In the same quarter Forbes Magazine declared he was no longer a billionaire, Texas oil tycoon T. Boone Pickens dumped nearly half of his oil and gas positions, hawking stakes in Apache Corp., BP, Chevron and a dozen others.
Regulatory filings show Pickens’ energy-focused BP Capital Management shrank 41 percent to $60.1 million in the July-September period.
The 84-year-old oil investor, who told MSNBC last year that he has lost a significant amount of money in the wind energy business, brought just four new names to BP Capital Management in the third quarter.
Speaking out: Pickens says energy boom defies ‘incompetent’ Washington
Pickens bought a $6.4 million stake in Irving, Texas-based energy giant Exxon Mobil; $4.9 million in shares of Fort Worth-based exploration and production company Athlon Energy; a $3.5 million buy in integrated energy firm EQT Corp.; and a $284,000 stake in biotech company Intrexon Corp.
But his selloff was much larger: Pickens got rid of his three largest investments, a $9.6 million stake in Houston-based Apache; a $6.6 million position in Suncor Energy; and a $5.7 million investment in SM Energy Co. However, he held onto some of his usual investments like Houston-based Anadarko Petroleum, EOG Resources, Halliburton Co. and Phillips 66.
According to Forbes, his net worth sits around $950 million after falling natural gas prices hit his investments in wind energy.