,642,039 | | | | | | 1.2 | | |
Sealed Air Corporation
|
| | | | 2,870,406 | | | | | | 0.1 | | |
Canadian Natural Resources Limited
|
| | | | 2,427,622 | | | | | | — | | |
Williams Companies, Inc.
|
| | | | 1,826,020 | | | | | | 1.6 | | |
Cheniere Energy, Inc.
|
| | | | 1,800,448 | | | | | | 0.3 | | |
Quanta Services, Inc.
|
| | | | 1,733,195 | | | | | | — | | |
Marathon Petroleum Corporation
|
| | | | 1,703,309 | | | | | | 3.7 | | |
Ecolab Inc.
|
| | | | 1,414,188 | | | | | | 0.7 | | |
Hess Corporation
|
| | | | 1,325,143 | | | | | | 1.0 | | |
Valero Energy Corporation
|
| | | | 1,082,658 | | | | | | 2.9 | | |
Sylvamo Corporation
|
| | | | 77,388 | | | | | | — | | |
Year
|
| |
(000’s)
Value Of Net Assets |
| |
(000’s)
Shares Outstanding |
| |
Net Asset
Value Per Share |
| |
Market
Value Per Share |
| |
Income
Dividends Per Share |
| |
Capital
Gains Distributions Per Share |
| |
Return of
Capital Distributions Per Share |
| |
Total
Dividends and Distributions Per Share |
| |
Annual
Distribution Rate* |
| |||||||||||||||||||||||||||
2012 | | | | $ | 732,988 | | | | | | 26,326 | | | | | $ | 27.84 | | | | | $ | 23.92 | | | | | $ | .42 | | | | | $ | 1.18 | | | | | $ | — | | | | | $ | 1.60 | | | | | | 6.4% | | |
2013 | | | | | 863,690 | | | | | | 26,775 | | | | | | 32.26 | | | | | | 27.38 | | | | | | .46 | | | | | | 1.42 | | | | | | — | | | | | | 1.88 | | | | | | 7.2 | | |
2014 | | | | | 754,506 | | | | | | 27,381 | | | | | | 27.56 | | | | | | 23.84 | | | | | | .51 | | | | | | 1.38 | | | | | | — | | | | | | 1.89 | | | | | | 6.6 | | |
2015 | | | | | 582,677 | | | | | | 28,097 | | | | | | 20.74 | | | | | | 17.74 | | | | | | .38 | | | | | | 1.00 | | | | | | — | | | | | | 1.38 | | | | | | 6.2 | | |
2016 | | | | | 685,882 | | | | | | 28,555 | | | | | | 24.02 | | | | | | 20.17 | | | | | | .41 | | | | | | .73 | | | | | | — | | | | | | 1.14 | | | | | | 6.1 | | |
2017 | | | | | 674,388 | | | | | | 28,999 | | | | | | 23.26 | | | | | | 19.84 | | | | | | .46 | | | | | | .72 | | | | | | — | | | | | | 1.18 | | | | | | 6.1 | | |
2018 | | | | | 522,997 | | | | | | 29,534 | | | | | | 17.71 | | | | | | 14.57 | | | | | | .45 | | | | | | .40 | | | | | | .32 | | | | | | 1.17 | | | | | | 6.0 | | |
2019 | | | | | 561,469 | | | | | | 29,875 | | | | | | 18.79 | | | | | | 16.46 | | | | | | .78 | | | | | | .32 | | | | | | — | | | | | | 1.10 | | | | | | 6.9 | | |
2020 | | | | | 331,942 | | | | | | 24,122 | | | | | | 13.76 | | | | | | 11.37 | | | | | | .47 | | | | | | .26 | | | | | | — | | | | | | .73 | | | | | | 6.1 | | |
2021 | | | | | 470,589 | | | | | | 24,485 | | | | | | 19.22 | | | | | | 16.52 | | | | | | .56 | | | | | | .35 | | | | | | — | | | | | | .91 | | | | | | 6.3 | | |
June 30, 2022
|
| | | | 549,582 | | | | | | 24,485 | | | | | | 22.45 | | | | | | 19.47 | | | | | | .26** | | | | | | .04 | | | | | | — | | | | | | .30** | | | | | | — | | |
| | |
Votes For
|
| |
Votes Withheld
|
| ||||||
Kenneth J. Dale | | | | | 18,486,292 | | | | | | 669,089 | | |
Frederic A. Escherich | | | | | 15,167,105 | | | | | | 3,988,276 | | |
Mary Chris Jammet | | | | | 15,203,337 | | | | | | 3,952,044 | | |
Lauriann C. Kloppenburg | | | | | 15,187,510 | | | | | | 3,967,871 | | |
Kathleen T. McGahran | | | | | 18,469,400 | | | | | | 685,981 | | |
Jane Musser Nelson | | | | | 18,532,962 | | | | | | 622,419 | | |
Mark E. Stoeckle | | | | | 18,487,307 | | | | | | 668,074 | | |
|
Kenneth J. Dale (1) (5)
|
