Pickens sells off large part of energy hedge fund holdings

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.


About The Author

Collin Eaton joined the Houston Chronicle's team of energy reporters in 2013, after covering the financial industry for another publication. He writes mainly about U.S. oil companies and developments in international oil markets.