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    <nameOfIssuer>Air Products and Chemicals, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>009158106</cusip>
    <value>6906</value>
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      <Sole>28600</Sole>
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    <nameOfIssuer>Albemarle Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>012653101</cusip>
    <value>865</value>
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      <Sole>11200</Sole>
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      <None>0</None>
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    <nameOfIssuer>Amcor plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0250X107</cusip>
    <value>1579</value>
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      <Sole>154700</Sole>
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      <None>0</None>
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    <nameOfIssuer>Apache Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037411105</cusip>
    <value>1496</value>
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      <sshPrnamt>110800</sshPrnamt>
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      <Sole>110800</Sole>
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      <None>0</None>
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    <nameOfIssuer>Avery Dennison Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053611109</cusip>
    <value>776</value>
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      <sshPrnamt>6800</sshPrnamt>
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    <votingAuthority>
      <Sole>6800</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>Baker Hughes Company Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05722G100</cusip>
    <value>3529</value>
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      <Sole>229300</Sole>
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      <None>0</None>
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    <nameOfIssuer>Ball Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>058498106</cusip>
    <value>3996</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57500</sshPrnamt>
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    <votingAuthority>
      <Sole>57500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Cabot Oil &amp; Gas Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127097103</cusip>
    <value>1948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113400</sshPrnamt>
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      <Sole>113400</Sole>
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      <None>0</None>
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    <nameOfIssuer>Celanese Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>150870103</cusip>
    <value>812</value>
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      <sshPrnamt>9400</sshPrnamt>
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    <votingAuthority>
      <Sole>9400</Sole>
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      <None>0</None>
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    <nameOfIssuer>CF Industries Holdings, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125269100</cusip>
    <value>822</value>
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      <sshPrnamt>29200</sshPrnamt>
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      <Sole>29200</Sole>
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      <None>0</None>
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    <nameOfIssuer>Chevron Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>66833</value>
    <shrsOrPrnAmt>
      <sshPrnamt>749000</sshPrnamt>
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    <votingAuthority>
      <Sole>749000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Concho Resources Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20605P101</cusip>
    <value>4694</value>
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      <sshPrnamt>91140</sshPrnamt>
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      <Sole>91140</Sole>
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      <None>0</None>
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    <nameOfIssuer>ConocoPhillips</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>21287</value>
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    <votingAuthority>
      <Sole>506600</Sole>
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      <None>0</None>
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    <nameOfIssuer>Corteva Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22052L104</cusip>
    <value>2195</value>
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      <Sole>81945</Sole>
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      <None>0</None>
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    <nameOfIssuer>Devon Energy Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>1214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107100</sshPrnamt>
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    <votingAuthority>
      <Sole>107100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Diamondback Energy, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25278X109</cusip>
    <value>3379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>80800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Dow, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>260557103</cusip>
    <value>3316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81345</sshPrnamt>
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    <votingAuthority>
      <Sole>81345</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DuPont de Nemours, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26614N102</cusip>
    <value>4630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87145</sshPrnamt>
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      <Sole>87145</Sole>
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      <None>0</None>
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    <nameOfIssuer>Eastman Chemical Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>277432100</cusip>
    <value>766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
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    <votingAuthority>
      <Sole>11000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Ecolab Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278865100</cusip>
    <value>6844</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34400</sshPrnamt>
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    <votingAuthority>
      <Sole>34400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EOG Resources, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>11490</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226800</sshPrnamt>
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    <votingAuthority>
      <Sole>226800</Sole>
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      <None>0</None>
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    <nameOfIssuer>Exxon Mobil Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>66679</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1491030</sshPrnamt>
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    <votingAuthority>
      <Sole>1491030</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FMC Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302491303</cusip>
    <value>4174</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Freeport-McMoRan, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35671D857</cusip>
    <value>4434</value>
    <shrsOrPrnAmt>
      <sshPrnamt>383200</sshPrnamt>
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      <Sole>383200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Halliburton Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>406216101</cusip>
    <value>3997</value>
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      <sshPrnamt>307970</sshPrnamt>
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      <Sole>307970</Sole>
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    <nameOfIssuer>Hess Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42809H107</cusip>
    <value>5554</value>
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      <Sole>107200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HollyFrontier Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>436106108</cusip>
    <value>2023</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>69300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>International Flavors &amp; Fragrances Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459506101</cusip>
    <value>1274</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>International Paper Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>460146103</cusip>
    <value>1433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Kinder Morgan, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49456B101</cusip>
    <value>9982</value>
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      <sshPrnamt>658000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>658000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Linde plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5494J103</cusip>
    <value>20935</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LyondellBasell Industries N.V.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N53745100</cusip>
    <value>5120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77900</sshPrnamt>
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    <votingAuthority>
      <Sole>77900</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Marathon Oil Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>565849106</cusip>
    <value>1371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>224100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>224100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Marathon Petroleum Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56585A102</cusip>
    <value>10470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>280085</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>280085</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Martin Marietta Materials, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573284106</cusip>
    <value>2045</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9900</sshPrnamt>
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    <votingAuthority>
      <Sole>9900</Sole>
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      <None>0</None>
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    <nameOfIssuer>Mosaic Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61945C103</cusip>
    <value>484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38701</sshPrnamt>
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    <votingAuthority>
      <Sole>38701</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>National Oilwell Varco, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637071101</cusip>
    <value>1447</value>
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    <nameOfIssuer>Newmont Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>7069</value>
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      <Sole>114500</Sole>
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    <nameOfIssuer>Noble Energy, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655044105</cusip>
    <value>1179</value>
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      <sshPrnamt>131600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>131600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Nucor Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>3010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>72700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ONEOK, Inc.</nameOfIssuer>
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    <nameOfIssuer>Packaging Corporation of America</nameOfIssuer>
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    <nameOfIssuer>Phillips 66</nameOfIssuer>
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    <value>7064</value>
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    <nameOfIssuer>PPG Industries, Inc.</nameOfIssuer>
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    <nameOfIssuer>Williams Companies, Inc.</nameOfIssuer>
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    <nameOfIssuer>Utilities Select Sector SPDR Fund</nameOfIssuer>
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    <nameOfIssuer>Whiting Petroleum Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>50675</sshPrnamt>
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    <votingAuthority>
      <Sole>50675</Sole>
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