<SEC-DOCUMENT>0000897069-23-000926.txt : 20230717
<SEC-HEADER>0000897069-23-000926.hdr.sgml : 20230717
<ACCEPTANCE-DATETIME>20230717172840
ACCESSION NUMBER:		0000897069-23-000926
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230717
DATE AS OF CHANGE:		20230717
EFFECTIVENESS DATE:		20230717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06715
		FILM NUMBER:		231092459

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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        <credentials>
          <cik>0001145255</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2023</periodOfReport>
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      <reportCalendarOrQuarter>06-30-2023</reportCalendarOrQuarter>
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      <filingManager>
        <name>HENNESSY ADVISORS INC</name>
        <address>
          <com:street1>7250 REDWOOD BLVD.</com:street1>
          <com:street2>SUITE 200</com:street2>
          <com:city>NOVATO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94945</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-06715</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Teresa M. Nilsen</name>
      <title>President and Chief Operating Officer</title>
      <phone>415-899-1555</phone>
      <signature>/s/ Teresa M. Nilsen</signature>
      <city>Novato</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>07-17-2023</signatureDate>
    </signatureBlock>
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        <cusip>260557103</cusip>
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            <sshPrnamt>178200</sshPrnamt>
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        <votingAuthority>
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            <Shared>178200</Shared>
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        <nameOfIssuer>DT MIDSTREAM INC</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>23345M107</cusip>
        <value>8674750</value>
        <shrsOrPrnAmt>
            <sshPrnamt>175000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>175000</Shared>
            <None>0</None>
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        <nameOfIssuer>DTE ENERGY CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>233331107</cusip>
        <value>6304586</value>
        <shrsOrPrnAmt>
            <sshPrnamt>57304</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>57304</Shared>
            <None>0</None>
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        <nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>26441C204</cusip>
        <value>10722763</value>
        <shrsOrPrnAmt>
            <sshPrnamt>119487</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>119487</Shared>
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        <nameOfIssuer>EAGLE BANCORP INC MD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>268948106</cusip>
        <value>740600</value>
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            <sshPrnamt>35000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>35000</Shared>
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        <nameOfIssuer>EASTERN BANKSHARES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>27627N105</cusip>
        <value>2576700</value>
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            <sshPrnamt>210000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>210000</Shared>
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        <nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29250N105</cusip>
        <value>24019890</value>
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            <sshPrnamt>646565</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>646565</Shared>
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        <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
        <titleOfClass>COM UT LTD PTN</titleOfClass>
        <cusip>29273V100</cusip>
        <value>6965950</value>
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            <sshPrnamt>548500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>548500</Shared>
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        <nameOfIssuer>ENLINK MIDSTREAM LLC</nameOfIssuer>
        <titleOfClass>COM UNIT REP LTD</titleOfClass>
        <cusip>29336T100</cusip>
        <value>1155400</value>
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            <sshPrnamt>109000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>109000</Shared>
            <None>0</None>
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        <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29364G103</cusip>
        <value>366111</value>
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            <sshPrnamt>3760</sshPrnamt>
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        <votingAuthority>
            <Sole>0</Sole>
            <Shared>3760</Shared>
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        <nameOfIssuer>ENTERPRISE PRODS PARTNERS L P COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>293792107</cusip>
        <value>5533500</value>
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            <sshPrnamt>210000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>210000</Shared>
            <None>0</None>
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        <nameOfIssuer>EOG RES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26875P101</cusip>
        <value>3356525</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29330</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>29330</Shared>
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        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>25163334</value>
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            <sshPrnamt>611800</sshPrnamt>
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            <Sole>0</Sole>
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        <nameOfIssuer>EQUINOR ASA</nameOfIssuer>
        <titleOfClass>SPONSORED ADR</titleOfClass>
        <cusip>29446M102</cusip>
        <value>5491480</value>
        <shrsOrPrnAmt>
            <sshPrnamt>188000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>188000</Shared>
            <None>0</None>
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        <nameOfIssuer>EQUITABLE HLDGS INC COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29452E101</cusip>
        <value>2292304</value>
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            <sshPrnamt>84400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>84400</Shared>
            <None>0</None>
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        <nameOfIssuer>ESSENTIAL UTILS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29670G102</cusip>
        <value>7299539</value>
        <shrsOrPrnAmt>
            <sshPrnamt>182900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>182900</Shared>
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        <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30040W108</cusip>
        <value>6246279</value>
        <shrsOrPrnAmt>
            <sshPrnamt>88075</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>88075</Shared>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30161N101</cusip>
        <value>6425961</value>
        <shrsOrPrnAmt>
            <sshPrnamt>157731</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>157731</Shared>
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    <infoTable>
        <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302130109</cusip>
        <value>2907120</value>
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            <sshPrnamt>24000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>24000</Shared>
            <None>0</None>
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        <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
        <value>9385448</value>
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            <sshPrnamt>87510</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>87510</Shared>
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        <nameOfIssuer>FIDELITY NATL INFORMATION SVCS COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31620M106</cusip>
        <value>1586300</value>
