Pickens Buys Stake in BP Plc, Sells Transocean Shares
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Billionaire oil investor T. Boone Pickens bought shares of BP Plc, the owner of the well that caused the biggest offshore U.S. crude spill in history, and sold his holdings in Transocean Ltd., which owned the drilling rig that exploded, according to a regulatory filing.
Pickens’s BP Capital Management LP bought $19.8 million worth of London-based BP’s American depositary receipts in the three months ending Sept. 30, according to a public filing today. Pickens began acquiring the stock after BP’s Macondo well in the Gulf of Mexico erupted in April and spewed 4.9 million barrels of crude. Each receipt is worth six ordinary BP shares.