Adams Natural Resources Fund Declares Distribution and Announces First Quarter Performance

BALTIMORE, April 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 per share from net investment income, payable May 31, 2024, to shareholders of record May 17, 2024. This distribution represents the second payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.  

FIRST QUARTER PERFORMANCE

For the three months ended March 31^st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 13.1%. This compares to a total return of 12.7% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 12.3%.

For the twelve months ended March 31^st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.3%. Comparable return for the Fund’s benchmark was 17.6%. The total return on the market price of the Fund’s shares for the period was 19.7%.

The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.

ANNUALIZED COMPARATIVE RETURNS (3/31/2024)

	1 Year	3 Year	5 Year
Adams Natural Resources Fund  (NAV)	19.3%	26.0%	13.9%
Adams Natural Resources Fund (market price)	19.7%	23.9%	13.7%
S&P 500 Energy Sector	17.7%	30.0%	12.9%
S&P 500 Materials Sector	17.6%	7.9%	13.3%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:

	3/31/2024	3/31/2023
Net assets	$712,708,809	$627,152,193
Shares outstanding	25,506,011	25,082,799
Net asset value per share	$27.94	$25.00

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)

	% of Net Assets
Exxon Mobil Corporation	19.1%
Chevron Corporation	12.0%
ConocoPhillips	6.1%
Marathon Petroleum Corporation	4.7%
Linde plc	4.6%
EOG Resources, Inc.	4.0%
Pioneer Natural Resources Company	3.7%
Phillips 66	3.5%
Hess Corporation	3.0%
Schlumberger N.V.	2.9%
Total	63.6%

INDUSTRY WEIGHTINGS (3/31/2024)

	% of Net Assets
Energy	80.3%
Integrated Oil & Gas	32.0%
Exploration & Production	24.9%
Refining & Marketing	10.3%
Storage & Transportation	7.2%
Equipment & Services	5.9%
Materials	19.2%
Chemicals	13.5%
Metals & Mining	3.1%
Construction Materials	1.7%
Containers & Packaging	0.9%

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO).The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information please contact: adamsfunds.com/about/contact or 800.638.2479