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            <sshPrnamt>29000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>29000</Shared>
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        <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>316773100</cusip>
        <value>1520180</value>
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            <sshPrnamt>58000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>58000</Shared>
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        <nameOfIssuer>FIRST BANCORP P R</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>318672706</cusip>
        <value>1955200</value>
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            <Shared>160000</Shared>
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        <nameOfIssuer>FIRST CTZNS BANCSHARES INC N C CL A</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>31946M103</cusip>
        <value>1090933</value>
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            <sshPrnamt>850</sshPrnamt>
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        <nameOfIssuer>FISERV INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>337738108</cusip>
        <value>1703025</value>
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            <sshPrnamt>13500</sshPrnamt>
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            <Shared>13500</Shared>
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        <nameOfIssuer>FLUSHING FINL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>343873105</cusip>
        <value>2949600</value>
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            <sshPrnamt>240000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>240000</Shared>
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        <nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>345370860</cusip>
        <value>6838760</value>
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            <sshPrnamt>452000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>452000</Shared>
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        <nameOfIssuer>FORTIS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>349553107</cusip>
        <value>5488632</value>
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            <sshPrnamt>127376</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>127376</Shared>
            <None>0</None>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>35671D857</cusip>
        <value>932800</value>
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            <sshPrnamt>23320</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>23320</Shared>
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        <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>375558103</cusip>
        <value>5048085</value>
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            <sshPrnamt>65500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>65500</Shared>
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        <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>38141G104</cusip>
        <value>806350</value>
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            <sshPrnamt>2500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>2500</Shared>
            <None>0</None>
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        <nameOfIssuer>GREEN BRICK PARTNERS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>392709101</cusip>
        <value>5469840</value>
        <shrsOrPrnAmt>
            <sshPrnamt>96300</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>96300</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GREEN PLAINS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>393222104</cusip>
        <value>11022856</value>
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            <sshPrnamt>341900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>341900</Shared>
            <None>0</None>
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        <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>406216101</cusip>
        <value>895679</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27150</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>27150</Shared>
            <None>0</None>
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        <nameOfIssuer>HANCOCK WHITNEY CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>410120109</cusip>
        <value>3070400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>80000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>80000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HEWLETT PACKARD ENTERPRISE CO COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>42824C109</cusip>
        <value>6178418</value>
        <shrsOrPrnAmt>
            <sshPrnamt>367763</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>367763</Shared>
            <None>0</None>
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        <nameOfIssuer>HINGHAM INSTN SVGS MASS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>433323102</cusip>
        <value>1172490</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>5500</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>437076102</cusip>
        <value>5653648</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>18200</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HOMETRUST BANCSHARES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>437872104</cusip>
        <value>522250</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>25000</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>40434L105</cusip>
        <value>8534309</value>
        <shrsOrPrnAmt>
            <sshPrnamt>277900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>277900</Shared>
            <None>0</None>
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        <nameOfIssuer>INDEPENDENT BK CORP MASS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>55000</sshPrnamt>
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        <nameOfIssuer>INSPERITY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>26000</sshPrnamt>
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            <Sole>0</Sole>
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        <nameOfIssuer>INTEL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>4537808</value>
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            <sshPrnamt>135700</sshPrnamt>
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        <nameOfIssuer>INTERNATIONAL BUSINESS MACHS COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>JABIL INC</nameOfIssuer>
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        <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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        <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
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        <nameOfIssuer>KEYCORP</nameOfIssuer>
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        <value>1201200</value>
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            <sshPrnamt>130000</sshPrnamt>
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            <Sole>0</Sole>
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        <nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>KLA CORP</nameOfIssuer>
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        <cusip>482480100</cusip>
        <value>3403870</value>
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            <sshPrnamt>7018</sshPrnamt>
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        <nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
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        <cusip>500754106</cusip>
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            <sshPrnamt>137900</sshPrnamt>
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        <nameOfIssuer>LAKELAND BANCORP INC</nameOfIssuer>
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            <sshPrnamt>190000</sshPrnamt>
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            <Sole>0</Sole>
            <Shared>190000</Shared>
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        <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
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        <cusip>512807108</cusip>
        <value>3445730</value>
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            <sshPrnamt>5360</sshPrnamt>