| |
Lauriann C. Kloppenburg(1)(3) (4)
|
| |
Mark E. Stoeckle (1)
|
|
|
Frederic A. Escherich (1) (3) (4)
|
| | Kathleen T. McGahran (1) (2) (3) | | | | |
| Mary Chris Jammet (2) (4) | | | Jane Musser Nelson (2) (3) | | | | |
|
Mark E. Stoeckle
|
| | Chief Executive Officer | |
|
James P. Haynie, CFA
|
| | President | |
|
Brian S. Hook, CFA, CPA
|
| | Vice President, Chief Financial Officer and Treasurer | |
|
Janis F. Kerns
|
| |
Vice President, General Counsel, Secretary and Chief Compliance Officer
|
|
| Gregory W. Buckley | | |
Vice President—Research
|
|
| Michael A. Kijesky, CFA | | |
Vice President—Research
|
|
| Michael E. Rega, CFA | | |
Vice President—Research
|
|
| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
|
|
|
Christine M. Sloan, CPA
|
| | Assistant Treasurer and Director of Human Resources | |
Item 2. Code of Ethics.
Item not applicable to semi-annual report.
Item 3. Audit Committee Financial Expert.
Item not applicable to semi-annual report.
Item 4. Principal Accountant Fees and Services.
Item not applicable to semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Item not applicable to semi-annual report.
Item 6. Investments.
(a) This schedule is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Total Number of Shares (or Units) Purchased | Average
Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||
1/1/22-1/31/22 | 0 | $ | -- | 0 | 1,135,658 | ||||||||||||
2/1/22-2/28/22 | 0 | -- | 0 | 1,135,658 | |||||||||||||
3/1/22-3/31/22 | 0 | -- | 0 | 1,135,658 | |||||||||||||
4/1/22-4/30/22 | 0 | -- | 0 | 1,135,658 | |||||||||||||
5/1/22-5/31/22 | 0 | -- | 0 | 1,135,658 | |||||||||||||
6/1/22-6/30/22 | 0 | -- | 0 | 1,135,658 | |||||||||||||
Total | 0 | $ | -- | 0 |
(1) There were no shares purchased other than through a publicly announced plan or program.
(2a) The share repurchase plan was announced on December 11, 2014. On September 22, 2020, the Fund announced an enhanced discount management and liquidity program whereby purchases will occur when the discount exceeds 15% of net asset value for at least 30 consecutive trading days.
(2b) The share amount approved in 2014 was 5% of then-outstanding shares, or 1,332,000 shares.
(2c) The share repurchase plan has no expiration date.
(2d) None.
(2e) None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors made or implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
(b) There have been no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.
Item not applicable to semi-annual report.
Item 13. Exhibits.
(a) | (1) | Not applicable; see registrant’s response to Item 2 above. |
(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. | |
(3) | Written solicitation to purchase securities: not applicable. | |
(4) | Change in independent public accountant: not applicable. | |
(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
Adams Natural Resources Fund, Inc. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | August 1, 2022 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ Mark E. Stoeckle | |
Mark E. Stoeckle | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | August 1, 2022 | |
By: | /s/ Brian S. Hook | |
Brian S. Hook | ||
Vice President, Chief Financial Officer & Treasurer | ||
(Principal Financial Officer) | ||
Date: | August 1, 2022 |
1 Year Adams Natural Resources Chart |
1 Month Adams Natural Resources Chart |
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