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 10,559 168,900 SH   SOLE 168,900 0 0
ANADARKO PETE CORP COM 032511107 408 9,000 SH   SOLE 9,000 0 0
ANADARKO PETE CORP COM 032511107 1 800 SH Call SOLE 800 0 0
ANTERO RES CORP COM 03674X106 453 21,000 SH   SOLE 21,000 0 0
ANTERO RES CORP COM 03674X106 80 1,895 SH Call SOLE 1,895 0 0
APACHE CORP COM 037411105 3,700 77,200 SH   SOLE 77,200 0 0
APPLE INC COM 037833100 16,176 112,321 SH   SOLE 112,321 0 0
BANK AMER CORP COM 060505104 8,005 330,000 SH   SOLE 330,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 9,425 598,079 SH   SOLE 598,079 0 0
CABOT OIL & GAS CORP COM 127097103 79 840 SH Call SOLE 840 0 0
CABOT OIL & GAS CORP COM 127097103 539 21,500 SH   SOLE 21,500 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 191 22,368 SH   SOLE 22,368 0 0
CALLON PETE CO DEL COM 13123X102 222 21,000 SH   SOLE 21,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 10,998 556,897 SH   SOLE 556,897 0 0
CARMAX INC COM 143130102 5,403 85,692 SH   SOLE 85,692 0 0
CHEVRON CORP NEW COM 166764100 511 4,900 SH   SOLE 4,900 0 0
CHUBB LIMITED COM H1467J104 9,304 64,000 SH   SOLE 64,000 0 0
CISCO SYS INC COM 17275R102 11,337 362,220 SH   SOLE 362,220 0 0
CONOCOPHILLIPS COM 20825C104 4,716 107,300 SH   SOLE 107,300 0 0
CORNING INC COM 219350105 4,950 164,750 SH   SOLE 164,750 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 2,654 43,437 SH   SOLE 43,437 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 8,780 348,300 SH   SOLE 348,300 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 723 50,100 SH   SOLE 50,100 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 779 28,800 SH   SOLE 28,800 0 0
EOG RES INC COM 26875P101 8,628 95,328 SH   SOLE 95,328 0 0
EXXON MOBIL CORP COM 30231G102 532 6,600 SH   SOLE 6,600 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 386 24,800 SH   SOLE 24,800 0 0
FRANKS INTL N V COM N33462107 232 28,100 SH   SOLE 28,100 0 0
GENERAL ELECTRIC CO COM 369604103 13,070 483,918 SH   SOLE 483,918 0 0
HALLIBURTON CO COM 406216101 615 14,400 SH   SOLE 14,400 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 179 99,610 SH   SOLE 99,610 0 0
INTEL CORP COM 458140100 12,689 376,106 SH   SOLE 376,106 0 0
MESA RTY TR UNIT BEN INT 590660106 276 23,599 SH   SOLE 23,599 0 0
MICROSOFT CORP COM 594918104 7,480 108,519 SH   SOLE 108,519 0 0
NABORS INDUSTRIES LTD SHS G6359F103 146 18,000 SH   SOLE 18,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 34 1,700 SH Call SOLE 1,700 0 0
NATIONAL OILWELL VARCO INC COM 637071101 2,888 87,700 SH   SOLE 87,700 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 487 17,700 SH   SOLE 17,700 0 0
NOVARTIS A G SPONSORED ADR 66987V109 8,346 100,000 SH   SOLE 100,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 31,003 665,307 SH   SOLE 665,307 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 9,326 155,780 SH   SOLE 155,780 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 98 2,120 SH Call SOLE 2,120 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 629 72,400 SH   SOLE 72,400 0 0
PFIZER INC COM 717081103 5,004 149,000 SH   SOLE 149,000 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 5,511 209,800 SH   SOLE 209,800 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 628 24,033 SH   SOLE 24,033 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 511 9,400 SH   SOLE 9,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 21,310 400,661 SH   SOLE 400,661 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 337 8,700 SH   SOLE 8,700 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 339 49,800 SH   SOLE 49,800 0 0
SCHLUMBERGER LTD COM 806857108 664 10,100 SH   SOLE 10,100 0 0
SMART SAND INC COM 83191H107 160 18,000 SH   SOLE 18,000 0 0
SOUTHWEST AIRLS CO COM 844741108 6,282 101,100 SH   SOLE 101,100 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 8,096 68,600 SH   SOLE 68,600 0 0
STAPLES INC COM 855030102 10,893 1,081,732 SH   SOLE 1,081,732 0 0
STORE CAP CORP COM 862121100 3,547 158,040 SH   SOLE 158,040 0 0
TENARIS S A SPONSORED ADR 88031M109 513 16,500 SH   SOLE 16,500 0 0
TOTAL S A SPONSORED ADR 89151E109 7,681 154,903 SH   SOLE 154,903 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,089 38,937 SH   SOLE 38,937 0 0
TRANSOCEAN LTD REG SHS H8817H100 322 39,200 SH   SOLE 39,200 0 0
TRANSOCEAN LTD REG SHS H8817H100 7 1,825 SH Call SOLE 1,825 0 0
U S SILICA HLDGS INC COM 90346E103 276 7,800 SH   SOLE 7,800 0 0
WEATHERFORD INTL LTD NOTE 5.875% 7/0 947075AH0 193 50,000 PRN   SOLE 50,000 0 0
ZIONS BANCORPORATION COM 989701107 5,269 120,000 SH   SOLE 120,000 0 0