Adams Natural Resources Fund Announces First Half 2026 Performance

Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s investment returns for the first half of 2026. The total return on the Fund’s net asset value for the first half of 2026 was 18.4%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 19.7% and 12.0%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (80%) and the S&P 500 Materials Sector (20%), returned 18.1%. The total return on the Fund’s market price for the same period was 18.2%. The Semi-Annual Report to Shareholders is expected to be released on or about July 22, 2026.

ANNUALIZED COMPARATIVE RETURNS (6/30/2026)

1 Year 3 Year 5 Year 10 Year

Adams Natural Resources Fund (NAV) 26.5% 13.0% 17.0% 9.4%

Adams Natural Resources Fund (market price) 25.9% 15.7% 17.7% 9.6%

S&P 500 Energy Sector 29.0% 12.8% 19.0% 8.7%

S&P 500 Materials Sector 16.7% 8.9% 6.3% 10.4%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at June 30, 2026, compared with the year earlier, was:

6/30/2026 6/30/2025

Net assets $769,147,614 $634,743,865

Shares outstanding 28,034,839 26,888,697

Net asset value per share $27.44 $23.61

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (6/30/2026)

% of Net Assets

Exxon Mobil Corporation 23.9%

Chevron Corporation 12.6%

ConocoPhillips 6.0%

Williams Companies, Inc. 4.1%

Valero Energy Corporation 3.8%

Linde plc 3.6%

SLB Ltd. 3.3%

Targa Resources Corp. 3.2%

Phillips 66 3.1%

Marathon Petroleum Corporation 2.7%

Total 66.3%

INDUSTRY WEIGHTINGS (6/30/2026)

% of Net Assets

Energy Integrated Oil & Gas 38.5%

Exploration & Production 14.8%

Storage & Transportation 10.7%

Refining & Marketing 9.6%

Equipment & Services 6.9%

Materials Chemicals 10.2%

Metals & Mining 5.2%

Construction Materials 2.2%

Containers & Packaging 1.1%

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 90 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com .