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        <nameOfIssuer>LOWES COS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>548661107</cusip>
        <value>2934100</value>
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            <sshPrnamt>13000</sshPrnamt>
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        <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>55261F104</cusip>
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        <nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP</nameOfIssuer>
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        <cusip>559080106</cusip>
        <value>3683112</value>
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            <sshPrnamt>59100</sshPrnamt>
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            <Sole>0</Sole>
            <Shared>59100</Shared>
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        <nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
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        <cusip>56501R106</cusip>
        <value>5499028</value>
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            <sshPrnamt>290800</sshPrnamt>
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        <nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
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        <nameOfIssuer>MASCO CORP</nameOfIssuer>
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        <nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>57636Q104</cusip>
        <value>1691190</value>
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        <nameOfIssuer>MDU RES GROUP INC</nameOfIssuer>
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        <cusip>58933Y105</cusip>
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        <nameOfIssuer>NATIONAL FUEL GAS CO</nameOfIssuer>
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        <cusip>636274409</cusip>
        <value>11388466</value>
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        <nameOfIssuer>NETAPP INC</nameOfIssuer>
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        <cusip>64110D104</cusip>
        <value>3206890</value>
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        <titleOfClass>COM</titleOfClass>
        <cusip>646025106</cusip>
        <value>6128165</value>
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        <nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>649445103</cusip>
        <value>3203400</value>
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        <titleOfClass>COM</titleOfClass>
        <cusip>65339F101</cusip>
        <value>353934</value>
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            <Shared>4770</Shared>
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        <titleOfClass>COM</titleOfClass>
        <cusip>65473P105</cusip>
        <value>11956900</value>
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        <titleOfClass>COM</titleOfClass>
        <cusip>664121100</cusip>
        <value>1934400</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>130000</Shared>
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        <nameOfIssuer>NORTHWEST NAT HLDG CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>66765N105</cusip>
        <value>2363574</value>
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            <Shared>54903</Shared>
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        <nameOfIssuer>NORTHWESTERN CORP</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>668074305</cusip>
        <value>1095354</value>
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            <sshPrnamt>19298</sshPrnamt>
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        <nameOfIssuer>NUCOR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>670346105</cusip>
        <value>2574486</value>
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            <sshPrnamt>15700</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
        <cusip>62944T105</cusip>
        <value>3175310</value>
        <shrsOrPrnAmt>
            <sshPrnamt>500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>500</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>675232102</cusip>
        <value>2864840</value>
        <shrsOrPrnAmt>
            <sshPrnamt>153200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>153200</Shared>
            <None>0</None>
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        <nameOfIssuer>OCEANFIRST FINL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>675234108</cusip>
        <value>2967800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>190000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>190000</Shared>
            <None>0</None>
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        <nameOfIssuer>OLD NATL BANCORP IND</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>680033107</cusip>
        <value>1881900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>135000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>135000</Shared>
            <None>0</None>
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        <nameOfIssuer>ON SEMICONDUCTOR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>682189105</cusip>
        <value>3395422</value>
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            <sshPrnamt>35900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>35900</Shared>
            <None>0</None>
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        <nameOfIssuer>ONE GAS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>68235P108</cusip>
        <value>7087643</value>
        <shrsOrPrnAmt>
            <sshPrnamt>92275</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>92275</Shared>
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        <nameOfIssuer>ONEOK INC NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>682680103</cusip>
        <value>28010141</value>
        <shrsOrPrnAmt>
            <sshPrnamt>453826</sshPrnamt>
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        <votingAuthority>
            <Sole>0</Sole>
            <Shared>453826</Shared>
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        <nameOfIssuer>PACIFIC PREMIER BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69478X105</cusip>
        <value>2688400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>130000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>130000</Shared>
            <None>0</None>
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        <nameOfIssuer>PACWEST BANCORP DEL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>695263103</cusip>
        <value>2445000</value>
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            <sshPrnamt>300000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>300000</Shared>
            <None>0</None>
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        <nameOfIssuer>PAYPAL HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>70450Y103</cusip>
        <value>1701615</value>
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            <sshPrnamt>25500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>25500</Shared>
            <None>0</None>
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        <nameOfIssuer>PBF ENERGY INC</nameOfIssuer>
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        <cusip>69318G106</cusip>
        <value>17589216</value>
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            <sshPrnamt>429634</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>429634</Shared>
            <None>0</None>
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        <nameOfIssuer>PDC ENERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69327R101</cusip>
        <value>860083</value>
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            <sshPrnamt>12090</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>12090</Shared>
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        <nameOfIssuer>PENSKE AUTOMOTIVE GRP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>70959W103</cusip>
        <value>20995380</value>
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            <sshPrnamt>126000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>126000</Shared>
