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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ACE LIMITEDCOMH0023R1057316,967SH SOLE 6,96700
ARCH COAL INCCOM0393801004,3462,049,854SH SOLE 2,046,55403,300
BAKER HUGHES INC COMCOM0572241077,559116,192SH SOLE 116,19200
BANCORPSOUTHCOM05969210386342,836SH SOLE 42,83600
BARRICK GOLD CORPCOM06790110817,9551,224,779SH SOLE 1,222,97901,800
BERKSHIRE HATHAWAY CL BCOM08467070243,320313,597SH SOLE 313,0470550
BERKSHIRE HATHAWAY HLD ACOM0846701081,0345SH SOLE 500
BP PLCCOM0556221042255,125SH SOLE 5,12500
BP PRUDHOE BAY ROYALTY TRUSTCOM0556301072833,000SH SOLE 3,00000
CENOVUS ENERGY, INC.COM15135U10918,834700,674SH SOLE 700,0940580
CHEVRONCOM16676410022,247186,445SH SOLE 185,9450500
CISCO SYSTEMSCOM17275R10210,909433,404SH SOLE 432,6040800
CONOCOPHILLIPSCOM20825c10452,509686,216SH SOLE 684,96101,255
CORNINGCOM21935010523,8911,235,332SH SOLE 1,232,93202,400
DEVON ENERGYCOM25179m1035,35278,501SH SOLE 78,3010200
DIAMOND OFFSHORE DRILLINGCOM25271C1023,883113,307SH SOLE 113,30700
EASTMAN CHEMICALCOM2774321002913,600SH SOLE 3,60000
ELI LILLYCOM53245710836,376560,930SH SOLE 559,90001,030
ENCANACOM29250510439,5631,865,321SH SOLE 1,861,59103,730
EXELIS INCCOM30162a10812,195737,300SH SOLE 736,00001,300
EXXON MOBILCOM30231G1022,12522,594SH SOLE 22,59400
FORD MOTORCOM34537086088359,713SH SOLE 59,71300
FORESTAR REAL ESTATE GROUP INCCOM3462331098,271466,750SH SOLE 466,75000
FREEPORT-MCMORAN INC.COM35671d85722,250681,472SH SOLE 680,35201,120
HANESBRANDS INCCOM4103451021,21411,300SH SOLE 11,30000
HEWLETT PACKARDCOM42823610314,811417,574SH SOLE 416,7740800
IMPERIAL OIL LTDCOM45303840862813,305SH SOLE 13,30500
INTEL CORP.COM45814010014,010402,369SH SOLE 401,5690800
INTERNATIONAL BUSINESS MACHINECOM4592001014402,320SH SOLE 2,32000
JOHNSON AND JOHNSONCOM4781601045054,735SH SOLE 4,73500
LEUCADIA NATIONALCOM52728810422,590947,562SH SOLE 946,06201,500
LEXMARK INTL INC CL ACOM52977110716,637391,467SH SOLE 390,7670700
LOEWSCOM5404241086,498155,968SH SOLE 155,96800
MARATHON OILCOM56584910684422,445SH SOLE 22,44500
MARATHON PETROLEUM CORPCOM56585a1022522,972SH SOLE 2,97200
MERCK AND CO. INC.COM58933Y10547,634803,546SH SOLE 802,23601,310
MFC INDUSTRIAL LTDCOM55278t1059,4881,334,450SH SOLE 1,332,45002,000
MURPHY OIL CORPCOM6267171023416,000SH SOLE 6,00000
NEWMONT MININGCOM65163910629,4701,278,526SH SOLE 1,276,75601,770
NOBLE ENERGYCOM65504410512,796187,182SH SOLE 187,18200
NOKIACOM65490220412,2861,452,287SH SOLE 1,449,58702,700
PEMBINA PIPELINE CORPCOM7063271031,81042,950SH SOLE 42,95000
PERMIAN BASIN ROYALTY TRUSTCOM71423610618,7191,378,420SH SOLE 1,375,72002,700
PFIZERCOM71708110355,2841,869,601SH SOLE 1,866,60103,000
PHILLIPS 66COM71854610424,636302,985SH SOLE 302,3580627
PILGRIM'S PRIDECOM72147k10863320,727SH SOLE 20,72700
PRECISION DRILLING CORPCOM74022d3086,641615,473SH SOLE 611,47304,000
REGENCY ENERGY PARTNERS LPCOM75885y10732610,000SH SOLE 10,00000
RESOLUTE FOREST PRODUCTSCOM76117w10940225,687SH SOLE 25,68700
SAN JUAN BASIN ROYALTY TRUSTCOM7982411052,725143,405SH SOLE 143,40500
SANOFICOM80105n10522,081391,300SH SOLE 390,4400860
SEACOR HOLDINGS INCCOM8119041019,358125,112SH SOLE 124,8520260
SIMMONS FIRST NATIONALCOM8287302001,52939,700SH SOLE 39,70000
TECK RESOURCES LIMITEDCOM87874220426,2271,388,414SH SOLE 1,387,01401,400
TECUMSEH PRODUCTS COCOM8788953092,356547,940SH SOLE 547,94000
TEJON RANCH COCOM8790801092,46287,818SH SOLE 87,4700348
TEMPLETON DRAGON FUNDCOM88018T1011,69865,876SH SOLE 65,87600
THE TRAVELERS COS., INC.COM89417e1091,32914,147SH SOLE 14,14700
THOMPSON CREEK METALSCOM8847681025,3692,440,566SH SOLE 2,436,46604,100
TRANSOCEAN, LTDCOMH8817H10011,582362,264SH SOLE 361,5640700
TSAKOS ENERGY NAVIGATION LTDCOMg9108l1084,551713,328SH SOLE 712,19801,130
TWIN DISCCOM90147610148217,881SH SOLE 17,88100
TYSON FOODSCOM90249410351713,144SH SOLE 13,14400
VALERO ENERGY CORP NEWCOM91913y10037,305806,254SH SOLE 804,41401,840
VECTRUS INCCOM92242t10179640,772SH SOLE 40,701071
WAL-MART STORESCOM9311421033744,897SH SOLE 4,89700