<SEC-DOCUMENT>0001144204-19-008134.txt : 20190214
<SEC-HEADER>0001144204-19-008134.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214162436
ACCESSION NUMBER:		0001144204-19-008134
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214
EFFECTIVENESS DATE:		20190214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-00596
		FILM NUMBER:		19606830

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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          <cik>0000216851</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>12-31-2018</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2018</reportCalendarOrQuarter>
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        <name>ADAMS NATURAL RESOURCES FUND, INC.</name>
        <address>
          <ns1:street1>500 East Pratt Street</ns1:street1>
          <ns1:street2>Suite 1300</ns1:street2>
          <ns1:city>Baltimore</ns1:city>
          <ns1:stateOrCountry>MD</ns1:stateOrCountry>
          <ns1:zipCode>21202</ns1:zipCode>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Christine M. Sloan</name>
      <title>Assistant Treasurer</title>
      <phone>410-752-5900</phone>
      <signature>/s/ Christine M. Sloan</signature>
      <city>Baltimore</city>
      <stateOrCountry>MD</stateOrCountry>
      <signatureDate>02-14-2019</signatureDate>
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      <Sole>79100</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LyondellBasell Industries N.V.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N53745100</cusip>
    <value>3143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Marathon Oil Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>565849106</cusip>
    <value>7798</value>
    <shrsOrPrnAmt>
      <sshPrnamt>543800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>543800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Marathon Petroleum Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56585A102</cusip>
    <value>20995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>355785</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>355785</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Martin Marietta Materials, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573284106</cusip>
    <value>1495</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mosaic Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61945C103</cusip>
    <value>1881</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64401</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64401</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>National Oilwell Varco, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637071101</cusip>
    <value>2801</value>
    <shrsOrPrnAmt>
      <sshPrnamt>109000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>109000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Newfield Exploration Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651290108</cusip>
    <value>819</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Newmont Mining Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>2547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Noble Energy, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655044105</cusip>
    <value>2621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>139700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>139700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nucor Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>2000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Occidental Petroleum Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>22661</value>
    <shrsOrPrnAmt>
      <sshPrnamt>369200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>369200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONEOK, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682680103</cusip>
    <value>6150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>114000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Packaging Corporation of America</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>695156109</cusip>
    <value>976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Phillips 66</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>14506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>168375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>168375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pioneer Natural Resources Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723787107</cusip>
    <value>6129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPG Industries, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693506107</cusip>
    <value>2862</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schlumberger Limited</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>15536</value>
    <shrsOrPrnAmt>
      <sshPrnamt>430600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>430600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sherwin-Williams Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824348106</cusip>
    <value>9286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TechnipFMC plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G87110105</cusip>
    <value>2254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Williams Companies, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969457100</cusip>
    <value>10760</value>
    <shrsOrPrnAmt>
      <sshPrnamt>488000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>488000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Total S.A. ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89151E109</cusip>
    <value>4347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Valero Energy Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>8764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>116900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>116900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vulcan Materials Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929160109</cusip>
    <value>1571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WestRock Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>96145D105</cusip>
    <value>1461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Whiting Petroleum Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>966387409</cusip>
    <value>1150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50675</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