            <None>0</None>
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        <nameOfIssuer>PETROLEO BRASILEIRO SA PETROBR SPONSORED ADR</nameOfIssuer>
        <titleOfClass>SPONSORED ADR</titleOfClass>
        <cusip>71654V408</cusip>
        <value>7412880</value>
        <shrsOrPrnAmt>
            <sshPrnamt>536000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>536000</Shared>
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        <nameOfIssuer>PFIZER INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>717081103</cusip>
        <value>6954528</value>
        <shrsOrPrnAmt>
            <sshPrnamt>189600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>189600</Shared>
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        <nameOfIssuer>PG&amp;E CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69331C108</cusip>
        <value>15131215</value>
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            <sshPrnamt>875649</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>875649</Shared>
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        <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>718172109</cusip>
        <value>5583864</value>
        <shrsOrPrnAmt>
            <sshPrnamt>57200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>57200</Shared>
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        <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>718546104</cusip>
        <value>381520</value>
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            <sshPrnamt>4000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>4000</Shared>
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        <nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>3428829</value>
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            <sshPrnamt>16550</sshPrnamt>
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        <nameOfIssuer>PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN</nameOfIssuer>
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        <cusip>726503105</cusip>
        <value>21161788</value>
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            <sshPrnamt>1500836</sshPrnamt>
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        <nameOfIssuer>PLAINS GP HLDGS L P</nameOfIssuer>
        <titleOfClass>LTD PARTNR INT A</titleOfClass>
        <cusip>72651A207</cusip>
        <value>15083593</value>
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        <nameOfIssuer>PPL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69351T106</cusip>
        <value>3289481</value>
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            <sshPrnamt>124319</sshPrnamt>
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        <nameOfIssuer>PRICE T ROWE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74144T108</cusip>
        <value>2576460</value>
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            <sshPrnamt>23000</sshPrnamt>
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        <nameOfIssuer>PUBLIC SVC ENTERPRISE GRP INC COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>744573106</cusip>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Shared>192990</Shared>
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        <nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>745867101</cusip>
        <value>3666496</value>
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            <sshPrnamt>47200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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        <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>747525103</cusip>
        <value>2473889</value>
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            <sshPrnamt>20782</sshPrnamt>
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            <Sole>0</Sole>
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        <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO COM</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>759509102</cusip>
        <value>6626796</value>
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            <sshPrnamt>24400</sshPrnamt>
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            <Shared>24400</Shared>
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        <nameOfIssuer>RGC RES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74955L103</cusip>
        <value>343595</value>
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            <sshPrnamt>17154</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>17154</Shared>
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        <nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>780087102</cusip>
        <value>5319907</value>
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            <sshPrnamt>55700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>55700</Shared>
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        <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
        <titleOfClass>COM STK</titleOfClass>
        <cusip>806857108</cusip>
        <value>997627</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20310</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>20310</Shared>
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        <nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>808513105</cusip>
        <value>850200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>15000</Shared>
            <None>0</None>
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        <nameOfIssuer>SEMPRA</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>816851109</cusip>
        <value>23969938</value>
        <shrsOrPrnAmt>
            <sshPrnamt>164640</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>164640</Shared>
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        <nameOfIssuer>SIRIUS XM HOLDINGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>82968B103</cusip>
        <value>2089689</value>
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            <sshPrnamt>461300</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>461300</Shared>
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        <nameOfIssuer>SOLARIS OILFIELD INFRASTRUCTUR COM CL A</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>83418M103</cusip>
        <value>732374</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87920</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>87920</Shared>
            <None>0</None>
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        <nameOfIssuer>SONOCO PRODS CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>835495102</cusip>
        <value>11485292</value>
        <shrsOrPrnAmt>
            <sshPrnamt>194600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>194600</Shared>
            <None>0</None>
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        <nameOfIssuer>SOUTHERN CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>842587107</cusip>
        <value>23196550</value>
        <shrsOrPrnAmt>
            <sshPrnamt>330200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>330200</Shared>
            <None>0</None>
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        <nameOfIssuer>SOUTHWEST GAS HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>844895102</cusip>
        <value>4895767</value>
        <shrsOrPrnAmt>
            <sshPrnamt>76917</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>76917</Shared>
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        <nameOfIssuer>SPIRE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>84857L101</cusip>
        <value>3862925</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60891</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>60891</Shared>
            <None>0</None>
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        <nameOfIssuer>STATE STR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>857477103</cusip>
        <value>219540</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>3000</Shared>
            <None>0</None>
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        <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>858119100</cusip>
        <value>5054352</value>
        <shrsOrPrnAmt>
            <sshPrnamt>46400</sshPrnamt>
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</SEC-DOCUMENT>
