The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN INTL GROUP INC COM NEW 026874784 13,159 201,500 SH   SOLE 201,500 0 0
ANADARKO PETE CORP COM 032511107 627 9,000 SH   SOLE 9,000 0 0
ANTERO RES CORP COM 03674x106 212 9,000 SH   SOLE 9,000 0 0
APACHE CORP COM 037411105 4,296 67,700 SH   SOLE 67,700 0 0
APPLE INC COM 037833100 14,222 122,798 SH   SOLE 122,798 0 0
BANK AMER CORP COM 060505104 7,293 330,000 SH   SOLE 330,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 9,633 512,979 SH   SOLE 512,979 0 0
CABOT OIL & GAS CORP COM 127097103 239 9,500 SH   SOLE 9,500 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 476 22,368 SH   SOLE 22,368 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 10,290 674,797 SH   SOLE 674,797 0 0
CARMAX INC COM 143130102 6,341 98,492 SH   SOLE 98,492 0 0
CHEVRON CORP NEW COM 166764100 835 7,100 SH   SOLE 7,100 0 0
CHUBB LIMITED COM H1467J104 8,455 64,000 SH   SOLE 64,000 0 0
CISCO SYS INC COM 17275R102 10,946 362,220 SH   SOLE 362,220 0 0
CONOCOPHILLIPS COM 20825C104 3,359 67,000 SH   SOLE 67,000 0 0
CORNING INC COM 219350105 5,145 212,000 SH   SOLE 212,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 2,387 43,437 SH   SOLE 43,437 0 0
DEVON ENERGY CORP NEW COM 25179M103 274 6,000 SH   SOLE 6,000 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 9,327 348,300 SH   SOLE 348,300 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 879 50,100 SH   SOLE 50,100 0 0
DRIL-QUIP INC COM 262037104 222 3,700 SH   SOLE 3,700 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 778 28,800 SH   SOLE 28,800 0 0
EOG RES INC COM 26875P101 9,121 90,228 SH   SOLE 90,228 0 0
EXXON MOBIL CORP COM 30231G102 5,492 60,860 SH   SOLE 60,860 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 545 24,800 SH   SOLE 24,800 0 0
FRANKS INTL N V COM N33462107 2,056 167,100 SH   SOLE 167,100 0 0
GENERAL ELECTRIC CO COM 369604103 15,291 483,918 SH   SOLE 483,918 0 0
HALLIBURTON CO COM 406216101 508 9,400 SH   SOLE 9,400 0 0
HELMERICH & PAYNE INC COM 423452101 270 3,500 SH   SOLE 3,500 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 214 99,610 SH   SOLE 99,610 0 0
INTEL CORP COM 458140100 14,854 409,556 SH   SOLE 409,556 0 0
MESA RTY TR UNIT BEN INT 590660106 257 23,599 SH   SOLE 23,599 0 0
MICROSOFT CORP COM 594918104 7,445 119,819 SH   SOLE 119,819 0 0
NATIONAL OILWELL VARCO INC COM 637071101 2,819 75,300 SH   SOLE 75,300 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 571 17,700 SH   SOLE 17,700 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,283 100,000 SH   SOLE 100,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 24,949 665,307 SH   SOLE 665,307 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 11,066 155,380 SH   SOLE 155,380 0 0
OCEANEERING INTL INC COM 675232102 203 7,200 SH   SOLE 7,200 0 0
PARSLEY ENERGY INC CL A 701877102 222 6,300 SH   SOLE 6,300 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 558 72,400 SH   SOLE 72,400 0 0
PFIZER INC COM 717081103 4,839 149,000 SH   SOLE 149,000 0 0
PHILIP MORRIS INTL INC COM 718172109 12,698 138,800 SH   SOLE 138,800 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 6,450 199,800 SH   SOLE 199,800 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 833 24,033 SH   SOLE 24,033 0 0
PROCTER AND GAMBLE CO COM 742718109 3,923 46,660 SH   SOLE 46,660 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 544 9,400 SH   SOLE 9,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 20,544 377,817 SH   SOLE 377,817 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 305 8,700 SH   SOLE 8,700 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 329 49,800 SH   SOLE 49,800 0 0
SANOFI SPONSORED ADR 80105N105 4,246 105,000 SH   SOLE 105,000 0 0
SCHLUMBERGER LTD COM 806857108 847 10,100 SH   SOLE 10,100 0 0
SMART SAND INC COM 83191H107 297 18,000 SH   SOLE 18,000 0 0
SOUTHWEST AIRLS CO COM 844741108 8,522 171,000 SH   SOLE 171,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7,519 68,600 SH   SOLE 68,600 0 0
STAPLES INC COM 855030102 9,789 1,081,732 SH   SOLE 1,081,732 0 0
TENARIS S A SPONSORED ADR 88031M109 303 8,500 SH   SOLE 8,500 0 0
TOTAL S A SPONSORED ADR 89151E109 6,087 119,449 SH   SOLE 119,449 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,563 38,937 SH   SOLE 38,937 0 0
TRANSOCEAN LTD REG SHS H8817H100 577 39,200 SH   SOLE 39,200 0 0
U S SILICA HLDGS INC COM 90346E103 442 7,800 SH   SOLE 7,800 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 248 11,900 SH   SOLE 11,900 0 0
ZIONS BANCORPORATION COM 989701107 5,595 130,000 SH   SOLE 130,000 0 0