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 11,331 181,500 SH   SOLE 181,500 0 0
ANADARKO PETE CORP COM 032511107 558 9,000 SH   SOLE 9,000 0 0
ANTERO RES CORP COM 03674X106 479 21,000 SH   SOLE 21,000 0 0
APACHE CORP COM 037411105 3,966 77,200 SH   SOLE 77,200 0 0
APPLE INC COM 037833100 17,641 122,798 SH   SOLE 122,798 0 0
BANK AMER CORP COM 060505104 7,784 330,000 SH   SOLE 330,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 9,714 588,379 SH   SOLE 588,379 0 0
CABOT OIL & GAS CORP COM 127097103 514 21,500 SH   SOLE 21,500 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 336 22,368 SH   SOLE 22,368 0 0
CALLON PETE CO DEL COM 13123X102 276 21,000 SH   SOLE 21,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 10,903 683,597 SH   SOLE 683,597 0 0
CARMAX INC COM 143130102 5,832 98,492 SH   SOLE 98,492 0 0
CHEVRON CORP NEW COM 166764100 526 4,900 SH   SOLE 4,900 0 0
CHUBB LIMITED COM H1467J104 8,720 64,000 SH   SOLE 64,000 0 0
CISCO SYS INC COM 17275R102 12,243 362,220 SH   SOLE 362,220 0 0
CONOCOPHILLIPS COM 20825C104 5,350 107,300 SH   SOLE 107,300 0 0
CORNING INC COM 219350105 5,184 192,000 SH   SOLE 192,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 2,783 43,437 SH   SOLE 43,437 0 0
DEVON ENERGY CORP NEW COM 25179M103 250 6,000 SH   SOLE 6,000 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 9,860 348,300 SH   SOLE 348,300 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 861 50,100 SH   SOLE 50,100 0 0
DRIL-QUIP INC COM 262037104 201 3,700 SH   SOLE 3,700 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 795 28,800 SH   SOLE 28,800 0 0
EOG RES INC COM 26875P101 9,298 95,328 SH   SOLE 95,328 0 0
EXXON MOBIL CORP COM 30231G102 541 6,600 SH   SOLE 6,600 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 513 24,800 SH   SOLE 24,800 0 0
FRANKS INTL N V COM N33462107 297 28,100 SH   SOLE 28,100 0 0
GENERAL ELECTRIC CO COM 369604103 14,420 483,918 SH   SOLE 483,918 0 0
HALLIBURTON CO COM 406216101 708 14,400 SH   SOLE 14,400 0 0
HELMERICH & PAYNE INC COM 423452101 232 3,500 SH   SOLE 3,500 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 189 99,610 SH   SOLE 99,610 0 0
INTEL CORP COM 458140100 14,772 409,556 SH   SOLE 409,556 0 0
MESA RTY TR UNIT BEN INT 590660106 312 23,599 SH   SOLE 23,599 0 0
MICROSOFT CORP COM 594918104 7,891 119,819 SH   SOLE 119,819 0 0
NABORS INDUSTRIES LTD SHS G6359F103 235 18,000 SH   SOLE 18,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 3,515 87,700 SH   SOLE 87,700 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 639 17,700 SH   SOLE 17,700 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,426 100,000 SH   SOLE 100,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 30,138 665,307 SH   SOLE 665,307 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 10,075 159,030 SH   SOLE 159,030 0 0
PARSLEY ENERGY INC CL A 701877102 204 6,300 SH   SOLE 6,300 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 676 72,400 SH   SOLE 72,400 0 0
PFIZER INC COM 717081103 5,097 149,000 SH   SOLE 149,000 0 0
PHILIP MORRIS INTL INC COM 718172109 9,709 86,000 SH   SOLE 86,000 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 6,631 209,800 SH   SOLE 209,800 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 751 24,033 SH   SOLE 24,033 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 524 9,400 SH   SOLE 9,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 20,776 394,020 SH   SOLE 394,020 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 309 8,700 SH   SOLE 8,700 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 360 49,800 SH   SOLE 49,800 0 0
SANOFI SPONSORED ADR 80105N105 4,751 105,000 SH   SOLE 105,000 0 0
SCHLUMBERGER LTD COM 806857108 788 10,100 SH   SOLE 10,100 0 0
SMART SAND INC COM 83191H107 292 18,000 SH   SOLE 18,000 0 0
SOUTHWEST AIRLS CO COM 844741108 8,117 151,000 SH   SOLE 151,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 8,144 68,600 SH   SOLE 68,600 0 0
STAPLES INC COM 855030102 9,925 1,131,732 SH   SOLE 1,131,732 0 0
TENARIS S A SPONSORED ADR 88031M109 563 16,500 SH   SOLE 16,500 0 0
TOTAL S A SPONSORED ADR 89151E109 7,809 154,903 SH   SOLE 154,903 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,229 38,937 SH   SOLE 38,937 0 0
TRANSOCEAN LTD REG SHS H8817H100 488 39,200 SH   SOLE 39,200 0 0
U S SILICA HLDGS INC COM 90346E103 374 7,800 SH   SOLE 7,800 0 0
ZIONS BANCORPORATION COM 989701107 5,040 120,000 SH   SOLE 120,000 0 0