PEO

Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s results for the nine months ended September 30th. The total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.1%. This compares to a total return of 19.7% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (74% weight) and the S&P 500 Materials Sector (26% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 19.5%.

For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 31.4%. Comparable return for the Fund’s benchmark was 31.4%. The total return on the market price of the Fund’s shares for the period was 30.4%.

The Third Quarter Report to Shareholders is expected to be available on or about October 26, 2022.

ANNUALIZED COMPARATIVE RETURNS (09/30/2022)

	1 Year		3 Year		5 Year		10 Year
Adams Natural Resources Fund (NAV)	31.4	%	12.9	%	6.2	%	3.8	%
Adams Natural Resources Fund (market price)	30.4	%	13.8	%	6.3	%	3.6	%
S&P 500 Energy Sector	45.7	%	13.4	%	6.1	%	3.5	%
S&P 500 Materials Sector	-12.2	%	7.6	%	5.9	%	8.6	%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at September 30, 2022, compared with the year earlier, was:

	09/30/2022		09/30/2021
Net assets	$	552,664,703	$	434,783,848
Shares outstanding		24,485,314		24,084,964
Net asset value per share	$	22.57	$	18.05

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (09/30/2022)

	% of Net Assets
Exxon Mobil Corporation	20.9	%
Chevron Corporation	14.5	%
ConocoPhillips	9.1	%
Marathon Petroleum Corporation	4.2	%
Pioneer Natural Resources Corporation	3.8	%
Occidental Petroleum Corporation	3.6	%
Linde plc	3.2	%
Valero Energy Corporation	3.0	%
EOG Resources, Inc.	2.9	%
Schlumberger N.V.	2.8	%
Total	68.0	%

SECTOR WEIGHTINGS (09/30/2022)

	% of Net Assets
Energy
Integrated Oil & Gas	36.2	%
Exploration & Production	29.2	%
Refining & Marketing	8.8	%
Equipment & Services	5.2	%
Storage & Transportation	3.6	%
Materials
Chemicals	10.7	%
Metals & Mining	2.5	%
Construction Materials	1.9	%
Containers & Packaging	1.1	%

About Adams FundsSince 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 80 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 contact us:  800-638-2479 │ adamsfunds.com/about/contact