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
ABBVIE INCCOM00287y1094,43541,111SH SOLE 41,11100
APACHE CORPCOM03743Q1082,393111,644SH SOLE 111,64400
BAKER HUGHES A GE CO CL ACOM05722g10097139,267SH SOLE 39,26700
BANCORPSOUTH BANKCOM05971j10278126,213SH SOLE 26,21300
BARRICK GOLD CORPCOM06790110811,392631,133SH SOLE 630,4000733
BERKSHIRE HATHAWAY CL BCOM08467070231,794116,488SH SOLE 116,3210167
BERKSHIRE HATHAWAY HLD ACOM0846701084111SH SOLE 100
CAMECO CORPCOM13321l10817,876822,657SH SOLE 820,72201,935
CENOVUS ENERGY, INC.COM15135U1093,167314,763SH SOLE 314,5760187
CHEVRONCOM16676410023,070227,398SH SOLE 227,2650133
CHUBB LTD INCCOMH1467J1042671,537SH SOLE 1,53700
CISCO SYSTEMSCOM17275R1028,015147,253SH SOLE 147,0860167
CONOCOPHILLIPSCOM20825c10421,823322,013SH SOLE 321,6100403
CORNINGCOM2193501053,748102,702SH SOLE 102,4290273
DEVON ENERGYCOM25179m1032,29464,613SH SOLE 64,61300
EASTMAN CHEMICALCOM2774321003023,000SH SOLE 3,00000
EXXON MOBILCOM30231G10224,769421,096SH SOLE 420,2830813
FEDERATED HERMES, INCCOM31421110312,211375,724SH SOLE 374,9720752
FRANKLIN RES INCCOM35461310113,495454,079SH SOLE 453,4790600
FREEPORT-MCMORAN INC.COM35671d8577,731237,662SH SOLE 237,66200
GILEAD SCIENCES INCCOM37555810311,047158,152SH SOLE 157,9520200
GRAFTECH INTERNATIONAL LTDCOM3843135085,902571,897SH SOLE 570,76001,137
HP INCCOM40434L1058,967327,740SH SOLE 327,1400600
IMPERIAL OIL LTDCOM45303840833810,725SH SOLE 10,72500
INTEL CORP.COM4581401004,78989,881SH SOLE 89,6140267
INTERNATIONAL BUSINESS MACHINECOM4592001012121,524SH SOLE 1,52400
JEFFERIES FINANCIAL GROUP INCCOM47233w1098,398226,173SH SOLE 225,6510522
KRAFT HEINZ COMPANYCOM50075410611,229304,968SH SOLE 304,5680400
LOEWSCOM5404241087,402137,249SH SOLE 137,24900
LUMEN TECHNOLOGIESCOM55024110326,5752,144,908SH SOLE 2,140,66104,247
MARATHON PETROLEUM CORPCOM56585a1023485,634SH SOLE 5,63400
MERCK AND CO. INC.COM58933Y10516,506219,754SH SOLE 219,3270427
MOSAICCOM61945c10323,453656,571SH SOLE 655,6380933
NEWMONT GOLDCORPCOM65163910633,174610,938SH SOLE 610,2580680
ORGANON & COCOM68622v10671821,910SH SOLE 21,868042
OVINTIV INCCOM69047q1022,78084,552SH SOLE 84,2480304
PEMBINA PIPELINE CORPCOM7063271031,36142,950SH SOLE 42,95000
PERMIAN BASIN ROYALTY TRUSTCOM7142361064,232738,620SH SOLE 737,55301,067
PFIZERCOM71708110317,492406,696SH SOLE 405,8960800
PHILLIPS 66COM7185461044,69066,967SH SOLE 66,96700
PRECISION DRILLING CORPCOM74022d40786421,383SH SOLE 21,293090
SAN JUAN BASIN ROYALTY TRUSTCOM7982411058216,125SH SOLE 16,12500
SANOFICOM80105n10511,300234,397SH SOLE 233,9970400
TECK RESOURCES LTD CL BCOM87874220427,9561,122,280SH SOLE 1,121,14701,133
TEJON RANCH COCOM8790801097,239407,601SH SOLE 406,8140787
THE TRAVELERS COS., INC.COM89417e1093722,448SH SOLE 2,44800
TRANSOCEAN, LTDCOMH8817H1001,069281,981SH SOLE 281,7140267
TSAKOS ENERGY NAVIGATION LTDCOMg9108l1731,456136,036SH SOLE 136,03600
VIACOMCBS INCCOM92556h20611,920301,697SH SOLE 301,0930604
WAL-MART STORESCOM9311421035423,890SH SOLE 3,89000