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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102 BBG001T6GDX0 10,958,038 96,309 SH   SOLE   96,309 0 0
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 88,342,527 3,835,976 SH   SOLE   3,835,976 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 BBG001S8JFB3 11,809,814 431,961 SH   SOLE   431,961 0 0
CHESAPEAKE ENERGY CORP CALL 165167905   1,476,405 541,800 SH Call SOLE   541,800 0 0
CNX RES CORP COM 12653C108 BBG001SC7TN4 18,541,464 1,046,358 SH   SOLE   1,046,358 0 0
COMSTOCK RES INC COM 205768302 BBG001S8FX55 45,414,476 3,915,041 SH   SOLE   3,915,041 0 0
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 62,354,346 919,545 SH   SOLE   919,545 0 0
COTERRA ENERGY INC COM 127097103 BBG001S6H6Y4 46,330,802 1,831,257 SH   SOLE   1,831,257 0 0
CVR ENERGY INC COM 12662P108 BBG001SM6PD2 7,357,217 245,568 SH   SOLE   245,568 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C201 BBG010JCFCF2 97,731,996 6,863,202 SH   SOLE   6,863,202 0 0
ENERPLUS CORP COM 292766102 BBG001SGHVD0 119,883,279 8,273,940 SH   SOLE   8,273,940 0 0
EQT CORP COM 26884L109 BBG001S5QXJ4 96,514,465 2,346,571 SH   SOLE   2,346,571 0 0
EQUITRANS MIDSTREAM CORP CALL 294600901   17,500,000 10,000,000 SH Call SOLE   10,000,000 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 BBG00K53L401 6,470,208 676,800 SH   SOLE   676,800 0 0
HF SINCLAIR CORP COM 403949100 BBG0135B2269 13,346,063 299,172 SH   SOLE   299,172 0 0
KOSMOS ENERGY LTD COM 500688106 BBG001SJV7R6 41,838,119 6,984,661 SH   SOLE   6,984,661 0 0
LOUISIANA PAC CORP COM 546347105 BBG001S5SW04 4,648,685 61,999 SH   SOLE   61,999 0 0
MURPHY OIL CORP COM 626717102 BBG001S5TG80 75,514,578 1,971,660 SH   SOLE   1,971,660 0 0
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 41,043,179 993,541 SH   SOLE   993,541 0 0
NOV INC COM 62955J103 BBG001S6HFR2 9,944,800 620,000 SH   SOLE   620,000 0 0
NUSCALE PWR CORP CL A COM 67079K100 BBG00YG48PG8 1,195,610 175,825 SH   SOLE   175,825 0 0
OLIN CORP COM PAR $1 680665205 BBG001S5TWW8 5,446,312 105,980 SH   SOLE   105,980 0 0
PDC ENERGY INC COM 69327R101 BBG001S5V439 7,123,604 100,135 SH   SOLE   100,135 0 0
PEABODY ENERGY CORP COM 704551100 BBG00GBV89J5 48,814,969 2,253,692 SH   SOLE   2,253,692 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 BBG001SFJFD5 50,353,705 4,070,631 SH   SOLE   4,070,631 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 BBG001SZV282 18,903,341 1,274,669 SH   SOLE   1,274,669 0 0
RANGE RES CORP COM 75281A109 BBG001SBZNN8 138,261,761 4,702,781 SH   SOLE   4,702,781 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 BBG002DMRZ32 765,428 70,030 SH   SOLE   70,030 0 0
SUNCOR ENERGY INC NEW COM 867224107 BBG001S5YSF0 31,280,997 1,066,353 SH   SOLE   1,066,353 0 0
SUNNOVA ENERGY INTL INC. PUT 86745K954   5,795,000 1,900,000 SH Put SOLE   1,900,000 0 0
TECHNIPFMC PLC COM G87110105 BBG00DL8NMT5 19,860,900 1,195,000 SH   SOLE   1,195,000 0 0
UNITED STATES STL CORP NEW COM 912909108 BBG001S5XL75 104,385,963 4,173,769 SH   SOLE   4,173,769 0 0
VALERO ENERGY CORP COM 91913Y100 BBG001S5X8K9 6,242,706 53,220 SH   SOLE   53,220 0 0
W & T OFFSHORE INC COM 92922P106 BBG001SLLWL3 23,835,380 6,159,013 SH   SOLE   6,159,013 0 0
WARRIOR MET COAL INC COM 93627C101 BBG00GD1JNK4 90,749,956 2,329,909 SH   SOLE   2,329,909 0 0
WEST FRASER TIMBER CO LTD COM 952845105 BBG001S60WD8 27,602,718 321,102 SH   SOLE   321,102 0 0
WESTLAKE CORPORATION COM 960413102 BBG001SHVYF4 21,504,600 180,000 SH   SOLE   180,000 0 0
WESTROCK CO COM 96145D105 BBG008NXC581 16,250,130 559,000 SH   SOLE   559,000 0 0